The Marketing mix of Universal Studios analyses the 4Ps of Universal Studios, including the Product, Price, Place, and Promotions. Several names are known as Universal Parks and Resorts, and the most common is the Universal Studios Theme Parks. It is a subsidiary of its parent company, NBCUniversal, which another corporation, Comcast, owns. As the name suggests, it is a theme or amusement park associated with the Tourism and Hospitality industry. It was founded in 1964, 15th July, and is currently a substantial global attraction, ranked as the third largest and visited by tourists worldwide. Its primary competitors in the world are as follows:
- SeaWorld Entertainment
- Walt Disney Parks and Resorts
- Disneyland Park
- Islands of Adventure
- Tokyo Disneyland
- Chessington World of Adventures
- Europa Park
- Legoland Windsor
About Universal Studios Theme Parks
- Type: Theme park operator
- Industry: Hospitality, entertainment
- Founded: 1915, Universal City, California
- Founders: Carl Laemmle
- Headquarters: Orlando, Florida, United States
- Area served: Worldwide
- Current CEO: Mark Woodbury
- Number of employees: Over 25,000
- Major products: Theme parks, resorts, hotels, water parks
Table of Contents
Universal Studios Product Strategy
Universal Studios Theme Park is a unique park built with the entertainment and media industry, especially television and movies, in mind. It is one of the most popular and highly visited amusement parks in the United States, with more than five million visitors annually. It has some fantastic and exciting offerings for every one of its visitors.
The theme park has several attractions based on popular modern and classic pop cultures like music, video games, comics, cartoons, literature, advertising, television, and movies. In 1910, it was opened as a tourist spot and, by 1964, had turned into a Universal Studios Theme Park destination, where people could quickly look for behind-the-scenes television programs and motion pictures.
The theme park is diversified into six theme areas, and it features some famous characters like Scooby Doo, Marilyn Monroe, Simpsons, and Popeye. It also has rollercoasters, water rides, and a simulator ride based on the movie Despicable Me to attract customers.
Universal Studios offers a diverse range of entertainment products, brands and services.
- Theme Parks and Attractions: The core of Universal Studios’ product mix is its theme parks, which feature a variety of rides, shows, and attractions based on movies and TV shows produced by Universal Pictures and other NBCUniversal properties. These parks are located in various parts of the world, including the United States, Japan, and Singapore.
- Merchandise: Universal Studios theme parks offer a wide range of merchandise related to their attractions and the Universal brand. This includes clothing, toys, collectibles, and souvenirs themed around popular movies and characters.
- Food and Beverage Services: Inside the theme parks are numerous dining options ranging from quick-service stands to full-service restaurants. The food and beverage offerings are often themed to enhance the immersive experience of the park’s various sections.
- Hotels and Resorts: Universal Studios operates themed hotels and resorts near their theme parks. These accommodations often offer exclusive benefits to guests, like early park admission and complimentary transportation to the theme parks.
- Live Entertainment and Events: The parks host live entertainment, such as shows, parades, and character meet-and-greets. They also hold special events throughout the year, like Halloween Horror Nights and holiday celebrations.
- Film and Television Production Tours: At Universal Studios Hollywood, guests can take studio tours that provide a behind-the-scenes look at film and television production. These tours offer insights into how movies and shows are made and include visits to real production sets.
- Digital Services and Applications: Universal Studios offers digital services like mobile apps for navigation and planning within their parks, enhancing guest experience with features such as wait times, show schedules, and interactive maps.
Universal Studios’ product mix is designed to provide a comprehensive entertainment experience, leveraging its strong brand and intellectual properties to create immersive, family-friendly environments. This marketing mix of Universal Studios caters to diverse customer preferences and helps create multiple revenue streams for the company.
Universal Studios Place Strategy
NBCUniversal operates and manages Universal Studios Theme Parks and is headquartered in Orlando. The. The theme park is spread over a large area, nearly 70% of which is in Universal City, hence the name, with the rest in LA, California.
Universal Studios Theme Parks chain has been established in several parts of the world. The first opened in Hollywood in 1964, and the Universal Orlando Resort in 1990 in Orlando, Florida. In 1999, it expanded to become a vacation resort.
In 2001, Universal Studios Japan was opened in Osaka, Japan, and was the first in the chain to open outside the United States. The year 2010 saw another Universal Studios Singapore at Sentosa in Singapore. This park is built on 20 hectares and has become the first to be launched in Southeast Asia.
The theme park has a distribution and marketing network that includes online shops, physical stores, the internet, and television to distribute its related products. Efficient and well-trained employees are an integral part of a theme park, and in this matter, Universal Studios Theme Parks has been blessed. It employs many people everywhere, regardless of sex, nationality, or religion.
Here’s Universal Studios’ marketplace strategy.
- Strategic Global Locations: Universal Studios theme parks are strategically located in major international destinations, including Orlando, Hollywood, Japan, and Singapore. These locations are chosen for their high tourist traffic and accessibility, catering to a global audience.
