The city of London has enjoyed a prestigious position in the history of Europe. This has been occasioned by various factors such as the culture, architecture, and the entrepreneurial nature of people residing in this city. Over many years, this city has earned itself a prestigious position in history due to pioneer work that takes place in this city. For instance, the old city of London is famous for structures that were built to stand high levels of environmental load caused by falling snow. Although this design was very functional, it was very attractive and has gained favor especially with many construction and design enthusiasts who have replicated it in different places of the world including the ones that do not have snow (Bruns, 1992).
In this era of the service industry, this city has not been left behind and its citizens have remained as innovative as ever. A good number of modern innovations in service industry come from this city. Additionally, as humans move from interior living spaces to exterior ones, London city is in records and maps for pioneering most ingenious solution and innovations. Some of them seem to challenge the rules of architecture, engineering and even design. London dwellers and other people in the world are now enhancing their outdoor living spaces. In addition, there is a great niche that needs to be exploited as the community is becoming even more extravagant when it comes to outdoor services.
One of the companies that have participated in keeping London city on the global map for outstanding outdoors experience is the London Eye Company. It offers services both to local as well international visitors. This company is referred to in full as the London Eye Company Limited. As visitor attraction becomes a profitable business, London Eye Company has taken lead in the provision of these services. It also provides services of the film set for movie production and also the development of TV programs (Barfield, 2009).
However, the feature that has made London Eye Company become an icon in the whole world is the observation wheel in the London city that was the largest in the world in the year 1999 and the following few years. In addition, this wheel continues to be the largest observation wheel in Europe (Cardellini & Global, 2011). This company was formed in the year 1994 and its operations are based London in the United Kingdom. It has been operating as on supplementary basis to Merlin Entertainments Group Ltd.
London Eye Company is an example of companies that have done more than any consumer and competitor would have expected in this part of this century. Instead of these company focusing on specifications on requirements that consumers could be imagining. It has surpassed consumer expectations by far and consumers have to simply accept their services in several aspects.
In the provision of the film set and also sceneries for movies and TV production, this company has tapped into the market to levels that consumers have never imagined (Pederson, 2010). The scenery provided by the feriss wheel attracts around 3.5 million visitors annually. This makes this location on of the most visited tourist destination in the world despite the fact that people have to pay for having a view of London (Dowd, 2008). This level of acceptability shows that many people would like to visit given an opportunity. The Ferris wheel of the London eye is up to 135meters high from the ground. The wheel itself has a diameter of 120 meters and a person has to have 30 minutes of observation of London city in one revolution. Due to this high elevation, people have a panoramic view that is up to 45 kilometers deep around this structure.
Other aspects of customer services are well catered for as facility is easily accessible to everybody including people with disabilities. There are wheelchairs rams that are well marked and the disabled person can move around almost perfectly without requiring help. Public and private means of transport are available making this site accessible.
Generally views provided by London Eye Company for movie and TV production are very spectacular and are considered more than satisfactory. The wheel its self, the view of the city and other outdoor spaces are very spectacular and competitive. Another aspect that makes these sceneries to be truly thrilling is the crafty design of the wheel. This wheel is supported by an A frame that is not even vertical. This makes it even spectacular as it seen to defy the classical understanding of stability.
The cost of accessing this facility and having and aerial view of London city ranges from 17 sterling pounds to 45 sterling pound. Consumers have mixed reactions toward this price. Classically, consumers who cannot afford such a price would generally blame themselves for failing and would probably feel poor. This is the nature of consumers and do not in most cases consider the issue of prices being lowered for them to afford. However, the bottom line is that such firms such as London Eye requires to have lowered their prices for many people to afford. This will enable it to sell some extra units of their services (Roman, 2010).
