Strategic Audit of the Walt Disney Company

2015

Lechinan Irina Ana

Current Situation of the Walt Disney Company

Walt Disney performed very well over the past year being ranked #11 on

Forbes The Worlds 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

#84 Global 2000

#178 in Sales

#58 in Profit

#299 in Assets

#33 in Market value

#110 America's Best Employers

forbes.com

Disneys strategic posture is also overall well secured but perhaps not well enough structured. The companys public website does not offer a distinct reference as far as its mission is concerned, the mission statement being

included in the corporations 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).

Disneys statement however is clearly product-oriented and unfortunately does not make any references to the customer. It has been formulated with

regards to the companys 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 customers needs or requirements and references to its staff members and collaborators as well. Overall, we can conclude that

Disneys mission/objective statement is not complex enough and does not address all issues recommended for this part.

Regarding the companys 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 this aspect was found in the Business Services section of the website. Disneys 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. (thewaltdisneycompany.com)

Thus far the companys 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 Store). Another component of Disneys diversity is the diversity among its Studio 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 companys 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

- 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 companys global operations. Through search engines I could not find instances where its current

public policies have 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

The companys tenure policy prohibits board membership for more than 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

within the Annual Meeting next year.

As far as the members knowledge, skills and backgrounds are concerned, these pieces of information too are presented on the website for each individual.

They all present an impressing resume, having worked for top companys such as Twitter, Facebook, Google, Starbucks, Procter & Gamble, MC Donalds, Blackberry, Bank of America and others.

Regarding the companys 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 Holding Shares: 1529

The shares with direct owners are divided as follows:

Major Direct Holders (Forms 3 & 4)

Holder Shares Reported

IGER ROBERT A 1,137,483 May 12, 2015

STAGGS THOMAS O 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 Disneys 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, Alliances, and

Treasurer

-Zenia Mucha

Executive Vice President, Corporate 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 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 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 covering the areas stated above (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 equal opportunities within its hiring practices, providing

staff training in business standards and ethics (thewaltdisneycompany.com).

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 around the world. The website provides a 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 companys 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 Disneys 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, Disneys 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 companys 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 Porters 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; 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.

c. Threat of substitute products or services medium; even if Disney is the 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; 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; by having a long history and covering so many fields, Disney does not have many direct competitors.

Furthermore, it excels in all 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 Weight Rating Weighted

score

Current economical stability in the countries

where Disney operates

0,20 4 0,8

Customers willing to spend on entertainment for

their children regardless of minor economical

fluctuations

0,25 3 0,75

Current political stability in the countries where

Disney operates

0,20 5 1

Disney already culturally adapted to its various

location, and cultural changes emerge slowly

0,15 3 0,45

Disney adapts quickly technologically 0,20 5 1

1 4

Threats Weight Rating Weighted

score

Natural phenomena across the globe 0,35 4 1,4

Risk of legal regulation changes stability in the

countries where Disney operates

0,25 3 0,75

Lack of racial diversity in Disney animations 0,10 4 0,4

Disneys customers have a high bargaining power

0,30 4 1,2

1 3,75

3. Internal Environment: Strengths and Weaknesses

On Disneys official website we have the following statement regarding the companys management: Disneys leadership team manages the worlds 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 companys structure and working processes:

atissuejournal.com

The image depicts the animation studios creational structure and without having to perform a detailed analysis we can conclude that the organization 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 companys 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 values:

Innovation: We are committed to a tradition of innovation and

technology.

o Quality: We strive to set a high standard of excellence across all product

categories.

o Community: We create positive and inclusive ideas about families.

o Storytelling: Timeless and engaging stories delight and inspire.

o Optimism: At The Walt Disney Company, entertainment is about hope,

aspiration and positive outcomes.

o Decency: We honor and respect the trust people place in us.

(disneycareers.com)

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

chapter describing the companys current situation, Disney is ranked 11th 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,

the following:

Brand Strategy

Development of Integrated Franchise Plans

Consumer Insights

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 companys 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. Lets 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 Disneys 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 Disneys 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 are the 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 the lowest total cost of ownership while 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 teams ongoing 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,

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 this paper.

The companys current chief human resource officer is Jayne Parker. She 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 Disneys 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 Disneys 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, Disneys core competencies are linked to the diversity of its products and services, to the variety of its locations spread across the globe, to

the companys 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 Weight Rating Weighted

score

Well balanced organizational structure 0,15 3 0,45

Good marketing strategies 0,20 3 0,60

Well developed and structured logistics network 0,25 4 1

Keeping up with newest technologies 0,25 5 1,25

Well developed R&D network 0,15 4 0,6

1 3,90

Threats Weight Rating Weighted

score

Overgrown expansion, structure could be shaky 0,15 4 0,6

Ampleness brings about great marketing costs 0,15 2 0,3

Difficult quality management for manufacturing 0,30 5 1,5

Constant need of creative ideas 0,25 3 0,75

Fluctuation of lower placed employees 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 companys present and future performance, and can make the following 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, even if

the organization is well structured, the company should pay attention and pre-

design 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 grows 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 Disneys 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 cultures 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 and 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 changes, other than maintaining the

company at its current size and focusing on operational, human resources and

marketing 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://thewaltdisneycompany.com/

Career website: http://disneycareers.com/

Research website: http://www.disneyresearch.com/

Secondary sources:

Atissue, Walt Disneys Creative Organization Chart - http://www.atissuejournal.com/2009/08/07/walt-disney%E2%80%99s-creative-

organization-chart/

Business Insider, The 12 Companies That Spend The Most On Advertising -

http://www.businessinsider.com/12-biggest-advertising-spenders-in-2013-2014-

6?op=1#ixzz3azjn9Gmk

Forbes, The Worlds Most Valuable Brands, Walt Disney - http://www.forbes.com/companies/walt-disney/

Market Realist, Guide to Walt Disneys Competitors - http://marketrealist.com/analysis/stock-

analysis/technology/media/charts/?featured_post=35911&featured_chart=36040

USAToday, Worldwide woes http://usatoday30.usatoday.com/weather/news/extremes/story/2012-01-

04/world-disasters-costliest-earthquake-tsunami/52377642/1

Yahoo Finance, DIS Major Holders,

http://finance.yahoo.com/q/mh?s=DIS+Major+Holders