According to option pricing theory, investment project often added value from it associated real options. Hong Kong Disneyland theme parks as an investment project has in enhancing its upside potential as well as reducing its downside risk in different economic conditions. In the early stage, due to the changing of environment and seasonal fluctuations, it result the development of Hong Kong Disneyland’s cash flows into irregular pattern. However, after the project has been switch, defer and expand, the value of the development of Hong Kong Disneyland is enhanced. With this, the Walt Disney had added attractions and other theme parks to the original theme park and turned Disney World into a vacation resort. In future, if the Hong Kong Disneyland project furthers their strategic options, the value of Hong Kong Disneyland will definitely increase and becomes attractive. The government projected that the theme park will attract a huge number of foreign and local attendees and
Since the establishment of Hong Kong Disneyland project, Hong Kong Special Administrative Region (HKSAR) government has been successfully established its own legitimacy. However, Hong Kong people rise up their doubt and even challenged the government because of government go through democratic election producer underneath. But, with the launched of Hong Kong Disneyland project, it grows Hong Kong people shown their confidence towards their government. After the success of Hong Kong Disneyland, it makes the politic of Hong Kong become stable compare to the time of colonialism, and thus, it attract more visitors who was stay nearby visit to Hong Kong. Hong Kong Disneyland has been made use by HKSAR to re-nationalize and decolonize Hong Kong society and to remodeling Hong Kong as a spectacular tourist magnet instead of a citizen-based participatory community simultaneously. In addition, Hong Kong Disneyland consolidates Hong Kong’s reputation as a shopping paradise for tourists.
Base on the study, compare with the other transnational corporations, Hong Kong Disneyland intentionally localizes the Hong Kong Disneyland theme park by keeping it completely. Hong Kong Disneyland didn’t modify any version but just keep an original version of American fantasy and imagination to it audiences. Although visitors who are come from mainland Chinese are not familiar with the characters of Disneyland, but Hong Kong Disneyland theme park assumes that those visitors can fully know the plot and legends of Disney animations; if they do not understand that, sure one day they will. Moreover, there is no obvious localization strategy buy just a segmentation of Mainland Chinese, English speaking visitors and Hong Kong. However, what the visitors’ experiences is difference, this is because this is a free, individualist American atmosphere that intensely contrasts with the repressive state in which they reside.
Base on the study, visitors are satisfied towards Hong Kong Disneyland theme park service quality consists of appearance, atmosphere and facilities, but visitors are disappointed with their staff performance in factors of “responsiveness and access”, “assurance” and “empathy. Hong Kong Disneyland is top five popular attractions for Hong Kong visitors. Therefore, it should not overpass the Hong Kong tourism industry. In order to build the good image and good reputation for Hong Kong, Hong Kong Disneyland theme park should provide high quality service to meet the demand of the visitors. Therefore, it can enhance the competitiveness of Hong Kong as a tourism destination. Hong Kong Disneyland Company should provide relevant training for their staff, it is because staffs play an important role during the whole service delivery process, and therefore to increase the customer satisfaction level in meeting their desires.
Base on the study, the case of Hong Kong’s tourism reflects and reinforces the meaning through how its source and symbol of identity has an importance for people and places during the period of transition when configurations and meanings are subject to interpretation and change. During the entire process and outcome, government plays an important role to influence over it. In addition, all of this identity, heritage and tourism will only become apparent in the expansion in Hong Kong history. From the perspective of marketing, the unique identity of Hong Kong is a way which can attract visitors to visit and also to compete in such competitive tourism industry. Furthermore, such homogenized place can sell as a product. If Hong Kong loses its unique identity, it will become danger in Hong Kong tourism industry because it wills loss of tourist arrival.
