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Marketing Report

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Marketing Report

  1. 1. Exploring Management in Tourism, Hospitality and Events | April 12, 2016 Walt Disney World Florida External and Internal enviroments
  2. 2. PAGE 1 Contents Walt Disney World Mission Statement ............................................................................................ 4 External Enviroment ........................................................................................................................ 5 Porters Five Forces………………………………………………………………………………………... 7 Internal Environment ....................................................................................................................... 9 Strengths, Weaknesses, Opportunities and Threats Analysis ...................................................... 10
  3. 3. PAGE 2 Introduction This report briefly looks at Walt Disney World Florida and its External and Internal environments. The report also briefly discusses how Walt Disney world went from being an Attraction to a Destination. Finally the report provides a SWOT Analysis on the resort. From Attraction to Destination Walt Disney World Florida was envisioned by ‘Walt Disney’ in the early 1960’s. Walt Disney wanted to create a bigger park than ‘Disneyland California’. He wanted to create a park that is ‘free of the distracting and conflicting elements which had grown up around Disneyland during its first decade’ (The Walt Disney Co, 2008). According to Clarve, 2007 The Magic Kingdom Theme Park was designed as a destination theme park rather than a single day attraction (Clarve, pg. 100, 2007). Disney planning team who are known today as the Disney Imagineers had chosen Florida as the home for Walt Disney World. This is due to its Weather Permitted year round operation. Florida had ranked the no.1 state in 1963 for tourism activities. Below is a timeline of historical dates: Event Year The grand opening of ‘Walt Disney World Florida’ Opening with one theme park ‘the magic kingdom and 2 Disney hotels. ‘By Thanksgiving, Walt Disney World Resort was the most-talked-about attraction in the Western world’ (The Walt Disney Co, 2008). 1971 Walt Disney World risen to ‘5 million by April, 10 million by August, 10,712,991 for first full year; single day: 71,328 on Dec. 27’ (The Walt Disney Co, 2008). 1972 Capital Investment Passed$500 million (The Walt Disney Co, 2008). 1973 Plans for ‘Space Mountain’ had been in the works since 1964 by Walt Disney. He thought due to the popularity of thrill rides such as ‘The Matterhorn’ at Disneyland California there was a need for a thrill ride at the magic kingdom. (Disney Park History, 2012). Attendance figures ‘12,515,000 for the year; single day: 82,404 on Dec. 31’ (The Walt Disney Co, 2008) increased massively since 1972. 1975
  4. 4. PAGE 3 Attendance rose to ‘14.01 million for the year; single-day: 85,123 on March 28’ (Walt Disney Co, 2008). 1978 Big Thunder Mountain Opened as the largest version of the ride compared to Disneyland Resort California. (Disney Park History, 2012). ‘Attendance: single-day record 92,969 on Dec. 31’ (The Walt Disney Co, 2008). 1980 Walt Disney World Florida opened E.P.C.O.T. on 1st October 1982. ‘Two- park attendance records of 123,800 set Dec. 28, and 705,000 for week of Dec. 26’ (Walt Disney Co, 2008). 1982 Walt Disney World Florida opened Disney-MGM Studio. 1989 Walt Disney World Twilight Zone Tower of Terror opened (Werner Technologies, 1997) 1994 Walt Disney World Opened ‘Disney Animal Kingdom’ Theme Park. It is the largest single Disney theme park in the world. 1998 Walt Disney Studios Florida opened The Rock N roller Coaster featuring Aerosmith. 1999 Walt Disney Animal Kingdom open Expedition Everest. A man made 200 foot Everest mountain. Attendance Records across all 4 Walt Disney World Theme Parks: • Walt Disney World's Magic Kingdom, 16.64 million • Epcot, 10.46 million • Disney-MGM Studios, 9.10 million • Disney's Animal Kingdom, 8.91 million (Theme Park Insider, 2007) 2006 Walt Disney World Magic Kingdom on average attracts 52,964 people per day in 2014. In a year that works out at 19,332,000 people. (Reikofski, 2015). Present day Walt Disney World developed over time to become the ‘number one theme park in the world and North America’. (Reikofski, 2015).
