Brand Analysis - Dream World PDF

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DREAMWORLD THEME AND AMUSEMENT PARK INDUSTRY  The Market Size, measured by revenue, of the Amusement Parks and Centres Operation Industry is $1.3billion in 2021” (“IBISWorld –Industry Market Research, Reports and Statistics”, 2020)

DUST

KAMIL BARRIE N10360221 2600 Words

NALYS 207

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EXECUTIVE SUMMARY This industry analysis report has been composed for Dream World with the intention of providing marketing advice. The Theme and Amusement Park is ever changing due to variating customer demands and innovation of new technology. Dream World needs to adapt and continuously provide up to date means of entertainment in order to remain competitive in the industry. This report aims to provide Dream World with the strategies required to increase brand awareness. In order to maximise opportunity and to gain an indepth understanding of the Theme and Amusement Park industry, a PESTLE analysis has been used with the help of the four C’s of entertainment marketing. Additionally, a SWOT analysis has been done to identify internal and external factors that may affect Dream World. Furthermore, by utilising demographic and psychographic identifiers Dream World will be able to effectively achieve market segmentation thereby, making the target market easily reachable. Finally, in order to expand their current market standing, two potential recommendations have been presented to Dream world.

TABLE OF CONTENT Page 2 of 23

CONTENT

PAGE NUMBER

1. a) b) c) d) e) f) g)

INDUSTRY ANALYSIS Introduction Table on PESTLE analysis Table on the 4 C’s Content Conduit Consumption Convergence

4 4 4-6 7-8 9 9 9-10 10

2. a) b) c)

KEY OPPORTUNITIES SWOT analysis Trends Key opportunities

11 11 12 12

3. TARGET AUDIENCE OF DREAMWORLD a) Primary Target Audience b) Secondary Target Audience

13 13-14 14

4. IDEAS TO IMPLEMENT IN THE FUTURE a) Implement a loyalty program b) Collaborating with industries

15 15 16

5. MARKETING COMMUNICATION STRATERGY

17

6. APPENDICES a) Social Media Accounts b) Primary Research

18 18 19-20

7. REFERENCES

21-23

1. INDUSTRY ANALYSIS Page 3 of 23

a. INTRODUCTION “The Amusement Parks and Centres Operation industry in Australia is the 12th ranked Arts and Recreation Services industry by market size and the 401st largest in Australia” (“IBISWorld –Industry Market Research, Reports and Statistics”, 2020) “In 1974, John Longhurst bought 85 hectares of land to build his dream. With a few attractions and a lot of heart, Dreamworld opened to the public on December 15, 1981” ("Dreamworld | Dreamworld History", n.d.) The following report will use the four C’s of marketing as the main point of reference to analyse Dreamwold, the theme and amusement park industry and other Competitors in the industry. Additionally, a PESTLE and a SWOT analysis will be done to further aid the market analysis of Dreamworld. Moreover, demographic and psychographic segmentation will be utilised to identify and analyse the target market. Finally, some recommendations will be put forward in order to help improve Dreamworld’s market position.

b. PESTE ANALYSIS

POLITICAL

TRENDS/ISSUES The prosecutor filed charges against Ardent Leisure (Dreamworld’s parent company) stating that they failed to comply with health and safety duty under section 32 of the work health and safety act (Fitzsimons, 2020) Disney’s strategic management is influenced by stronger intellectual property protection (opportunity) Shifting free trade policies (opportunity and threat) Stable political conditions in major markets (opportunity) (Brown, 2019)

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IMPLICATIONS The inquest led to recommending greater safety measures. They are: Maintaining and ensuring the safety of rides and equipment Regular and thorough check ups Better and more staff training Creates a more favourable industry environment that minimises IP violations. However, shifting free trade policies is a threat as it may create instability in the business environment (Brown, 2019)

ECONOMICAL

The Amusement Park and Centres Operation in Australia has a market size of $1.3billion as of 2021. (“IBISWorld –Industry Market Research, Reports and Statistics”, 2020) Due to the Corona Virus Pandemic, the growth of market size of the industry has reduced by 13.4% even though it was set to grow by 2.4% in the upcoming years (“IBISWorld –Industry Market Research, Reports and Statistics”, 2020) The industry’s primary positive factors of growth are high barriers to entry and domestic tourist visitor night (“IBISWorld –Industry Market Research, Reports and Statistics”, 2020) ‘Ardent Leisure Group’ enters a non-binding contract with accommodation developer ‘Evolution Group’ to develop a $75m million resort style hotel and tourist park (Mitchel, 2021)

