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THE NOT-SO-HAPPIEST PLACE ON EARTHMKTG 371MW 10:00-11:50 AMHaddockNovember 18, 2013Robin BersierCollin BrownSean ChangDominique HillJessica VargemYaoYao WuTHE NOT-SO-HAPPIEST PLACE ON EARTHIntroduction and BackgroundWalt Disney Studio was formed in 1923 by brothers Walt and Roy Disney in Hollywood, CA. Disney’s first sound film, “Steamboat Willie” was released in 1928 and was an instant hit. Since its conception Disney has continued to push the boundaries of animation year after year. Their first feature-length animation film, “Snow White and the Seven Dwarfs,” premiered in 1937 and became the highest-grossing film of the era by 1939 (Pomerantz, 2010). Countless “American classics” have been released since, resulting in the Disney brand as well as its reputation having become infamous worldwide. Although the history of Disney is filled with success stories, there is one which failed to meet expectations: Euro Disney.Financial and Personnel Resources???????Around the world the brand name Disney evokes memories of childhood films as well as those of recent times. However, Walt Disney as a conglomerate does much more than just produce animated films. Subsidiaries owned by Disney include Walt Disney Pictures, Walt Disney Animation Studios, Walt Disney Theatrical, Walt Disney India Ltd, Pixar Animations, Marvel Entertainment, Lucasfilm, The Muppets Studio, ABC, Radio Disney as well as an 80% share in ESPN and a 27% share in Hulu (Columbia Journal Review, 2013). ?Walt Disney also provides both services such as licensing, as well as products and services in other industries such as cable television, publishing, broadcasting, radio, and web portals (Walt Disney Company, 2013). Given the massive size of this conglomerate, Disney holds substantial power within all industries in which they operate. Revenues for 2012 were posted at $42.278 billion USD. This large amount of revenue allows for investments in research and development, undertaking risky investments, and allowing for innovation in all sectors.??????The first Disney theme park, “Disneyland”, located in Anaheim, California, was opened to the general public in 1955. The cost to build the original theme park was $17,000,000 USD (Cal State Sacramento, 2013). The theme park was financed through revenue generated from previous animated films.Research Methodology and Research FindingsThe methodology to the Walt Disney Company’s research when planning Euro Disney was clearly not as sufficient as it needed to be. Disney examined their past experience with other theme parks and film success in foreign markets and made the assumption that success in Paris would follow suit. Especially after Tokyo Disneyland had opened in Tokyo, Japan in 1983 and was a huge success (Burgoyne, 1995). This immediately made the Walt Disney Company start thinking about opening a fourth theme park in another foreign country. According to Burgoyne, the Disney executives believed that they had learned so much about operating a theme park in another country, thanks to the success of Tokyo Disneyland, that they decided to start looking for other locations for a new park right away (1995). They instantly thought of Europe as the home for the new theme park and plans to build a European version of Disneyland had actually started in 1975 (Disney Vacation Planner, 2006). Europe was also thought of first because Disney films have historically done better there than in the U.S. (Burgoyne, 1995). After they had chosen Europe, the executives searched Britain, Germany, Spain, France, and Italy as possible sites between 1983 and 1987, but finally narrowed it down to Spain and France, since the others lacked a suitable large expanse of flat land (Disney Vacation Planner, 2006). Spain was ultimately counted out as well, even though it had the better climate, because France had a larger population and a remarkable transportation network (Burgoyne, 1995). The French location also won because the executives believed that since Tokyo Disneyland was located in a cold weather climate and had done so well, that they would be able to operate in similar weather conditions in Paris (Burgoyne, 1995). In addition to all of these reasons, The French location had another major edge because of its close proximity to Paris and its central positioning within Western Europe. The proposed and ultimately realized location put the park within a 4 hour drive for about 68 million people and a two hour flight for 300 million or so others. This was an attractive element to the executives for future potential guests and employees (Disney Vacation Planner, 2006). ??CEO/Important Leader ProfilesDisney’s leadership team is divided into two major parts: (1)board of directors and (2)management (Walt Disney Company, 2013). The board of directors, currently consisting of 10 members, are those who have exceptional knowledge and considerable experience to guide the company