Strategic Analysis: A Study on Walt Disney
1. Introduction
The Walt Disney company commonly known as Disney is an American multinational mass media and entertainment company. It is a diversified company having five significant sectors, including media networks, parks and resorts, Experience and product, entertainment studio, and Direct to customer and international. The company employed approximately 203,000 all over the world as of 2020. Walt Disney owns full or partial equity of several company in entertainment industry i.e. 80% of ESPN, Freeform, FX, NGF, ABC, Twentieth Century studios, Marvel, Lucasfilm, 100% of Pixar, Searchlight Pictures, 67 % of Hulu, Hot star, 100% of star India and National geography etc (Walt Disney, 2020). The company has 14 theme parks and resort all over the world, 4 Disney Cruise Line, 3500 Vacation club (Walt Disney, 2020). The total revenue in 2020 was 65.388B USD (Stoll, 2021a). total asset as of October 2020 was 201.549B USD (Stoll, 2021b) and company suffered loss of 2.86B USD in 2020 (Stoll, 2021c).
PESTLE is simple easy to use framework helps to understand wider environment of organization (Jobber & Ellis-Chadwick, 2013). Moreover, Porter five forces is an effective tool to identify the rival, supplier, and buyer power for some industries (Jobber & Ellis-Chadwick, 2013). Furthermore, VRIO framework is easy to use model to identify company sustained competitive advantage using organizational resources and competencies (Johnson et al., 2014). Additionally, Value Chain is for deeper understand of organizational strength and weakness to diagnosis and gain competitive advantage, (Johnson et al., 2014). Bowmen’s strategy clock helps to make the companies aware of their position in the market (Johnson et al., 2014). Mendelow’s matrix suggests the stakeholder groups based on their power in decision making process and interest in organizational activity (Johnson et al., 2014). Ansoff matrix for identifying company’s strategic direction based on market and product development and diversification (Jobber & Ellis-Chadwick, 2013).
The purpose of this paper is to analyse external and internal factors of walt Disney using PESTLE analysis and porter five forces, finding the competitive advantage in the market and explaining the strategic position, and capabilities using VRIO, and Value chain analysis, and evaluating strategic position using Mendolew’s stakeholder analysis, Bowmen’s strategic clock and Ansoff matrix and discussing the drawback of each model along with company analysis.
2. Strategic Position
A. External Environment
i. PESTLE Analysis
a. Political factors
Political factors include government policy, political stability or instability, corruption, foreign trade policy, tax policy, labour law, environmental law, and trade restrictions.
Content regulation by US FCC, and labour union law are the threat for the company (Waterman, and Choi, 2011), whereas government policy for strong intellectual property rights (IPRs) and political stability in some region is the opportunity for Disney strategic development. Figure 4 shows a positive relation between regulation and competition as content creator or manufacturer cannot produce any service or product as they must follow the regulation set by government which leads to highly competitive market.
b. Economic factors
The current world economic conditions have a crucial role to Disney business, such as inflation rate, consumer spending nature, and GDP growth. For example, the spiking of US inflation rate may adversely affect the business, hence more than 70% increase on households pending rather than tourism and entertainment is a threat for Disney (economist, 2021).
Additionally, inflation rate increase is a threat for Disney as it reduces consumer buying power. According to SRD (2021) US inflation rate in 2021 is 2.26% which is almost double than previous year of 1.25% in 2020.
c. Social factors
Social demographic such as income distribution, age group, geographic location, education level has impact on business activities. Demographics are a set of characteristics that can be used to ascertain customers’ product preferences or purchasing habits. For instance, age group has huge impact on Disney product choices i.e. Disney+. According to Statista, 16% of US adults of 18–29 aged group and 17% of 30–44 aged group like Disney+ compared to people of over 45 years of age (Stoll, 2021)
US income distribution is a threat for Disney as 25% of American annual income less than 35,000 USD (Statista, 2021) which is challenging for customer to manage high cost of 200 USD per person for 3 day package in amusement park (Walt Disney, 2020).
d. Technological factors
Digital media, online marketing, automation, market analysis and developing apps are the main technical factors for business growth (Davenport, and Ronanki, 2018). For instance, Artificial intelligence for efficient customer service such as touringplans.com with its 140,000 paid subscribers help Disney users by punching itinerary details and selecting proposed service based on crowed level is an opportunity for Disney as they providing user friendly service (Weinberger, 2019).
