2015
Strategic Audit of the Walt Disney Company
Lechințan Irina Ana
Current Situation of the Walt Disney Company
Walt Disney performed very well over the past year being ranked #11 on Forbes “The World’s Most Valuable Brands” list 2015, with a brand value of $34.6 B and a one year value change of 26%, ranking 3 rd, as far as this performance indicator is concerned being topped only by Facebook and Amazon and closely followed by Sony and Starbucks. Given that all these companies enumerated cover industries such as technology and beverage, one can safely state that Walt Disney is the leisure industry leader, more specifically the “Broadcasting and Cable” industry. Walt Disney also has a market capital of $179,5 and registered sales of $ 49,78 B in 2014. (forbes.com). It is also included in all the important lists conceived by Forbs, as follows:
#11 World's Most Valuable Brands #11 World's #84 Global #84 Global 2000 #178 in #178 in Sales #58 in #58 in Profit #299 in #299 in Assets #33 in #33 in Market value #110 America's #110 America's Best Employers forbes.com
Disney’s strategic posture is also overall well secured but perhaps not well enough structured. The company’s public website does not offer a distinct reference as far as its mission is concerned, the mission statement being included in the corporation’s objectives. According to the site, these are: “The Walt Disney Company's objective is to be one of the world's leading producers and providers of entertainment and information, using its portfolio of brands to differentiate its content, services and consumer products. The company's primary financial goals are to maximize earnings and cash flow, and to allocate capital toward growth initiatives that will drive long- term shareholder value.” (thewaltdisneycompany.com) According to the changes brought by new millennium through the emergence of the digital era, there is a shift of the power balance from the producer towards the consumer, thus it is highly recommended to any company to modify and adapt its strategies accordingly (Ogrean, 2013, 30). Disney’s statement however is clearly product-oriented and unfortunately does not make any references to the customer. It has been formulated with regards to the company’s investors (the statement can be found on the “Investor Relations” section of the public website) but should have included references to the customers or satisfying the customer’s needs or requirements and references to its staff members and collaborators as well. Overall, we can conclude that
Disney’s mission/objective statement is not complex enough and does not address all issues recommended for this part. Regarding the company’s strategies, these too are not specifically and clearly stated. In order to find information about them on their website, one has to perform a broad search through the different sections. The best information regarding t his aspect was found in the “Business Servic es” section of the website. Disney’s main strategy is focused on diversity, as stated by the company itself “The Walt Disney Company is a diversified worldwide entertainment company with operations in four major business segments: Studio Entertainment, Parks and Resorts, Media Networks and Consumer Products“. They also believe that that including diverse suppliers in their sourcing process provides them a good opportunity to develop highest quality and cost-effective business solutions. solutions. (thewaltdisneycom (thewaltdisneycompany.com) pany.com) Thus far the company’s diversity strategy has proved to be a success, not only as far as suppliers and partners are concerned, but also with regards to its products. It is safe to say that they offer a great variety of products and services which are a great success in their industry branch (for instance Media networks – Disney channel and ABC; Resorts – Disneyland; Studio entertainment – Disney Animations, Pixar and Marvel; Consumer products – Disney Disney Store). Another component of Disney’s diversity is the diversity among its Studio Entertainment Entertainment branch products. There are four distinct stages in the evolution of management systems, with the last two being “management through anticipation of changes” and “management through quick and flexible responses”, which both seem to have been adopted (Ogrean, 2013, 43-44). In 2006 Disney bought Pixar, an animation studio focusing on computer animated films, followed in 2009 by the acquisition on Marvel Comics, a famous company focused on comics (a lot of which have been adapted into movies). This “purchases” have brought about costs of billions of dollars but turned out to have been wise decisions. With Pixar and Marvel, Disney greatly diversified its entertainment products, adapting to the new animation means (computer generated animations-Pixar) and to a new audience (superhero movies attract a more adult public as compared to the young one previously targeted by Disney). This is the result of a long term strategic planning on part of the company. “The strategic management process has to continuously monitor events and emerging internal and external trends” (Ogrean, 2015, 53) and Disney did exactly that. As far as the company’s current policies are concerned, the website does enumerate quite a number of them referring to issues of great public concern, amongst the most important we have:
-
Code of product for manufacturers and product safety Environmental policy and paper sourcing Human and animal rights policy
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Health cleaning at parks and resorts Online safety for children Smoking in movies and others
All policies are consistent with each other and reflect the company’s global operations. Through search engines I could not find instances where its current public policies policies have been been breached. 1. Corporate Governance
The company offers information about its board of directors, listing them and providing a short one paragraph description with biographical data about every one of them. The board consists of ten members: -
Susan Arnold (board member since 2007) John S. Chen (board member since 2004) Jack Dorsey (board member since 2013) Robert A. Iger (chairman and chief executive officer) Fred H. Langhammer (board member since 2005) Aylwin B. Lewis (board member since 2004) Monica C. Lozano (board member since 2000) Robert W. Matschullat (board member since 2002) Sheryl Sandberg (board member since 2010) Orin C. Smith (board member since 2006) thewaltdisneycompany.com
ship for more than The company’s tenure policy prohibits board member ship 15 years, thus the oldest board member, Monica C. Lozano, has held this position for 15 years and will not be able to be re-elected by the shareholders shareholders within the Annual Meeting next year. As far as the member’s knowledge, skills and backgrounds are concerned, these pieces of information too are presented on the website for each individual. individual. They all present an impressing resume, having worked for top company’s such as Twitter, Facebook, Google, Starbucks, Procter & Gamble, MC Donald’s, Blackberry, Bank of America and others. Regarding the company’s shares, amongst the board members Mr. Robert A. Iger, the chairman and chief executive officer, owns most of them. The shares of the company are divided as follows: Breakdown % of Shares Held by All Insider and 5% Owners:
8%
% of Shares Held by Institutional & Mutual Fund Owners:
65%
% of Float Held by Institutional & Mutual Fund Owners:
70%
Number of Institutions Institutions Holding Holding Shares: Shares:
1529
The shares with direct owners are divided as follows: Major Direct Holders (Forms 3 & 4) Holder IGER ROBERT A STAGGS THOMAS O
Shares Reported 1,137,483 May 12, 2015 85,984 Feb 4, 2015
BRAVERMAN ALAN N
154,087 Mar 4, 2015
MCCARTHY CHRISTINE M
102,894 Jan 26, 2015
RASULO JAMES A
91,902 Mar 13, 2015 finance.yahoo.com
Regarding Disney’s top management, their chairman, Robert A. Iger, is also the chief of the two management divisions, Corporate and Business Unit. According to the site, the Corporate division consists of ten members: - Andy Bird Chairman, Walt Disney International -Alan Braverman Senior Executive Vice President, General Counsel and Secretary -Ronald L. Iden Senior Vice President, Global Security -Kevin Mayer Executive Vice President, Corporate Strategy, Business Development and Technology Group -Christine M. McCarthy Executive Vice President, Corporate Real Estate, Sourcing, Sourcing, Alliances, and Treasurer -Zenia Mucha Executive Vice President, President, Corporate Communications Communications -Jayne Parker Executive Vice President, Chief Human Resources Officer -Jay Rasulo Senior Executive Vice President, Chief Financial Officer
-Brent Woodford Senior Vice President, Planning and Control The business unit consists of five members: -John Skipper Co-Chairman, Disney Media Networks and President, ESPN -Thomas O. Staggs Chairman, Walt Disney Parks and Resorts -Alan Horn Chairman, The Walt Disney Studios -Anne Sweeney Co-Chairman, Disney Media Networks, and President, ABC Television Group -James Pitaro President, Disney Interactive All top management members are well established established professionals covering a great variety of fields of expertise, from communications to finances to marketing and technology. They all present an impressive resume, having worked for top companies all over the world. Furthermore, some of them have worked in different departments occupying different positions within the Disney company for decades. The strategic management requires, in order for a company to obtain success, the integration of the following following systems: Management Marketing Financial Production R&D HR Informational (Ogrean, 2013, 7) Looking at the functions occupied by top management we can safely state that all this systems are covered by the Walt Disney top management team. As far as ethic, social responsibility and environmental sustainability are concerned, the strategic decisions of the top management seem to cover them all. Besides its policies policies covering covering the areas stated above above (Environmental (Environmental Policy, Healthy Cleaning, Management of Chemicals in Consumer Products, Paper Sourcing etc.), the company also has solid business and ethic standards stated on their website, such as: harassment prevention and discrimination policies, providing providing equal opportunities opportunities within its hiring practices, providing providing staff training in business standards and ethics (thewaltdisneycompany.com).
