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Psychology

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Nov 24, 2024

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EBSC7030 Behavioural Studies & Consumption Part 1: Reading Log (No word count) Reading Log Week 1 Reading Reference Zumente, I. and Bistrova, J., 2021. ESG importance for long-term shareholder value creation: Literature vs. practice. Journal of Open Innovation: Technology, Market, and Complexity , 7 (2), p.127. Key Ideas  ESG awareness benefits stakeholders and creates long-term shareholder value which emphasizes consumer-potent presence in business Critical Thinking; Questions 1. How can businesses balance ESG concerns and financial goals to ensure value creation for stakeholders and shareholders? Reading Log Week 2 Reading Reference Moseley, C., Summerford, H., Paschke, M., Parks, C. and Utley, J., 2020. Road to collaboration: Experiential learning theory as a framework for environmental education program development. Applied Environmental Education & Communication , 19 (3), pp.238-258. Key Ideas  Evaluation of an environmental education program with educator collaboration.  Kolb's Experiential Learning Theory is proposed as a framework for designing effective engaging learning program Critical Thinking; Questions 1. How can experiential learning help in broader learning initiatives? 2. What specific elements of Kolb's Experiential Learning Theory make learning effective? Reading Log Week 3 Reading Reference Manthiou, A., Hickman, E. and Klaus, P., 2020. Beyond good and bad: Challenging 1 EBSC7030 Portfolio Template

the suggested role of emotions in customer experience (CX) research. Journal of Retailing and Consumer Services , 57 , p.102218. Key Ideas  Emotions in customer experience (CX) can be positive and negative simultaneously.  Social context can influence the consumer experience. Critical Thinking; Questions 1. How can businesses manage positive and negative emotions during customer experiences to enhance overall satisfaction? 2. How might understanding the social context help companies tailor customer experience strategies? Reading Log Week 4 Reading Reference Koutroubas, V. and Galanakis, M., 2022. Bandura’s social learning theory and its importance in the organizational psychology context. Psychology , 12 (6), pp.315- 322. Key Ideas  Bandura's Social Learning Theory entails the Social Cognitive Theory explains human behaviour through modelling and cognition.  Social Cognitive Theory can be used in learning and understanding human behaviour. Critical Thinking; Questions 1. How does Bandura's Social Cognitive Theory help in understanding and improving the learning experience? Reading Log Week 5 Reading Reference Rees Lewis, D.G., Gerber, E.M., Carlson, S.E. and Easterday, M.W., 2019. Opportunities for educational innovations in authentic project-based learning: understanding instructor perceived challenges to design for adoption. Educational technology research and development , 67 , pp.953-982. Key Ideas  Authentic project-based learning (APBL) can add efficacy to teach disciplinary skills and collaborative practices.  Educational technology can support this to address disciplinary and innovation challenges. Critical Thinking; Questions 1. How can educational technology tools effectively address the challenges faced by APBL? 2 EBSC7030 Portfolio Template

Reading Log Week 6 Reading Reference Caballero-Morales, S.O., 2021. Innovation as a recovery strategy for SMEs in emerging economies during the COVID-19 pandemic. Research in international business and finance , 57 , p.1-10. Key Ideas  The Blue Ocean Strategy can help in creating new market space with fewer competitors. Critical Thinking; Questions 1. How can businesses identify and capture new demands in the market by implementing the Blue Ocean Strategy effectively? Part 2 (250 -350 words) Westfield London and Target Audience Profile Aspect: "KidZania" entertainment attraction (KidZania, 2023). Why: KidZania offers an innovative and educational experience for children with a 75,000 sqft mini-city “Where Kids Dream Big”. It combines learning and play in an interactive environment. It delivers a unique and engaging attraction for families visiting the shopping centre by catering to the needs of young visitors and their parents. Use of space: The presence of KidZania states how the shopping centre utilizes its space to offer diverse and interactive experiences. It occupies a designated zone within the shopping centre and emphasises the importance of providing dedicated areas for family-friendly entertainment and educational activities. Historical background: KidZania has an important historical background as a pioneering edutainment concept that was first conceptualized in 1997 and opened its first location in 1999 in Mexico. Its global expansion and success over the years highlight its significance in the field of experiential learning for children. Brand Significance: KidZania is popular for its unique concept that combines education and entertainment for children. It has received global popularity by making itself an attractive addition to Westfield Stratford City's offerings. Focus: KidZania centres on experiential learning and plays, where children engage in role-playing activities related to various professions. 3 EBSC7030 Portfolio Template

