Microsoft Word - Mkt Final Hkd Report

Table of Contents Executive Summary

p. 1

Company and Collaborators

p. 2

Customers

p. 4

Competitors

p. 6

Segmenting

p. 7

Targeting

p. 10

Positioning

p. 10

Alternative Options

p. 11

Product

p. 12

Price

p. 13

Place

p. 13

Promotion

p. 13

Conclusion

p. 15

Appendix

p. 16

Works Cited

p. 19

Executive Summary In 1971, Orlando, Florida, became home to Walt Disney World. The extremely successful venture led Disney to set its sights on expanding internationally, with Tokyo Disneyland opening in 1983 and Paris Disneyland opening in 1992.1 In 1997, Disney decided to launch its next venture in Lantau, Hong Kong because of its large tourist base, well established hospitality industry, and growing economy.2 Hong Kong Disneyland (HKD) opened on September 12, 2005 to high anticipation. However, it faced major problems in its first year of operation, failing to reach its first year attendance target of 5.6 million people. The park also received negative publicity and complaints from visitors that the park was too small.3 Disney found that its main competitor, Ocean Park, poses a major threat because of its wide variety of attractions and strong brand equity. In fact, since HKD opened, Ocean Park has experienced a 6% increase in visitors; from 3.80 to 4.03 million.4 Disney needs to changes its marketing mix to address these problems. To effectively compete with Ocean Park, we recommend that Disney position itself as the most convenient tourist destination for Chinese families because of its theme park attractions, hotel accommodations, dining, transportation, and night-life entertainment. To target Chinese families, Disney should add more attractions through park expansion and use a competition-oriented pricing policy. We also suggest that HKD distribute their product through Chinese travel agencies and use institutional and competitive advertising to promote its theme park.

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Company and Collaborators The Walt Disney Company is one of the largest and most recognizable media conglomerates in the world, with global operations in the following areas: media networks, studio entertainment, parks and resorts, and consumer products.5 Because Disney has breadth in its portfolio, they have achieved high brand recognition in many parts of the world and experience higher operating margins (9.6%) than the entertainment industry average (6.1%).6 Disney has achieved brand equity by providing quality entertainment for the entire family. Their theme parks are particularly well-known for incorporating American culture, fantasy, and adventure. 7 The company took advantage of its large scale operations and international brand recognition by pursuing market development in Hong Kong to tap into the lucrative Asian leisure market.8 Specifically, its main objectives were to develop the Chinese market for theme parks, become a leading family attraction in Asia, and increase its brand familiarity among Chinese mainlanders.9 To achieve these goals, Disney created a complete Disney experience that includes: •

A park with four themed lands: Mainstreet USA, Adventureland, Fantasyland, and Tomorrowland, which feature dining, shopping, and attractions

•

Direct transportation to the park: subway routes, a ferry terminal, and a Disney Rail Line

•

Two on-site hotels: Hong Kong Disneyland Hotel and Disney’s Hollywood Hotel with services including spas, swimming pools, and gift shops

•

Night-life: fire work shows, live music, bars, and more10

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To accommodate visitors, management at HKD researched Chinese culture to cater to customer needs. The park was built in consideration of the ancient Chinese philosophy of Feng Shui, which emphasizes space and orientation. For example, architects shifted the front gates by 12 degrees to maximize prosperity.11 Management also found that Chinese visitors typically spend more time eating at restaurants than American visitors, and added 600 more dining seats to combat slow table turnover.12 HKD’s attention to culture is a strength for the company. Politics Disney collaborated with the Hong Kong Special Administrative Region (SAR) government to form Hong Kong International Theme Parks.13 The Hong Kong SAR government financed most of the $3.5 billion construction cost and holds a 57% stake in the joint venture. The government anticipated that HKD would stimulate economic growth and help solidify Hong Kong as one of Asia’s top tourist destinations.14 The government’s dedication to recovering its large investment is a strength for HKD. Despite these strengths, several problems threaten Disney’s success in Hong Kong. Mainland China’s communist government, which is separate from Hong Kong’s government, heavily regulates the media. For instance, the government bars foreign television channels including the Disney Channel, posing a threat to Disney’s ability to reach Chinese tourists.15 Moreover, during the Chinese Lunar Holidays (a popular vacation time), Disney oversold tickets and turned down customers at the gates. Negative publicity followed, tarnishing Disney’s reputation.2 Many guests have also complained that the park is too small, with limited attractions.16 HKD has only one rollercoaster, and mainly features children’s rides such

