Introduction
It is possible to say that the Walt Disney Company can certainly be included on the list of the most famous and impactful organizations in the world. Together with its affiliates and subsidiaries, the Disney Company is considered to be “a leading diversified international family entertainment and media enterprise” (The Walt Disney Company, 2022a, para. 5). Founded in 1923, it currently involves Disney Media & Entertainment Distribution; Disney Parks, Experiences and Products; and four content groups— International, Sports, General Entertainment, and Studios. In 2021, the company’s annual revenue was $67.4 billion, and in 2022, the numbers are growing (Statista, 2022). In the second quarter of 2022, Disney+ reported having $137.7 million subscribers.
The SWOT Analysis and Market Trend Research
The Project
In order to better identify strategic goals for the Walt Disney Company, it is useful to conduct a SWOT analysis. First, the two main strengths of the business are its brand image and the localization of products. The weaknesses include local issues with the workplace environment and the fact that the number of customers is not growing rapidly due to COVID-19 limitations. The two opportunities are movie production expansion and entering emerging markets, while the threats include high competition and uncontrolled piracy. As for the market trends, while the need for online streaming platforms is growing, and more subscribers choose Disney+, there are some concerns with the amusement parks market – it is declining because of the current uneasy global situation.
Objectives’ Effectiveness
Overall, the Walt Disney Company’s mission is to entertain and inspire its clients all around the world, meaning that the organization values customer satisfaction (The Walt Disney Company, 2022b). According to researchers, the company’s goals include improving its customers’ experiences, addressing the needs and justifying the trust of its shareholders, training the best culture, and creating the friendliest environment (Disney Institute, n.d.). Consequently, the focus on better feedback can primarily address the first goal – a complex approach will allow us to consider the concern effectively and improve the clients’ experiences in numerous ways. Further, decreasing internal errors and fostering workplace relationships can advance all goals – employees and customers will become more loyal since their trust will be justified.
Measuring the Success
To measure the success of the project, several methods can be applied. First, it will be useful to gather customer and employee feedback prior to the implementation of the plan and after that. Comparison of the data and satisfaction rates will allow an understanding of whether success is achieved. Second, the increased number of new subscribers will also signify the effectiveness of the project. Further, internal error rates should also be analyzed and compared: after the plan’s phases are completed, their levels should become lower. Other minor factors like decreased employee conflict rates and the effect of longer lunch breaks can also show overall success. Hopefully, all or most of the evaluation channels will provide positive results and indicate a change for the better.
Project’s Value
Overall, the value this project will bring to the Walt Disney Company cannot be overestimated. More visitors to its theme parks and subscribers of stream services will be satisfied, rates of workplace mistakes will be reduced, and the atmosphere employees work in will be significantly improved. Consequently, the public image and competitive advantages of the Walt Disney Company will become higher and more powerful. This will lead to better overall performance and increased profitability. Therefore, this project should be implemented in order to advance the chances of the company to secure its position and be the best in the market.
Project Metrics, Timelines, and Responsible Parties
Further, it is essential to define the metrics, timelines, and figures responsible for the project. Since the objectives are interconnected, and one step depends on others, it is better to implement them simultaneously. Thus, customer satisfaction improvement will take approximately three months, addressing internal errors – up to five months, and fostering healthy workplace relationships – about two and a half months (no more than six months total). There will be several main figures responsible for the project, and the primary metrics will include the following: customer feedback, rates of internal errors, and the number of conflicts and discrimination incidents, respectively.
Identifying Operational Steps that Can Face Risks
However, in some cases, the intended course of action can appear unsuccessful; for such situations, a contingency plan is required. Again, there are three main strategic objectives in the current project plan, each having four operational steps. Noticeably, some steps can meet more severe risks, which is why they are taken into consideration in the following slides. To begin with, two operational steps from different project objectives are focused on employee training. Since this is a major cause for concern that brings difficulties for many companies, this factor must be included in the contingency plan. Further, two steps can fail due to the relative lack of resources: adding new client feedback channels and reconsidering workplace objectives and deadlines. Finally, two steps can simply prove ineffective: making longer lunch breaks and providing mental and physical health programs.
Employee Training Risks
The first operational steps to be discussed are related to employee training. To improve customer satisfaction, it is proposed to train employees to resolve subscribers’ concerns quicker. To reduce internal errors, it is selected to implement employee training programs to address each error type. Generally, when offering training, many companies may face employee resistance to receiving new skills and waste their time (DiChiara, 2017); information overload due to increased efforts and duties; and ineffective programs. Such risks can be met in both operational steps, and it is of vital importance to consider and address them.
Thus, in order to reduce the effects of employee resistance, it is possible to foster team building, spread common values and positive attitudes, and explain in detail why training is needed (DiChiara, 2017). Consequently, if the two operational steps fail, it will be needed to address the concern and try again. To ensure that the training is not failed due to information overload or ineffective programs, it is essential to choose wisely and properly distribute work, study, and personal load. Otherwise, employees may refuse training, and their loyalty to the company may significantly decrease. If this happens, the focus will have to shift to raising workers’ motivation and satisfaction.
Customer Satisfaction Risks
Further, to improve customer satisfaction, it is selected to enhance old and add new feedback channels. However, this step may fail partly or completely due to a lack of the required resources and the unavailability of additional effective resources. Therefore, to avoid this, a proper preliminary analysis of the IT opportunities related to channels should be conducted. In case the step fails, it should be changed to the promotion of the already existing channels to receive more feedback. Reconsidering workplace objectives and deadlines can also appear locally impossible due to a lack of employees or general work overload. If this happens, the worker rewards and bonuses system will have to be upgraded to compensate employees for their efforts and increase motivation not to make mistakes.
Workplace Relationships Risks
Finally, it is essential to consider the fact that two steps in fostering workplace relationships may fail to bring any substantial results. The risks are the lack of resources in the company, the lower interest of employees, and additional adverse effects of the steps. To ensure that the Walt Disney Company can afford to provide its employees with mental and physical health benefits packages. If not, it should be enough to foster friendly environments using ‘internal measures’ like employees spending several hours together every two weeks. What is more, if workers do not show any interest in joining the health programs or using their extended breaks to communicate with their co-workers, intervention should become more in-depth. In other words, the focus should shift to raising motivation, team spirit, and moral values.
Conclusion
To draw a conclusion, one may say that the project plan seems rather promising and effective. Its outcomes will likely increase the Walt Disney Company’s competitive advantage, satisfied customer base, and friendly workplace environment. While specific risks can interfere with the operational steps, there are numerous effective ways to mitigate them, and the contingency plan’s suggestions should help in such a situation. As a result, the expected benefits outweigh the potential risks, so the project plan should be implemented.
References
DiChiara, J. (2017). How to transform employee resistance through team building and training. Harvard.
Disney Institute. (n.d.). Onsite course: Disney’s approach to employee engagement.
Statista. (2022). Walt Disney Company’s revenue worldwide from 1st quarter 2010 to 2nd quarter 2022.
The Walt Disney Company. (2022a). About the Walt Disney Company.
The Walt Disney Company. (2022b). Recent news.