  5. 5. PAGE 4 Walt Disney World Mission Statement According to Horner and Swarbrooke, 2005 mission statements or business visions, focus on the strategic direction in which the organisation wishes to go. This vision should then be reflected in the marketing strategies and marketing objectives (Horner and Swarbrooke, pg. 167, 2005). Corporate Objectives are set for the organisation as a whole. These tend to concentrate on some of the following: • Return on investment • Profitability • Image with the stock market, public, customers and employers • Social Responsibility • Environmental policy Below Is the Walt Disney Company mission statement: “The mission of The Walt Disney Company is to be one of the world’s leading producers and providers of entertainment and information. Using our portfolio of brands to differentiate our content, services and consumer products, we seek to develop the most creative, innovative and profitable entertainment experiences and related products in the world” (Walt Disney Company, 2016)
  6. 6. PAGE 5 External Enviroment According to Clave, 2007 theme parks are cultural creations in which they offer fundamental factors such as Economic, Social and Territorial developments in contemporary societies. Walt Furthermore, referring to Foglesong, 2003 Walt Disney World has industry competitors which include SeaWorld, Universal Studios and the I- Drive hotels. Looking more closely at Walt Disney Worlds External Environment. Conducting a PESTEL Analysis is a way in which this is done. Political/Legal: ‘Politics can increase or decrease a country’s attractiveness for tourism’ (litteacher8, 2011). In America where ‘Walt Disney World’ is based it is currently power that is divided between the national government and the States (Australian Politics, 1930). This impacts ‘Walt Disney Worlds’ stability. This depends on who is governing the state of Florida and the United States of America. At present the threat from Islamic State is at a critical level. An attack is imminent and with Walt Disney World attracting near ‘53,000 visits per day’ (Reikofski, 2015) an attack could happen here in the near future. This can decrease the country’s attractiveness for tourism. Furthermore looking at the legal aspects of the American government and ‘Walt Disney World’ it’s clear that due to the environment in which the resort operates they must abide by the said laws. ‘Walt Disney World’s’ attractions must contain various safety measures by law and to protect the people enjoying the attractions they have to offer. (Walt Disney Parks and Resorts, 2008) Economic: At present the exchange rate between Pound and Dollar stand at £1 - $1.43 Dollars (Trevorrow, 2016). At present ‘Walt Disney World is the largest taxpayer in Central Florida, paying approximately $566 million in state and local taxes each year’ (Disney, no date). The Company also employ 70,000 Cast Members who live in central Florida (Disney, no date). This important to the economic growth of Florida and the surrounding areas to help develop them in to sustainable tourist destinations.
  7. 7. PAGE 6 Social: Walt Disney World ‘reinforce the attractiveness of its brands and products and strengthen its bonds with consumers and neighbors in the communities all over the world’ (Business Review USA, 2013). Additionally Walt Disney World has a strong identity that is easily recognized throughout the world. In terms of social coherence Walt Disney World utilizes social media to promote and directly talk to potential customers. Technological: Walt Disney World uses technology in all the parks in operation. They are constantly investing in new thrill rides and attractions to take people from everyday life into a Disney World. In 2006 expedition Everest opened at Walt Disney World Magic Kingdom. Expedition Everest is one of the most technologically advanced attractions in the world. In 2011 it received a Guinness world record for the most expensive rollercoaster in the world (Jaclyn, 2015). The ride journeys forwards and then backwards and then forwards again. The rollercoaster uses two track switches. “This is something that has never before done in the world of rollercoasters” (DisneyParkVideos, 2012). Furthermore Walt Disney World use a virtual queuing system called Fast Pass+. This can be accessed in the theme park or via the mobile app once on park. (Walt Disney World, 2016). Environmental: Walt Disney World are committed to environmental stewardship and conservation and it has always been an important part of their business. They us alternative fuels to power the attractions as well as installing more effiecent lighting in the hotels. They also reduce waste through recycling (Walt Disney World, no date). Furthermore in 2015 Walt Disney World reduced its net emisions by 34%. By 2202 there aim is to reduce the net emissions by 50%. Additionally Disney have a conservation fund that was founded in 1995. The fund helps support the study of wildlife, the protection of habitats and experiences that connect children to nature. Currently Disney conservation fund has given more than $30 million to help conserve and protect wildlife (Walt Disney World, no date).
