Overview
Six Flags Entertainment Corporation is an American amusement company. It is also knows as Six Flags. The company offers family entertainment parks, theme parks, amusement parks, and water parks to the customers ranging from kids to senior citizens. The company was initially founded by Angus G. Wynne on August 5th of the year 1961 in Texas. The corporation possess over 26 properties in the Unites States, Canada, and Mexico, and yet continues to spread in other countries. The company’s headquarter is located in Grand Prairie, Texas. The Six Flags’ amusement parks are located across the United States as well as Canada and Mexico. In comparison with other amusement firms, the corporation is the biggest amusement company on the basis of their higher number of properties combined of theme parks and waterparks as well as their amusement parks have maximum number of roller coasters in the world and they rank seventh in highest attendance in the world. The major products of Six Flags are rides and attractions in the Park. The company’s parks is known for their world record breaking rides. Unlike other amusement companies, Six Flags currently has total number of seventeen roller coasters in the parks, which keep their ranking at the top most in the world.
Moreover, the Six Flags is neither oligopoly nor monopoly. There are multiple businesses or companies exist in the entertainment industry in the United States as well as across the globe. The Six Flags would not have a strength to become monopoly, as the consumers in this particular market always desire new and variety of products experience for their entertainment. Hence, the monopoly, duopoly, triopoly, cannot exist in the entertainment industry and cannot dominate the market. Therefore, the company focuses on creating new products for the consumers periodically. In the same context, The company invest around 9% of annual earnings into their capital projects in order to build a new ride or attraction in each park annually. This also shows that the production of these innovative products are capital intensive. The overall products of the companies are mainly targeted to young population across the United Statement. The segments of their products target to teen population, families with young children and the adventurous adults.
The Six Flags’ key competitors in the United States is The Walt Disney Company, which is led by Bob Iger and Bob Chapek, the Executive Chairman and the CEO of the company respectively. The company was founded by Walt Disney and Roy O. Disney, almost 40 years prior to Six Flag and offers the similar products as Six Flags, along with other additional products and services, including films, music, video games, and so on. Other competitors across the world, include Musee Grevin, Wonderla Holidays, and Continuum Attractions. All these companies offers media and entertainment related products similar or different products as Six Flags.
Price Analysis (Please work on this section)
What they got right
The company focuses on the innovation theory, where they introduce a brand new ride and attraction in all the parks, each year. In addition, the corporation focused on building very unique products that tend to break the records worldwide and kept the company in the limelight and ahead of their competitors all the times. The products’ uniqueness helps company in sustaining in the market and in attracting new consumers as well as in maintaining the reputation with respect to their old or existing customers. As a result, all these parameters positively impact the company sells and overall revenue per annum.
Moreover, the company had been developed their form of products per the changes in the era. The firm used to offer different form of products initially, such as the cable transport called gondola ride, the shows based on historical era, stagecoach or 4-wheeled rides using horses, a railroad, and an adventure attraction based on pirate theme, when they actually started. In later years, the corporation made changes to their products according to the consumer demand and modern generation. Besides a railroad, they replaced all their old products to roller coasters, parachute rides, log flume mountain rides, swing rides, and observatory tower decks.
The company’s products were available only in the United States, Canada, and Mexico, due to which the company was only known to the population from the countries around North America. In addition to this, the company is in the process in developing their projects in Saudi Arabia as well as China, in order to make available their products to some more countries. This is a huge step taken by Six Flags Entertainment Corporation that could allow them to gain the popularity in Middle East countries and Asian Countries as well. This would not only help the company to grow their business or sales, but also become popular globally and target the teen market, families with young children, and adventurous adults from the Eastern continents of the world.
What they got wrong analysis (Please work on this section)
As mentioned earlier, the products of Six Flags are mainly available in the North America, because of that the company focuses on marketing their products only in this region, due to which the company is not successful in gaining the attention of international visitors. Unlike the other competitors in the amusement park industry, the company do not invest the money in advertising their products internationally. Therefore, despite possessing world record breaking products and comparatively higher number of products, the company failed could not grow in terms of international consumers, like their top competitors and hence, the competition became more difficult for Six Flags Entertainment Corporation.
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