SOCIAL

the death of 4 individuals at Dreamworld in 2016

By listening to consumer demands through inquiries and surveys many firms in the industry are able to stay competitive. By staying up to date on modern trends and cultures the theme and amusement park industry has managed to stay relevant Dues to the pandemic peoples’ disposable income has reduced due to lack of income, therefore, sales will reduce “The hotel and tourist park will complement Dreamworld as a premium entertainment destiny and add convenience for guest”. This will also bring major economic benefit to northern Gold Coast and Australia too (Mitchel, 2021)

The unfortunate incident effects Dreamworld to this day

Dreamworld is committed to provide charity for community and

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promotes wellness in the local community ("Dreamworld - Ardent

environmental conservation

Leisure", n.d.)

while creating fun and excitement for sick, disabled and underprivileged kids ("Dreamworld - Ardent Leisure", n.d.) TECHNOLOGICAL

ENVIRONMENTAL

“Companies like Disney are increasingly enhancing their use of advanced computergenerated imaging to provide better and competitive products” (Brown, 2019) integrate augmented reality into products Due to the recent Corona Virus Pandemic, Amusement Parks and Centres Operation Industry is being significantly affected as of the last quarter of 2019/2020 (“IBISWorld –Industry Market Research, Reports and Statistics”, 2020) The closing of theme parks and other industries caused a major revenue decrease for the industry (“IBISWorld –Industry Market Research, Reports and Statistics”, 2020)

“Competition is made tougher however the macro-environmental factor is an opportunity to grow” (Brown, 2019)

attracts younger individuals’ due to the unique experiences Introduce a range of measures to ensure safety whilst making Dreamworld enjoyable 1. Make certain attractions and activities unavailable 2. Recommend online purchase of tickets 3. Maintain physical distancing ("Dreamworld | The Latest Dreamworld Park Update", n.d.)

c. THE 4 C’s CONTENT

Dreamworld is committed to provide a plethora of rides, fun and other experiences that appeal to all demographics, Including: 1. Thrill Page 6 of 23

    2. Family    

Buzz Saw The Claw The Giant Drop Tail Spin And more… Dreamworld Express Shockwave Sky Voyager Escape from Madagascar And much more…

3. Kids    

Play School Wheels Shrek’s Ogre-Go-Round Giggle and Hoot Pirate Ship Big Red Boat And much more… 4. Wildlife  Tiger Island  Corroboree Wildlife 5. Water Rides  Fully 6  Super Tube Hydrocoaster  The Wedgie And much more… Dreamworld also collaborates with: 1. ABC Kids 2. DreamWorks To provide more customer experience ("Dreamworld | Rides & Experiences", n.d.) CONDUIT

Dream world provides the best customer experience and strives to be the best at what it does. Providing the tallest and fastest thrill rides in Australia required regular maintenance and safety assurances. Additionally, Tiger Island at Dreamworld is the world’s largest interactive tiger facility. The ability to provide a wide range of entertainment methods is a key aspect of Dreamworlds ability to retain old and gain new customers, that return frequently Page 7 of 23

("Dreamworld - Ardent Leisure", n.d.) CONSUMPTION

Dreamworld provides customers with easy and fast methods of contact through email, phone, survey forms and a website. They also utilise online third-party websites such as ‘TripAdvisor’ to gain customer reviews and feedback in addition to their many social media pages