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as Cinderella’s Carousel and Dumbo The Flying Elephant.16 The limited width of attractions detracts from Disney’s ability to entertain non-families. Furthermore, HKD is only 1% the size of the Orlando theme park.17 Another weakness of Disney is that revenues from the studio entertainment division fell nearly 13% in fiscal year 2005.18 Disney needs to correct these weaknesses to provide a better quality product. Economics Hong Kong has the least restricted economy in the world, which gives Disney a great opportunity to sell its products. Low personal and corporate tax rates give consumers great buying power and make Hong Kong a shopping paradise for consumers.19 In addition, inflation remains stable and earnings continue to increase.20 These measures indicate that the economic environment is advantageous for Disneyland. The Chinese economy is also thriving. Over the past 25 years, China’s economy evolved from a centrally planned economy (closed to international trade) to a marketoriented economy with a fast growing private sector.21 The restructured economy has contributed to a more than ten-fold increase in GDP growth since 1978. In China, income is rising while inflation remains minimal.22 This results in an increase in spending power, making the Chinese market extremely lucrative. Customers Disney attracts customers from the local Hong Kong area and tourists from mainland China. Both groups have a collective culture, meaning they value interdependence, place the community’s interests over individual interests, and spend leisure time in groups.23

4

Chinese Customers Mainland Chinese tourists account for 75% of HKD’s customers.24 Mainland Chinese save a minimal amount of their income—typically 20-23.8%—and spend a majority of their income.25 Additionally, their disposable income has been increasing over the past several years, further increasing China’s buying power.26 In addition, China is experiencing a surge in outbound travel. By 2020, China will have 100 million outbound travelers and become the fourth largest source of outbound travel in the world.27 Additionally, Hong Kong is predicted to be the most popular Asian tourist destination, in comparison to Japan, Taiwan, and South Korea.28 China’s outbound tourist market often forms tour groups, spends large amounts of money on vacations, and travels heavily during official holiday periods—Chinese New Year, May Holiday, and the National Day Holiday.29 Despite the increase in outbound tourism, the government does not allow the Chinese to travel to the United States30. Therefore, Disney, which epitomizes American culture, is appealing to Chinese tourists who desire western products in increasing quantities but cannot easily access them.31 The popularity of package deals and travel agencies is increasing due to the growth in the Chinese economy.32 Package deals are very popular with Chinese travelers; approximately 61% of tourists staying overnight in Hong Kong buy package deals and stay in hotels.33 Travel agencies are also becoming more popular because it is difficult for families to obtain visas, and travel agents take care of all the troublesome procedures.34

5

Hong Kong Customers Local Hong Kongers account for over 20% of HKD’s customers.35 Hong Kongers have the fourth highest cost of living in the world, making them sensitive to Disney’s high prices. In addition, the Hong Kong government plans to introduce a new valueadded tax on consumer spending, potentially further decreasing local consumer spending.36 It is convenient for locals to access the park due to their close proximity; however, they have less need for Disney’s hotel and transportation accommodations. Competitors The theme park industry in Hong Kong faces high government regulation and large start up costs.37 These barriers to entry have allowed only two major theme parks to emerge: Ocean Park and Hong Kong Disney. Since opening in 1977, Ocean Park has had over 20 million visitors in its 29 years of operation. Because it has been open for almost 30 years, it has high brand equity in China and is well established, with 39% of mainland Chinese tourists visiting the park during their stay in Hong Kong.38 Ocean Park offers superior attractions to HKD’s at a lower price. These include: cable car rides, a culture show, a shark aquarium, roller coasters, Ocean Park Tower, a Panda exhibit, the Dolphin Breeding exhibit, and the butterfly house.39 Ocean Park also offers many photo opportunities, which is a very important part of Chinese culture.40 Furthermore, Ocean Park’s Water Paradise is the largest aquatic center in Asia and keeps visitors coming back.41 The wide variety of attractions are geared towards everyone, and do not target a specific age segment. Furthermore, Ocean Park offers a lower entrance fee than HKD, at US$23.81 compared to US$37.96 for an adult weekday ticket (See