  8. 8. PAGE 7 Porters Five Forces The threat of new entrants Walt Disney Worlds Magic Kingdom Theme Park is the worlds most visited attraction. The park is also one of the biggest. The threat of any new entrants is low. As it would take a brand at the same standard to surpass Disney. Piersons 2008, states that the threat of new theme park entrants is not any easy thing to do. In the past decade there has not been a new major theme park to open its doors. He states that it is the opposite that in the past decade America has seen several theme parks close there doors for good. (Piersons, 2008). The power of the buyers Generally in a good economy customers don’t have a say in any pricing that Disney set at its Theme Parks. However in the great recession of 2008 – 2009 Walt Disney World saw theme park attendance drop. Disney in 2009-2010 began offering discounts as incentive packages to customers calling the campaign ‘What Will You Celebrate?’ The package offered 7 nights stay at any Walt Disney World Accommodation for the price of 4 nights. Furthermore Walt Disney World offered guests free admission to the theme park on its birthday in 2010. (Piersons, 2008). The power of suppliers Walt Disney World has many great attractions. These attractions are built my attraction manufacturers. These include: Intamin, Vekoma, S&S Power and Bolliger and Mabillard. These manufactures are in constant competition with each other just like the theme parks. The theme parks want to create the next technologically advanced rides and attractions. Ride manufacturers look at which theme park has the best brands to suit the needs of an attraction. This can ‘effect the profit level of theme parks however, as they bid against one another as they vie for the best technology, driving up the prices and reputation of the suppliers’ (Piersons, 2008). The threat of substitutes This is one of the biggest challenges for theme parks to overcome. The majority of theme parks such as Six Flags and Dollywood all exist as one or two day attractions. However in Orlando places such as Universal studios, Sea World and Disney World they try to sell multi day package tickets to customers. There biggest challenge is to try and entice customers to their attractions rather than the customers attend the beach etc. Walt Disney have excelled in trying to illuminate these factors by having; • 4 Theme Parks • 2 Water Parks • Retail and Dining Shopping District • Championship Golf Courses • Arts and Sports Complexes • Over 20 Hotel Complexes
  9. 9. PAGE 8 Disney world has managed to make there resort a must see attraction and with different activities on offer it requires more than 2 days to do everything. (Piersons, 2008). The degree of rivalry between competitors Rivalry in Orlando between Walt Disney World, Universal Studios and Sea World are rife. Each resort/attraction has different experiences to offer. An example of this rivalry was when Walt Disney World introduced the Fast Pass+ virtual queuing system. Many theme parks across the globe followed this with their own systems. Another example was in 2012 shortly after Universal Studios opening of ‘the wizarding world of harry potter’, Walt Disney World announced $1 billion injection into the Magic Kingdom. The company planned to expand the theme park creating new attractions, restaurants and new entertainment (Piersons, 2008).
  10. 10. PAGE 9 Internal Environment Walt Disney theme park refer to their employees as ‘Cast Members’. The park employs “around 70,000 Cast Members in central Florida” (Walt Disney World, no date). Walt Disney World employees/cast members get many benefits these include: • Learning and Development Opportunities (Disney, no date) This is a good benefit as this can educate cast members and develop them into higher roles within the Walt Disney Company. • Paid Holidays • Vacation (Disney, no date) Having time off out of work is an important thing for employers as you don’t want to over work your staff as it can lead to illnesses. • Sick Pay and Short-term Disability • Leaves of Absence • Bereavement and Jury Duty (Disney, no date) Walt Disney Company offer this to all its employees. Employees cant help being sick or when there is bereavement in their life at a certain time. • Personal Life Resources • Group Legal Plan • Adoption Assistance Program • Onsite Childcare Centers (Disney, no date) What makes Walt Disney Companies benefits so unique is there passion to make sure all children are looked after well. Cast Members who are parents have to opportunity to put their children into child day care centers in which are on the Walt Disney World Site. • 401(k) Savings Plan with Company Match • Retirement Savings Plan for Salaried Employees (Disney, no date) Walt Disney World and many international companies have began to build Pension plans for all employees. This can then move with an individual into any future employment they wish to undertake. • Complimentary Theme Park Admissions • Employee Discounts, including local, national and Disney-themed discounts • Merchandise discounts at selected Disney-owned and operated stores • Company-sponsored Events and Services • Disney VoluntEARS • Disney Employee Matching Gifts • Commuter Assistance Program (Disney, no date) Cast Members at Walt Disney world gain a lot of onsite discounts from free theme park admissions for themselves and family and friends. What a great way to keep cast members in loop with new and up coming attractions. Furthermore, they also get discounts for all Disney stores. Anything Disney employees getting discounts.
