Harvard Case - Oriental Land Co., Ltd. -Tokyo Disney Resort
"Oriental Land Co., Ltd. -Tokyo Disney Resort" Harvard business case study is written by Ramon Casadesus-Masanell, Akiko Kanno. It deals with the challenges in the field of Strategy. The case study is 38 page(s) long and it was first published on : Apr 23, 2020
At Fern Fort University, we recommend Oriental Land Co., Ltd. (OLC) adopt a multi-pronged strategy to sustain its competitive advantage and ensure continued growth for the Tokyo Disney Resort. This strategy should focus on leveraging existing strengths, embracing innovation, and adapting to evolving market dynamics.
2. Background
The case study focuses on Oriental Land Co., Ltd. (OLC), the operator of the Tokyo Disney Resort, a highly successful theme park complex in Japan. The case highlights OLC's impressive track record of growth and profitability, driven by its strategic partnership with The Walt Disney Company and its ability to cater to the unique preferences of the Japanese market. However, the case also explores the challenges OLC faces in a rapidly changing global landscape, including increasing competition, evolving consumer expectations, and the need to adapt to technological advancements.
The main protagonists of the case are:
- Oriental Land Co., Ltd. (OLC): The Japanese company that owns and operates the Tokyo Disney Resort.
- The Walt Disney Company: The American entertainment giant that licenses its intellectual property and provides operational guidance to OLC.
- Japanese Consumers: The primary target market for the Tokyo Disney Resort, with unique cultural and entertainment preferences.
3. Analysis of the Case Study
To analyze the case, we can utilize a combination of frameworks:
1. Porter's Five Forces:
- Threat of New Entrants: Relatively low due to high capital investment and licensing requirements.
- Bargaining Power of Buyers: Moderate, as consumers have alternative entertainment options, but the unique appeal of Disney creates strong brand loyalty.
- Bargaining Power of Suppliers: Moderate, as OLC relies on Disney for intellectual property and operational expertise, but also has some leverage due to its market position.
- Threat of Substitutes: Moderate, as other entertainment options exist, but the Disney brand offers a unique experience.
- Rivalry Among Existing Competitors: Moderate, with competition from other theme parks and entertainment options, but OLC maintains a strong market position.
2. SWOT Analysis:
Strengths:
- Strong Brand: The Disney brand enjoys immense global recognition and popularity.
- Unique Offerings: The Tokyo Disney Resort offers a unique blend of Disney magic and Japanese cultural elements.
- Strong Management Team: OLC has a proven track record of effective management.
- Financial Stability: OLC enjoys strong financial performance and a robust cash flow.
- Strategic Partnership: The partnership with Disney provides access to intellectual property and operational expertise.
Weaknesses:
- Dependence on Disney: OLC's success is tied to the Disney brand, which could pose risks in the future.
- Limited International Expansion: OLC's focus on the Japanese market limits its global reach.
- High Operating Costs: Maintaining the high standards of the Tokyo Disney Resort requires significant investment.
Opportunities:
- Growing Asian Market: The Asia-Pacific region offers significant growth potential for theme parks.
- Technological Advancements: Utilizing technology to enhance guest experience and improve operational efficiency.
- Diversification: Expanding into new business segments like hospitality and entertainment.
Threats:
- Economic Downturn: Economic instability can impact consumer spending on leisure activities.
- Increased Competition: New theme parks and entertainment options are emerging in the region.
- Changing Consumer Preferences: Evolving consumer tastes and preferences require constant adaptation.
3. Value Chain Analysis:
OLC's value chain consists of:
- Inbound Logistics: Sourcing materials and supplies for park operations.
- Operations: Managing park operations, including rides, shows, and guest services.
- Outbound Logistics: Handling guest transportation and merchandise distribution.
- Marketing and Sales: Promoting the Tokyo Disney Resort and attracting visitors.
- Service: Providing exceptional guest experiences and maintaining high standards of customer service.
4. Business Model Innovation:
OLC can explore business model innovation through:
- Digital Transformation: Utilizing technology to enhance guest experience, streamline operations, and improve marketing efforts.
- Value Proposition Expansion: Offering new experiences and services beyond the traditional theme park model.
- Strategic Partnerships: Collaborating with other companies to expand offerings and reach new markets.
5. Corporate Governance:
OLC's strong corporate governance practices, including transparency, accountability, and ethical conduct, contribute to its long-term success.
