Operations Management

The below link will take you to a 24-minute video that provides an overview of what happened with the development of Hard Rock Park in Myrtle Beach, South Carolina. This park went defunct in less than a year. In the video, the presenter seems to mostly focus attention on the state of the economy at the time it opened. But, in the business world, we must build in the necessary contingencies in case this type of situation occurs. This is evidenced by how many businesses survived the Pandemic and a similarly bad economy over the past two or three years. Also, businesses that survived the economic challenges at the time this park was opened.

In our first chapter, we introduced three broad components each company develops: 1) Operations, 2) Finance/Accounting, and 3) Marketing. In Paragraph 1, state your opinion as to which of these three areas most significantly contributed to the failure of this business and why you think so. Then, in Paragraph 2, offer a “hindsight” opinion on what you think could have been done differently to turn this from a failure into a success.