Between 1988 and 1990 three $150 million amusement parks opened in France. By 1991 two of them were bankrupt and the third was doing poorly. Despite this, the Walt Disney Company went ahead with a plan to open Europe’s first Disneyland in 1992. Far from being concerned about the theme park doing well, Disney executives were worried that Euro Disneyland would be too small to handle the giant crowds. The $4.4 billion project was to be located on 5,000 acres in Seine-et-Marne 20 miles east of Paris. And the city seemed to be an excellent location; there were 17 million people within a two-hour drive of Euro Disneyland, 41 million within a four-hour drive, and 109 million within six hours of the park. This included people from seven countries: France, Switzerland, Germany, Luxembourg, the Netherlands, Belgium, and Britain. Disney officials were optimistic about the project. Their US parks, Disneyland and Disneyworld, were extremely successful, and Tokyo Disneyland was so popular that on some days it could not accommodate the large number of visitors. Simply put, the company was making a great deal of money from its parks. However, the Tokyo park was franchised to others—and Disney management felt that it had given up too much profit with this arrangement. This would not be the case at Euro Disneyland. The company’s share of the venture was to be 49 per cent for which it would put up $160 million. Other investors put in $1.2 billion, the French government provided a low-interest $900 million loan, banks loaned the business $1.6 billion, and the remaining $400 million was to come from special partnerships formed to buy properties and to lease them back. For its investment and management of the operation, the Walt Disney Company was to receive 10 per cent of Euro Disney’s admission fees, 5 per cent of food and merchandise revenues, and 49 per cent of all profits. The location of the amusement park was thoroughly researched. The number of people who could be attracted to various locations throughout Europe and the amount of money they were likely to spend during a visit to the park were carefully calculated. In the end, France and Spain had proved to offer the best locations. Both countries were well aware of the park’s capability for creating jobs and stimulating their economy. As a result, each actively wooed the company. In addition to offering a central location in the heart of Europe, France was prepared to provide considerable financial incentives. Among other things, the French government promised to build a train line to connect the amusement park to the European train system. Thus, after carefully comparing the advantages offered by both countries, France was chosen as the site for the park. At first things appeared to be off to a roaring start. Unfortunately, by the time the park was ready to open, a number of problems had developed, and some of these had a very dampening effect on early operations. One was the concern of some French people that Euro Disney was nothing more than a transplanting of Disneyland into Europe. In their view the park did not fit into the local culture, and some of the French press accused Disney of “cultural imperialism.” Others objected to the fact that the French government, as promised in the contract, had expropriated the necessary land and sold it without profit to the Euro Disneyland development people. Signs reading “Don’t gnaw away our national wealth” and “Disney go home” began appearing along roadways. These negative feelings may well have accounted for the fact that on opening day only 50,000 visitors showed up, in contrast to the 500,000 that were expected. Soon thereafter, operations at the park came under criticism from both visitors and employees. Many visitors were upset about the high prices. In the case of British tourists, for example, because of the Franc exchange rate, it was cheaper for them to go to Florida than to Euro Disney. In the case of employees, many of them objected to the pay rates and the working conditions. They also raised concerns about a variety of company policies ranging from personal grooming to having to speak English in meetings, even if most people in attendance spoke French. Within the first month 3,000 employees quit. Some of the other operating problems were a result of Disney’s previous experiences. In the United States, for example, liquor was not sold outside of the hotels or specific areas. The general park was kept alcohol free, including the restaurants, in order to maintain a family atmosphere. In Japan, this policy was accepted and worked very well. However, Europeans were used to having outings with alcoholic beverages. As a result of these types of problems, Euro Disney soon ran into financial problems. In 1994, after three years of heavy losses, the operation was in such bad shape that some people were predicting that the park would close. However, a variety of developments saved the operation. For one thing, a major investor purchased 24.6 per cent (reducing Disney’s share to 39 per cent) of the company, injecting $500 million of much needed cash. Additionally, Disney waived its royalty fees and worked out a new loan repayment plan with the banks, and new shares were issued. These measures allowed Euro Disney to buy time while it restructured its marketing and general policies to fit the European market. In October 1994, Euro Disney officially changed its name to “Disneyland Paris.” This made the park more French and permitted it to capitalize on the romanticism that the word “Paris” conveys. Most importantly, the new name allowed for a new beginning, disassociating the park from the failure of Euro Disney. This was accompanied with measures designed to remedy past failures. The park changed its most offensive labor rules, reduced prices, and began being more culturally conscious. Among other things, alcohol beverages were now allowed to be served just about anywhere. The company also began making the park more appealing to local visitors by giving it a “European” focus. Ninety-two per cent of the park’s visitors are from eight nearby European countries. Disney Tomorrowland, with its dated images of the space age, was jettisoned entirely and replaced by a gleaming brass and wood complex called Discovery land, which was based on themes of Jules Verne and Leonardo da Vinci. In Disneyland food services were designed to reflect the fable’s country of origin: Pinocchio’s facility served German food, Cinderella’s had French offerings, and at Bella Notte’s the cuisine was Italian. The company also shot a 360-degree movie about French culture and showed it in the “Visionarium” exhibit. These changes were designed to draw more visitors, and they seemed to have worked. Disneyland Paris reported a slight profit in 1996, and the park continued to make a modest profit through to the early 2000s. In 2002 and 2003, the company was once again making losses, and new deals had to be worked out with creditors. This time, however, it wasn’t insensitivity to local customs but a slump in the travel and tourism industry, strikes and stoppages in France, and an economic downturn in many of the surrounding markets.

