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Information about Tussauds

Published on March 13, 2008

Author: Spencer

Source: authorstream.com

Madame Tussauds Orlando:  Madame Tussauds Orlando Presented by: Kozeta Tashuli Edy Pietraszko Amit Kakkar Layout:  Layout Objective Place Product SLEPT Analysis Market Research Joint Venture Location The 3 C’s Price Rest of 7 P’s Questions Objective:  Objective To open a Madame Tussauds in Orlando Florida by May 2006. We plan to break even and start profiting by May 2007 and by May 2008 to have increased our profits to 25-40% of total revenue. We will reach these objectives by providing excellent customer service, quality entertainment that exceeds customer’s expectations, while offering superior return on investment for our stakeholders. Product:  Product Service of Entertainment Wax figures Professional Photographs Wax hand replicas Snacks and Refreshments Gift Shop / Memorabilia Place:  Place Anaheim, California USA Anaheim receives a much smaller national percentage (1.8 %) than Orlando (~11%) of the Nation’s visitors Madame Tussauds Las Vegas Hollywood competition Anaheim has numerous theme parks such as Disney World & Adventure City Place:  Place Philadelphia, PA USA Philadelphia earns $4 billion in visitor profits vs. Orlando’s $35 billion Lower Number of tourists than Orlando $2 million in Philadelphia vs. $45-50 million in Orlando New York Madame Tussauds Philadelphia does not have empty space to accommodate Madame Tussauds Local competition such as Museum of Art, Penn’s Landing, Liberty Bell, The National Constitution Center Place:  Place Other Locations Considered China Russia France Place:  Place Orlando, FL USA 45-50 million tourists annually Close proximity to Walt Disney World & Orlando International Airport Young well educated population & newcomers Famous for film production (ex. Blair Witch Project) SLEPT Analysis: Orlando Visitors:  SLEPT Analysis: Orlando Visitors Social Aspects:  Social Aspects Orlando Visitors and Population earn approximately $50k-75k annually Marketing campaign by Orlando tourism officials Large contingent of international newcomers from Great Britain, Southeast Asia and South America Legal:  Legal Comply with international and domestic Florida law Legal Department headquarters Receive appropriate permissions for building Comply with copyright laws Economic Factors:  Economic Factors Orlando has median household income is $44,179 Tourism contributes the most to the city revenue Credits against sales tax for job creation Politics:  Politics State of Florida and American Politics do not represent a barrier for our joint- venture with Walt Disney. Technological:  Technological Similar to our other International Locations Open airy rooms for construction of wax figures Clay, plaster, fibreglass, materials Market Research:  Market Research With so much success in international markets, the Tussauds Group has decided to open another museum in the United States After considering many locations, Orlando, Florida was chosen Prime reason for location was tourism market Market Research (cont’d):  Market Research (cont’d) It is a $57 billion industry in Florida with over 76 million people visiting the state last year, growing 21.7% in the past 5 years Orlando is the most visited Floridian city with 45-50 million tourists each year, contributing over $35 billion to Florida’s total tourism industry Market Research (cont’d):  Market Research (cont’d) Joint Venture:  Joint Venture Do not see Disney World as competitor, rather as a business partner They will offer discounted tickets to Disney World visitors for Madame Tussauds Museum and in turn keep 12.5% of all ticket revenues sold through Disney With over 20 million visitors each year, Disney World is a prime target market providing competitive advantage in generating customers and helping to increase sales Joint Venture (cont’d):  Joint Venture (cont’d) Disney will also draw more visitors to Madame Tussauds because our tickets will be much cheaper compared to a Disney theme park ticket. The incremental cost for customers to upgrade to include a Madame Tussauds ticket will be miniscule. Location:  Location Orange County has an Urban Enterprise Zone funded by Enterprise Florida between Orlando Int’l Airport and Interstate 4, the main highway into Disney World Urban Enterprise Zones offer many tax credits to eligible companies simply for relocating to a specific site (in hopes of boosting that regions economy) We will be saving over $3 million through this program Location (cont’d):  Location (cont’d) X Location (cont’d):  Location (cont’d) Build new museum on existing land property Estimated 9 - 10 months for building construction Open for business in Spring 2006 The 3 C’s:  The 3 C’s Customer Tourists from Greater Orlando area, mainly from Walt Disney World Local Florida population which has been growing in the past 10 years Company The Tussauds Group is one of the World's leading visitor attraction businesses built on the strength of our balanced portfolio (international museum sites, the London Eye, various theme parks throughout Europe) At the core of our business is a desire to enthrall and inspire and we are constantly developing our ability to do this. We want to position our company as a prime entertainment and leisure attraction. The 3 C’s (cont’d):  The 3 C’s (cont’d) Competitors Orange County Historical Museum Regional History Center International Trolley and Train Museum Orlando Museum of Art Orlando Science Center Ripley’s Believe It or Not Museum New or Adapted?:  New or Adapted? Reason why companies may not succeed Selling Entertainment through Wax Must be adapted to fit environment Price:  Price 5 other locations priced in general Tourist Attraction range Higher than Movies, below Sports and Shows Ex. Tussauds London Adult – £21 London Dungeon Adult – £17 Price (cont’d):  Price (cont’d) Orlando Science Center Adult - $15 Student - $14 Child - $10 Kennedy Space Center Adult - $30 Child - $20 Theme Parks (Sea World, Busch Gardens) Adult - $60 Child - $45 Price (cont’d):  Price (cont’d) Our Pricing Strategy Employ same model as other locations Discounted tickets if purchased through Disney Steal market share with lower, more affordable prices Price (cont’d):  Price (cont’d) Tickets by us Adult - $25 Student - $20 Child - $14 Tickets by Disney Adult - $18 Child - $10 12.5% of revenue from Disney tickets sales to be retained by Disney Promotion:  Promotion Orlando County Convention & Visitor Bureau $8 Million Marketing Campaign US and Florida Travel Guides and Travel Agencies Sunday Travel Section of Major Newspapers Enlisting celebrities to come out and pose Annual Ticket Pass People:  People Local, Domestic, and International visitors 70.3 million domestic travellers 6.5 million international travellers Target Market is not structured towards a particular age group or race Process:  Process Place of Purchase Madame Tussauds Ticket Booths, Madame Tussauds Orlando on-line, Telephone, and Walt Disney Ticket Booths Give map showing layout of facility Customers move at own pace Multiple Employees in each section Physical Evidence:  Physical Evidence Wax figures Building in of itself Spacious Galleries Wide Halls Exhibitions Famous Actors and Actresses Pop Idols and famous movie characters American Idol Past and present world leaders Famous Athletes Shaq Attack! All about Florida Ride through US and Florida History In Summary:  In Summary Researched Industry and Target Market Analyzed possible locations Complied with Laws and Regulations Developed Promotional and Pricing Strategy Adapted our product for new environment Questions:  Questions

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