e. Legal factors
The Walt Disney is heavily regulated by the Employment legislation, consumer law, health, and safety issues as well as trade regulation and restrictions. The US Federal Communications Commission regulation of television and radio networks, privacy and data protection laws and the kid’s movies content development needs to strictly adhere the quality guidelines which imposes threat to the companies’ external environment (The Lancet Oncology, 2016).
f. Environmental factors
Corporate sustainable responsibility has several key elements including climate problems, recycling practises, carbon footprint, waste management and sustainability. Climate problems are threatening Disney with raw material supplies, as delivery delays can be imposed and costs can increase (Roper, 2012). Company will meet demand for sustainable companies with an emphasis on effective waste management and recycling (Ibid, 2012).
ii. Porter’s Five Forces
a. Competitive rivalry (High)
Disney’s increased competitive pressure was driven by the growth of multi-channel video programming networks and cable networks (Sun, and Lee, 2021). The Disney’s market is diversified and the presence of strong company like Viacom CBS, Charter Communication, Sony, and Amazon in streaming and Six Flag Entertainment, Cedar Fair, Universal Studios, and Comcast in theme parks and resort makes it highly competitive for direct to consumer policy.
b. Bargaining power of the customers (Low)
The customer in international market of walt Disney moderately bothered about price since Disney provide value creating and popular customer preference-based service (Alawadhi, and Yoon, 2016). Market competition among rivals give benefit to the customer providing low switching cost as they always looking for best offer with minimum cost.
c. Bargaining power of the suppliers (Low)
The suppliers bargaining power in media and entertainment industry is weak due to the presence of numerous suppliers in the market (Clauss, and Bouncken, 2019). Suppliers can decrease the profitability of walt Disney but following the low-price strategy among suppliers put the company in a good bargaining situation to get the best price than its competitor.
d. Threat of substitutes (Moderate)
Disney products and entertainment theme park idea are based on the movies having themes in connection with films they produce, which provide low to moderate substitute in the market despite high competition (Sun, and Lee, 2021).
e. Threat of new entrants (Low)
The high start-up cost and skills in the industry allows the competitors for difficult access to this industry. For Disney, high entry barrier dur to market domination of giant company, capital investment, and high networking and partnership requirement.
B. Internal Environment
i. Resource based view
a. Financial resources
Disney has sustainable and large income every year from its media network, park and resort, and entertainment studios. The total revenue decrease by 6.45% in 2020 compared to 2019 consisting of 28.393B USD from media network, 16.502B USD from parks and resort, 9.636B USD from studio entertainment (USSEC, 2020). Company financial position is strong having asset over 200B USD, oppositely, considering net loss in 2020 due to business closure.
b. Physical resources
Parks: People can enjoy Disney atmosphere from America to Asia and even Europe in Disney’s 14 parks and resorts, located across the world, including California, Tokyo, Paris, and Shanghai.
Land: Disney’s land area is particularly advantageous when compared with other entertaining parks. The largest is of 12,228 ha in Florida, and second largest is 1951 ha in Paris, whereas the smallest one is 126 ha in Hong Kong, but it is still larger than many other parks (USSEC, 2020).
c. Human resource
Disney has talented workers who are exceptionally talented and skilled in their fields. Disney receives employee loyalty by handsome wages, welfare, culture, and environment (Cain, 2018). In October 2020, 80% of 203,000 employees are working full time with the remaining of them part-time at the Disney theme park. The entire workforce is backed up by a strong management team of 22 executive leaders and 10 directors (Walt Disney, 2020). Although strong financial position in the industry, Disney planned to terminate 32,000 employee contracts in the first half of 2021 due to current climate and COVID-19 impact in business (Davis, and Dean, 2020).
