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Question
As a new facility, Wet ‘n Wild was keen to recoup their infrastructure investment as quickly as possible. Therefore, is this the most effective pricing strategy or would there be a more appropriate approach to pricing?
In my opinion, I disagree with the company's pricing strategy. The Wet and Wild Company adopted a premium pricing strategy by selling the tickets at $ 120. Currently, The Wet and Wild customers have been dissatisfied with the park services. The primary cause of this is the lack of accessing the waterpark services despite paying for them by some customers. The customer satisfaction is key to the maintenance of the business profitability. For instance, their post-purchase behavior in which they become loyal to the brand or encourage others to consume the product is determined by their level of satisfaction. Apparently, the solution is this problem is an adjustment of the pricing strategy at the company.
The customer access to the park includes the ticket price as well as the time that the client spends at this recreation facility. In this aspect, the created value on the service, that is, the fun at the waterparks that the client enjoys after entering the park. The price charged by Wet ‘n Wild should be reflective to the satisfaction level or amount of fun that the clients achieves after accessing the Park services. Currently, the single ticket costs $70 for a one-time entry. The season pass reflects the single entry price that costs $120.