  11. 11. PAGE 10 Strengths, Weaknesses, Opportunities and Threats Analysis SWOT Analysis is a way in which a company’s internal and external environments is analysed. According to Valverde, 2015 a SWOT Analysis is used to manage the activity of a company because the results of this analysis, can check not only the status of an organization but also its strategic position in the environment in which it operates (Valverde, 2015 p.59). Below is a SWOT Analysis of Walt Disney World Florida; Strengths • Walt Disney Worlds Magic Kingdom Theme Park is the most visited Theme Park in the world (Reikofski, 2015,). • According to Sanders, no date Walt Disney world has a ‘timeless appeal’ and that she belives that ‘the park will never get old’. • Walt Disney World has a unique ‘Cross Generational Appeal’ in its attractions (Disney Information, 1997) • The resort is one of the largest sites in the world and is ‘25,000 acres’ (Albert, 2012). • Disney stands for its values and by its mission statement to be creative and promote its brands in experiences. Weaknesses • Walt Disney Worlds target audience is Young children and Families. There are limited experiences for older children and adults however unlike Universal Studios who cater for a varied audience this could one day surpass Walt Disney World as the world most visited theme park. Opportunities • Walt Disney Company has opportunites to expand their theme park image and brand. They are currently expanding their theme parks into Asia with in recent years with the construction of Disneyland Tokyo, Hong Kong and shanghai. Threats • Universal Studios, Merlin Entertainments, Sea World and Six Flags Parks are all threats to Walt Disney World. Universal Studios has developed successful children’s brands in the past few years such as despicable me. Furthermore Merlin Entertainments have developed the Lego brick into children’s theme parks. With the release of the smash hit children’s film the Lego Movie this has the potential to take Walt Disney’s Customers to their attractions. To conclude Walt Disney World has gone from strength to Strength. The Walt Disney Company has grown however its competitors pose serious threats to the organisation. Walt Disney will overcome this by continuing to make their brands accessible to children all over the world.
  12. 12. PAGE 11 References Albert, S. (2012) 10 things most Disney world first-timers don’t know. Available at: http://wdwprepschool.com/10-things-most-disney-world-first-timers-dont-know/ (Accessed: 12 April 2016). Australian Politics (1930) ‘Overview of the U.S. Political system’, Available at: http://australianpolitics.com/usa/system-overview (Accessed: 11 April 2016). Business Review USA (2013) The Walt Disney company - A leader in corporate social responsibility. Available at: http://www.businessreviewusa.com/leadership/3827/The-Walt-Disney- Company-A-Leader-In-Corporate-Social-Responsibility (Accessed: 11 April 2016). Clavé, S.A. (2007) The global theme park industry. Cambridge, MA: CAB International North America. Disney Information (1997) Magic kingdom - experience Disney world magic, step inside the magic kingdom. Available at: http://www.wdwinfo.com/wdwinfo/guides/magickingdom/mkindex.htm (Accessed: 12 April 2016). Disney Park History (2012) Big thunder mountain railroad. Available at: http://www.disneyparkhistory.com/big-thunder-mountain-railroad.html (Accessed: 17 March 2016). Disney Park History (2012) Space mountain. Available at: http://www.disneyparkhistory.com/space-mountain.html (Accessed: 17 March 2016). DisneyParkVideos (2012) Building a thrill ride: Expedition Everest. Available at: https://www.youtube.com/watch?v=2HOiVnUDcOc (Accessed: 11 April 2016). Disney (no date) Sharing the magic. Available at: http://wdwnews.com/fact- sheets/2014/10/31/sharing-the-magic/ (Accessed: 11 April 2016). Disney (no date) The Walt Disney company. Available at: http://disneycareers.com/en/working- here/total-rewards/ (Accessed: 12 April 2016). Florida Deaf Bikers (no date) Florida deaf bikers’ Webpages. Available at: http://www.deafmotorcyclelinks.com/usa/florida.htm (Accessed: 11 April 2016).