Implementing, Implementing , respecting and publicly stating all these policies proves that Disney makes strategic decisions in a well studied, attentive and sustainable way. 2.
External Environment: Sustainability issues
The Walt Disney Company operates at a global level, with operating points, parks and resorts spread spread around around the world. world. The website website provides provides a good good overview through the following map:
thewaltdisneycompany.com However, as stated, this is just an overview, by clicking on the various locations we find that in each of the mapped parts there are considerably more operating points. For instance, for Europe there are no less than twenty locations in different countries. Being such a vast company and covering almost the whole globe Disney must have designed multiple, well thought out strategies to deal with climate, including global temperature, storms, floods, draughts, solar and wind phenomena, not to mention extreme instances of these, natural disasters. Below we have as a reference point the natural disasters of 2011 at a global level:
usatoday30.usatoday.com These are just the major negative natural manifestations threatening the different Disney locations, not to mention the smaller manifestations which, if not dealt with strongly, can cause major damage. All these aspects are considered threats to the company’s operations and there can hardly be any opportunities arising from these negative natural phenomena ( threat). As far as the societal environment is concerned, these too are hard to identify for all of Disney’s location given that it operates across the whole globe. In order to narrow down the operating points, I will focus on the location of the main Disney parks and resorts. According to the official website, these are situated in: -
America (California, Florida, Hawaii) Japan (Tokyo) Hong Kong Shanghai (China) France (Paris)
As far as the economic environment is concerned, all the locations have seemingly been carefully chosen, all places enumerated being economically stable (opportunity ). This gives customers the ability to spend part of their earnings in entertainment. Furthermore, Disney’s target group consists primary of children and teenagers, and parents – even if their financial situation is not exquisite- will invest in the happiness of their offspring ( opportunity ). However, when the economic situation is strongly unstable, entertainment will not be on the customers’ top priority list and the company’s income can be affected in a negative way ( threat ). On the other hand, the latter applies only to extremely negative economical fluctuations, because the customers’ need for entertainment may rise in the case of a mild economical imbalance as a means of compensation ( opportunity ).
