Market Assessment and Feasibility Analysis of a Nature-based Park in Oklahoma

Transcription

1 Market Assessment and Feasibility Analysis of a Nature-based Park in Oklahoma Tannaz Soltani, MBA, M.S. Catalina Palacios, M.S. Lowell Caneday, Ph.D.

2 Purpose To provide a better understanding of the market, preferred destination attributes, motivations, and satisfactions with a naturebased park. To assist management to identify their target market, recreation needs and preferences of the visitors. 2

3 Quartz Mountain Property Nature-based park Location Historic significance CCC One of the original Oklahoma State Parks 3

4 Quartz Mountain Property Assets of Quartz Mountain Nature Park Lodge, Performance Hall, bunkhouse, pavilions Golf course Campgrounds, cabins, group camp Oklahoma State Regents for Higher Education 4

5 Quartz Mountain Analysis Feasibility analysis Market analysis Current market Latent market Competitive market Financial analysis Current operations Occupancy rates, revenue, cost 5

6 Market Analysis Current market Estimated 362,500 visitors annually Oklahoma Arts Institute Latent market North Texas, Oklahoma City, Lawton, Amarillo, Dallas/Fort Worth Metroplex. Competitive market Failure to identify competition and market Limited true competition Potential competition: Chickasaw Nation properties, renovated Lake Murray Lodge 6

7 Methodology Quartz Mountain feasibility study for Oklahoma Tourism and Recreation Department (OTRD) Research team at Oklahoma State University IRB approval Quantitative Research Online Survey (Qualtrics) Oct 6 th, Nov 10 th,

8 Assessment of Current Market Existing instrument (Meng, Tepanon & Uysal, 2008) Five-point Likert scale Destination Attributes: Personnel Lodging facility Natural environment 8

9 Assessment of Current Market Motivations Satisfaction Two questions: Level of satisfaction with most recent visit Recommendations to family/friends Acceptance of price Demographics 9

10 Findings: Demographics Well-educated (71%) Upper income (more than $100,000) (45%) 20% Retired 55% Female Overnight visitors (86%) 10

11 Findings: Destination Attributes Preference Destination Attributes Means Critical attributes Cleanliness of the facility and park 4.54 Quality of the lodge rooms 4.38 Quality of the main lodge 4.38 Quality of food 4.32 Scenery around Quartz Mountain 4.29 Friendliness of dining/restaurant personnel 4.22 Important attributes Types of amenities in the rooms or cabins 4.14 Friendliness of reservation personnel 4.10 Friendliness of office personnel 4.08 Lesser attributes Facilities are readily ADA accessible 3.98 Friendliness of housekeeping personnel 3.85 Quality of the cabins 3.79 Convenience of and driving access to Quartz Mountain 3.69 Outdoor activities in general 3.68 Attributes approaching unimportance Water level in the lake 3.39 Water-based recreation opportunities

12 Findings: Motivations Preference Motivations Means Critical travel motivations Fun and enjoyment 4.26 Important travel motivations Passive recreation 4.18 Being with family members 4.13 Lesser travel motivations Visiting familiar places/return visit to Quartz Mountain 3.89 Active recreation (i.e. hiking, biking, climbing) 3.83 Visiting friends and relatives 3.72 Visiting new places 3.68 Having time by myself 3.59 Romance or a romantic setting 3.51 Travel motivations approaching unimportance The art in the buildings and park 3.31 Taking a carefully and completely planned trip

13 Findings: Satisfaction Satisfcation levels 3% 6% Very dissatisfied 38% 9% Dissatisfied Neutral 44% Satisfied Very satisfied 13

14 Findings: Willingness to Recommend Willigness to recommend 1% 4% 8% 45% Definitely would not recommend Would not recommend Neutral 42% Would recommend Definitely would recommend 14

15 Findings: Price Acceptance Price Acceptance 3% 8% Definitely not worth the price Not worth the price 36% 15% Neutral Worth the price 39% Definitely worth the price 15

16 Recommendations Value and integrity of property Importance of property as draw for guests Safety, accessibility, aesthetics, sustained operations Playgroups: ADA requirements, particularly safety surfaces 16

17 Implications Conduct internal and external research Identify visitor s profile and visit characteristics Identify competitive market Develop infrastructure, facilities, services and additional features that increase visitors expenditure and generate revenue. 17

18 Thank You!