The main motivations for internationalizing Elvis Presley Enterprises (EPE) were to create long-term profits, build global awareness of Elvis Presley, and build the Elvis Presley brand awareness in the music industry globally. Creating long-term profits and maintaining Graceland was a reactive motivation after Elvis Presley's death, while building global awareness and brand awareness were more proactive. Graceland is considered EPE's most important asset for future internationalization as it provides opportunities to innovate the mansion tourism market globally and attract more customers. EPE can maintain stable international income by creating online experiences like virtual tours of Graceland for those unable to visit in person. Key obstacles to EPE's internationalization include younger generations
The main motivations for internationalizing Elvis Presley Enterprises (EPE) were to create long-term profits, build global awareness of Elvis Presley, and build the Elvis Presley brand awareness in the music industry globally. Creating long-term profits and maintaining Graceland was a reactive motivation after Elvis Presley's death, while building global awareness and brand awareness were more proactive. Graceland is considered EPE's most important asset for future internationalization as it provides opportunities to innovate the mansion tourism market globally and attract more customers. EPE can maintain stable international income by creating online experiences like virtual tours of Graceland for those unable to visit in person. Key obstacles to EPE's internationalization include younger generations
The main motivations for internationalizing Elvis Presley Enterprises (EPE) were to create long-term profits, build global awareness of Elvis Presley, and build the Elvis Presley brand awareness in the music industry globally. Creating long-term profits and maintaining Graceland was a reactive motivation after Elvis Presley's death, while building global awareness and brand awareness were more proactive. Graceland is considered EPE's most important asset for future internationalization as it provides opportunities to innovate the mansion tourism market globally and attract more customers. EPE can maintain stable international income by creating online experiences like virtual tours of Graceland for those unable to visit in person. Key obstacles to EPE's internationalization include younger generations
The main motivations for internationalizing Elvis Presley Enterprises (EPE) were to create long-term profits, build global awareness of Elvis Presley, and build the Elvis Presley brand awareness in the music industry globally. Creating long-term profits and maintaining Graceland was a reactive motivation after Elvis Presley's death, while building global awareness and brand awareness were more proactive. Graceland is considered EPE's most important asset for future internationalization as it provides opportunities to innovate the mansion tourism market globally and attract more customers. EPE can maintain stable international income by creating online experiences like virtual tours of Graceland for those unable to visit in person. Key obstacles to EPE's internationalization include younger generations
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Elvis Presley Case
Juan Pablo Hernandez
Tobias Valling Stubkjær
(1) What are the main motivations for the internationalization of Elvis Presley’s Enterprises (EPE)?
Creating long term profits for EPE and maintaining Graceland.
- Elvis Presley world known name access the opportunity to internationalization the EPE to create long-term earning profits for the Elvis Presley brand. They opened his old mansion Graceland and made it available for the public to visit, basically turning it into a museum to come visit. Hereby they also create a long-term profit. Graceland has 4,000 visitors per day in July and about 2,000-3,000 in the dead of winter and they take 25$ per ticket. EPE makes $15 million on the tickets alone, plus all the accessories. Building global awareness of Elvis Presley. - Most of the visitors in Graceland are Americans from different parts of the US. By making global awareness about the Elvis Presley Graceland, they will increase the foreign visitors and thereby make even more money. A great motivator for the internationalization of EPE. EPE can take advantage of the moment and Elvis Presley still living fans and his status as a rock-legend in the world of music. Building brand awareness and gaining market share in the music industry. - Elvis Presley became a brand quickly after his death and hereby was the great opportunity to make his merchandise available not only for the American’s but for the whole world by internationalize. His status in the music industry helped making the brand of Elvis Presley. By making remix of his songs in the early 2000’s he once again showed dominance in the music business and creating awareness of Elvis Presley even many years after his death.
(2) Classify the motivations of question number one as either proactive or reactive:
Creating long term profits and maintaining Graceland was a reactive approach after the event of Elvis Presley’s death. The Proximity to international customers and compete in the domestic market. Building global awareness and brand awareness are a proactive approach, because with these measures they can avoid his growth goals and search more profit. Also, foreign market opportunities because he is still an icon in the music business known by younger people as well as older people.
(3) Which could be the more important assets for the future internationalization of EPE?
Graceland is the most important asset for EPE. The people who administrate Graceland need to adapt things from the market (advertising, prices etc.) and they need to have a good online platform to continue to innovate their market opportunities online to reach a more globally clientele. Graceland is the opportunity to innovate the mansion market in all the world and achieve even more customers that also will visit the restaurants and by the merchandise. Graceland therefore must be proactive and reactive to the competitors in the market.
(4) What can EPE do to maintain a stable flow of income from the international markets?
In this case EPE can create incentive from the international markets where all the people can know about the brand and Graceland. It could for an example be an online tour for the people who doesn’t have the opportunity or time to visit Graceland in the USA. Continue to innovate is very important today in every aspect. Graceland must be more involved with today’s technology and thereby increased their innovation targeted the global domestic market.
(5) What factors could be an obstacle to the internationalization of EPE?
The new generation doesn’t care about Elvis Presley. Who he was and what he did? This would result in a slowly decrease of the brand in the long-term run. The fact that Graceland is in Memphis Tennessee in USA makes it very far from the rest of the world and very expensive. And the trouble of getting into the USA also makes it a huge obstacle. Other obstacle is to create the correct advertising in other countries. For example the fact that his old mansion Graceland is open to visit.