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Appendix C). The lower entrance fee appeals to price sensitive families, and poses a threat to Disney.42 However, not everyone is happy with Ocean Park. Some visitors complain that Ocean Park has under-maintained facilities.43 One visitor commented: “Ocean Park is old. The aquarium and rides have been the same since I was born.”44 Also, Ocean Park does not offer hotels, which gives HKD a competitive advantage in attracting tourists. HKD also faces indirect competition from other leisure activities such as arcades, bars, and clubs. Another indirect competitor, Victoria’s Peak offers a spectacular view of the city and a multitude of entertainment, including dining and shopping.45 Other family outings such as going to the zoo, cinema, or museums also indirectly compete with HKD. Segmenting We segmented the theme park market by family life cycle and geographic region. “Local” refers to Hong Kongers while “Tourist” refers to mainland Chinese. Mainland China’s population is much greater than Hong Kong’s, with 1.3 billion people compared to 6.9 million, respectively. 22 Table 1: Market Segments based on Family Life Cycle and Geography

Families

Family Life Cycle Parents with children ages 0-19

Teenagers

ages 13-19

Young Professionals

20-30, no children

Empty Nesters

No children living at home

Geographic Region Local Tourist Local Tourist Local Tourist Local Tourist

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Chinese Families: This is the largest segment of overnight vacationers, accounting for more than 40% of visitors. This group has a “little emperors” family structure due to the one-child policy instituted in the late 1970s, in which each child is cherished and indulged by two parents and four grandparents. Relative to older generations, this group is more oriented towards brands and imported goods. With China's "little emperors'" craving more Western merchandise, the opportunities for franchise businesses will cater to a well funded and growing clientele.46 Chinese Teenagers: Moreover, trendy teens are highly brand conscious and demand Western products.47 This segment does not usually travel to Hong Kong without parental supervision, so HKD should not target them.48 Chinese Young Adults: Approximately 36% of the tourist market is between the ages of 20 and 29.49 Young Chinese adults have significant spending power; however, HKD’s attractions are for children, so HKD should not target them.50 Chinese Empty Nesters: Enjoys a variety of leisure activities including playing with Chinese tops, singing, mah jong, and practicing tai chi.51 They are fairly price-sensitive to entertainment activities, as demonstrated when an increase in movie ticket price forced many of them to stay at home and watch TV instead.52 This group accounts for only 3% of Chinese outbound tourists so, HKD should not target them. Hong Kong Families: The household size is smaller than most of the other Chinese communities, at an average of 3.1 members per household. Approximately 90% of households earn a per capita income of less than $24,000, which is rather low.53 Hong Kong Teenagers: Hong Kong teenagers spend their weekly allowance ($51.07 on average) on eating out, going out with friends, and paying for clothes or shoes.54 This

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group is mainly focused on education and does not work because part-time jobs are rarely available, increasing this segment’s price sensitivity.55 Hong Kong Young Adults: This group tends to be price sensitive with low disposable income. They enjoy singing karaoke, watching movies, going shopping, and dining out with friends. They go to exhibitions or other theme parks occasionally.56 Hong Kong Empty Nesters: Most Hong Kong empty-nesters are concerned about their financial security as they reach retirement. They do not want to burden their children, so they are careful with spending and are moderately price sensitive.57 5

Family Oriented 1

Disney Ocean

Zoo One-Day Visit Movie Theatres

6 2

All-inclusive Vacation 7

3 4

1. 2. 3. 4.

HK Families HK Teenagers HK Young Adults HK Empty Nesters

Individualistic

8

5. 6. 7. 8.

Chinese Families Chinese Teenagers Chinese Young Adults Chinese Empty Nesters

Justification for Brand Map: Teenagers are more family-oriented than young adults and empty nesters because they still rely on their parents’ income and live at home. Young adults are employed and have a stable income which allows them to be more individualistic. Empty nesters are even more individualistic because they live by themselves.58 Chinese tourists are towards the all-inclusive portion of the brand map because they visit Hong Kong overnight and look for a variety of accommodations.

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Targeting Disney should use a single target market approach to target mainland Chinese families. This is the best group to target because it is the largest segment and is experiencing growing disposable income. Our brand map shows that Disney currently does the best job of catering towards this segment because Disney delivers a family product geared towards children and offers all-inclusive accommodations. Our positioning serves this segment well because Chinese tourists prefer package deals when they travel, including hotel accommodations, meals, and tours.59 Disney should not target teenagers, young adults, and empty nesters from China because Disney’s current attractions are for children. Moreover, Disney should not target the Hong Kong market because this geographic segment does not need our hotel, transportation, and meal accommodations, which is our main selling point. Positioning For Chinese families, HKD is the most convenient tourist destination because it offers theme park attractions, hotels, transportation, dining, and night-life entertainment. We want Chinese families to think of HKD as the most convenient tourist destination because it can satisfy all of their entertainment needs at one location. Tourists will get great value from a package deal. Economically, Disney will make it cheaper for tourists to book an all-inclusive deal rather than pay for each expense separately. Psychologically, customers will feel at ease knowing that everything is taken care of in advance. The package deal is functional as well, because it is easier to book all plans through one company rather than deal with multiple agents.