CONVERGENCE

Dreamworld keeps up to date with contemporary trends by providing an annual pass deal to customers which will significantly increase customer satisfaction and provide them with access to many more forms of entertainment. Additionally, 1. The Sky Voyager experience  Features modern state of the art technology combining motion programmed seating and special effects such as wind, sound, light, mist and scents.  The giant dome screen provides an effect that makes it seem as if riders are flying over 12 regions across Australia ("Dreamworld | Sky Voyager", n.d.) 2. WhiteWater World  Has one of the largest water heating installations in Australia. A cutting-edge system upgrade makes it one of the most energy efficient water parks on the planet ("Water heating technology set to soar at Dreamworld - Evo ET", 2018)

d. CONTENT Content is the “actual entertainment product” it is everything from the initial idea to the completed product that is delivered to the consumer (Lieberman & Estage, 2014). In the Theme and Amusement Park Industry there are ample forms of content, the Page 8 of 23

amusement/theme parks are the primary form of content. In addition, various leisure rides, other events and collaborations with Films, music etc. are also forms of content that the Theme and Amusement Park Industry has to offer. Dreamworld provides a variety of rides, it also provides the best customer experience and strives to be the best at what it does. Providing the tallest and fastest thrill rides ("Dreamworld - Ardent Leisure", n.d.). They also collaborate with companies such as DreamWorks and ABC to provide ‘ABC Kids World’ and ‘The DreamWorks Experience’. And finally, Dreamworld hosts annual events such as the Happy Halloween event and the Winterfest Event to add variety to the park.

e. CONDUIT According to Lieberman and Estage (2014) Conduit is the way in which the entertainment product is provided or delivered to the customer. In contemporary society, the wants and needs of a consumer are continuously changing, firms need to stay up to date on what customers expect of them and always find unique and interesting methods of entertainment to keep consumers interested. Additionally, firms such as Dreamworld need to be able to utilise modern innovative technology efficiently and effectively as well as keep up with modern trends. Dreamworld recognises that people want to experience an insane thrill when it comes to amusement park rides therefore, Dreamworld plans on opening the ‘Steel Taipan’ later this year. “It will provide a reptilian roller coaster experience with a top speed of 105 kilometres per hour and a gravitational force of 3.8.” ("Dreamworld | Steel Taipan Coming Soon to Dreamworld", n.d.)

f. CONSUMPTION “Consumption is the form in which the consumers actually use the product” (Lieberman & Estage, 2014). Firms need to perform regular analysis of consumer behaviour in order to identify how the customers engage and react to their products and to understand what influences consumers to purchase their products. Furthermore, it assists marketers to identify how to present their products to maximise returns. (Radu, 2019). Dreamworld has multiple methods of gathering feedback: 1. Phone, email or online website

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2. Social Media: Dreamworld’s Instagram and Facebook has the ability to reach over 700K people (refer appendix A) enabling them to stay up to date and in regular contact with customers. By utilising these tools Dreamworld is able to regularly engage with and identify issues that consumers face and is able to take in recommendations on how to fix those issues from the same consumers. Thereby, providing better customer service and keep up with modern trends.

g. CONVERGENCE According to Lieberman and Estage (2014) in a digital world Convergence is the fusion of technology in order to facilitate the consumption of entertainment across multiple venues and screens. In the Theme and Amusement Park Industry firms need to continuously improve technology and adopt modern trends in order to stay competitive. A current trend is that consumers look for modern and evolving parks. Dreamworld has been able to capitalise on this trend by introducing its own innovative take on a virtual reality experience called the ‘Sky Voyager’. This uses modern state of the art technology combining motion programmed seating and special effects such as wind, sound, light, mist and scents, whilst being suspended in front of a giant dome screen that provides users with an experience of flying over many Australian Regions. ("Dreamworld | Sky Voyager", n.d.) Additionally, Dreamworld’s WhiteWater World has utilised one of the most energy efficient water heating systems in the world. These unique experiences provide Dreamworld with points of difference which will in turn increase profit margins.

2. KEY OPPORTUNITIES a. SWOT ANALYSIS

STRENGTHS

WEAKNESSES Page 10 of 23

Variety of rides and other attractions in one place (Wildlife, Thrill Rides and Whitewater World) provides customers with convenience Collaborations with companies with ABC Kids and DreamWorks provides Dreamworld with a niche market in the industry Regularly involved in community service and wellness ("Dreamworld Ardent Leisure", n.d.) Easy accessibility in close proximity to other parks, thereby, maximizing attendance

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OPPORTUNITIES 

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The industries market size growth is at -13.4 (“IBISWorld –Industry Market Research, Reports and Statistics”, 2020) Unfortunate deaths of 4 individuals at Dreamworld in 2016 caused a ripple effect in the industry and still effects the performance of many firms Slow to adopt to new trends such as adopting a digital experience