As far as the political – legal aspect is concerned this can give rise to more threats than opportunities. The company did adapt to the legal requirements of the country they operate their parks ( opportunity ). And the countries they opened their parks in are at the moment very stable politically and legally ( opportunity ). But the diversity of its locations, operating not only in different countries but also on different continents poses a risk because they need to constantly be prepared for regulations in one country which do not apply for other locations. For instance a new regulation prohibiting smoking in public places can bring along large costs for the company through the need of setting up special smoking rooms ( threat ). Regarding the socio-cultural Disney adapted themselves to this type of environment in the various countries. This domain tends to be stable on the long turn, culture and society change slowly and gradually over decades, thus there should be no major problems in this area ( opportunity ). However, Disney has to be careful regarding their animation and film products since there are a lot of opinions stating that their protagonists are not enough racially diversified since most of them are Caucasian ( threat ). Concerning the technological environment Disney has proven to quickly adapt until now. They were specialized in animation and as soon as computer generated animation has emerged, they purchased a company which is an expert on the field (Pixar), assuring its technological progress ( opportunity ). Furthermore, all countries Disney operates in are technologically evolved, thus they do not need to worry that their various locations will lack in this field (opportunity ). As far as the Task Environment is concerned, according to Porter’ s law we have to consider the new entrants, the consumers, the substitute products, the suppliers as influencers of the competition within the industry (Ogrean, 2013, 170). Considering that Disney is the absolute leader of its industry and the human need of entertainment both in good and in bad times regardless of location, I would rate the forces as follows: a. Threat of new entrants – low; low; the company has a long history having started as a cartoon studio in the 1920s and today it is one of the most valuable brands in the world. Furthermore, they are constantly improving their products and new entrants would have to be extremely innovative to pose a threat. b. Bargaining power of buyers – high; being a business to customer company Disney is strongly dependent on them. They are the audience of their TV stations and films, they are the visitors in its parks and resorts. medium; even if Disney is the c. Threat of substitute products or services – medium; industry leader in entertainment, covering so many branches of the industry gives rise to the threat brought about by substitute products and services. Up until now Disney has offered great quality and if they continue to do so this threat will affect them.
d. Bargaining power of suppliers – medium; medium; being such a vast and influential company Disney can substitute its suppliers should the situation strongly require that since many other firms would like to fill those roles. However the size of the company and its many branches do require a stable relationship with its suppliers, because a major supplier change might prove to be quite an inconvenience. e. Rivalry among competing firms – low; low; by having a long history and covering so many fields, Disney does not have many direct competitors. Furthermore, Furthermore, it excels in all a ll its fields of operation, as can be seen also in the following table of its results in 2013 compared with its competitors’:
marketrealist.com Overall, according to the above analysis, the external factors summary looks like follows: Opportunities Current economical stability in the countries where Disney operates Customers willing to spend on entertainment for their children regardless of minor economical fluctuations Current political stability in the countrie c ountriess where Disney operates Disney already culturally adapted to its various location, and cultural changes emerge slowly Disney adapts quickly technologically technologic ally
Weight Rating Weighted score 0,20 4 0,8 0,25
3
0,75
0,20
5
1
0,15
3
0,45
0,20 1
5
1 4
Threats Natural phenomena phenomena across the globe Risk of legal regulation changes stability in the countries where Disney operates Lack of racial diversity in Disney animations Disney’s customers have a high bargaining power
Weight Rating Weighted score 0,35 4 1,4 0,25 3 0,75 0,10 0,30 1
3.
4 4
0,4 1,2 3,75
Internal Environment: Strengths and Weaknesses
On Disney’s official website we have the following statement regarding the company’s management: “Disney’s leadership team manages the world’s largest media company […] Their strategic direction for The Walt Disney Company focuses on generating the best creative content possible, fostering innovation and utilizing the latest technology, while expanding into new markets around the world. (thewaltdisneycompany.com). The site itself does not offer, however, a comprehensive organizational chart, but by using the search engines I could find a very complex graphic depiction of the company’s structure and working processes:
atissuejournal.com