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Alternative Options Many HKD visitors complain that the park is too small. In fact, HKD is the smallest of all the Disney theme parks.60 Therefore, one alternative option is to expand the park, allowing for more attractions, restaurants, and shopping areas. Although HKD would face high start-up costs from this project, Disney could add more attractions and increase attendance in the long run. Another alternative option is to focus marketing efforts towards local Hong Kongers. This segment would be easy to target because they may visit the park more frequently, due to their close proximity. But, locals would have little reason to take advantage of hotels or the all-inclusive packages that HKD offers. Another alternative option is to target European and American travelers. This is a flawed idea because we believe that these travelers are looking to experience authentic, traditional Chinese culture, rather than a theme park that epitomizes western culture. This group would be more likely to travel to Orlando or Paris Disneyland. Product •

Create Animal Kingdom: A study found that Asians prefer a nature theme for theme parks, compared to adventure, futurism, and other themes.61 Creating an Animal Kingdom within the park would detract from Ocean Park’s popular animal exhibits and cater to our customers’ preference for a nature theme. Moreover, Disney is knowledgeable in this realm from its experience with building an Animal Kingdom in Orlando, Florida. Animal Kingdom will include: •

Petting Zoo: We cannot compete with Ocean Park’s dominance in aquatic life; therefore, we will have a petting zoo with farm animals, where visitors can get

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hands-on experience with animals. This will give Disney a competitive advantage and diminish Ocean Park’s dominance in animal attractions because visitors can only view animals behind glass in Ocean Park. •

Dinosaur exhibit: Asians widely regard travel as an opportunity for learning and personal enrichment.62 Therefore, Disney should build a dinosaur exhibit with an educational focus in response to this preference to reinforce their position as a family destination.

•

African Safari: Families will travel through acres of wild life to observe exotic animals in their natural habitat. They will travel together in a safari vehicle with a tour guide, which complements Chinese tourists’ preference for group tours.

•

More Photo Shops: Considering the importance of photography in Chinese culture, we will add more photo shops, where visitors can pose for pictures with Disney characters free of charge. This will cater to the Chinese photo-taking craze and reinforce our position as a memorable family experience.

•

Childcare Facilities and programs: We will build a day-care facility for toddlers at the hotel so that adult guests can enjoy Disneyland’s nightlife. This reflects our position of offering a variety of convenient services at HKD.

•

Expand the park: Visitors have overwhelmingly complained that the park is too small, with too little attractions to keep them entertained. HKD is 1% of the size of Walt Disney in Orlando, (310 acres compared to 30,000 acres respectively).63 Increasing the park size will enhance our image as a world-class attraction and allow for the changes listed above.

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Price •

Competition-oriented pricing: Disney should reduce the admission price for all age groups by 25% to compete with Ocean Park’s low prices and appeal to price-sensitive families. While our new prices (see Appendix D) are lower than before, the admission fees are still higher than Ocean Park because Disney is a premium brand and still has to cover its costs.

•

Discount tickets for children ages 12-17: Currently, neither HKD nor Ocean Park discounts this age group. We will encourage families with older children to visit the park by charging this age group the same price as children ages 3-11. This unique offering will diminish Ocean Park’s popularity among families.

Place Given the popularity of Chinese travel agencies, HKD should use travel agents as a channel for distributing tickets and packages to mainlanders. Dealer incentives, such as sales commissions and agent-admission discounts, will encourage agents to sell HKD’s vacation packages. As mentioned earlier, travel agencies take care of the complicated visa procedures, which is consistent with our position of convenience. Promotion First, HKD must combat the negative publicity that it received from the Lunar Holiday fiasco by using institutional advertisements to build up a good image of the company. These advertisements would be strategically placed in the three most densely populated areas of mainland China: Guangzhou, Shenzen, and Shanghai, where 20%, 11%, and 7% of the population resides, respectively.64