1. What is Walt Disney Company shown as multinational enterprises (MNE) characteristics?
2. Disney instead of licensing some other firm to build and operate the park and settling for a royalty, it takes wholly ownership strategy in the firm, why?
3. Are Walt Disney and Euro Disney indicate the same strategy of MNE?
4. Before going ahead with Euro Disney, was there an external environmental analysis from Disney? Clarify.
5. total answer must be 800 words

Based on tests of a certain automobile, engineers have found that the miles per gallon in highway driving are normally distributed, with a mean of 31 miles per gallon and a standard deviation of 3.4 miles per gallon. 12 of these automobiles are randomly selected and the miles per gallon for each car are recorded.

What is the probability that the mean miles per gallon of this sample exceeds 33 miles per gallon?

Would this be considered unusual?

(a) The daily demand for hotel rooms in Greater Toronto Area (GTA) is given by the equation: QD = 230–35P. The daily supply of hotel rooms GTA is given by the equation: QS = 13+19P. What are the equilibrium price and the quantity of hotel rooms? 6 marks

(b) Suppose the demand for a bushel of Corn in 2000 was given by the equation QD = 2550–166P. At a price of $4.46 per bushel, what is the price elasticity of demand? If the price of Corn falls to $4.27 per bushel, what happens to the revenue generated from the sale of Corn?

A hotel downtown is trying to implement an employee recognition program based on a standardized problem solving test. The company administering the test indicated that the scores are normally distributed with a mean of 82 points, and a variance of 16. The hotel has decided that employees who score in the bottom 7.5% of the test scores will not receive any additional benefits. The manager would like to know:

a. The probability that an employee would score between 70 and 78 points

b. What cutoff score on the test should the hotel use to not give any additional benefits?

AdventureParks Ltd is evaluating the construction of a new theme park. The theme park would cost $ 495 ​million, but would operate for 20 years. AdvertureParks expects annual cash flows from operating the theme park to be $ 70.6 million and its cost of capital is 12.0 %.

a. Prepare an NPV profile of the purchase.

b. Identify the IRR on the graph.

c. Should AdventureParks go ahead with the​ purchase?

d. How far off could​ AdventureParks' cost of capital estimate be before your purchase decision would​ change?

A Bacon Factory is located in a small town. Also in the town is a Water Park. The smell of the Bacon factory has adversely affected the Water Park such that it has put in air cleaning equipment to eradicate the odor created by the factory.