to a better way of operating and delivering long-term value of the company to the market. The management of the company is a unique group that aims to create and lead creativity and innovation globally in order to better position the company for future success. ????Michael Eisner served as Chief Executive Officer for The Walt Disney Company during the product failure’s inception, launch, and for a small time during the successful turnaround of the product. Previous to The Walt Disney Company, Eisner had held substantial positions within organizations including NBC, CBS, and Paramount Pictures. Eisner was appointed CEO in 1984 and helped Disney grow immediately with successful releases such as The Little Mermaid and Who Framed Roger Rabbit (Michael Eisner Foundation, 2010). It was under his leadership that Disney would increase their product and service lines by acquiring new media firms such as ESPN and ABC. His position as CEO would come to an end in 2005 with his resignation from the firm. Philippe Bourguignon was appointed President of Euro Disney in 1993 in an attempt to turn the product failure into one that could thrive in the international marketplace. Bourguignon had previously held high-profile positions at other organizations including Accor Group, Club Méditerranée, the World Economic Forum, and Miraval Resorts (Business Week, 2013). It was under his strategic vision and guidance that Euro Disney would eventually become a success, as will be discussed further within this document.Bob Iger currently serves as chairman and CEO for the conglomerate that is The Walt Disney Company (Walt Disney Company, 2013). He was named President of Disney in 2000 and succeeded Eisner as CEO in 2005. Under his leadership Disney has thrived in the numerous sectors in which they compete, demonstrating strong leadership ability and capitalizing on the competitive advantages Disney has in each respective segment. Major acquisitions such as Marvel Entertainment in 2009, and Lucasfilm in 2012 has helped Disney hold its top positions within each sector. Competitors????????Disney is currently the largest media conglomerate in the world in terms of revenue. Disney is able to command a strong market share because of the amount of capital they have to fund research and development, as well as undergo massive marketing campaigns for its services and products. Currently, “Dreamworks” is Disney’s largest competitor in terms of motion picture animated films (Walt Disney Company, 2013). Pixar Animation Studios has been another large rival in the modern era of Disney, however in 2006 Walt Disney announced the acquisition of Pixar in a deal worth $7.4 billion USD (Holson, 2006). This demonstrates the aggressive strategy which Disney employs in order to remain the largest media conglomerate.??? Because of Disney’s diversification into so many industries, its competitors are too many too list in this document. Some of these competitors within different sectors include CBS, Fox, NBC, all other Broadway firms, any station which broadcasts sports, and the list goes on. However, focusing on the theme park industry, specifically relating to Euro Disney, the main competitors would be “le Parc Astérix" which is also located in Paris and “Le Futuroscope” which is located a little farther in Poitiers, France. “Le Futuroscope” is an audiovisual and robotic technology park based on multimedia and innovative films. Other competitors could be "Port Aventura" in Spain and “Europa Park” in Germany. Although these parks are not as famous as Disney theme parks, they attract a significant number of tourists.??? If Disney had decided to bring Euro Disney to Spain, its major competitors would include: Cortylandia, Isla Magica, Monte Igueldo, Parque de Atracciones de Madrid, Terra Mitica, Tivoli World, Universal Port Aventura, Aqualandia, Aquopolis, L’Aquarium de Barcelona, and Zoo de Madrid. As demonstrated, Euro Disney has major prospective competitors no matter where the company chooses to place theme parks (The Best Theme Parks in Spain, 2004).??? Disney operated theme parks compete with other attractions such as rival theme parks, water parks, and amusement parks. Disney also competes within service sectors such as recreational facilities, cinematics, sporting events, and vacation travel. Theme parks are also affected by economic conditions that include gas prices and the general spending habits of consumers. Theme parks remain competitive by finding ideal locations, appropriately pricing products, and by differentiating said products through innovation and research and development (Six Flags, 2009).Euro Disney and Why it FailedAfter seeing the success of Disney theme parks within the continental United States, Disney decided to venture into the international marketplace. The first of these, Tokyo Disneyland in Japan, was met with near instant success, which further pushed Disney to pursue other international theme parks and resorts.??????On