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Cluster lesson - Coggle Diagram
Cluster lesson
Lesson 8: Revenue Management
Revenue streams
Admission Revenue
Retail
Food & Beverage
Tours & Programmes
Membership
Rentals & Lockers
Photography
Other Sources of Revenue
Profit maximisation= increased revenue generation + cost control and reduction
The revenue of attractions can be increased in many ways including:
• Attracting more visitors
• Price differentiation
• Increasing visitor expenditure
• Having a well-balanced mix of business
• Obtaining revenue from other sources
• Optimising the use of people, premises
and financial resources
• Having effective credit control
ways to generate revenue and control cost
generate revenue
Adjusting admission prices
• Special or Themed Events
• Expanding merchandise
• Expanding food and beverage options
• Leasing space for retail, F&B, events
• Corporate sponsorships & donations
• New programmes, tours
• Premium tours (e.g., VIP tours)
• Special events (e.g., HNN, Lumina)
• Consultancy
• Grants and sponsorship
cost control
• Bulk purchase
• Reduce cost of utilities
• Regular review of suppliers
• Review stock control systems
• Security measures to minimise pilfering or theft
• Utilities efficiency using technology e.g.,
recycling water, solar energy
• Leasing equipment and vehicles
• Review travel, transport and fuel consumption
• Outsourcing services e.g., cleaning, security, etc.
factors to consider
Types of retail stores
Types of merchandise
Ownership
Location
Design
Layout
Lesson 9: Attractions Management
7Ps of the marketing mix
product
price
promotion
place
people
physical evidence
process
unique challenges
attendance is dependant on seasons
cater to demographically varied groups all at once
maintain connections with past visitors
maintain top of mind recall
competition among the different types of attractions
attractions have limited capacity and are perishable
Marketing campaigns
advertising
experiential/interactive marketing
guerilla marketing
collaborative marketing
Lesson 10: Human Resource Management
Staff motivation and retention strategies
induction
support from managers
rewards and incentives
training and development
job satisfaction