Introduction
Walt Disney is an empire that provides multinational mass media services and entertainment. The company has operated since 1923 and withstood the test of time ( Petersen, 2017) . Children and adults from around the world can attest to the impact of Walt Disney films and entertainment facilities in their lives. However, the dynamic nature of the entertainment industry is proof that The Walt Disney Company must reconsider its approach and implement a progressive plan that addresses the organizations weaknesses and strengths as is indicated in this paper.
Internal Issues (Weaknesses)
The first significant issue is limited innovation & diversification in the products provided. Walt Disney is mainly known for animating princess stories and its amusement parks. While these products bring in money, the company must diversify to meet new customer trends such as reliance on technology, diversity in gender and race roles, as well as, change in family dynamics.
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Another weakness is the limited space to expand the amusement parks. Unfortunately, the amusement parks intended ‘fun’ image is tainted by stories of overcrowding and long lines. As a result, families are opting out of the amusement parks for more accommodating activities such as visiting parks or staying home to play video games.
Lastly, Walt Disney business is focused on N. America while revenue is available in other continents and especially third world countries coming up. This approach to business puts their revenue at risk because if North America trends do not favor Walt Disney, they do not have a backup plan for their revenue.
External Issues (Threats)
Technological disruption is an external threat on Walt Disney. This is a possible risk because the company uses old technology and has made little effort to update their systems. Consequently, they are likely to lose client personal information to hackers. Also, their programs may be easily interrupted allowing their competitors to take their customers. Presently, all their customers rely on technology to enjoy Walt Disney products. Thus, any failure or interruption could prove costly for the establishment.
Another external threat is digital content piracy. With the increased use of technology around the world, Disney is facing an increased rate of content piracy. In fact, many third world and developing countries rely on pirated content such as movies and music ( De Groote, 2011) . Therefore, Walt Disney does not get the expected financial return on the content they produce. This proves harmful to the employees and the company.
Disney's competition
Disney faces many competitors in its line of work. For instance, The Time Warner Brothers who provide publishing service, filmed entertainment and cable network are a major threat. They are major players of digital media with a large international audience unlike Walt Disney that focuses on North America. Fox and CBS as well are competitors of the Walt Disney Company because they are producers of animated content and films that are as good as Walt Disney. Consequently, Walt Disney must find a way to differentiate itself in this highly competitive market lest they lose their market share to their well-funded and aggressive competitors.
Future Outlook for the Organization (Implementation Plan)
Embracing different forms of technology is the best way to address all the internal issues, external threats and competition that Walt Disney is facing. For instance, they should have a stronger presence on all social media platforms such as YouTube, Facebook and Instagram. This approach ensures their content reaches not only North America but also the diverse market around the world. They should sponsor celebrities and channels for that purpose instead of focusing on local events only.
Additionally, Walt Disney should invest in Virtual Reality technology to solve their limited space issue. Instead of purchasing more land for permanent structures, they should create virtual reality experiences that take their amusement park amenities to the individual or family at home. Such an investment creates an alternate means of revenue and a futuristic approach to entertainment.
Proper use of technology will also confront the challenge of digital content piracy and technology disruption in Walt Disney. They should have a department that monitors their digital platforms and works to guarantee digital security. This is extremely crucial for a company whose fastest moving content is digital. With the increase in hackers and digital pirates, the organization must stay ahead by investing in gadgets and IT professionals to fulfill the task.
Lastly, embracing technology in an innovative way will help address the competition in the entertainment industry. Walt Disney can have one on one interaction with their consumers to find out what they want. Consequently, they can embrace new trends in their content and customize the products to increase sales. Also, digital platforms will increase their customer base and help them reach a wider audience with original content. The end goal is to keep up with changing technology so that the company remains relevant for future generations.
Implementation of Tools for Measuring Business Success
In conclusion, Walt Disney needs measuring tools to ensure that they implement more technology in an effective manner. The first tool is online surveys. They can be carried out before, during and after to find out the progress and see if it is in the right direction. Also, Walt Disney can have a plan with timelines and goals that can act as a reference for their progress. Lastly, financial reports are also a worthy measuring tool that will help the organization as they will determine if the business is growing financially and what changes should be implemented for this purpose. Ultimately, technology in all forms should work in favor of the establishment.
References
De Groote, P. (2011). Globalization of commercial theme parks Case: the Walt Disney Company. APSTRACT: Applied Studies in Agribusiness and Commerce , 5 .
Petersen, P. (2017). The Business Model of the Walt Disney Company.