April 12, 1992 the Euro Disney Resort and Euro Disney theme park officially opened to the general public. Initial expectations for the theme park were extremely high, with daily attendance predicted to be 60,000 visitors per day (Cateora & Graham, 2007). ?Because of success in Japan, Disney assumed that Euro Disney would follow suit. These expectations were short-lived however, as Disney had made many critical errors in the development and research of the park when planning the introduction of the new theme park and resort. By the next month, daily attendance was averaging 25,000 visitors a day, less than half of what was predicted. The poor attendance can be attributed not only to improper research but also to external factors such as the economic recession which France was experiencing at the time.External Factors???????Ethnocentrism played a major role in the failure of Euro Disney’s launch which is defined as, “having or based on the idea that your own group or culture is better or more important than others” (Merriam-). “Americanism” is a term used by many across the globe to describe the spread of American cultures imperialistic style. Disneyland Tokyo is one successful example of Disney benefiting from this spread of “Americanism”. Japanese consumers are naturally curious about American culture and have regarded America as a capitalistic model since World War II. However, Michael Eisner personally believed that American culture must be welcomed with open arms no matter the location. It was because of this mentality that Eisner thought Disney would see immediate success in Paris as it had in Japan. A major oversight is that Eisner failed to realize that French consumers possess very different historical backgrounds and cultural values. French history indicates that it was twice occupied in the last century, resulting in a deep national commitment and high insecurity towards the invasion of foreign cultures. This principle was displayed through the first year of operations at Euro Disney. Local French consumers did not feel a cultural connection with the elements at the theme park and resort. This is displayed in the fact that American Disney characters and the arrangement of dining areas clearly represented “Americanism”. Rather than implement these attributes, Disney would have been better served conducting sufficient research concerning the ethnocentrism present within not only the French, but European culture as a whole (Cateora & Graham, 2007).A famous Disney theme song states, ”It’s a small world after all,” which emphasis the important trend of globalization, however, the world does remain quite diverse. Disney failed to properly understand the fundamental differences between its new and current target markets. Recognizing that the world we live in is more globalized than ever is key to sustaining a competitive advantage internationally. Cultural Norms and Fundamental MistakesDisney leaders, such as CEO Michael Eisner, assumed that cultural norms and values from the United States would be accepted and embraced by the French, which we define as the “assumption of similarity”. Much like the United States, France has a deep sense of pride pertaining to their identity and liberty; this stemming from having been occupied by foreign nations twice in the last century, as mentioned above. Organizational policies, such as English being the only language spoken at the park by employees and the prohibiting of alcohol sales and consumption, were not only conflicting with cultural norms in France, but also served as an insult to the French (Cateora & Graham, 2007). In the United States, a cultural norm within society is that it is bad practice to consume alcohol (especially excessively) when children are present. Therefore the banning of alcohol consumption in some areas where children are present has not been met with much opposition. An example of this is that Disneyland Anaheim does not serve any alcoholic beverages, however, there is alcohol served at the neighboring California Adventure theme park, which has a more young adult/adult theme. Cultural norms of the French & European cultures, on the other hand, embrace and view the consumption of alcohol in a much different manner. Drinking alcohol such as wine is a family affair in many European nations, as reflected in their lighter laws regarding the sale and consumption of it. An example of the differing cultural norms considering alcohol can also be found within the legal systems of each nation. In the United States, drinking in public is illegal in most places, although there are exceptions such as the cities of New Orleans and Las Vegas. In contrast, although municipalities within French cities can decide through an "arrêté municipal" to implement a 'no drinking in public places' law in their town, it is generally accepted to enjoy a bottle of wine while having lunch in a park. The difference in cultural norms stems from the