The meaning of globalization is the interaction between the global and the local. Base on the study, even as giant as the Disneyland, it’s also have to adapt to the local preferences. Therefore, it can help to generate maximum profit and stay competitive to compete with other such as Disneyland Paris. Disneyland Paris has shown the globalization work. The Disneyland of Paris have make this successful with (1) cutting the price, (2) turning shows and setting into French style, (3) change of food menus and eating habits and (4) change of employee customs and labor policies. Besides that, Disneyland Paris has generated a lot of profits. Walt Disneyland Company not only had accommodated to Europe’s local preferences, but it also applied to Hong Kong after Hong Kong Disneyland was opened in 2005.
Base on the study, this journal discussed the economic and social problem of Hong Kong since 1997. Hong Kong’s economic become even worse when the economic downturn, achievements and progress in social development for Hong Kong people. Therefore, the amount of unemployment is increase. The unemployment rate of Hong Kong is highest if compared to other countries such as Malaysia, Singapore, South Korea and Thailand. Therefore, this is the time for Hong Kong to learn from it neighboring stated which can help Hong Kong people sustain during the financial crisis.
Base on the study, it investigates the relationship of competition and cooperation between the theme park and tour operators in the context of Hong Kong. Since last time, the tourism industry has significantly raising in the world with it fastest movement development, the broadest prospects, and the largest scale. In addition, Hong Kong Disneyland’s stakeholders using different operate system to resolve their different business, not only by individual enterprises but also tourism supply chain. Theme parks are always the attractions point in tourism supply chain; for example, Hong Kong Disneyland is a key milestone in the development of Hong Kong’s economic. With the direct purchase mode and ticket exchange voucher mode strategic, theme park has been found out is the market leader and the tour operator is the follower. Despite the fact, both also bring profit to its own.
Hong Kong’s tourist is one of the most prominent destinations among Asia country. In addition, tourism of Hong Kong also is the main economic pillars of Hong Kong, abreast with financial, professional services and financial. There are competitive for visitors throughout the region, therefore, Hong Kong Special Administrative region (SAR) government to promote the city as a top-class destination for leisure by turning Hong Kong into “Asia’s World City”. Government has made a lot of efforts such as to provide additional infrastructure, improve the facilities, and increase the service quality and so on. With the success of all these efforts, even in the future of Hong Kong tourism industry, it really depends on the people who are employed in this industry. Therefore, higher education in hospitality and tourism education play an important role in preparing employees and executives for the tourism industry in Hong Kong and worldwide.
Base on the study, the world today can be characterized by the reality of business globalization and huge competition in all industrial sectors. The challenges are to compete favorably in the global market place if it exist today and as it grow tomorrow. Therefore, companies and individuals have to manage and adapt to the changing conditions and to cope with these conditions. The creative and regenerative value of metaphors is revealed in this study, which appear to bring serious effect for Disney’s theme park in Hong Kong and Paris. The educational metaphors for Disney such as cultural chernobly, political football, organ transplant and supermarket, and stakeholders, with all of these metaphors, Disney can identify these through a strategic surveillance process, and therefore, important for Disney to embarks on Hong Kong and Japan Disneyland.
Another major attractiveness theme park and also one of the key competitors of Hong Kong Disneyland is Ocean Park Hong Kong, which was officially opened on January 10, 1977. The number of visitors of Ocean Park Hong Kong has been increasing since the introduction of an “individual visit scheme” for mainland Chinese tourists. Since 2004, after the “Christmas sensation event” held, it drew more than 2 million visitors dramatically in the following years. But the problem of queuing has become an important issue for the park management. Base on the study, Western tourists are more willing to wait than Chinese tourists. Ocean Park should take steps to improve the waiting environment and provide better waiting experience for visitors. Therefore, park management by reducing actual waiting times to help increase the satisfaction levels of tourists.
Tokyo Disneyland was opened in April 1983, is another Disneyland located in Japan Tokyo, which is a licensed version of the American theme park and was re-made in Japan. Tokyo Disneyland was the biggest workplace among Japan’s diversionary outings since 1996, and also the most successful theme park in the world. Base on the study, it focuses on the organizational culture of Tokyo Disneyland. The success of it was due to the cultural fit between the Disney Way and the strong Japanese organizational culture developed in the context of regular workers and also the appropriation of the Disney Way followed the movement of the Japanese labor market in the 80’s. Tokyo Disneyland’s hybridization of organizational culture provides broader processes of globalization and a special interflow of global and local, America and Japan.
