Question

The new Ocean FasTrack (Standard, Deluxe, Grand) is available for both children and adults at HK$280, HK$400 and HK$520 respectively. These FasTrack can enable holders enjoy priority accesses for designated rides and attractions with shorter queues but available at limited quotas. Based on economics concept, explain why Ocean Park has such practices

i) FasTrack launching

ii) limited quotas        

Answer 1

In my opinion, fastrack launching is one of the marketing techniques that theme park and adventure zones use. These offers help the management get assured customers as well as ensure sale. This technique takes into account, the reasons that people may not want to come to the park like long waits between rides, or missing out on special attractions. Fastrack launching may seem like a steal for the customers, however they are very profitable for the sellers since customers will not visit one ride over and over again. They also expect to sell other things like food items or toys or charge a rent on swim ware. These prices o KY include rides and nothing else. This also helps attract competing firms survive in the market.

Limited quota can have multiple effects. When something is limited, it plays with human psychology and people will try to buy it. When these people speak to their friends ND family , they will also want to take advantage of this. This ensures that the management and the park has a continuous inflow of customers. Having unlimited fastrack launching will cause a loss to the theme park. Both in monetary and reputation terms. Discounted fares indicate a direct loss and of everyone buys the pass, fastrack launching, people will have to wait for rides which will defy the basic purpose of the service. People will go on to share their experiences outside with friends and family and this may lead to a loss in potential future customers.