The image depicts the animation studio’s creational structure and without having to perform a detailed analysis we can conclude that the organization type type is not a hierarchical one but a cyclic one, with the managers/directors placed at the core of the company. From the center towards the outer circle we have the various department leaders who communicate with the directors and among themselves on the one side, and with their staff on the other. Even if the chart states that it designates operations and not authorities, this is a model which can not be implemented and sustained at companies following a strict hierarchical model. The company structure can hardly compare to the structure of other companies in its industry given the multitude of fields it covers. As far as the corporate culture is concerned, the company’s values are clearly stated on the website dedicated to people looking for a career at Disney. At the core of their values lie diversity and culture. Regarding the cultural aspects, the side enumerates following following values:
Innovation: We are committed to a tradition of innovation and technology. Quality: We strive to set a high standard of excellence across a cross all product categories. Community: We create positive and inclusive ideas about families. Storytelling: Timeless and engaging stories delight and inspire. Optimism: At The Walt Disney Company, entertainment is about hope, aspiration and positive outcomes. Decency: We honor and respect the trust people place in us. (disneycareers.com)
o
o o o
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These values are positive and universal so it is easy for all employees across the globe to adhere to them, regardless of nationality, race or religion. Furthermore, hiring people from the countries they are based in assures a quicker alignment of the operating point to the local culture and values. As far as the corporate resources are concerned, being a market leader ensures Disney enough resources to maintain its position and obtaining success. As far as the marketing component is concerned, as stated in the introductory th chapter describing the company’s current situation, Disney is ranked 11 on the most valuable brand list published by Forbes, which shows that it excels in this field. Its main points of interest in this field are, as stated on disneycareers.com, disneycareers.com, the following:
Brand Strategy Development of Integrated Franchise Plans Consumer Insights Multicultural Multicultural Market Development
Companywide CRM Programs Consumer Data Strategy Product Marketing Advertising Promotions Packaging Point-of-Purchase Displays
Despite its success, the company still invests great amounts of money on advertising. According to the Business Insider, Disney spent $ 1.96 billion on advertising in 2013, which was a 4.5% increase from 2012. The costs were divided the following way: TV: $524 million; magazines: $113 million; newspapers: $23 million; internet: $140 million and other media: $1.1 billion. Regarding the company’s finances, as stated, Walt Disney has a market capital of $179,5 and registered sales of $ 49,78 B. (forbes.com). The company periodically publishes annual reports and quarterly earning reports for all its operating points. Let ’s take for example the report published for the second quarter of 2015. Among others, it states the following: “The Walt Disney Company today reported earnings of $2.1 billion for its second fiscal quarter ended March 28, 2015. Diluted earnings per share (EPS) for the second quarter increased 14% to $1.23 from $1.08 in the prior-year quarter. EPS for the six months ended March 28, 2015 increased 18% to $2.50 from $2.11 in the prior-year period. Excluding certain items affecting comparability, EPS for the six months increased 16%.” The following table summarizes the second quarter and six-month results for fiscal 2015 and 2014:
(thewaltdisneycompany.com)
As can be seen in the table above, the company registered positive changes in income from March 2014 to March 2015, varying from 7% to 28% . Disney also excels in the R&D department, dedicating a great amount of effort to this aspect and even having a separate website entirely for this purpose. Upon entering the website, on the homepage we find the following introduction: “Disney Research was launched in 2008 as an informal network of research labs that collaborate closely with academic institutions such as Carnegie Mellon University and the Swiss Federal Institute of Technology Zurich (ETH). We are able to combine the best of academia and industry: we work on a broad range of commercially important challenges, we view publication as a principal mechanism for quality control, we encourage engagement with the global research community, and our research has applications that are experienced by millions of people. We are honoring Walt Disney’s legacy of innovation by researching novel technologies and deploying them on a global scale.” (disneyresearch.com) According to the website Disney possesses six main research labs based in California, Pittsburg, Boston and Zurich. Their main subjects of research are computer graphics, video processing, computer vision, robotics, wireless communication and mobile computing, human computer interaction, behavioral science, material research and machine learning and optimization. On the website we can also find dozens of projects planned and implemented by the various research teams. All these prove that the R&D field is definitely one of Disney strengths. Since this one of Disney’s main fields of activity is strongly related to information technologies, most of the facts stated above are also applicable for this kind of resources. Walt Disney operates in multiple locations around the globe as already stated (Australia, China, Hong Kong, India, Singaport, UK and Ireland, United States and Canada) and needs a well planned and designed network for operations and logistics. Their main points of focus and objectives covering this area, clearly stated and consistent with their overall policy, are published on the public website website are the following following:: Retail Sourcing: Our Merchandise Sourcing teams help bring Disney magic to life by sourcing our branded products globally for The Disney Store, Walt Disney Parks and Resorts and for our wholesale partners. The team is passionate about pursuing pursuing the lowest total cost of ownership ownership while ensuring ensuring each product reflects our unique brand promise. Logistics: Our Supply Chain Solutions team work as internal consultants to identify and implement efficiencies which both reduce costs and our carbon footprint. The team’s ongoing o ngoing optimization initiatives contribute significantly to the bottom line. The team also manages the logistics for products from point of origin to their destination around the globe. Product Integrity: By applying engineering expertise and administering