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Relevancy of social identity: Its emphasis on education, skill development, and fostering children's confidence and independence aligns with contemporary values of promoting early childhood learning. Target Audience: Primarily it focused on children aged 4 to 14 years. The experience of KidZania is designed to cater to their interests, abilities, and learning levels. Parents and caregivers are also included as the target audience, as they provide accompany their children during the visit. This conclusion has been provided based on the activities they organise. Moreover, the website and other promotional campaign also highly indicates that its target audience is children (KidZania, 2023). There are some potential issues that can be derived from its presence such as repetitive activities, safety concerns for children, admission fees and additional costs and over-crowding situations due to popularity. Part 3 (200 -300 words) SWOT Analysis SWOT analysis for the aspect of Westfield London: KidZania A SWOT analysis refers to Strengths, Weaknesses, Opportunities and Threats. Strengths  KidZania offers an innovative role-play experience, blending education and entertainment for 4-14 years old children  It provides experiential learning, promoting essential skills and social responsibility.  It is almost 30 locations worldwide strengthening its brand appeal to tourists.  Children aged 8+ can explore KidZania without adults which is promoting independence and a sense of freedom. Weaknesses  Admission fees and additional expenses can be considered a barrier for some families.  Limited age group limits its expansion to the broader audience  During peak times it experiences over-crowd which affects the overall experience of the place.  Visitors tend to encounter the repetitive atmosphere Opportunities  It can collaborate with other businesses to expand its target demographics  Exploring new markets can provide more scopes of growth.  Adding customisation can help in adding consumer 4 EBSC7030 Portfolio Template

interests.  Continuous innovation can attract consumers more which can help in deriving more profitability Threats  The edutainment market is competitive as there are too many attractions and learning platforms vying for children's and families' attention.  The rise of digital and online educational platforms can be a threat to KidZania.  Economic downturns can affect families' discretionary spending on leisure activities in KidZania  Any incidents regarding the safety of young visitors can lead to negative publicity and reputation damage. Part 4 (850 -1,050 words) Proposed Strategy 1. Introduction The goal of the suggested strategy is to transform KidZania into a destination that is known for its creativity and educational value in the field of edutainment. The plan can put an emphasis on experiential learning, a customer-centric approach, and social interaction with the goals of fostering skill development, producing experiences that can be memorable, and promoting positive feedback from customers. 2. Experiential Learning Approach KidZania can provide hands-on and engaging experiences that simulate real-world professions, drawing inspiration from Kolb's Experiential Learning Theory in the process. Children can be able to learn via active involvement thanks to this method, which can also help them improve their critical thinking and ability to solve problems. Experiential learning has been shown to be beneficial in fostering both theoretical knowledge and the ability to apply that knowledge in the actual world (Moseley et al. 2020). This efficacy has been supported by academic research. KidZania can build experiences that are so immersive that children may explore their interests and make choices based on the information they have, so creating a feeling of success and self-confidence in the children who participate. KidZania can offer an atmosphere that is both educational and exciting for children who come to visit. This can be accomplished via the use of dynamic learning 5 EBSC7030 Portfolio Template

