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Edexcel AS Business Studies: Unit 1: Tussaud's Group Case Study Thread!

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Reply 40

Ras02

Anyways could they possibly ask qs on corporate social responsibilities?

azs2005

oh yeah.. i forgot to mention..
i did a little research and i found out that tussauds group is a PLC :smile:

Nice one mate :wink:

Reply 43

MaoMao

My teacher told us the legal form is Ltd :confused:

Reply 44

azs2005

Thank you westlife.. are u really a fan of westlife :tongue:

.. lets get back to BUSINESS :tongue:

we should really do a research on merlin entertainments not only about tussauds :smile:

Reply 45

westlife2005

azs2005

Thank you westlife.. are u really a fan of westlife :tongue:

.. lets get back to BUSINESS :tongue:

we should really do a research on merlin entertainments not only about tussauds :smile:

Lol, yep, i'm a massive fan of them! Going to see them in Liverpool in 8 weeks time (29th February to be precise), will be my 6th time of seeing them on tour! :wink:

Hehe, yep, lets get back to Business! :p:

Yeah, my teacher said about doing research on them aswell!

Reply 46

sweetlikesugar

btw it isn't a plc, its structure is similar to a LTD, because Tussauds was a part of a holding company, therefore you couldn't buy shares in it, but had to buy shares from the holding company.

also does anyone know if it is bureaucratic or autocratic and how would u explain this in terms of Tussauds?

also how does an increase in credit card usage benefit tussauds?

Reply 47

azs2005

ohh.. my bad mate :smile:

..
i was refering it to be a PRIVATE LIMITED COMPANY.
i forgot that a PLC stands for public limited company :smile:

sorry

Reply 48

westlife2005

Do ye guys have any more ideas for this question as my teacher told me it wasn't long enough or analytical enough for 12 marks:

15. The Tussauds group is currently organised by geography i.e. each country they operate in has a head office and staff are organised by function. Analyse whether this is the most appropriate organisation structure (12 marks)

At the moment i have:

1. Organisation by geography means that managers will understand their customers better. Therefore this will lead to better service overall for consumers. This may then lead to repeat business which may then lead to increased profits for Tussauds.

2. Staff are organised by function and so they can become specialised in a particular field (e.g. hot dog salesman specialised in selling hotdogs and ride operaters specialised in knowing how a particular ride works). This means that there is less chance of machinery (e.g. rides) breaking down because there is more chance of them breaking if someone who has never used them before is operating them than someone who uses it every day.

Reply 49

azs2005

one question guys..
whats bureaucracy?

Reply 50

westlife2005

whats bureaucracy?

Bureaucracy is an organisation structure with a rigid hierarchy of personnel, regulated by set rules and procedures. This type of structure is most commonly used in large organisations and government operations.

Reply 51

business_as_usual

i find it hard to define what a market is, even though i know in my head what it is, can someone help me to word it right please?

Reply 52

Verted

business_as_usual

i find it hard to define what a market is, even though i know in my head what it is, can someone help me to word it right please?

Thats quite a tough question. Isnt it just the product/service you sell, and the people you aim it at?

Reply 53

Jitman

business_as_usual

i find it hard to define what a market is, even though i know in my head what it is, can someone help me to word it right please?

Points you can consider to define a market..

- A market is a place where buyers and sellers meet in order to exchange goods and services for money.
- It is a place where buying and selling (trading) takes place
- It is therefore a system of exchange based on demand, supply and price. Money acts as a medium of echance and a measure of value.
- The number of buyers and sellers in a market determine how competitive the market is. The competitiveness has a significant impact on price and overall business strategy

Jit

thanks

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Reply 57

lilo87

The Structure of Business
&#56256;&#56458; Revise these areas
- Primary, secondary and tertiary sectors
- The mixed economy – private and public sectors, including the not for profit sector
- Legal form of business
- Activities of a business: production, marketing, finance, human resources
- Competitive influences
Example Questions Key Points to Make
What business sectors does
Tussauds Group operate in?
Tussauds Group operates in the tertiary sector. The various operating businesses of the Group are involved in
the service sector – specifically the leisure and tourism markets.
• Tussauds operates a portfolio of leisure attractions in the UK and Europe
• Some of the attractions are based on city centres (e.g. London Eye, Madame Tussauds)
• Others are destination theme parks, usually located in semi-rural areas but close to major
conurbations (e.g. Alton Towers, Chessington World of Adventures)
As the Tussauds website states:
“We are in the business of entertaining people, and talented, well-trained, flexible and motivated employees
are vital to our success”.
So Tussauds see themselves as an entertainment business – creating great customer experiences whilst they
are visitors to each attraction.
Tussauds Group is very firmly in the entertainment business.
Visitor attractions are officially part of the leisure and tourism sector. Consumers pay to gain access to a
series of leisure experiences (entrance and ride prices) and also spend money on other products and services
whilst they are visiting the attraction overall.

Reply 58

lilo87

Assess the main barriers to
entry in the markets in which
Tussauds Group operates
Barriers to entry:
Factors that make it difficult or costly for firms to enter an industry or market.
Thinking about visitor attractions; to be successful, an attraction requires:
• Significant investment (land purchase, infrastructure, rides & facilities, promotion, start-up costs)
• Long-term investment – the lead-time for building a new attraction or installing new facilities can be
1-3 years
• Difficult to get planning permission (legal – external factor) for new sites
• Existing competition likely to be well established
• Successful operation of one or more visitor attractions requires specialist management expertise
• Operation in the market is highly capital intensive
All of above suggest that new entrants to Tussauds markets will find it hard to be successful.
As an established operator, Tussauds therefore benefits from high barriers to entry – which should enable it
to achieve higher profits than in a market when entry is relatively easy.
However, one way of overcoming barriers to entry is via acquisition – buying existing attractions / operators.
So Tussauds is not immune to new entrants.
Assessment: High barriers to entry in the market make Tussauds position strong.
Who are the main
competitors to the Tussauds
Group?
Competition comes from any attraction or activity that competes for the leisure time and spending of
customers in target market segments.
Visitor attraction market in UK is diverse: e.g.

Reply 59

lilo87

• Castles, country houses and parks
• Farms & nature centres
• Gardens
• Museums and Art Galleries
• Wildlife Centres and Zoos
• Theme Parks
• Venues that combine one or more of the above
You could also argue that major shopping centres / leisure venues are competitors – since they are
competing for the leisure time and consumer spending of customers.
However, think about Tussauds market positioning.
Tussauds firmly targeting market leadership of city centre and theme park segments. So the target customer
base is focused on:
• Younger visitors (16-30)
• Affluent families
• City tourists (e.g. London) – this will include substantial numbers of customers from countries outside
the UK.
In terms of theme parks, the closest competitor (and still much larger) is Disney.
Note: in 2007, Tussauds merged with the UK’s leading theme park operator Merlin Entertainments, to make it
the clear European leader.