Disney relied on licensing agreements with the oriental land company to open its first foreign theme park, tokyo disneyland, which resulted in:

a. disney's meeting the challenge of localizing its product offerings in japan, leading to a low-cost advantage.
b. disney's taking advantage of the japanese consumer buying habits and demographics that no longer posed a challenge.
c. disney's reduced concerns over fluctuating exchange rates and country-to-country variations in host government restrictions and requirements.
d. disney's licensing partner, the oriental land company, reaping the windfall, since the partner who bore the risk was also likely to be the biggest beneficiary from any upside gain.
e. disney's reaping the windfall from the agreement because of learning curve effects.