Assignment 2: Final Report ( amusement and theme parks)

5/2/19

Economic Brief

Amusement and theme parks are places where people visit so that they can have fun and also they can take their meals because restaurants are available in the amusement and theme parks. People can do various things when they visit these places because there are different types of activities which one can participate while having fun. These facilities are more elaborate when they are compared to the city parks and playgrounds because they provide attractions which attract different age groups. There are also some differences between amusement parks and theme parks because amusement parks contain themed areas and as for the theme parks, they focus more on the more intricately designed themes which are revolving around some specific subjects (Martin, 2015).

Industry Goods and Services

There are various services which are offered by amusement and theme parks which include shows, rides, retail outlets, ad food services facilities. These activities are aimed at ensuring that the clients are having fun whenever they visit the place. Since having only one type of activity will discourage people from visiting the lace because they will get bored with the only activity being carried out, the organization ensured that there are various activities which the clients can participate in. In addition, retail outlet enables the clients to buy what they want within the parks. The restaurants make availability of food to the clients easy hence they will spend more time within the parks since all that they need is available (Mathew, 2015).

Market Structure and Characteristics

The market structure of the amusement and theme parks is perfect competition in that it is competing with other organizations which offer similar services to win more customers. There are other parks which are smaller as compared to the amusement parks and theme parks but they offer most of the services which are offered by amusement and theme parks. So, to win more customers, the organization ensures that customer satisfaction is achieved. This, therefore, has encouraged amusement parks and theme parks to expand their services by providing more services within the parks like providing foods in the restaurants and also by opening retail outlets. These are the additional services which are offered so that they can win more customers in the competitive market.

Microeconomic Relationships, Market Outcomes, and/or Trends

The trends for the market of amusement parks and theme parks is that they will keep expanding and making more profits because they are offering different activities at the same time. The different activities are designed in a way that they attract people of different age groups. Since it attracts all the members of the society irrespective of their ages, it will expand as it attracts more customers hence leading to its expansion. This is the trend of the organization whereby with time, it will have expanded to be a bigger organization (Younger, 2016).

How Government Intervention May Impact the Industry

Government intervention entails the government coming up with policies which govern the way in which the services are rendered. Also, in some instances, the government gives the time when the parks should be operational and when to close them. This will interfere with the services rendered because the owners of the parks will have to observe time as per the policies given by the government. Also, the government might decide to regulate the prices of the services offered at the parks hence reducing the profits in case the park owners are charging more than what is recommended. The government can also decide the types of services rendered. This is an indication that the government influences how the amusement and theme parks operate by coming up with different policies governing their operations.

References

1. Martin, B. (2015). Theme Parks. New York, NY: The Rosen Publishing Group.

2. Mathew, B. (2015). Kerala Tradition & Fascinating Destinations 2015. Info Kerala Communications Pvt.

3. Younger, D. (2016). Theme Park Design & the Art of Themed Entertainment.