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ISE5601 : Managing and Measuring Intellectual Capital

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Managing and Measuring Intellectual Capital (ISE5601)

   

Added on  2020-04-13

ISE5601 : Managing and Measuring Intellectual Capital

   

Managing and Measuring Intellectual Capital (ISE5601)

   Added on 2020-04-13

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Running head: INTELLECTUAL CAPITAL MANAGEMENTINTELLECTUAL CAPITAL MANAGEMENTName of the Student:Name of the University:Author Note:
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1INTELLECTUAL CAPITAL MANAGEMENTAnswer 1. i) Disneyland Hong Kong is a project that Hong Kong government undertook incollaboration with Walt Disney in 1997. It took five more years to finally approve Walt Disneycompany to start its project in 2002 (West, 2016).External environment: The commencement of Disneyland project had to account for severalexternal factors. This project was undertaken by the Hong Kong Special Administrative Region(HKSAR). The project was approved by the government at Penny’s Bay, in Lantau island,located a little farther from the main city. The theme park was mainly built for the ‘familyoriented’ tourists from mainland China, Taiwan and South East Asian countries. 29% of theincoming tourists were from China in 1999. People of China face a stringent travel policies, it isnot feasible for them to travel to USA or Europe to experience theme park environment. HongKong is a tourist hotspot, hence, the economy is mainly dependent on the shopping destinationsand tourism agencies. The theme park is technologically advanced with big rides and luxuriousambiences. Many places in Hong Kong had to go through urban development project.Disneyland project greatly affected the ecosystems of the adjacent islands (Woon & Lo, 2016).Internal environment: Walt Disney had already opened a theme park in Europe to expand itsbusiness. But the Disney theme park located just outside Paris did not take into account severalmanagerial issues as well as consumer preferences. Walt Disney found Chinese population verylucrative and wanted to open a theme park somewhere around China. After two American parksand one Japanese park, they wanted to avail of the Chinese market which was previouslyunexplored. Disneyland, after initial talks with Hong Kong government, eliminated any otherpossibility of majority ownership so that they could invest on management and fees of franchisefrom their first-cut profits. Finally, Walt Disney had a management team of long experience ofdealing with almost all the large and developed markets around the world. With the unparalleled
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2INTELLECTUAL CAPITAL MANAGEMENTresources and capital they already had, they could easily conduct proper market research beforediving into the market in Hong Kong.Strategic environment: Pricing is a big issue when it concerned Asian population. They set theprice as HK$640 for visitors but it was still beyond the reach of average visitors. The only rivalto Disneyland was Ocean Park. Ocean park was an old entertainment park, though they hadestablished themselves as an all rounder in Hong Kong with all sorts of rides (Higgins & Huque,2015). The pricing was also quite affordable. The only way it could not compete Disneyland wasaccommodation and dining, in both of which Disneyland was much superior.Intellectual Capital model:Human capitalRelational (customer) capitalOrganisational (structural)capitalFirm’s know-how isstrong, with longexperience and propertraining and technicalsoundnessofemployees.Vocationalqualification of theemployees are believedto be high since thefirm needs to maintainsuperior qualityservice.Since the firm hasserved developednations for a long time,occupationalassessments were doneproperly.Workrelatedcompetencies aremoderately high sincemajority is Asianemployees.Entrepreneurialacumen is high sinceDisneyland is a brandwith huge brand valueworldwide.Although Asiancustomers are believedto be price-sensitiveand miser, a section ofpopulation is veryenthusiastic. Hongkong attracts touristsfrom every part of theworld.Customers alwaysconcede to the brandvalue of the Disney.Walt Disney has verystrong connectionswith all sorts ofcompanies, and theyinnovatenewmarketing strategieswith the back up fromother media channels.The project wasbacked by governmentthat enabled Disney toThey have designrights for most of theiramenities.Their trade secret ishighly maintained andtheir service is thusvery desired byeveryone.Trade marks andservice marks are alsoa plus point forDisneyland.Disneyland hadrevolutionized familyentertainment conceptwith their theme parksconcept.Management processesare swift and hasslefree.Information andnetworking is strong.Financial relations aremediocre.
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