  13. 13. PAGE 12 Foglesong, R.E. (2003) Married to the mouse: Walt Disney world and Orlando. New Haven, CT: Yale University Press. Horner, S. and Swarbrooke, J. (2005) Leisure marketing: A global perspective. Amsterdam: Butterworth-Heinemann. Jaclyn (2015) 8 chilling facts about expedition Everest in Walt Disney world’s animal kingdom. Available at: http://www.disneyfanatic.com/8-chilling-facts-about-expedition-everest-in-walt- disney-worlds-animal-kingdom/ (Accessed: 11 April 2016). Piersons (2008) Pierson’s thoughts. Available at: http://mpierson18.blogspot.co.uk/2011/03/seca- 1b-porters-5-forces-in-theme-park.html (Accessed: 12 April 2016). Professional Academy (no date) Marketing theories - PESTEL analysis. Available at: http://www.professionalacademy.com/blogs-and-advice/marketing-theories---pestel-analysis (Accessed: 5 April 2016). Reikofski, P. (2015) ‘How many people go to Disney world every day?’, 3 June. Available at: http://temporarytourist.com/how-many-people-go-to-disney-world-every-day/ (Accessed: 17 March 2016). Reikofski, P. (2015) Photography. Available at: http://temporarytourist.com/how-many-people-go- to-disney-world-every-day/ (Accessed: 11 April 2016). Sanders, S. (no date) Disney park strengths and weaknesses: The magic kingdom - TouringPlans.com Blog. Available at: http://blog.touringplans.com/2016/01/10/disney-park- strengths-weaknesses-magic-kingdom/ (Accessed: 12 April 2016). The Walt Disney Co (2008) Walt Disney World History. Available at: http://www.wdwmagic.com/walt-disney-world-history.htm (Accessed: 15 March 2016). The Walt Disney Company (2016) About - leadership, management team, global, history, awards, corporate responsibility. Available at: https://thewaltdisneycompany.com/about/ (Accessed: 8 March 2016). Theme Park Insider (2007) ‘2006 theme park attendance data released (finally!)’, April. Available at: http://www.themeparkinsider.com/flume/200704/320/ (Accessed: 17 March 2016).
  14. 14. PAGE 13 Trevorrow, T. (2016) British pound to dollar surges today, can GBP/USD sustain this trend higher?. Available at: http://www.exchangerates.org.uk/news/15115/gbpusd-5-day-british-pound- to-dollar-outlook-week-ahead.html (Accessed: 11 April 2016). Value Line Publishing (2016) The most trusted name in investment research. Available at: http://www.valueline.com/Stocks/Highlights/SWOT_Analysis__Walt_Disney_Co_.aspx#.Vw0gWv krKUk (Accessed: 12 April 2016). Valverde, A. (2015) ‘Agrobiodiversity products by SWOT analysis as an analysis for strategic inn..’, Journal of Technology Management & Innovation, Vol. 10 (Issue 4), pp. p57–63.7p. Walt Disney Company (2016) About - leadership, management team, global, history, awards, corporate responsibility. Available at: https://thewaltdisneycompany.com/about/ (Accessed: 17 March 2016). Walt Disney Parks And Resorts (2008) Report on safety. Available at: https://ditm-twdc- us.storage.googleapis.com/Safety_Report.pdf (Accessed: 11 April 2016). Walt Disney World (2016) Expedition Everest - legend of the forbidden mountain. Available at: https://disneyworld.disney.go.com/attractions/animal-kingdom/expedition-everest/ (Accessed: 11 April 2016). Walt Disney World (2016) FastPass+ FAQ: What is the FastPass. Available at: https://disneyworld.disney.go.com/faq/fast-pass-plus/product-description/ (Accessed: 11 April 2016). Walt Disney World (no date) Environment. Available at: https://aboutdisneyparks.com/citizenship/environment (Accessed: 11 April 2016). Walt Disney World (no date) Walt Disney world fun facts. Available at: http://wdwnews.com/fact- sheets/2014/10/31/walt-disney-world-fun-facts/ (Accessed: 12 April 2016). Werner Technologies (1997) Tower of terror - Disney Hollywood studios. Available at: http://www.wdwinfo.com/wdwinfo/guides/mgm/st-tower.htm (Accessed: 17 March 2016).

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