Module 3- Walt Disney Company

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1 Module 3: Staying Ahead of the Curve Assignment The Walt Disney Company MBAK/M – 6915

2 The Walt Disney Company has found a unique position in the marketplace to be successfully launched. For many, Disney is "The Happiest Place on Earth" and is advertised as where dreams come true. There is a dynamic interaction between strategic management decisions, strategic marketing advantages identification, and innovation as a path to success. The Walt Disney Company uses intelligent management decisions to meet the budget, predict the future, think strategically, and create the future. Marketing strategies are implemented to target the audience while promoting products and services. Disney clearly identifies marketing advantages that strategically develop growth, expansion, and long- term success for the company. Even though finding the correct marketing strategy can be challenging, Disney uses their failures and turns its innovation into further success. Disney promotes their products and services to a targeted, broad audience. The company's appeal applies to all age groups, races, and cultures. Not only does the company sell ideas, but the stories behind those ideas attract customers. Customers draw to the story behind these magical characters, theme parks, and other Disney- related adventures. This helps the company understand its target audience and create a brand for the business. A lack of innovation is a fundamental problem that the Walt Disney Company does not have. Disney makes innovation a priority. Their change for future products and services is admirable. Once the company is committed to an idea, they are ready to take that thought and build an investment. The Walt Disney Company has several parks around the globe, and all parks share the same idea of being friendly, consumer-focused, and immersive in the world of Disney. At each park, the goal should be that: adults are happy to see the children experience Disney and enjoy a day from work; children get to meet their favorite

3 fictional heroes come to life, and the park is experiencing healthy financial statements. The theme parks and resorts are a physical representation of Disney and what the guest experience offers. There should be a commonality between the parks. The company has many strengths and vast opportunities to expand those strengths throughout an ever-expanding global market. As a weakness, Disney has a constant employee turnover rate and costly investments. A threat for the company lies underneath global competition. Based on Porter's Generic Strategies, the Walt Disney Company uses product differentiation to gain a competitive advantage. Differentiation strategies are the creation of a service or product that offers uniqueness. Disney has a licensed brand that has a unique name, meaning other suppliers cannot be copy-cat without the company's permission. The company develops unique products and services that are difficult to imitate, which customers seem to believe have desired qualities. Disney diversifies their products and services, which has caused the company to expand rapidly. The Walt Disney Company targets an all-aged audience by creating an emotional connection between its customers and themed parks. This develops a competitive advantage for Disney's pricing by their services offering uniqueness. This is the best strategy for the company since they have access to scientific research, highly creative staff, and a strong reputation for innovation. As stated by Elgan (2016), "They want to keep their theme parks fresh and new, thrilling visitors with the spectacle they cannot see anywhere else." Disney has differentiated itself by adopting customer-friendly practices in all activities and aligning itself with customers' values. The strategy has attractive diversified

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4 operations that are not risk-free, but the company presents its name as a family- friendly entertainment company. Porter's Five Forces mention the bargaining power of suppliers, the bargaining power of buyers, rivalry among existing competitors, the threat of substitute services, and the threat of new entry. The bargaining power of suppliers for Disney, as shown in Figure 1.1, is stable and able to negotiate, there are multiple, and they are unique. Disney demands power and control from or over their suppliers. The bargaining power of buyers results in the pricing strategy, the quality content Disney creates, and the ability in which buyers must substitute. Customers are willing to pay a specific price for Disney products or services. Even though the price is high, customers continue to balance healthy revenues. In Porter's Five Forces analysis, rivalry among existing competition lists aggressiveness, diversity, growth, and brand loyalty. Rivalry among existing competitors evaluates the external factors that maintain the intensity in the industry's environment. The Walt Disney Company has a strong brand, which they use to an advantage while addressing competition. As mentioned by Trainer (2022), "A superior brand also creates a marketing advantage for Disney+. If you're a parent of a young child, you know that Disney+ has a vast library of high-quality, family-friendly entertainment." The company's external factors, such as films, theme parks, resorts, and streaming services, are also significant to rivalry. The trends influencing business development in global industries and aggressive mass media marketing strategies are also considered in the company's planning

5 process. The threat of substituted products or services for Disney includes pressure, switching costs, and buyer sensitivity. Disney has high prices, and the pressure is on original content to keep customers returning or for that relationship to continue. Having various revenue streams, being global, having multiple media franchises, and customer loyalty all involve the threat of new entrants. The name Disney has created is remarkable, and other companies stand a low chance of comparing. In forming a competitive position in the market of Disney, the vital forces include rivalry or competition, the threat of substitution, and the bargaining power of consumers. These are Disney's most significant external forces because they involve the company's overall competition. There are many and a high aggressive company in this market. The threat of substitution puts pressure on the company in terms of revenues, pricing, and market share. Customers can choose, so Disney needs to stay on top of modern trends and have low switching costs. The weaker forces include the threat of new entrants and the bargaining power of suppliers. Disney is a large and worldwide company, so having multiple suppliers that are stable is a necessity. This could be a part of a later substitute issue between the company and customers, international markets, or even the supply chain. The Walt Disney Company has had multiple successes. The company is innovative and knows how to turn its failures into gold. Disney constantly re-evaluates their company by changing product lines, the priorities of service offerings, the internal or external culture, the advantages, and the disadvantages. Since the pandemic, Disney has responded with nothing but rapid market changes. These market changes include advancements, innovations, and global expansions. Disney's courses of action appear to be the best path forward. The new world of business

6 has presented new opportunities and challenges for Disney. Disney will need to be more innovative to reach global audiences and improve its market share if it stays on top. Figure 1.1

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7 Cited Sources Brown, L. (2019, February 28). Walt Disney Company Five Forces Analysis (Porter's) & Recommendations. Panmore Institute. Retrieved November 6, 2022, from https://panmore.com/walt-disney-company-five-forces-analysis-porters- recommendations Elgan, M. (2016, January 28). NetApp Brand Voice: How Your Company can Innovate the Disney Way. Forbes. Retrieved November 6, 2022, from https://www.forbes.com/sites/netapp/2014/09/08/innovatelike disney/? sh=180e6226214f Ellie. (2022, November 1). Disney Marketing Strategy: How Disney Becomes the Entertainment King? Mageplaza. Retrieved November 6, 2022, from https://www.mageplaza.com/blog/disney- marketing-strategy.html Trainer, D. (2022, October 12). Disney's Strategy is Working. Forbes. Retrieved November 6, 2022, from https://www.forbes.com/sites/greatspeculations/2019/12/11/disneys-strategy-is- working/?

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