meaningful policies, this group protects Disney guests, and our brand, by ensuring the quality and safety of products that bear the characters, brands, and intellectual property of The Walt Disney Company and affiliated companies. (disneycareers.com) All these prove that despite its diversity of products, services and locations Disney manages to successfully coordinate its operations and logistic processes across the globe. The same goes for the human resources component, component, despite its ampleness and cultural diversity, the company succeeds in managing its employees according to its values, mission, objectives and policies as stated previous within within this this paper. rent chief human resource officer is Jayne Parker. She The company’s cur rent has held this position since 2009, but has worked for the company for twenty years, and according to the website “she has changed the function, culture and impact of HR across the company to support its business goals and strategies as well as the needs and aspirations of its 180,000 employees around the world. She has worked with leaders across Disney’s many lines of business to build and manage an HR organization that reflects their dynamic needs and helps them achieve their goals and results. While Ms. Parker has been CHRO, Disney has acquired Marvel, Lucasfilm and Maker Studios, and has grown its global employee population by more than 30,000 people.” As far as the information technology resources are concerned, since one of Disney’s main resources, the R&D resources, are strongly linked to them, the facts enumerated above strongly overlap (see the description in the R&D section above). Concluding, Disney’s core competencies are linked to the dive rsity of its products and services, to the variety of its locations spread across the globe, to the company’s ability to adapt to the economical, technological, political and socio-cultural trends and changes and to the market. Furthermore, despite its global outreach, the company still is capable of promoting itself worldwide, of gaining financial success, of investing in research and informational technology, of coordinating the operation and logistics processes and managing its human resources in a cultural sensitive matter. Opportunities Well balanced organizational organizationa l structure Good marketing strategies Well developed and structured logistics network Keeping up with newest technologies Well developed R&D network
Weight Rating Weighted score 0,15 3 0,45 0,20 3 0,60 0,25 4 1 0,25 5 1,25 0,15 4 0,6 1 3,90
Threats Overgrown expansion, structure could be shaky Ampleness brings about great marketing costs Difficult quality management for manufacturing manufact uring Constant need of creative ideas Fluctuation of lower placed employees
Weight Rating Weighted score 0,15 4 0,6 0,15 2 0,3 0,30 5 1,5 0,25 3 0,75 0,15 4 0,60 1 3,75
4. Summary and conclusions
As for the analysis of strategic factors, considering the summary of internal and external factors calculated above, we can reach the following conclusions regarding the most important factors affecting the company’s present and future performance, and can make make the following following recommendations: recommendations: - External Opportunities: 4/5 This high rating shows that Disney has adopted a very well thought out strategy to exploit the external opportunities of their environment. In order to keep this good score they should pay close attention to the economic situation in all the various countries they operate in and keep their current quality of their entertainment services and products. - External Threats: 3,75/5 This score is slightly lower than the one above shoving that at the moment Disney could pay more attention to the external threats than to the external opportunities. They should be prepared to the changes in legislation which can occure in the countries they operate in (Australia, China, Hong Kong, India, Singapore, UK and Ireland, United States and Canada) and also pay close attention to the racial diversity depicted in their movies and animated films. Given that they operate on various countries, the protagonists and heroes in their movies should be depicted as other races too, besides Caucasians. - Internal Opportunities: 3,90/ 5 The score is pretty high in this department too, however, what could be improved is the stopping of a further growth in marketing actions compared with the last years, since Disney in among the most valuable brands in the world, the advertising costs could be even lowered a little. Furthermore, Furthermore, even if the organization is well structured, the company should pay attention and predesign an improved structure in case the company will grow in the future. While the non-hierarchical structure is the preferred one nowadays, it could pose a problem if the company company grows further. further.