situations and role-playing experiences. 3. Customer-Centric Experience KidZania's goal is to provide an edutainment experience that is both interesting and gratifying by first gaining knowledge of its visitors' needs, preferences, and comments and then catering to those things. The theme park can create activities using the Customer Experience (CX) theory as a guide (Manthiou et al. 2020). These activities can put an emphasis on visitor happiness and loyalty. KidZania's goal is to become the go-to place for families who are looking for an experience that is unlike any other in that it combines learning with fun by continually enhancing its offerings based on the feedback it receives from visitors. 4. Social Learning and Peer Interaction KidZania can create activities that include Bandura's theory of social learning, with the goal of fostering more interaction and cooperation amongst children. According to Koutroubas and Galanakis (2022), attraction can encourage children's social development and the development of their cooperation abilities by giving the children the opportunity to work together in role-playing situations. KidZania can provide a setting that is secure and welcoming for children of all backgrounds, so that the youngsters may interact with one another and gain skills in empathy and communication. Children can acquire enough learning to develop crucial interpersonal skills via meaningful interactions if the concepts of social learning are included in education. 5. Innovation and Technological Integration The planned approach for KidZania places a significant focus on innovative ideas and the use of cutting-edge technology. KidZania can make ongoing efforts to enhance its activities, attractions, and facilities by drawing inspiration from many philosophies of innovation (Rees Lewis et al. 2019). Learning experiences that are immersive and engaging can be produced via the integration of technologies such as interactive media, augmented reality, and computer simulations. KidZania can retain its attractiveness in the competitive edutainment sector by being on the cutting edge of technology. This can allow the company to continue to provide children with an educational experience that is both cutting-edge and forward- thinking. 6. Stakeholder Engagement 6 EBSC7030 Portfolio Template

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Applying the ideas of Stakeholder Theory can allow the attraction to identify and include a wide variety of stakeholders (Zumente and Bistrova, 2021). These stakeholders can include parents, workers, partners, and members of the local community. KidZania can aggressively seek the views and input of many stakeholders in order to build its products and ensure that they are aligned with the requirements that stakeholders have outlined. The establishment of solid connections with stakeholders, the cultivation of support and loyalty, and the promotion of KidZania as a responsible and community-oriented educational entertainment destination can all be facilitated by consistent communication, cooperation, and openness. 7. Marketing Mix Strategy The recommended approach for KidZania incorporates a varied and extensive marketing mix in order to successfully communicate with and involve the target population . KidZania can implement dynamic pricing strategies to cater to different customer segments, optimise the physical layout and accessibility of attractions (Place) , and design integrated marketing campaigns to promote its unique edutainment offerings (Promotion) by utilising the 4Ps theory (Mir- Bernal and Sadaba, 2022). This can allow KidZania to focus on product diversification with innovative attractions and packages, implement these strategies, and optimise the physical layout and accessibility of attractions. KidZania can be positioned as a leading destination for experiential learning and entertainment as a result of the marketing mix's ability to build a strong brand presence, increase footfall, and strengthen visitor loyalty. 8. Sustainable Growth and Expansion KidZania's aims for long-term development and sustainable growth are outlined in the strategy. KidZania can seek new market niches, separate itself from conventional entertainment alternatives, and continually innovate to remain ahead of the competition (). This strategy is based on the Blue Ocean Strategy, which was developed by W. Chan Kim and Renée Mauborgne (Caballero-Morales, 2021). KidZania can create a powerful worldwide footprint by penetrating new foreign markets while putting an emphasis on experiences that are culturally relevant and customised to the respective regions. In order to bring KidZania's expansion in line with its commitment to environmental and social responsibility, sustainable business practices can be included in its operations. These practices can include both environmental and social responsibility activities. 7 EBSC7030 Portfolio Template

9. Conclusion In conclusion, the suggested plan describes a comprehensive approach to the process of developing KidZania into a world-class educational entertainment destination. KidZania can be able to create an atmosphere for experiential learning. A focus on the client, backed up by opportunities for social learning and engagement among peers, can cultivate positive feedback and increase satisfaction among visitors. KidZania can cement its position as a dominant brand in the educational entertainment sector via the active participation of its stakeholders and the promotion of sustainable growth. 8 EBSC7030 Portfolio Template

References KidZania, 2023. How it Works. Available at: https://kidzania.co.uk/about-us/how-it- works [Accessed on: 22.07.2023] KidZania, 2023. Welcome to KidZania London: Where kids dream BIG! Available at: https://kidzania.co.uk/ [Accessed on: 22.07.2023] Mir-Bernal, P. and Sadaba, T., 2022. The ultimate theory of the marketing mix: A proposal for marketers and managers. International Journal of Entrepreneurship , 28 , pp.1-22. 9 EBSC7030 Portfolio Template

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