Lotte world

LOTTE WORLD

• "Lotte World" is a cultural and entertainment center in Seoul.
• It is a theme park with many exciting attractions, ice skating rink, an ethnographic museum, a picturesque lake and much more.
• The park is open to visitors 365 days a year in any weather.
• Opened on July 12, 1989, Lotte World is listed in the Guinness Book of World Records.
• Thus, it is the most visited park in Asia along with Tokyo Disneyland.

MARKET ANALYSIS

• Amusement parks are mainly visited by children, schoolchildren, university students and families with children.
• Average frequency of visiting parks no more than 3 times a year.
• The average cost of the park is 100.000-200,000 won.

• The main factor influencing the choice of the first visit to the amusement park is the loyalty to the brand.



• The second most important aspect of the choice is the pricing policy of the park.
• Further among the factors of choice are the location (24%) and the number of attractions (26%).

MAIN COMPETITORS

DIRECT:

• Everland, Children’s Grand Park, and Seoul Land. In general, there are two amusement parks in Seoul, actually Everland and Lotte World.
• The main reason of competitiveness: Everland also has the Caribbean Bay,Zoo and Water Park, located on a separate territory. The water park has indoor and outdoor swimming areas, and there is also a complex of Korean and international baths.

INDIRECT:

• In case with indirect competitor it is Caribbean Bay, Yongpyeong Water Park Island, Phoenix Blue Canyon. Lotte has its own indoor water park, but it is small in comparison with these water parks.
• Among the most probable prospects in the development of the enterprise, according to the criterion of strengths and external threats, one can consider the possibility of preventing the diversion of customers to others by expanding the range.

CONCLUSION

Through our research, we have identified:

• The targeting group and how consumers currently perceive Lotte World;
• Strengths and weaknesses (SWOT analysis);
• The competence in the South Korean market;
• Communication objectives;
• Creative strategy
• Media plan;
• Outcome measurement;

In our research, we will try to offer effective campaigns for Lotte World. In a competitive marketplace, we identified what actions can Lotte World take and develop concept to improve consumer perception of a product in the booming attraction industry.