Harvard Case - Ocean Park Corporation: Transitioning from Park to Resort
"Ocean Park Corporation: Transitioning from Park to Resort" Harvard business case study is written by Stephen Nason, David Dore. It deals with the challenges in the field of Strategy. The case study is 30 page(s) long and it was first published on : Aug 30, 2017
At Fern Fort University, we recommend Ocean Park Corporation (OPC) adopt a multi-pronged strategy to transition from a traditional amusement park to a world-class resort destination. This strategy will leverage innovation, technology, and strategic partnerships to create a unique and immersive experience for guests, driving sustainable growth and solidifying OPC's position as a leading entertainment destination in Asia.
2. Background
Ocean Park Corporation, a Hong Kong-based theme park, faces declining visitor numbers and increasing competition from regional rivals. The park's traditional model focused on rides and animal exhibits, failing to adapt to evolving visitor preferences and the rise of immersive entertainment experiences. The case study highlights the need for OPC to transition from a park to a resort, offering a broader range of attractions, amenities, and experiences to attract a wider audience and generate new revenue streams.
The main protagonists are:
- Dr. Matthias Li, the CEO of OPC, who is tasked with leading the transformation.
- The Board of Directors, who are seeking a clear strategy to revitalize the park.
- The park's management team, who are responsible for implementing the new strategy.
3. Analysis of the Case Study
Competitive Analysis:
- Porter's Five Forces: The theme park industry is characterized by high competition, with the emergence of new players and the increasing popularity of online entertainment. The bargaining power of buyers is relatively high, as visitors have numerous options for entertainment. The threat of substitutes is also high, with alternative leisure activities and entertainment options readily available.
- SWOT Analysis:
- Strengths: Strong brand recognition, unique location, diverse animal collection, existing infrastructure.
- Weaknesses: Aging infrastructure, limited accommodation options, lack of immersive experiences, declining visitor numbers.
- Opportunities: Expanding into new markets, leveraging technology for immersive experiences, developing new attractions, partnering with international brands.
- Threats: Increasing competition, economic downturn, changing visitor preferences, environmental concerns.
Strategic Framework:
- Blue Ocean Strategy: OPC can create a new market space by offering a differentiated experience that combines the best of traditional amusement parks with the immersive elements of a resort. This can include unique attractions, themed hotels, cultural experiences, and a focus on sustainability.
- Value Chain Analysis: OPC needs to re-evaluate its value chain to identify opportunities for improvement and innovation. This includes focusing on guest experience, operational efficiency, and technology integration.
- Business Model Innovation: OPC can explore new business models to generate revenue, such as membership programs, event hosting, and partnerships with local businesses.
4. Recommendations
1. Develop a Multi-Phase Transformation Strategy:
- Phase 1 (Short-term): Focus on immediate improvements to enhance the guest experience, including:
- Technology Integration: Introduce augmented reality (AR), virtual reality (VR), and interactive digital displays to enhance attractions and create immersive experiences.
- Product Differentiation: Develop new, unique attractions that cater to diverse demographics and interests, including thrill rides, interactive exhibits, and cultural experiences.
- Marketing and Branding: Reposition OPC as a resort destination through targeted marketing campaigns, social media engagement, and strategic partnerships with travel agencies and airlines.
- Phase 2 (Mid-term): Expand the resort offerings by:
- Developing Accommodation Options: Construct themed hotels or partner with nearby hotels to provide comfortable and convenient accommodation for guests.
- Diversification: Explore new revenue streams through partnerships with local businesses, offering retail, dining, and entertainment options within the resort.
- Sustainability Initiatives: Implement environmentally friendly practices and showcase sustainable attractions to appeal to environmentally conscious travelers.
- Phase 3 (Long-term): Focus on international expansion and strategic alliances:
- Global Expansion: Explore opportunities to expand into new markets with strong tourism potential, leveraging existing partnerships and brand recognition.
- Strategic Alliances: Form strategic alliances with international theme park operators, entertainment companies, and technology providers to share resources and expertise.