enforcement of the law rather than from the law itself. The prohibition of alcohol at Euro Disney not only deterred adults in the region from the theme park, but demonstrated the lack of proper consumer profile research done by Disney prior to launch.Another example of differing cultural norms can be found in the way Disney planned the resort aspect of Euro Disney. Disney assumed that consumers would seek the three day vacation stays at Euro Disney as they do in the United States, however this was very far from the truth. Cultural norms in Europe often consist of Europeans only taking a single day to visit a theme park. “The French however were not accustomed to such practices and held true to their customs of a month long vacation in August” (Cateora & Graham, 2007). The failure to recognize this fundamental difference in vacationing norms lead to the Euro Disney Resort not being able to profit in the way it had in the United States.Relating to cultural norms regarding vacations, Disney failed to account for the fact that European parents behave differently than their American counterparts. Europeans are more reluctant to take their children out of school to visit a theme park. Although there is no empirical evidence to point to such a conclusion, it seems that French parents may in fact view schooling and education in a much more serious light. This resulted in the further eroding of Euro Disney attendance, especially during the long 10-month period when schools are in session.Marketing Issues??????Disney’s insufficient marketing effort also heavily contributed to the product failure. This lack of adequate market research resulted in Disney marketing primarily towards?children, as how it’s done within the United States. This marketing was not effective because French culture dictates that the final decision on product consumption is made by adults, whom must be convinced.This type of marketing strategy is effective in the United States because Disney theme parks are well-established and adults already have positive associations with Disney theme parks by way of their own fond childhood memories. French theme parks lack such a well-established presence, and therefore must go above and beyond expectations in order to convince consumers to consume their products and services. Planning Issues??????Disney expected that consumers attending the park would have a global experience and were expected to sleep in the resort’s hotels and eat in the park restaurants. The company wanted visitors to view their stay at the resort as a complete “holiday experience”. A locational issue which was encountered was that the park was located just 35 minutes from Central Paris, one of the most visited cities in the world. This resulted in many travelers preferring to visit iconic Central Paris rather than Euro Disney during their stay. Another issue which Disney encountered was the pricing strategy that it pursued. Prices for a stay at the Euro Disney resort were similar to the costs of staying in a high class hotel in Paris. This resulted in many tourists opting to choose to spend their discretionary income on a “genuine” Paris hotels stay rather than at the Disney theme park.Weather IssuesUnlike in California, Paris’s weather is not very welcoming during a large part of the year. Disney had underestimated the impact of the Parisian climate—cold and rainy—during this period. Between September to April attendance was depressed far below normal expectations.Management ConflictUnlike Disneyland Tokyo, which had been locally owned and operated, Euro Disney was owned largely by foreign investors. An issue was that the management was outsourced and operational decisions were made by a management team with little understanding of the European culture or market.Disney should have considered opening a new park in Europe as a new experience from which it could learn from, rather than applying of a simple model which was originated in the United States. Difference in European and American Standard of DesignHistorically, France is a nation whose past involved kingdoms. Because of this distinct French history, Disney had to adapt the design of its Magic Kingdom. This change incurred financial costs, which included an increase in budget from $2 to $3.8 billion USD. This resulted in breakeven parameters increasing, perhaps beyond its ability to deliver.Economic ClimatePoor financial understanding of France’s economy had a major impact on Euro Disney. During the time that Euro Disney opened, France was experiencing an economic recession; with its property market collapsing during the early 1990’s. Disney had based roughly 45% of its projected revenue on this market, and failed to forecast the impact that the economic climate could have on business in the region. Park passports at Euro Disney were priced 30% higher than those at other Disney theme parks, which provided little incentive for locals to pay a premium to visit a local