Harvard Case - The Walt Disney Company: Theme Parks
"The Walt Disney Company: Theme Parks" Harvard business case study is written by Rory McDonald, Allison Mnookin, Iuliana Mogosanu. It deals with the challenges in the field of Marketing. The case study is 17 page(s) long and it was first published on : Aug 23, 2019
At Fern Fort University, we recommend that The Walt Disney Company (Disney) implement a comprehensive strategy focused on leveraging its existing strengths in storytelling, immersive experiences, and brand equity to drive continued growth and innovation within its theme park division. This strategy will involve a multi-pronged approach encompassing:
- Strategic Expansion: Expanding into new markets with culturally relevant experiences, leveraging technology and data analytics to optimize park operations and guest experiences, and exploring new business models like immersive entertainment experiences beyond traditional theme parks.
- Enhanced Guest Experience: Utilizing technology and innovation to create personalized and seamless guest experiences, enhancing digital marketing strategies to reach new target markets, and implementing a robust customer relationship management system to foster brand loyalty.
- Sustainable Growth: Focusing on environmental sustainability and social responsibility initiatives to appeal to a growing segment of environmentally conscious consumers.
2. Background
The Walt Disney Company is a global entertainment giant with a diverse portfolio of businesses, including theme parks. The case study focuses on the challenges and opportunities facing Disney's theme park division in the face of increasing competition, evolving consumer preferences, and technological advancements.
The main protagonists in the case are:
- The Walt Disney Company: The parent company, facing the need to adapt its theme park division to changing market dynamics.
- Bob Chapek: The CEO of Disney, tasked with overseeing the company's strategic direction and growth.
- The theme park division: The unit responsible for operating and managing Disney's theme parks worldwide.
3. Analysis of the Case Study
To analyze the case, we utilize a framework incorporating SWOT analysis, PESTEL analysis, and Porter's Five Forces to understand the company's internal strengths and weaknesses, external opportunities and threats, and the competitive landscape.
SWOT Analysis:
- Strengths: Strong brand equity, iconic characters, immersive storytelling, global reach, skilled workforce, technological innovation, diverse portfolio of theme park experiences.
- Weaknesses: High operating costs, potential for overcrowding, dependence on seasonal tourism, vulnerability to economic downturns, potential for negative publicity.
- Opportunities: Expanding into new markets, leveraging technology for enhanced guest experiences, developing new and innovative experiences, integrating digital marketing strategies, focusing on sustainability and social responsibility.
- Threats: Increasing competition, evolving consumer preferences, economic uncertainty, technological disruption, environmental concerns.
PESTEL Analysis:
- Political: Government regulations, tax policies, international trade agreements.
- Economic: Global economic conditions, inflation, currency fluctuations, consumer spending patterns.
- Social: Changing demographics, consumer preferences, social media influence, ethical concerns.
- Technological: Advancements in artificial intelligence, virtual reality, augmented reality, mobile technology, data analytics.
- Environmental: Climate change, sustainability concerns, resource scarcity.
- Legal: Intellectual property rights, labor laws, safety regulations, environmental regulations.
Porter's Five Forces:
- Threat of New Entrants: Moderate, due to high barriers to entry, including capital investment, intellectual property, and brand recognition.
- Bargaining Power of Suppliers: Low, due to diversified supply chains and the ability to negotiate favorable terms.
- Bargaining Power of Buyers: Moderate, due to price sensitivity, alternative entertainment options, and the ability to compare prices and experiences.
- Threat of Substitute Products: Moderate, due to the availability of alternative entertainment options, such as video games, streaming services, and other attractions.
- Rivalry Among Existing Competitors: High, due to the presence of established competitors, such as Universal Studios, Six Flags, and Cedar Fair, and the constant need to differentiate and innovate.
4. Recommendations
Strategic Expansion:
- Geographic Expansion: Target emerging markets with strong economic growth and a growing middle class, adapting theme park experiences to local cultures and preferences.
- New Business Models: Explore immersive entertainment experiences beyond traditional theme parks, such as virtual reality attractions, interactive museums, and themed hotels.
- Leveraging Technology: Invest in artificial intelligence and machine learning to optimize park operations, predict guest behavior, and personalize experiences.
Enhanced Guest Experience:
- Personalized Experiences: Utilize data analytics and customer relationship management (CRM) systems to understand guest preferences and tailor experiences accordingly.
- Digital Marketing Strategies: Expand digital marketing efforts to reach new target markets, leveraging social media, search engine optimization (SEO), and influencer marketing.
- Seamless Guest Journey: Integrate technology to create a seamless experience, from online booking and ticketing to in-park navigation and payment systems.
Sustainable Growth:
- Environmental Sustainability: Implement eco-friendly practices, reduce waste, conserve energy, and promote sustainable tourism.
- Social Responsibility: Engage in community outreach programs, support local charities, and promote diversity and inclusion within the workforce.
- Ethical Marketing: Ensure marketing campaigns are ethical and responsible, avoiding misleading or exploitative practices.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with Disney's core competencies in storytelling, immersive experiences, and brand equity, while also supporting the company's mission of creating happiness through entertainment.
- External Customers and Internal Clients: The recommendations focus on enhancing the guest experience and creating a positive work environment for employees.
- Competitors: The recommendations aim to differentiate Disney from its competitors by leveraging its unique strengths and embracing innovation.
- Attractiveness: The recommendations are expected to generate significant returns on investment (ROI) through increased revenue, improved guest satisfaction, and enhanced brand loyalty.
6. Conclusion
By implementing these recommendations, The Walt Disney Company can solidify its position as a global leader in the theme park industry, drive continued growth, and adapt to the evolving needs and preferences of its target markets.
7. Discussion
Alternatives:
- Focusing solely on cost reduction: While cost optimization is important, it may not be sufficient to address the challenges facing the theme park division.
- Ignoring technological advancements: Failing to embrace technology could lead to a decline in competitiveness and guest satisfaction.
- Over-relying on existing franchises: While Disney's iconic characters are valuable assets, relying solely on them could lead to stagnation and a lack of innovation.
Risks and Key Assumptions:
- Economic downturn: A global economic downturn could negatively impact consumer spending and demand for theme park experiences.
- Technological disruption: Rapid technological advancements could render existing attractions obsolete.
- Competition: New competitors or aggressive marketing campaigns from existing competitors could erode Disney's market share.
8. Next Steps
- Develop a detailed implementation plan: Outline specific actions, timelines, and responsible parties for each recommendation.
- Conduct market research: Gather data on consumer preferences, competitor activities, and emerging trends in the theme park industry.
- Pilot test new initiatives: Implement pilot programs to test new technologies, experiences, and marketing strategies before widespread adoption.
- Monitor and evaluate progress: Track key performance indicators (KPIs) to measure the effectiveness of the recommendations and make adjustments as needed.
By taking these steps, The Walt Disney Company can ensure the long-term success of its theme park division and continue to delight guests around the world.
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Case Description
As he seeks to place the division he leads on a firm footing for the future, Tom Staggs, chairman of Walt Disney Parks and Resorts, is considering a range of investments designed to either upgrade the guest experience in the company's existing parks or to expand access to "the Disney magic" beyond the company's current efforts. The case invites students to reflect on the "job to be done" that the parks perform for their guests, as well as on how far Disney can go to accommodate those for whom the parks are out of reach while still maintaining a premium experience.
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