3. Diagnosis of strategic capabilities
A. VRIO Analysis
i. Valuable
a. Brand
Brand value is important for a company a sit gives an extra advantage over market, helps distinguishing brand from competition, and helps to drive business in a competitive environment and communicate with customer. For several decades, the Disney brand has been popular worldwide. According to Forbes editor Swant (2020) the business also ranked 7th in the world in brand value in 2019.
b. Patent and License
Disney patents are a valuable resource as these allow the firm to sell its products without competitive interference for greater revenue (Milford, 2007). These patents also provide licensing revenue when it licenses these patents out to other manufacturers.
c. Cost Structure
The Disney cost structure is not a valuable resource because production costs higher than competitor, which affects the overall profits of the firm.
d. Research & Development
The research and development at Disney are not a valuable resource because of R&D costing more than the benefits it provides in the form of innovation. Therefore, the R&D teams should improve, and costs are cut for these.
ii. Rarity
a. Brand
One of the most visible and influential examples of corporate and brand image is Walt Disney corporation. The Walt Disney picture, management methods, and products are known throughout the world. Walt Disney brand logos, slogans makes their presence special in the market which makes it rare resource for business.
b. Patent and License
The patents of Disney are a rare resource as these are not easily available and are not possessed by competitors. This allows Disney to use them without interference from the competition.
iii. Inimitability
a. Brand
Disney’s brand is difficult to replicate due to its widespread consumer recognition and well-defined association. Micky mouse, the Avengers, and Star Wars are all licenced characters that appear on a variety of consumable products. The company redefined its licencing policy to allow for greater control over brand management, making it more difficult for others to copy.
b. Patent and License
The patents of Disney are very difficult to imitate as it is not legally allowed to imitate a patented product. Similar resources to be developed and getting a patent for them is also a costly process.
iv. Organisation
a. Brand
On an organisational level, the corporation handles the corporate portfolio for the purpose of brand management. The company is structured around two corporate-level family brands, ABC and Disney. Each brand at the family level consists of an individual brand, a sub-brand, and modifiers. Walt Disney feature animation, for example, is included in the Walt Disney brand, as are all movie titles, characters, hotels, resorts, and theme park attractions.
b. Patent and License
The Patents of Disney are not well organised which means that the organisation is not using these patents to their full potential (Milford, 2007). An unused competitive advantage exists that can be changed into a sustainable competitive advantage if Disney starts selling patented products before the patents expire.
v. Competitive Advantage
From the VRIO Analysis of Disney, it was identified that the brand corporate value provides a sustained competitive advantage. The patents are a source of unused competitive advantage. There exists a competitive disadvantage for cost structure and R&D of Disney.
B. Value Chain Analysis
i. Farm infrastructure
Disney farm structure is a great strength for the company having company worth of $130B in 2020 which gives a huge financial back up for new investment (Hoffower, 2020). Despite closure of theme park, shops, and vacation club except streaming service, Walt Disney announces “Disneyland Forward” which is an expansion plan in some of its theme park with new ride, restaurant, and attraction (Khaled, 2021).
ii. Technology Development
Disney’s add new artificial intelligence in its R&D division to analyse big data properly for forecasting, hence, company gains additional $32B market value once they announced its Disney+ subscriber will reach 230 million to 260 million (Mohamed, 2020). This proves that company is strong enough in technological development to increase business revenue.
iii. Inbound Logistics
Disney has dedicated, competitive and expert inbound logistics support from supplier to employee, provide good impression to client about company while reopen clients (Sylt, 2020). This excellent inbound logistics is a great strength for company to bring best customer experience.
iv. Operations
Disney has weakness in operations following to a reporter of CNBC, Taylor (2018) mentioned that Disney toy manufacturing factory found in violating labour overtime working rules, less safety training and equipment in handling toxic chemical, forceful signing blank working contract, unhygienic living quarter.
v. Marketing & Sales
Marketing is Disney’s greatest strength in film, theme park and consumer goods integration (Burns, 2015). Company uses film material such as Finding Nemo, Finding Dory, Iron Man Experience, to draw more customers in its theme parks. Disney emphasises customer service to enhance customer experience through supply of umbrella rentals, mosquito control, washing, childcare and automotive service (Burns, 2015).
