Gold Theme Park (GT) Gold Park was a mine where gold was extracted until 2012. Although there was still some gold in the mine, the direct costs of extracting it became too high. The area around Gold Park has become a tourist destination. There has recently been development of hotels and other accommodation. A new marina complex has also been built which attracts boat owners to use the local lakes and rivers. 5 Kayo is an entrepreneur who purchased the mine in 2015. She converted the mine into GT, a theme park where customers can learn about gold mining and have fun. GT now includes a museum, guided underground tours of the mine and a roller coaster ride around the park. There is also a restaurant and gift shop. Kayo employs some of the people who previously worked in the gold mine to work as tour 10 guides in the theme park. She also employs some younger workers, who require training, as customer service representatives. Kayo believes that developing intrapreneurship is important to the ongoing success of GT. Table 1.1 shows some data about GT over the past three years. 15 GT's Marketing Director has conducted some primary market research to find out why visitor numbers have fallen. The findings indicate that many potential customers think the park is not fun and the price of entry is too high. Kayo has now asked the Marketing Director to conduct some secondary market research to help improve GT. Evaluate the importance to the ongoing success of GT of developing intrapreneurship.
Exam No:9609_w23_qp_22 Year:2023 Question No:1(d)
Answer:




Knowledge points:
1.1.1.1 the purpose of business activity
1.1.1.2 the factors of production needed for business activity: land, labour, capital and enterprise
1.1.1.3 the concept of adding value
1.1.1.4 the nature of economic activity, the problem of choice and opportunity cost
1.1.1.5 the dynamic business environment
1.1.1.6 why businesses succeed or fail
1.1.1.7 differences between local, national, international and multinational businesses
1.1.2.1 the qualities entrepreneurs and intrapreneurs need for success
1.1.2.2 the role of entrepreneurship in creating and starting up a business
1.1.2.3 the role of intrapreneurship in the ongoing success of a business
1.1.2.4 barriers to entrepreneurship
1.1.2.5 business risk and uncertainty
1.1.2.6 the role of business enterprise in the development of a country
1.1.3.1 the meaning and purpose of business plans
1.1.3.2 the key elements of business plans
1.1.3.3 the benefits and limitations of business plans
2.2.1.1 the need to motivate employees to achieve the objectives of a business
2.2.2.1 a simple explanation of human need
2.2.2.2 how human needs may or may not be satisfied at work
2.2.3.1 the ideas of the main content theories (Taylor, Mayo, Maslow, Herzberg and McClelland) and process theory (Vroom)
2.2.4.1 the theories in practical situations
2.2.4.2 different payment methods: time based, salary, piece rates, commission, bonuses, profit sharing, performance-related pay, fringe benefits
2.2.4.3 different types of non-financial motivators: training, opportunities for promotion, development, status, job re-design, team working, empowerment, participation, job enrichment
2.2.4.4 ways in which employees can participate in the management and control of business activity
Solution:
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