attraction. Rather, many opted to spend the extra money and travel to Florida’s Walt Disney World, partially because it was viewed as “the real deal”.What the Company did to Remedy the ProblemIn 1993, The Walt Disney Company named Philippe Bourguignon, a Frenchman, President of Euro Disney in hopes of regaining profitability and success (Cateora & Graham, 2007). ?Bourguignon immediately implemented a new marketing strategy in Europe which was designed to target specific nations and cultures, learning from the previous mistakes of the first year. In 1994, the name of the park was officially changed to Disneyland Paris. This was a necessary decision because during the first year of product failure, the brand “Euro Disneyland” had developed a negative brand image in the minds of consumers. “The name “Euro” was considered as having a connotation of “business and commerce” while the name of Paris held a connotation of romance and magic, which was considered closer to the image that Disney wished to project” (Liu & Wong, 1999). By using this, Disney executives hoped to get closer to the local French culture and that way it would be more easily adopted by the French people.After these changes, public perception and financial outlook on the new product, Disneyland Paris, were much more positive. By 1996, Disneyland Paris had become the most visited theme park in France, a remarkable turnaround from what seemed like a complete failure just three years prior (Cateora & Graham, 2007).Other changes within the company have also helped to sustain the success of Disneyland Paris. The opening of Walt Disney Studios in close proximity to Disneyland Paris, having incorporated French filmmakers into Walt Disney Studios, has shown local consumers that the attraction is no longer one that is based solely upon American history and cinematic success. Even seemingly small changes in food served has helped Disneyland Paris become now the largest attraction in Europe (Cateora & Graham, 2007).In March 1994, the Disney Team publicly announced that a restructuring of bank loans was necessary to prevent closure on the theme park. Disney needed the banks to agree to a restructuring of the loans which were acquired prior to the product launch. The banks would eventually reach an agreement to Disney’s demands. On March 14th, the banks effectively wrote off or deferred virtually all of the next several years worth of interest payments, and a three year postponement of further loan repayments. In return, the Walt Disney company wrote off $210 million in unpaid bills for services, and paid $540 million for a 49% stake in the estimated value of the park; as well as restructured its own loan arrangement for the $210 million worth of rides at the new park (Barrett, 1994). To address the issue of the high entrance fee, Disneyland Paris decided to slash admission prices by 22% in April (Shepherd, 1995). In addition to that, the prices of restaurants and hotels were also cut down; some hotel rooms reaching a price reduction of up to 30% (Gail & Bloomberg, 1993). The Disney company believed that cutting prices would help take the threshold down and they would regard it as the first effective strategy. In order to further fit into the French culture, Disneyland Paris even cancelled the ban of alcohol in the theme park and provided more French food to fulfill people’s needs. Considering the different structure of workforce in France, Disneyland Paris made a maximum working sheet, which allowed French citizens to recognize their standard French job classification. Moreover, Disneyland Paris changed their original marketing plan to extend outside of France, which would focus more on those who have a month-long vacation and made Disneyland Paris as one stop of their European trip. ???Losses to the CompanyBy the end of 1993, the outlook for Euro Disney was grimmer than what anyone within the firm had predicted. During its first year of operation, the theme park and resort suffered, losing more than 1 billion dollars; a stark contrast from the financial success the firm had grown accustomed to within the United States and Japan. Euro Disney had also faced persistent problems since it opened its theme park amid great hoopla; in the year 1993, “creditors of Euro Disney discussed a restructuring of the firm, as the company's shares lost nearly 19% of their value. Within the French market, Euro Disney stock fell to a record low of $4.61; but on the New York Stock Exchange, Walt Disney's shares were unaffected, edging up 12.5 cents to close at $39.” (Reuters, 1993) Company Reputation During the years of failure, the Disney reputation took a minor hit. The largest impact in regard to reputation was isolated largely in Europe. After the turnaround, reputations among Europeans became much more positive. Americans and Japanese still viewed Disney as a very positive brand during the Euro Disney failure stage and since have grown into strong, brand