4. Recommendations
To maintain its competitive advantage and achieve sustainable growth, OLC should implement the following recommendations:
1. Embrace Innovation and Technology:
- Digital Transformation: Implement digital transformation initiatives, including mobile apps for booking tickets, ordering food, and accessing park information.
- AI and Machine Learning: Utilize AI and machine learning to personalize guest experiences, optimize park operations, and analyze customer data for targeted marketing.
- Virtual and Augmented Reality: Integrate VR and AR experiences into attractions and entertainment offerings, creating immersive and engaging experiences.
2. Expand Global Reach:
- International Expansion: Explore opportunities for expanding the Tokyo Disney Resort brand into new international markets, particularly in the Asia-Pacific region.
- Strategic Alliances: Partner with other companies to develop new theme parks or entertainment ventures in international markets.
3. Diversify Business Model:
- Hospitality and Entertainment: Expand into new business segments like luxury hotels, resorts, and entertainment venues.
- Merchandise and Licensing: Leverage the Disney brand to develop and sell exclusive merchandise and licensed products.
- Online and Mobile Gaming: Explore opportunities in the growing online and mobile gaming market, leveraging Disney's intellectual property.
4. Enhance Guest Experience:
- Personalized Experiences: Utilize technology to provide personalized experiences based on guest preferences and interests.
- Enhanced Customer Service: Implement strategies to improve customer service, including dedicated guest relations teams and online support channels.
- Accessibility and Inclusivity: Ensure the Tokyo Disney Resort is accessible and inclusive for all guests, regardless of their abilities or backgrounds.
5. Foster a Culture of Innovation:
- Leadership Development: Invest in leadership development programs to foster a culture of innovation and creativity.
- Employee Engagement: Encourage employee engagement and empower them to contribute ideas for improvement.
- Research and Development: Allocate resources for research and development to explore new technologies and entertainment concepts.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of OLC's strengths, weaknesses, opportunities, and threats. They are consistent with OLC's mission to provide exceptional guest experiences and its core competencies in theme park operations and brand management. The recommendations also consider the evolving needs of consumers, the competitive landscape, and the potential of technology to enhance guest experiences and drive growth.
6. Conclusion
OLC is well-positioned to continue its success in the theme park industry by embracing innovation, expanding its global reach, and diversifying its business model. By implementing these recommendations, OLC can maintain its competitive advantage, attract new audiences, and achieve sustainable growth for the Tokyo Disney Resort.
7. Discussion
Other alternatives not selected include:
- Focusing solely on the Japanese market: This approach would limit growth potential and expose OLC to greater risks from economic downturns or changes in consumer preferences.
- Acquiring existing theme parks: While this could provide immediate market share, it could also be costly and risky, with potential integration challenges.
Key assumptions of our recommendations include:
- Continued popularity of the Disney brand: This assumption is based on the brand's strong global recognition and appeal.
- Technological advancements: The recommendations rely on the continued development and adoption of new technologies, such as AI, VR, and AR.
- Economic stability: The recommendations assume a stable economic environment, which could be impacted by global events.
8. Next Steps
To implement these recommendations, OLC should:
- Form a dedicated innovation team: This team would be responsible for exploring new technologies and developing innovative experiences.
- Develop a strategic plan for international expansion: This plan would outline target markets, potential partners, and investment strategies.
- Invest in employee training and development: This would ensure that employees are equipped with the skills and knowledge to support the new initiatives.
- Establish a strong digital marketing strategy: This would leverage online platforms and social media to reach new audiences and promote the Tokyo Disney Resort.
By taking these steps, OLC can position itself for continued success in the global theme park industry, building on its legacy of innovation and delivering exceptional guest experiences.
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Case Description
This case describes the history of Oriental Land Co. Ltd.'s (OLC's) Tokyo Disney Resort (TDR), its operations, the extent of vertical integration, and the challenges it faced in 2018 as OLC's chairman and CEO, Toshio Kagami, contemplated how best to deal with congestion in the park. As of 2018, Tokyo Disneyland and Tokyo DisneySea, the two parks that comprised TDR, were the only Disney parks not owned and operated by Disney. Instead, OLC paid royalties to Disney based on the parks' revenue (in yen). The parks were immensely popular, but OLC had begun to see lower customer satisfaction ratings in recent years as high attendance led to long wait times. Although it continuously added new attractions to TDR, the company now faced a dilemma regarding how to expand further, given the limited land available around the parks. Kagami also considered whether to focus on OLC's other businesses, such as hotels, and even its nascent agriculture business, which it used to grow food served in the two parks.
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