Part 2 - Business and Fun in the Sun

Assume your family owns and operates a local water park, Splash Beach, which has been in business for 15 years. Revenues are $5 million per season; equipment is neither new nor old; and the company has little debt, a good reputation in the community, and a flood of job applicants each summer.Demonstrate your knowledge of key strategic terms by responding to the following questions (put your answers in the designated box).

1. Splash Beach's current mission statement is "to provide guests a relaxing and enjoyable experience."You decide it's time to update it.After reviewing the 'mission statements.pdf' document, rewrite the water park's mission statement in no more than 45 words.

Many of your family members disagree about the direction of the company.

2. One member wants to grow your family's business portfolio through unrelated diversification.Briefly describe this new business (there's no word count limit).

3. One member wants to grow your family's business portfolio through related diversification. Briefly describe this new business (there's no word count limit).

4. One member wants to undertake a differentiation strategy. Briefly describe this approach and provide examples (there's no word count limit).

5. One member wants to undertake a low-cost strategy. Briefly describe this approach and provide examples (there's no word count limit).