Tourism is considered an “engine of growth” in developed countries. In addition, also closely link to the development and planning. Base on the study, since the day Disneyland Paris opened, it gave French society positive returns for its public investment, although the company was registering losses. The French mode of social regulation helped to anchor the major capital of Disneyland projected generated, therefore, its economic benefits can directly translated into social benefits. With the incorporation of French mode social regulation, its help to rescheduled the economic crisis and stabilized future.
From the past few decades, the global theme park industry has fairly grown. There are few factors such as the volume and quality of advertising campaigns and marketing, guest experiences and development of new product, as well as external variables, in which the parks have to overmaster like competitors” strategies, economic condition, government regulations, weather, gasoline prices and so on, all of these are the factors which will affect the continuous growth of the theme park. Theme park industry has produced a broad circle of political, social and economic influences few key sectors. It will continue have an impact on society and will adjust their entertainment to changing cultural, social, political thought. Moreover, will continue to grow and impact a variety of demographic and socio-economic sections of the community in which they operate in destination development and sustainability.
Since 1997, Hong Kong reversion to China, Hong Kong placed an important emphasis on define its international visibility as a Special Administrative Region (SAR), a gateway to the Mainland in terms of finance, investment, trade, transport, tourism and communications. Therefore, to claim it image as “Asia’s world city”. This led to the Brand Hong Kong’s mission with to provide a better focus to the international promotion of Hong Kong. But, if this “progressive development” is still persisting, then the Hong Kong cultural will come to the last generation. However, few campaign have shown that the Hong Kong cultural did not come to its last generation due to the Hong Kong residents are not willing to surrender their history to the mercenary exploits of the administration.
From the past to this new millennium, the Asia Pacific travel and tourism industry has gone through some hard time in its modern incarnation. Base on the study, there are few dominant forces which may influence over the Asia Pacific travel and tourism industry in future. First dominant forces are the old, new and evolving inbound and outbound market. As growth and prosperity consolidate in Asia Pacific, the region will increasingly host international mega-attractions and mega-events, such as Disneyland Hong Kong. Upon the open of Hong Kong Disneyland, the park already makes an immediate difference to Hong Kong Special Administrative Region’s economy. Not only created thousands of job opportunities during the construction phase but also the opening of the Disneyland. Moreover, Hong Kong Disneyland theme park is estimated will be a huge draws for families across Asia.
As being the hub of many Asian Airlines, Hong Kong has become one of the most popular travel destinations in Asia. It drawn the whole world attention to Hong Kong about it future on the other after Hong Kong reversion to China since 1997. But before four months before the handover, the amount of tourist arrivals to Hong Kong began to decline. The economic turmoil in Asia has a tremendous impact on the tourism industry including Hong Kong. New government faced the issue of economic problem. During October 23, 1997, Hong Kong stock market crashed, after interest rates had been raised to protect Hong Kong dollar from currency problem. Because of the currency problem, many visitors have been attracting away from Hong Kong to other country. Base on the study, the new political which represent Hong Kong bring more challenges than opportunity. People in tourism industry are hope that Hong Kong’s tourism industry will recover as soon as the Asian economy recovers, but actually are not. Therefore, this is a long term growth or a struggle for Hong Kong tourism industry.
Forms of tourism that are highly popular in the Asia pacific region include urban tourism in major cities including Hong Kong. In all of these destinations, expanding meetings, incentives, conventions and exhibition markets can build up the growth, which from business travel markets and other leisure tourists for the broad range of cultural attractions that metropolitan cities can provide. Since Hong Kong handover to China, fears of repression and the end of democracy have led to the reducing amount of tourists’ number. The current condition of recession is likely exacerbated and reports that Hong Kong have been replace Tokyo as the most expensive city in the world. The past year has been one of the tremendous changes affecting tourism in Asia Pacific region. Therefore, changes are inevitable in many aspects of Asia Pacific region.
