Question

For a water park project, provide the following information.

Project Economies

 Policies

 Organizational Structure

 Marketing Strategy (Market Segmentation/4P’of Marketing)

 Funding Explanation

 Financial Plan

 Contingency Plans

 Survey/Evaluation and Analysis

Answer 1

Policies

a) Location should be identified first.

b) The size of the water park should be determined.

c) Once, the location and size is identified then the land should be acquired.

d) All the legal requirements should be fulfilled which included collection of NOC from fire officer, Electrical inspector, health officer and many more.

e) A contract should be provided to the manufacturers who are responsible for manufacturing water park.

Organizational structure

Hierarchical structure can be followed in which the owner should appoint HR, marketing, finance and operations manager. These managers would be responsible of looking after all the functional activities of the project. There should be supervisors who will supervise the entire project and report each and every manager.

Marketing strategy

Product - The park should contain lazy river, man made sea, aqua loop, river caves and many more to attract adults as well as children.

Price - Competitve based pricing method should be adopted in order to enter in to the market. Children below 2 should not be charged. Visitors can pay price for each ride individually and they can also buy a package through which they can avail all the rides in the park.

Place - The water park should be located in area where there is no disruption in the transportation facilities. The product should also be located near a highway and not in residential ares.

Promotion - Banners near highway, pamphlet distribution, social media marketing can be done to promote.

Funding explanation

Banks, self-financing, bonds backed by government can be the major source of funding for the project.

Financial plan

Expenses include - maintenance of the entire area, chemicals and utlities in order to keep the water clean and hygienic, insurance, payroll of the employees, constructing new extractions.

Income - Apart from the tickets, money can be earned from people who desires to give food stalls in the park.

Contingency plan

One of the major risk which can be faced by the owner of a water park is that shortage of water in the local area due to heavy use of water in the park. In order to avoid this risk, a method should be adopted which can help in cleaning the water so that the same water can be used repeatedly.

Apart from this chemicals added in the water should also be monitored in regular intervals so that it does not cause any harm to the visitors.

Survey analysis

Feedback from the visitors can be obtained in order to understand the need and demand of the customer. Vistors should be provided with a feedback form which should be filled and submitted in the feedback box before leaving the location.