Overview
Hong Kong Ocean Park has been leading in the entertainment industry in Hong Kong for 29 years. Its triumph has been as a result of numerous changes conducted by its top managers to ensure it is the leading entertainment destination in Hong Kong. However, emergence Disney as competitor is something to make ocean view rethink its strategies. Disney is a very strong competitor once it is renowned worldwide for its films and home entertainment.
The firm undertook a brand repositioning to attract more visitors leading to increased revenues. In addition, the company mobilized HK$70 to diversify its services and products and purchase additional assets. However, Ocean Park has encountered constraints such as; lack of labor skills, staff refusing to accept changes, High operating cost of the firm.
Recommendation 1
Ocean Park should conduct human resource development process to ensure quality service es are availed to clients.
Justification
It is factual that the company is deficient of enough workers to attend to its improved number of visitors. There have been increased cases of employees of Hong Kong ocean park resisting change that is necessary to be competitive in today’s world. The problem was very destructive thus the management decided that they should link every worker to the financial achievements of the firm. This was the first step that Ocean Park took to lure the workers to accept the changes. The other issue is insufficient skills to handle changes. This is the reason why many staff members objected the changes. However, the issues can be resolved by following the recommendation below;
Implementation
Recommendation 2
Diversify products and services while enhancing efficiency in utilization of resources in order to ensure optimum allocation.
Justification
HK Ocean Park has performed well in the past years and can utilize the available resources effectively to counter competition from Disney. Disney is financially stable thus coping with such competition require a lot of resources. Diversifying of products has seemed to work well with the company. Revenues have increased in the recent past when the firm revamped its product line. In addition, Ocean Park has enough funds that can design more services that are capable of attracting more people. Freisher (26) asserts that a firm can derive competitive advantage by efficient mobilization of its resources despite the financial capabilities of the competitor. Many firms have survived competition by allocation funds to projects whose payoffs are greater.
Recommendation
HK Ocean Park can employ the resources it has to effectively sustain its market by ensuring a professional workforce with optimum resource allocation. Effective resource mobilization is an objective pursued by many international firms for survival. There are projects that are not vital as compared to others or their rates of returns are not favorable. Given this, the company should conduct thorough research to identify projects worthy of considerations.
Works cited
Fleisher, Craig S, and Babette E. Bensoussan. Strategic and Competitive Analysis: Methods and Techniques for Analyzing Business Competition. Upper Saddle River, N.J: Prentice Hall, 2003. Print.