4. Evaluation of Strategic Option
A. Suitability
i. Strategic Choices
Disney could use hybrid strategy for Africa region where labour cost, infrastructure, and land less expensive, along with differentiation strategy which they currently follow as their product and service has high consumer value and price. For example, parents and children recognizes Disney animated movie as a quality family entertainment movie (de Leeuw, and van der Laan, 2018), helps to develop unique product and services in its parks, vacation club, and merchandising Star Wars, Frozen, etc. that are difficult to imitate (Moran, 2011). Low price strategy could be considered in less expensive market to attract new consumer based on demand.
ii. Strategic Direction
Walt Disney focusing on streaming services distribution of Disney+, ESPN+, and Hulu t (Palmeri, 2020) after becoming popular of these services in content quality among its viewers (Spangler, 2019). Additionally, they are penetrating market to increase business revenue to mitigate operational losses of parks (Mohamed, T. (2020) as parks and reports was empty for both 2020 and half of 2021 fiscal year (Rodriguez, 2020). Company also emphasize on new product development i.e. new movies in 2021 such as Cruella, Luca, Black Widow, and Free Guy (Molina-Whyte, 2021).
iii. Strategic Methods
a. Organic Development
Disney’s creation of MyMagic+, an intelligent appliance that could have control all the services that consumer use while in the company property, took years to develop in its in-house labs. MyMagic+ was a project consist of MagicBands, Fastpass+, My Disney Experience, and PhotoPass Memory Maker requires several installation new equipment and upgradation of existing hotel doors to support RFID system (Palmeri, 2014).
b. Mergers & Acquisition
Disney acquisition of ESPN, Star India, Lucasfilm, and Pixar is because of capturing new product and market, hence, extend business reach to customer. Moreover, Disney also follows consolidation Strategy for M&A to increase company power over market by reducing competitor like 20th Century, Marvel, and Pixar, to increase company efficiency using, and reducing supplier arguing power (High, 2019).
Differentiation strategy involves high product value with premium price, but, following external analysis, Covid-19 has serious effect on people’s income distribution and expenditure nature. People are in a risk of job loss across the world which mean they will be not interested anymore for a product in return of high price. Although industry analysis supports the differentiation strategy as company has valuable product patent and licensing which is difficult to imitate.
B. Acceptability
i. Stakeholder Expectation
a. Low Power, Low Interest
Broadcaster, local community who live by the Disney manufacturing factory, park and resort, and vacation club are stakeholder of low power, low interest about company activity. These stakeholders have minimal opportunity in company decision making process.
b. Low Power, High Interest
Employee and company shareholder are the stakeholder of Disney with high interest to the company growth and revenue, but they don’t have enough power to interrupt the company operations. Although these stakeholders might have less power, but they need to keep informed about activity.
c. High Power, Low Interest
Disney technology stakeholder i.e. member of executive leader of Disney, local council, non-government organizations (NGOs), Regulation board, and labour union has high power in company decision making process with low interest in some cases but need to keep always satisfied.
d. High Power, High Interest
Disney board of director, and government financial agencies are the key player for Disney decision making process who plays active role within organization.
ii. Social Responsibility and ethics
Walt Disney raised COVID-19 emergency assistance fund of about $615000, launch a campaign named “Feed the Love” and donate $28M in feeding America’s food security effort. Main environmental goal by 2030 is achieving net zero greenhouse gas emission, and 100% zero carbon emission electricity (Mider, and Quigley, 2020). As a part of renewable energy usage plan, Company set solar powered McDonald’s in Disney world which is open for visitors (Jiang, 2020). Company has 4 out of 9 women director and 3 out of 9 are ethnically diverse which is 33% of board of director shows the employment diversification of the company (Walt Disney, 2021).
Differentiation strategy is risky at this pandemic situation as most of the company business opportunity closed except streaming service. Additionally, customer face financial crisis hence, reduce leisure expense. In this situation, return on adopted strategy by Disney will be much less and company may face net loss in 2021 financial year same as previous 2020 financial year. Disney key stakeholders i.e. board of director now emphasize on DTC service i.e. streaming service instead of focusing theme park service. Key stakeholder also thinks about alternative way for revenue generation so that company may not face any loss in this fiscal year.
c. Feasibility
Although Disney has strong financial support having total asset over $200B, company cannot afford continues loss for consecutive fiscal year 2020 and 2021. Company has less human resource also, as they lay off 28000 employees who worked in different theme park. Company high value patent like micky mouse, spider man, avengers etc. need not to manufacture as customer demand for these products getting less nowadays. This means that, differentiation strategy is not feasible in terms of finance, human resource, and company resource and competencies.
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