As I am enter my mid-20s, I am starting to realize the value that cooking has. It provides a hot meal on those cold winter nights and an excellent excuse to invite friends over to dinner. Alas, I was never taught how to cook nor the skills required to prepare a wholesome meal. I knew that if I tried to make a meal by myself (having no experience,) it was likely to be a colossal disaster. So, last time I visited my family, I asked my Mom if I could prepare the dinner with her help and guidance.
Essentially, I was partaking in a strategy commonly used called Synergy, where the product of two or more efforts creates a sum that is greater than the sum of those individual efforts. I would never be able to make the Mediterranean Chicken meal to the desired quality if I didn’t team up with my Mom.
The strategy of Synergy can be seen in the marketplace and is often discussed in Board Rooms. It is the main reason why two companies would merge. If Company X feels that they can produce a better outcome with Company Y, then they might purchase Company Y to gain more market share or a more profitable operation.
One superior case study that my class recently analyzed was the Synergy that the Walt Disney Company has been utilizing in their history. Disney started making exceptional full-length animated features, but they used their Theme Parks to accentuate their product and popularize it. When you enter the Magic Kingdom, you can experience your favorite Disney movies on rides, attractions, or the characters in costume. The Theme Parks bring the movies to life and make them even more popular for the consumer.
Another example of Synergy that Disney embraced was when they purchased the Media Network Company, ABC. Now, Media Networks is the most profitable revenue stream ($23.26 Billion) for Disney. It makes more money than their Theme Parks and Resorts ($16.16 Billion) or their Studio Animations ($7.37 Billion). Disney believed that incorporating these industries under one umbrella would create a more profitable organization than if they continued producing media on an individual basis and selling it to various Media Networks.
As Disney continues to look for new ways to create Synergy (acquiring Marvel to enter the Comic Book-Superhero film industry, acquiring Lucasfilm to enter the Science-Fiction film industry, etc…) I hope to use Synergy to make more meals with experienced chefs and grow my cooking skills.