loyal consumers.Consumer Behavior Principles that Led to the FailureThe biggest reason for the failure of Euro Disney was the lack of research that the Walt Disney Company had done on the cultural values of its French consumers. It completely disregarded what was important to the French and what types of things defined them. Instead, Disney had an assumption of similarity between the two cultures, thinking that since the French culture is similar to the American culture, then they must also think, feel, and behave the same way, or similarly to, Americans. This is just not true. Every culture is different, even if they may seem similar on the surface; it’s the different histories and experiences that a culture undergoes that defines them, and makes each culture inherently different. Disney forgot to consider this fact when planning Euro Disney, as was exemplified by the blatant use of American traits, such as: the initial prohibition of alcohol, vacationing assumptions, lack of real French culture, and clear dominance of an American culture. The company also over-estimated the connection that Europe and the French had with the Disney brand. These consumers clearly did not have that extended self, “this is me” relationship with Disney or Euro Disneyland, and this was shown through the lack of support for the resort when it first opened. Had the company done its research beforehand, it would have found that the French culture is actually pretty ethnocentric, meaning that they prefer products from their own country, and that they actually despise having other cultures forced upon them, since they had been invaded by other nations in the past. The overlook of all of these factors ultimately-and shortly-led to the failure of Euro Disney.Current/Future Status of Disney????It seems that the Walt Disney Company has overall learned its lesson on building international theme parks. Since the opening of Euro Disney (now Disneyland Paris), the company has gone into two other international theme park ventures, both of which are in China. Hong Kong Disneyland was the fifth Disneyland theme park and resort to be announced (in 1998), built (beginning in 2003), and opened (in 2005) (History, 2013). Shanghai Disneyland was announced shortly after with construction starting in 2011 and is set to open in 2015 (Shanghai Disneyland, 2013). In the planning of both of these new resorts, the Walt Disney Company took the Chinese culture into greater consideration than it had with the French/European culture when it created Euro Disneyland. For example, Hong Kong Disneyland was “a joint venture between the Hong Kong Special Administrative Region (SAR) Government and Disney under the banner of Hong Kong International Theme Parks Limited;” with the SAR Government holding 57% control of shares and Disney holding the remaining 43% (History, 2013). Also, the Disney Imagineers considered “feng shui, the ancient Chinese tradition of placement and arrangement of space to try and achieve a kind of harmony with the environment,” during construction; using this principle, they made sure that neither of the hotels at the resort had a level “four,” since this number is considered unlucky in Chinese culture because of its close resemblance to the word “death” (History, 2013). In addition to this, the opening of Hong Kong Disneyland featured a mix of Disney parades and Chinese traditional celebrations.Despite these attempts at harmony, the general reaction to the resort was still mixed. The main reasons were the small size of the park and underestimating the size of the crowds (the opposite of the problem Disney had with the attendance in Euro Disney). Surprisingly though, even with the crowding of the park it was still producing lower than expected sales, just like Euro Disney (History, 2013). But it was able to bounce back from these problems faster and easier than its European counterpart, and has remained a financial and critical success overall. Increased ticket sales and a steady flow of people through the gates were the results of a “combination of local and international tourist-targeted promotional activities,…ticketing strategies, holiday themed activities, and a genuine attempt at meeting customer needs” (History, 2013).As for Shanghai Disneyland, it is following suite in trying to cater more to the Chinese culture by using “cut-in Chinese cultural elements” (Shanghai Disneyland, 2013). It will “include signature Disney experiences and feature exciting new elements that will be unique to the Shanghai Disney Resort; and will be authentically Disney, yet distinctly Chinese” (About the Resort, n.d.). ?According to Disney, it will be a blend of “classic Disney storytelling with all new attractions and experiences designed specifically for the people of China” (About the Resort, n.d.). The resort is already being met with mixed reviews though. Some are saying that it will boost tourism, service, estate-industries, and provide job