Assignment Description

In this assignment, you will analyze the revenue generation and cost management strategies of the Akron Zoological Park. The zoo faced significant challenges in the late $1980$s but managed to turn its fortunes around through innovative approaches. Your task is to evaluate the factors influencing the zoo's attendance, revenue sources, and cost management practices.

Instructions

Introduction

Provide a brief overview of the Akron Zoological Park and the challenges it faced in the late $1980$s$.$

Highlight the importance of revenue generation and cost management for the zoo's continued existence.

Factors Influencing Attendance

Analyze the factors that affect the zoo's attendance, such as changes in consumer preferences, inflation, and governmental priorities.

Discuss the significance of maintaining a quality image through clean and well$-$cared$-$for animals, new exhibits, and activities.

Examine the impact of weather variations on attendance and the zoo's seasonal operating schedule.

Revenue Generation

Explain the sources of revenue for the Akron Zoological Park.

Discuss the importance of community support and the zoo's reputation as an innovative community resource in attracting visitors.

Evaluate the effectiveness of the zoo's marketing and promotional strategies, considering its reliance on public service announcements, television series, and local press coverage.

Cost Management

Outline the cost management practices implemented by the zoo.

Discuss the importance of aligning income sources with operating and physical plant costs.

Analyze the challenges faced by the zoo in reducing expenses while ensuring its continued existence as a non$-$profit organization.

Financial Performance

Analyze the growth in attendance and revenue over the years, as indicated in the provided table.

Evaluate the zoo's ability to achieve its target goal of attracting $40\%$ of its community annually.

Discuss the significance of maintaining a balanced financial performance for the sustainability of the Akron Zoological Park.

Conclusion

Summarize the key points discussed in the assignment, including the factors influencing attendance, revenue generation strategies, and cost management practices.

Emphasize the importance of effective revenue generation and cost management for the long$-$term success and sustainability of the zoo.

Note: Your assignment will be evaluated based on the following criteria:

Comprehensive understanding of the factors influencing attendance and revenue generation at the Akron Zoological Park

Evaluation of the effectiveness of marketing and promotional strategies

Analysis of cost management practices and their alignment with revenue sources

Accurate interpretation and analysis of the provided table on annual attendance

Demonstration of critical thinking and analysis in discussing the financial performance of the zoo

Use of relevant terminology and concepts

Structure, organization, and coherence of the assignment

Clarity, effectiveness, and accuracy of written communication