Base on the study, Disney have successful adapt the globalization theory to Hong Kong Disneyland with the changes of setting and décor, reduce the price, adaptation to local customs and labor practices. Since it opened in 2005, Hong Kong Disneyland lack of success within a year. Walt Disney Company failed to understand local Chinese customs, but also their eating habits, meal times, and so on. But after Disney adjusts to local preferences it led Disney to produce high profits and stay competitive in the global market place. The globalization works when Disney minimizing US culture and maximize the Chinese cultural. Now, Disney not only adapts the themes, products, ideas, services, and even the whole entire organization including corporate philosophies and strategies, model for supervisor (employee relations) and so on. All of these are closely linked to the contexts and the sociocultural environment in which they are performed.
Hong Kong and Singapore are most open and dynamic economies among Asia Pacific Region. Besides that, both also the leading tourist destinations, and strive to look after as the tourism hub in the region. International Institute for management development (1998) stated that, Hong Kong and Singapore hold the second and third place in the competitiveness rankings worldwide. Due to the strategic location and the unique competitive structures of both Hong Kong and Singapore, these two countries’ economies have made strong economic advantages for the rapid growth of their tourism and hospitality industry. Based on the study, a competitive strategies employed by travel agents and hotels in Hong Kong and Singapore have play an important role in hospitality industry. Moreover, they managed to stay ahead in maintaining a competitive edge based on non-price and price-related (cost) strategies both internationally and domestically.
Since early 1997, Hong Kong tourism industry sector visitors amount have dropped dramatically. The significant numbers of Hong Kong’s major tourism markets contribution was Japanese market. Japanese market was defined as a high-generating market in term of tourist arrivals and tourism receipts, but due to the discriminatory pricing for Japanese tourists during the handover period, it discouraged inbound Japanese travel and even worse that undermined the reputation of Hong Kong as an international tourist destination. Base on the study, Japanese tourists are satisfied with the accessibility of Hong Kong, in term of transportation, customs procedures, immigration, open street markets and shopping arcades. All of this factors influencing Japanese tourists’ overall satisfaction level, besides that, the likelihood of Japanese recommending Hong Kong this place to other people.
The amount of inbound tourists to Hong Kong has continuously increased, and big portion was occupied by Mainland Chinese tourists, it is also because of the geographical proximity and political ties in between Mainland China and Hong Kong. This phenomenon so called “Chinese tourists’ wave” was influx by Mainland China’s tourists, and have been brought enormous change to Hong Kong’s tourism industry, even local community and economy. Base on the study, local residents recognize the existent of this wave, it is because of the significant economic benefits have been brought. On the other hand, local residents perceive the dimension of environmental, social-cultural and other costs negatively. Furthermore, local tourism authorities can use this useful information to formulate future strategies and policies towards the “Chinese tourists’ wave”.
Hong Kong is the top destination cities for tourists among Asia country, the top three major tourists was Taiwan, Mainland China and Japan. With the launch of Individual Visit scheme (IVS), Mainland China tourists enjoy the relaxed visa requirement and lately become the first source market in Hong Kong tourism. Base on the study, error correction model (ECM) acknowledged that tourists are income-elastic, in which they consider travel to international tourism was a luxury product. In addition, the effect of the nominal exchange rate on tourism is also significant for Japan, it because Japanese are more sensitive with the exchange rate but Chinese and Taiwanese tourists are not. Hong Kong tourism was benefits from the implement of new visa requirement. Moreover, more Chinese residents can afford to travel abroad for sightseeing and shopping with the economic growth of China.