- Internal Threats: 3,75/5 This score is the same as the one obtained for the external threats and the advice is similar Disney could pay in this case more slightly attention to the internal threats than to the internal opportunities. Its considerable size, even though very profitable at this moment, could become a threat in the future as far as marketing, manufacturing and human resources are concerned. Another threat is the constant need of innovative and creative ideas, because creativity is a unstable factor which can be influenced and enforced only to a certain extent. Another recommendation in this case is that Disney starts researching for its films the legends and fairy tales of Asian countries for example, being thus able to also cover the above mentioned need of racial diversity. The recommendations regarding the implementation, evaluation and control of the proposed strategies will narrow them down to two main strategies. The first one, as can be read above, would focus on cultural aspects regarding the services and the products provided by Disney. The second one will focus on the size of the company and the future implications of an eventual growth. The first strategy proposal refers to the cultural aspects surrounding Di sney’s operation points and also to the lack of racial diversity in its movie products. Since it is a global business operating in many different countries on more continents, it could be a good strategic measure to focus on the non- Caucasian races at this point and develop animated products with more protagonists belonging to this target group. This also could cover the internal threat of having to come up constantly with new creative ideas. By exploring the Asian world for example, with its legends and myths, the producers could discover stories appealing to the culture of those countries and also to the American and European ones. As far as implementing costs are concerned, this should not prove to be very great. The top and middle management of the countries in question could delegate the forming of a team specially focused on this task to perform research on the national culture’s folklore. Since this would be a distinct team, no procedures would be needed affecting the rest of the company. The performance can be measured by the results of the research, focused on both quantity quantity and quality. quality. With regards to the second recommended strategy, it is vital for Disney to keep constant track of the implications of its size: operational costs, human resource management and marketing costs. The decision of keeping their current profitable size should be taken by the top management in collaboration with the board of directors. This plan would be financially feasible because it would not imply meaningful implementation costs and no new procedures are required. Furthermore, no new measurement procedures are required, since this plan would not imply considerable considerable changes, other than maintaining the company at its current size and focusing on operational, human resources and marketing performance, performance, which excel at the current size.
5. Bibliography:
Primary sources: Ogrean, C., Management Strategic, Universitatea “Lucian Blaga” din Sibiu, 2013 Walt Disney Company Websites: Official website: http://thewaltdisney http://thewaltdisneycompany.com/ company.com/ Career website: http://disneycareers.com/ http://disneycareers.com/ Research website: http://www.disneyr http://www.disneyresearch.com/ esearch.com/ Secondary sources: Atissue, Walt Disney’s Creative Organization Chart http://www.atissuejournal.com/2009/08/07/walt-disney%E2%80%99s-creativeorganization-chart/
Business Insider, The 12 Companies That Spend The Most On Advertising http://www.businessinsider.com/12-biggest-advertising-spenders-in-2013-20146?op=1#ixzz3azjn9Gmk Forbes, The World’s Most Valuable Brands, Brands , Walt Disney http://www.forbes.com/companies/walt-disney/ Market Realist, Guide to Walt Disney’s Competitors http://marketrealist.com http://marketrealist.com/analysis/sto /analysis/stockckanalysis/technology/media/charts/?featured_post=35911&featured_chart=36040
USAToday, Worldwide woes – http://usatoday30.usatoday.com/weather/news/extremes/story/2012-0104/world-disasters-costliest-earthquake-tsunami/52377642/1 Yahoo Finance, DIS Major Holders, http://finance.yahoo.com/q/mh?s=DIS+Major+Holders