- Integrated Resort Experience: In critical locations, Universal Studios offers an integrated resort experience, combining theme parks with on-site hotels, shopping, dining, and entertainment complexes. This strategy enhances convenience for visitors, encouraging longer stays and repeat visits.
- Partnerships with Local Tourism Boards and Entities: Universal Studios collaborates with local tourism authorities and businesses to promote their parks as must-visit destinations. These partnerships help boost local tourism and provide a synergy that benefits the parks and the surrounding communities.
- Online Presence and Digital Platforms: Universal Studios has a solid online presence, offering detailed websites and mobile apps. These digital platforms facilitate ticket sales, provide park information, and enhance visitor experience through features like wait time tracking and interactive maps.
- Accessibility and Transportation Services: Universal Studios parks are often served by various transportation options, including shuttle services, public transit, and dedicated infrastructure like roads and parking facilities. This accessibility makes it easier for visitors to reach the parks, contributing to a positive overall experience.
Universal Studios Pricing Strategy
Universal Studios Theme Parks has targeted people from every age group as its prospective customers. It encourages families, youngsters, kids, and tourists worldwide to visit its theme park. Universal Studios Theme Parks charges an entrance fee from its visitors and gives tours to enthusiasts.
It is in a cut-throat industry with competition from some serious contenders for the top spot. To survive and earn profits, one has to maintain a reasonable pricing policy that will help earn profits and be suitable to lure in tourists. The company has adopted a competitive pricing policy over a decade and kept its prices at par with the prices adopted by rival companies. It keeps improving its products and brings innovative features that help maintain an avid interest in them.
Universal Studios Theme Parks earns extra revenues from other sources like rides, entertainment, shopping, dining, events, seasonal activities promotion, guided tours, and passes. It also offers periodic discounts and incentives to maintain its customer loyalty.
Universal Studios employs a dynamic and multifaceted pricing and distribution strategy to maximize revenue while catering to a diverse customer base. This approach reflects the brand’s competitive position in the entertainment and theme park industries. Here’s a detailed breakdown:
- Dynamic and Seasonal Pricing: Universal Studios utilizes a dynamic pricing model, where ticket prices vary based on seasonality, day of the week, and anticipated demand. This strategy helps manage crowd sizes and maximizes revenue during peak periods, such as holidays and summer while offering more affordable options during off-peak times.
- Tiered Ticketing System: The parks offer a tiered ticketing system, providing different access levels and experiences. This includes general admission, multi-day passes, and express or skip-the-line options. Such a system caters to various budget levels and visitor preferences, allowing guests to customize their experience.
- Annual Passes and Memberships: Universal Studios offers annual passes and membership programs for repeat visitors. These passes often come with unlimited admission, discounts on merchandise and dining, and exclusive event access. This strategy not only encourages repeat visits but also fosters customer loyalty.
- Bundled Packages: The pricing strategy includes bundled packages, combining park tickets with hotel stays, dining plans, and other experiences. These packages offer convenience and value to guests, often at a lower cost than purchasing each component separately.
- Promotional Pricing and Discounts: Universal Studios occasionally offers promotional pricing, discounts, and special deals, particularly during off-peak seasons or for specific target groups like residents, military personnel, or students. These promotions help attract different customer segments and stimulate demand during slower periods.
- Online Pricing Incentives: The company often incentivizes online ticket purchases by offering lower prices or special bonuses than buying tickets at the gate. This streamlines the admission process and helps manage park attendance better.
In summary, Universal Studios’ pricing strategy is a sophisticated blend of dynamic and seasonal pricing strategies, tiered options, and promotional tactics. This approach allows them to cater to a wide range of customers, manage park attendance effectively, and remain competitive in the global theme park market.
Universal Studios Promotion Strategy
Universal Studios Theme Parks is a household name that gains infinite publicity from its theme parks. It has adopted several promotional policies to maintain and create brand visibility amongst its visitors. It has created new themes and rides, which have been great crowd-pullers. The company has adopted both above-the-line marketing mix and below-the-line marketing policies.
It has displayed its ad campaigns via television, radio, magazines, websites, hoardings, billboards, radio, and leaflets. It organizes annual events and special occasions, celebrated with many incentives and discount coupons, including annual passes, multiple visit passes, group passes, and discounts on hotel stays and certain food stalls.
New attractions are highlighted to pull the crowds. Special offers include Universal Express and single-day admission with access to attractions and rides just once. VIP Experience is for exclusive access to VIPs and includes facilities like previously booked tours, expertly guided tours, exclusive benefits in the theme park, and exclusive access.
Its taglines are Jump into the Action, Ride the Movies, and See the Stars. Famous Director Steven Spielberg has been associated with Universal Studios Theme Parks for a very long time. In 1987, he was the creative consultant for developing the first park.
Some Recent Video ads and Print ads for Universal Studios are:
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