When Disney relied on licensing agreements with the Oriental Land Company to open its first foreign theme park, Tokyo Disneyland.

Multiple Cholce

Disney no longer needed to contend with fluctuating exchange rates and country$-$to$-$country varlations in host government restrictions and requirements.

Japanese consumer buying habits and demographics no longer posed a challenge for Disney.

Disney was able to meet the challenge of localizing its product offerings in Japan, leading to a low$-$cost advantage.

Disney, not the Oriental Land Company, reaped the windfall because of learning curve effects.

the Orlental Land Company reaped the Windfall because the partner who bore the risk was also likely to be the biggest beneficlary from any upside galn.