The cost function of the Bacon Factory is: CBF= B² + 4B^1/2 + (1 − x)²

where B denotes the quantity of bacon produced annually and x denotes the quantity of pollutants that A creates in a given year.

Thus, the Bacon Factory can limit production costs by eliminating its air scrubbers. However, the air pollution increases the costs for the water park W, whose cost function is: C_WP = W² + 2x where W denotes the number of visitors to the Water Park on an annual basis. Suppose that the unit price of admission to the water park is $3 and that the unit price of bacon is $32.5 per unit.

1. Compute the profit maximizing visits (represented by W) created by Firm W (assuming W behaves competitively in the output market). Notice that W does not choose x. Also, compute W’s profits.

2. Suppose now that the two firms B and W merge, creating B&W. The management of B&W now maximizes B&W’s profits by appropriately choosing x, B, and W. Find the quantities of Bacon, Water Park Visits, and pollutants that the new firm produces. Also, find the profits of B&W.

Five Seasons Hotel is a chain with 10 hotels. Strategically, the chain implements a cookie-cutter approach to building and running its hotels, in that all hotels are practically identical. Five Seasons invested $150 million in acquiring the land for all hotels and $500 million in building and furnishing the 10 hotels to a guest-ready stage. Each hotel has 150 rooms. Each room has a rack rate of $200 per night but the hotel gives an average of discount of $30 per night off this base price. Each hotel costs $1 million in materials to run, and is staffed by 58 employees, each paid an average compensation of $50,000 a year. This staffing level implies a certain service level, which together with the rack rate and discount, determines the chain’s average occupancy rate—the percent of available rooms sold—in this approximate way:
Chain-wide average occupancy rate = 0.01 ? number of employees per hotel
? ( 0.0015 ?base Price ) + ( 0.01 ? discount),
subject to a maximum of 100% and minimum of 0% (base Price and discount are expressed in [$]). The company operates 365 nights a year.
1. Draw the ROIC tree and discuss its structure.
2. Use this tree to compute the current ROIC?
3. Reducing the number of employees reduces staffing costs, but it also reduces the occupancy rate when service level drops. What is the ROIC if Five Seasons reduces the number of employees to 50 per hotel?

The structure of the hotel industry

1- Describe the organizational chart of a 68-room, economy class hotel, franchised under a major chain’s logo, which has no food and beverageservice, not even breakfast.
2- Sketch the floor plan of the same hotel described abov

FORECASTING AVAILABILITY AND OVERBOOKING

A- On October 6, a 300-room property had occupancy of 70%. What is forecasted occupancy for October 7 if:
• 10 rooms are put out-of-order at 9am on October 6
• 150 rooms are on reservation
• Registration information indicates 101 rooms will depart today
• The hotel as an historical 6% cancellation rate
• The hotel as an historical 10% no-show rate

B- Assume that a 200-room hotel sold 50% of its rooms last night. Today, we anticipate that 75 rooms will depart. We hold60 6pm reservations and 90 guaranteed reservations. There are no advance deposits. What is the forecasted number of rooms available for sale
C- Assume that a given property has 300 rooms. After accounting for the day's departures and arrivals, 100 roomsremain unsold. Of these 100 rooms available, 50 rooms cannot be sold because they are out-of-inventory. In this case, theforecasted occupancy percentage would be

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this is not a marketing class its front office

IN THIS EXERCISE, YOU WILL SEE A CORRELATION MATRIX. EXAMINE THE MATRIX AND ANSWER THE QUESTIONS THAT FOLLOW.

1. Which two variables have the strongest (largest) relationship?

2. Which two variables have the weakest (smallest) relationship?

3. Which two variables have the strongest positive relationship?

4. which two variables have the stronger negative relationship?

5. Which two variables have the weakest positive relationship?
6. Which two variables have the weakest negative relationship?

7. Which variables go down when V$ goes up?

8. Which variable is most likely to increase as V3 increases?