Hong Kong people had a desire for materialistic attainment for their quality of life. With the rapid economic development, Hong Kong has become a modern financial hub of the Asian-Pacific region. Furthermore, to sustain the economic growth, Hong Kong government and private enterprise has encouraged further digitalization and globalization of Hong Kong. In addition, decolonization and westernization of Hong Kong has cause many Hong Kong people to migrate, do business or study in other country, but after Hong Kong handover to China, Hong Kong people have return and this contributed Hong Kong to a higher level of global life, which is positive for peoples’ enjoyment, happiness and overall quality. However, despite the fact that due to the rapid and continuous socioeconomic development since the 1960s, majority of Hong Kong people didn’t feel content with their quality of life.
A country which is renowned for its complexity and bureaucracy and regulating everything, which is French. Their implementation involves different levels of authority and action, many actors and many types of policy instruments. In addition, it is not surprise that the government will take charge of every aspect include tourism projects. Therefore, the structures set up and planning culture of Disneyland Paris project are definitely take part by the French government. Moreover, the French government shows it interest in Disneyland theme park project because of the redistribution of benefits or revenue among social classes. Besides that, it also helps Paris to create urban growth pole economically independent. Furthermore, the Disneyland Paris project is based on public-private partnership which means the private company and government each presume responsibility and risks that are specifically theirs. This is totally different from other mixed economy country which the private company and government take on responsibility and risks together. The convention decides the responsibility and duty of each partner, not just those of the French government.
Based on the study, Hong Kong tourism market will dominate by Japan, Taiwan and Mainland China which during the forecasting period. But as the figures published from HKTB, it showed that the forecasts have been overestimated in long-haul market. The reason is tourists from Taiwan, Japan and Mainland China from these markets are more likely to cut their travelling expenses in Hong Kong. As a result, the negative impact of the financial crisis on long-haul market will definitely made Hong Kong’s tourism industry undergo losses. In contrast, short-haul markets are predicted to perform stably during the forecasting period. This study shows that there are strong relationships between demands for Hong Kong tourism and both the price of tourism products in Hong Kong and income levels in origin markets. Therefore, it is important for Hong Kong’s policy makers closely monitor economic conditions in this tourism source markets.
Based on the study, Mainland Chinese visitors created blog and micro blog to share their travelling experiences in Hong Kong with the objective of how this could help market a destination. As the result from 300 micro blog and blog indicate that generally Mainland Chinese bloggers have positive image towards Hong Kong as a travel destination. The travelers write about their experiences of attraction and food in the destination with photos provided. The photos posted create a very favorable image of the facilities and destination. Tourism organizations should consider using micro blog and blog service providers for marketing purpose in two ways.
Based on the study, Chinese tourists perceived the overall destination image of Hong Kong positively, there were unfavorable perceptions about the price of meals outside hotels, the quality of cosmetics and skincare products, five star hotel rooms and the experience at some attractions. With the emerging of popularity of travel blogs, all those information are useful to Hong Kong Special Administrative Region government, tourism practitioners and HKTB in map out strategies and making improvements to enhance and maintain the destination’s competitiveness.
From the past few decades, brand names have made a Trustmark like never before. There is an opportunity for businesses to stand out and illustrate that they have a strong commitment to people. The most important is the character and reputation, will definitely imposed brand a personal connection with customers and will measure the success in future. Based on the study, Disney is the brand which mentioned in this journal which Disney represented many of characteristics 50 years ago. For example, Mickey Mouse club was shows via movies and television and he was authentic, as there were many characters at Disneyland.
Based on the study, in the 20th century affair, Walt Disney is arguably having impact over the figure in animation. Besides that, Walt Disney also famous as the creator of the first theme park, Disneyland. In addition, Walt Disney as the creator of the “emotional environment” of the first animation only studio, he also expands his learning into a series of innovative projects such as Disneyland, the California institute of the arts and so on. Disneyland is named as the essentially a giant movie set, with each feature of the designed is to awake everyone emotional. In addition, Disneyland will definitely ensure visitors who entry to the park would be substantively separated them from outside reality world. That is because Walt Disney intended to induce his guests on the appropriate mood, so that once these guests came into the Disneyland, they were ready for “happiness”. Yet, Disneyland was merely the beginning.
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