Core Competency
The core competency of the organization is the length of its operation and service both to the locals and foreign visitors of the country that give the organization the knowledge regarding the likes, dislikes as well as the flow and trends in the behavior of the customers. Furthermore, cultural aspect is also an important factor, primarily to their growing mainland Chinese visitors. Furthermore, it also helps the organization to capture the attention of other visitors from different part of the globe, primarily those from the US and Europe, that are looking for new and local experience about the country.
Competitive Advantage
When a given firms maintain its profit that exceed the average for its industry, the firm is said to have a competitive advantage against its rival. This can be seen in the current position of Hong Kong Ocean Park, over its direct competitor, which is the Hong Kong Disneyland. Hong Kong Ocean Park is using the cost advantage, where in it offers cheaper ticket that costs HK$208 for adult and HK$103 for children, compare to HK$295 for adult and HK$210 per child of Hong Kong Disneyland. In addition to that, Hong Kong Ocean Park acquired a good location compare to Disneyland, because it is nearer o the main urban districts.
In addition to that, Hong Kong Ocean Park also offers a differentiation advantage because it is considered as bigger than the Hong Kong Disneyland, thus enabling the first organization to offer more and new features and shows than the second organization. It also offer different features and services compare to its competitors primarily the Disneyland, because it focuses on showing the reality regarding the nature, while Disneyland focuses on fantasy.
Tangible Resources
The reputation of the organization is its most important tangible resource. Ultimately, reputations have economic value to the company because it will be difficult to imitate. Rivals cannot simply replicate the unique features and intricate process that produced those reputations ( 1996). The fact that the company features educational aspects regarding the environment, gives it a reputation that is close to nature. This is important because of the growing awareness of the world regarding the different natural and environmental problem, primarily global warming.
Value Creation
The core competency of the organization gives it both advantage and disadvantage. Advantage, because it helped them to know more about the behavior and culture of their different local and foreign visitors. Furthermore, it also enables the company to create an image that is considered as one of the most important aspect in gaining and maintaining competitive advantage. On the other hand, it gives the organization the disadvantage because some part of the facilities and features of the organization are considered as old, and in great need for renovation, however, due to financial aspect as well as effort that must be exerted, it will take some time in order to come up with the ever changing demand of the foreign visitors for entertainment and leisure.
On the other hand, the competitive advantage of the company which focuses on the cost advantage and differentiation advantage is the result of the continuous effort of the organization in their relationship with the customers as well as their continuous effort in process of research and development.
Conclusion
As of now, Hong Kong Ocean Park is experiencing a comfortable position in the entire amusement industry, as well as the entire tourism industry of the country. It is important to consider that the said organization is considered as number 1 or most loved amusement park by local and foreign visitors, despite of the fact that it has the Disneyland, a very prominent and successful player in the global industry of amusement park.
Primarily, the main reason behind the success of the organization is because of the support from the government of Hong Kong and mainland China that can be seen in the different public facilities that are being implemented for easy access of the said place, as well as the implementation of the Individual Tourist of China. The company had been able to use the issue of culture in order to attract more locals as well as foreign visitors, as well as its usage of the current spread of the environmental awareness, which enables the organization to incorporate education and thrill in their features and services. That is the reason why it is frequently visited by families from different part of the globe.
Furthermore, the organization had been able to create two important competitive advantage which focuses on the cost and differentiation. It had been able to offer cheap but fun-packed experience.
But it is also important for the company to continue its innovation and strategic management in order to make sure that it will continue its competitive edge against its competitor. This is due to the fact that Disneyland is currently into renovation process, in order to regain their competitive position in the market.