THREATS

Target international groups through social media. E.g.: using YouTube to engage the Chinese market Increase consumer experience by providing a more premium experience via providing additional facilities. Implement new technology such as virtual reality experience

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Many competitors in the industry such Warner Bros. Movie World Global pandemics reduce income

b. TRENDS It is vital that firms recognise and adapt to new and rapidly changing trends in the theme and amusement park industry. Customers influence these trends; therefore, it is equally important to regularly analyse consumer behaviour. Consumers are influenced to change Page 11 of 23

trends due to many external factors such as government influence and globalisation. (Walker, n.d.) However, the main trend that influences the Theme and Amusement Park Industry and many others, is the use of technology, it is vital that firms conform to the needs and wants of their customers. (Formica & Olsen, 1998)

c. KEY OPPORTUNITIES As shown in the SWOT analysis above Dreamworld has three key opportunities. Primarily, Dreamworld can by targeting various international groups by using specific social media groups. According to Jackie Wood (Dreamworld’s educational officer) By displaying ‘Kung Fu Panda: Land of Awesomeness’ on YouTube Dreamworld is able to engage with the Chinese market. ("Swot Analysis of Dreamworld | Cram", n.d.) She also stated that Dreamworld has records of Chinese customers enjoying their Kung Fu Panda related rides and entertainment such as the ‘conquering the pandemonium’ and ‘Kung Fu Moves’. Secondly, Dreamworld can increase consumer satisfaction and experience by providing a more premium experience. Ardent Leisure Group plans on developing a resort style hotel in close proximity to Dreamworld, this will complement Dreamworld as a premium entertainment destiny. (Mitchel, 2021) This will not only enhance customers gratification to experience more, it will give Dreamworld a competitive edge in the Theme and Amusement Park Industry. And finally, Dreamworld jumps on the trend of incorporating innovative technology with entertainment, by providing consumers a unique virtual reality experience though the ‘Sky Voyager’

3. TARGET AUDIENCE OF DREAMWORLD a. PRIMARY TARGET AUDIENCE Page 12 of 23

Description -

Chinese tourists Domestic travellers People located near Dreamworld

Geographic Segmentation

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Demographic Segmentation

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Psychographic Segmentation

Behavioural Segmentation

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Potential impact on the entertainment product Provides the firm with a competitive edge Increases brand recall vales Helps to provide better customer service Leads to customer retention ("Geographic Segmentation: Definition, Characteristics and Examples | QuestionPro", 2017)

All income ranges Families Kids below 10

Helps build long lasting customer relationships Helps optimize marketing strategies (Mialki, 2021)

Thrill seekers Family oriented people Wildlife lovers

Gain customer insight. Provide ideal and attractive rates by Inspecting customers purchasing behaviour. (Wofford, 2015) Helps create an effective marketing strategy Helps improves conversion rate (Uddin, 2019)

Regular visitors Annual pass and discount seekers

By referencing ‘appendix b’ and other research it is evident that theme and amusement park industry’s customers can mostly be categorised to be between the age of 18 to 39. Primary research (appendix b) conducted shows that the primary target audience of the theme and amusement park industry are individuals in their late teens and early twenties. They do not showcase any specific opinion on the theme and amusement park industry other safety Page 13 of 23

concerns. However, most members (respondent 2,3 and 4) of this age group had positive remarks stating that they enjoyed the experience and felt like they could escape reality at an amusement/theme park. The table above segments the target audience according to a variety of characteristics which include age, experience required from theme parks, and ethnicity. This Age category can be classified as the group that constantly required new and unique methods of entertainment therefore, they are the theme/amusement park industries primary target

b. SECONDARY TARGET AUDIENCE The secondary target audience are the kids below 10 years of age and the parents who accompany them to the amusement park of in other words families. In contemporary Australia, it is becoming increasingly common to become new mother between late twenties and early thirties. ("Births in Australia", 2021) Therefore, it is evident that the primary and secondary target audience is intertwined. It is important to facilitate entertainment for both, Dreamworld has a variety of rides for kids and families that caters to this target audiences every entertainment need without sacrificing the thrill of it that most adults expect. This will increase customer satisfaction and consumer retention as well.

4. IDEAS TO IMPLEMENT IN THE FUTURE a) Implement a loyalty program Customer loyalty is a widely researched aspe...