opportunities, but will rival Hong Kong Disneyland, whose investment has yet to be recovered (Shanghai Disneyland, 2013). Other “voices from China say that Disneyland is the symbol of American pop culture, an American cultural spaceship of a successful joint of Commerce and Entertainment, thus its settlement in Shanghai is a form of “cultural aggression”” (Shanghai Disneyland, 2013). Another controversy is that the resort will be unfavorable for social harmony because it will be “the land of happiness for children in rich families and the land of grievance for children in poor families”,even though Shanghai Disneyland tickets are the lowest priced (Shanghai Disneyland, 2013). Despite all of these negativities surrounding the resort already, “many visitors, especially Chinese citizens, are excited about the construction of Shanghai Disneyland” (Shanghai Disneyland, 2013).Even though these other Disney international theme parks are being met with problems as well, it seems that the company learns a new lesson with each venture it takes and applies this acquired knowledge to its next endeavor. Same as the company’s past experiences have gone, it is sure to turn any mistake into an opportunity and ultimately be successful. Apparently these problems do not hinder or discourage the company, but rather inspires it to do better. Besides Disneyland in Anaheim, CA, Walt Disney World in Florida, Tokyo Disneyland in Japan, Paris Disneyland in France, Hong Kong Disneyland in China, and now Shanghai Disneyland in China as well, the Walt Disney Company has also expanded into other vacation ventures. It has its own cruise line with eight destinations and four cruise ships (complete with its own island). It has also recently opened a new spa and resort in Hawaii called Aulani and just within the past few years it has renovated and expanded its California Adventure park at the Disneyland Resort in Anaheim. In addition, it is also currently discussing plans to expand the Walt Disney World Resort in Florida by adding a new land. In 2011, Disney held 11 of the top 25 spots for global theme park industry attendance: spots #1, 6, 7, and 8 are from parks in Walt Disney World in Florida; #2 and 14 are from the Disneyland Resort in Anaheim; #3 and 4 are from Tokyo Disneyland; #5 and 20 are from Disneyland Paris; and #16 is Hong Kong Disneyland (Niles, 2012). Clearly it is doing something right and there is no doubt that the Walt Disney Company will continue to expand its empire, especially in the theme park and resort industry, domestically and internationally, far into the future.In addition, Disney currently is experiencing massive success in both the cinematic industry as well as in many other industries in which it conducts business, as mentioned before. According to the Walt Disney Company’s Annual Financial Report and Shareholder Letter, the company realized revenues of $42.278 billion USD in 2012. This demonstrates that Disney is clearly doing very well. Because of this success they are able to differentiate their products and invest heavily within research and development, giving them a competitive advantage in order to continuously innovate existing and projected products or services. The results are that The Walt Disney Company is the second largest media and entertainment company in the world. Because of the excellence they have achieved in their respective industries the future for Disney looks very bright.ReferencesAbout the Resort. (n.d.). Shanghai Disney Resort. Retrieved from , Frank. (1994).Lost in France: one damp mouse: Euro ???????Disney is very sick. It looks like time to go home. Retrieved from Bloomberg. (2013, November 18). Executive Profile. Retrieved from AGBurgoyne, L. (1995). Walt Disney Company’s Euro Disneyland Venture. Retrieved from , P.R., & Graham, J.L. (2006). International Marketing (13th ed.). New York, NY: The McGraw-Hill Companies, pany History. (n.d.) Corporate Information. The Walt Disney Company. 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Why 'Toy Story 3' Is Not Actually The Highest Grossing Animated Film of All Time. Retrieved from , D. (n.d.). Euro Disney – Case Study I. The Manager.Retrieved from: Disneyland. (2013). Travel China Guide. Retrieved from , John (1995,Nov.16). Eurodisney rides from doom tofirst profit. Retrieved from Six Flags. (n.d.). Wikinvest. Retrieved from (SIX)/Competition-the_Theme_Park_Industry_Competes_Numerous_Entertainment_AlternativesSpencer, Earl P. (1995) "Educator Insights: Euro Disney - What Happened? What Next?". Journal of International Marketing 3.3 103-14. Web.The Best Theme Parks In Spain. (2007). Retrieved from Walt Disney Company. (2013). The Walt Disney Company. Retrievedfrom WALT DISNEY COMPANY RESOURCES. (n.d.). Columbia Journalism Review. Retrieved from Yu, W. "The Fretful Euro Disney." International Journal of Marketing Studies 1.2 (2009): 1-5. Print. ................
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