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Next, Disney should use competitive advertising on China’s popular railway system, where more than 1.44 billion people travel annually.65 Advertisements should specifically be placed on routes to the cities mentioned above and on the direct railway route from mainland China to Hong Kong. This will attract mainland tourists visiting Hong Kong. These advertisements should feature Disney’s hotels, transportation, dining, and nightlife entertainment, rather than just the theme park, to reinforce our image as a convenient tourist destination with a variety of entertainment offerings. Mainland Chinese travel heavily to Hong Kong during holidays such as the Spring Festival, Duan Wu, and the Mid-Autumn Festival.66 (See Appendix B) Therefore, Disney should offer a discount to mainland tourists during these holiday seasons to increase sales. However, Disney should make sure that management does not oversell tickets, to prevent repeating the previous Lunar Holiday fiasco. Most importantly, Disney should offer package deals to three-person families, given that most families have one child due to the one-child policy.67 All packages will include shuttle transportation to the park and childcare. We created the following three packages for different lengths of stay (See Appendix E for price calculations). •

Package A: One night at hotel, two-day passes, two breakfasts - $417

•

Package B: Two nights, three-day passes, three breakfasts - $697

•

Package C: Three nights, four-day passes, four breakfasts - $978

HKD can also reach potential customers through non-Disney hotel concierges around Hong Kong. Disney should encourage concierges to visit the park by providing them with free passes. Concierges could then share their personal experiences with guests and push the Disney product.

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Conclusion By positioning HKD as the most convenient destination for mainland Chinese tourists, we will utilize our competitive advantage of offering a variety of accommodations. We strongly believe that if Disney follows our recommendations, it will satisfy its customers at a profit.

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Appendix A: Increasing Number of Mainland China Outbound Departures68

Appendix B: Visitor Arrivals to Hong Kong By Month69

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Appendix C: Disney vs. Ocean Park Current Pricing Policy HKD uses a flexible price policy since they offer the same product and quantities to different customers at different prices.70 Prices differ based on age and time of the week. Ocean Park’s prices are lower in all age groups and they don’t differentiate between weekdays and weekends.71 Park Type

Disneyland Hong Kong Ocean Park Weekend/Peak General Days* Admission Adults US$37.96 US$45.04 US$23.81 Children (3-11 yrs) US$27.02 US$32.17 US$11.97 Senior Citizens (65 yrs +) US$21.88 US$25.74 Free (w/ HK ID) Children (under 3yrs) Free Free Free * Peak days will include Hong Kong public holidays, summer school holidays (i.e. July and August) and the Golden Weeks (1st week in May and October every year). (7) Week

Appendix D: Recommendations for New Pricing Policy: Reduce all ticket prices by 25% and discount ages 12-17 Park Type

Disneyland Hong Kong Week Weekend/Peak Days* Adults US$28.50 US$33.75 Children (3-11 yrs) US$20.25 US$24.00 Children (12-17 yrs) US$20.25 US$24.00 Senior Citizens (65 yrs +) US$16.50 US$19.50 Children (under 3yrs) Free Free * Peak days will include Hong Kong public holidays, summer school holidays (i.e. July and August) and the Golden Weeks (1st week in May and October every year). (7) Appendix E: Package Deal Prices

Hotel Transportation Theme Park Admissions Breakfast Total

TwoThreeOne-Night Night Night $170 $340 $510 $27 $27 $27 $148 $72 $417

$222 $108 $697

$297 $144 $978

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Appendix F: Justification for Price Calculations Appendix: Hotel Calculation Transportation Theme Park Admission: Weekday Average Price Weekend Average Price Total Average Price

Breakfast Total

One-Night $170/Night $27/Round Trip

Two-Night $170/Night*2=$340 $27/Round Trip

Three-Night $170/Night*3=$510 $27/Round Trip

$77.22

$77.22

$77.22

$91.50 $84.40 $84.40*2=$168.80(1.12)=$148 $36*2=$72 $417

$91.50 $84.40 $84.40*3=$253.2(1.120)=$222 $36*3=$108 $697

$91.50 $84.40 $84.40*4=$337.6(1.12)=$297 $36*4=$144 $978

Justification: We calculated the average price between weekday and weekend prices for two adults and one child. Then, we multiplied that number by the number of days that the family would enter the park, and discounted this by 12% due to a bulk quantity discount. We calculated the hotel costs from websites advertising the cost of room and travel.72 Breakfasts were calculated at $12/personx3 people = $36 per breakfast per day.

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