2. Embrace Technology and Analytics:
- Digital Transformation: Implement a comprehensive digital transformation strategy to enhance guest experience, improve operational efficiency, and collect valuable data for decision-making.
- AI and Machine Learning: Utilize AI and machine learning to personalize guest experiences, optimize pricing strategies, and predict visitor behavior.
- Information Systems: Invest in robust information systems to manage data, track performance, and facilitate data-driven decision-making.
3. Foster a Culture of Innovation and Collaboration:
- Leadership Development: Develop a leadership team that embraces innovation, encourages collaboration, and fosters a culture of continuous improvement.
- Employee Engagement: Invest in employee training and development programs to equip staff with the skills and knowledge needed to deliver exceptional guest experiences.
- Organizational Culture: Create a culture that values creativity, risk-taking, and customer-centricity.
5. Basis of Recommendations
Core Competencies and Consistency with Mission: The recommendations align with OPC's core competencies in entertainment, animal care, and hospitality. They also support the company's mission to provide memorable experiences and contribute to conservation efforts.
External Customers and Internal Clients: The recommendations address the needs of both external customers (visitors) and internal clients (employees). They aim to create a more engaging and enjoyable experience for visitors while providing employees with opportunities for growth and development.
Competitors: The recommendations differentiate OPC from its competitors by focusing on innovation, technology, and sustainability. This will allow OPC to attract a wider audience and stand out in a crowded market.
Attractiveness: The recommendations are expected to generate significant returns on investment through increased visitor numbers, revenue diversification, and operational efficiency.
Assumptions:
- The Hong Kong tourism market will continue to grow.
- OPC will be able to secure the necessary funding for its transformation.
- The company will be able to attract and retain skilled employees.
- Technological advancements will continue to enhance the guest experience.
6. Conclusion
By embracing innovation, technology, and strategic partnerships, OPC can successfully transition from a traditional amusement park to a world-class resort destination. This transformation will not only drive sustainable growth but also solidify OPC's position as a leading entertainment destination in Asia.
7. Discussion
Alternatives:
- Status quo: Maintaining the current business model would lead to continued decline in visitor numbers and revenue.
- Mergers and Acquisitions: Acquiring or merging with another theme park operator could provide access to new markets and resources, but it carries significant risks and integration challenges.
Risks:
- Financial risk: The transformation requires significant investment, which may not be recouped immediately.
- Execution risk: Successfully implementing the transformation strategy requires effective leadership, strong communication, and a committed workforce.
- Technological risk: Rapid technological advancements could render some investments obsolete.
Key Assumptions:
- The Hong Kong tourism market will continue to grow.
- OPC will be able to secure the necessary funding for its transformation.
- The company will be able to attract and retain skilled employees.
- Technological advancements will continue to enhance the guest experience.
8. Next Steps
- Develop a detailed implementation plan: Define specific goals, timelines, and resources for each phase of the transformation.
- Secure funding: Identify funding sources and develop a financial model to support the investment.
- Build a strong leadership team: Recruit and develop leaders who are passionate about innovation and customer experience.
- Communicate the vision: Communicate the transformation strategy to all stakeholders, including employees, investors, and the public.
- Monitor progress and adjust as needed: Regularly track progress against key performance indicators and make necessary adjustments to the plan.
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Case Description
The case is based on Ocean Park Corporation (OPC), which manages Ocean Park Hong Kong (OP), the 12th most popular theme park in the world in 2013. Known as "Hong Kong people's park", OPC successfully completed a HKD5.5bn Master Redevelopment Plan in 2012. By mid-2014, it had achieved impressive results: growing attendance by over 10% annually and reaching a surplus of nearly HKD130mn. Its customer profile has become more international, with visitors from Mainland China, in particular, representing an increasing share. The focus on growth led OPC to decide that OP should become an international resort destination, aligned with global industry trends, by developing additional attractions such as an all-year water park, and three hotels. To become a resort destination, the key question was how the management team could ensure that its brand identity was aligned with its entertainment, education, and conservation missions.
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