However, it is important to remember that a favorable balance has to be stricken between attracting consumers and making the profit. For services considered by London dwellers as very ingenious, it is not easily imaginable to lower prices. One indicator that London Eye as a company as well as the wheel has been accepted by both the authorities and the citizens is the experience recently where the mayor of this city stepped in to prevent exploitation of this London Eye Company by Jubilee farm. Moreover, various writers have written about the London eye and this shows that this wheel has been accepted by various people not only as a business or a tourist destination but an icon. Many potential customers view it as a monument for London city as Eiffel tower is to Paris France (Tracy, 2008).
Apart from consumers' perception, it is sometimes necessary to evaluate a firm's performance on other factors. These include the cost, dependability, quality, speed and flexibility. As firm struggles to meet day to day deadlines of production, costs and sales, the try to achieve another objective such as speed, flexibility, dependability among others. Evaluation and study of how a firm attains these factors is very crucial and affects longtime survival and profitability of such a firm.
Beginning with quality, this refers to the degree to which objectives are met. Regardless of consumers' perception, a firm needs to ensure that it is able to meet its objectives and also ensure that products are able to meet the objectives of consumers. London eye has been able to come up with products that meet its objectives as well as those of London city dwellers in a profound way. In regard to film set for movies and TV production, London eye is in global map although it is overtaken by competitors in the US. This is also the case with the provision of beautiful sceneries for the same as well as provision of a beautiful view of London city.
On the other hand, the financial objectives of this firm have not been met effectively as it has struggled with financial challenges in the past. Any business is started to make profit and no business can be said to be meeting all its objectives if it is not making adequate money. The intensified luring of consumers with discounts shows that pricing is not effective and the maximum number of consumers cannot access their products at their set prices unless discounted prices are availed (Gorelick, & April, 2004).
However, it is very important to note that this firm has embarked on online market and provision of their services is on the digital platform. This makes sales of the ticket to be availed online making it convenient to all buyers. This is very useful for any buyers and can increase profitability (Harnish, 1992).
Secondly as a firm goes about its business, it has to ensure that its operations are speedy. This means that no time is wasted and the productivity per unit time is kept at maximum. London Eye has all its venues for outdoor living in spaces that are well accessible to the members of the public. This ensures that no time is wasted by consumers as they try to access their site. The main one is now between jubilee garden and river Thames, the location is accessible both by road as well as by water. Other aspects of time are well taken care of.
Consumers have a mixed reaction over the amount of time that is taken by an individual to go through the entire revolution of the wheel. Thirty minutes is a lot of time for some people while others think it is too little. However, the delivery of services and clearance of movie and TV personnel is very fast and speedy. Services that are provided by London Eye Company are dependable. Due to its deep root in British customs and working culture, timeliness are very crucial and service delivery by this firm is very timely in every aspects such as the admission of guests, and implementation of various guest policies which makes it very dependable (Abdel-Maksoud & Abdel-Kader, 2007).
The flexibility of London eye is a little bit complicated. In terms of being able to changes its services delivery to the public, it enjoys some flexibility and this can be seen from its ease shifting its services to online platform which is a good point. This was commendable. However, adjusting the time taken for one revolution of the wheel is a complex engineering procedure and may not be achieved that easily. Additionally, this company is not flexible in terms of cost as it once found itself in financial challenges in the past.
Cost and costing of services by this firm is a challenging task. This firm has invested huge capital in the business and return on capital investment should occur over a considerably long period of time. However due to pressure from creditors and service providers, this firm has found itself between a rock and a hard place in striking a favorable cost of services. If possible this firm could have raised its prices in order to recover the cost of investment and break even quickly. However, this would reduce the number of consumers and may reduce income earned. In the short run, this company cannot be said to be highly productive and can simply do better. However, this firm is likely to be very productive in the medium and long run. This will occur after the cost of expensive capital is recovered (Petre,& Troubitsyna, 2011).
Quality gaps exist for London Eye Company. Better services can be offered especially in the packaging of services. The existing combination of activities can be changed to include activities such as boat rides among others. This company can also make the arrangement with providers of transport in order to craft a good package of transport services and increase revenue.