Identify one marketing problem OR opportunity the organization is facing as the focus of their project
Part B: MARKETING PROBLEM/OPPORTUNITY
Objective:
1.As a result of the analysis(PART A), students should be able to clearly identify the focus of their project: one marketing problem OR opportunity that the selected organization is facing. Specifically, this analysis should cover the following:
(1)Identify one marketing problem OR opportunity the organization is facing as the focus of their project
(2)Justify why you choose the problem/opportunity
-Understand why the problem occurred
OR
-Understand the pros and cons of an opportunity.
Expectations:
1.This analysis should be developed based on relevant conceptual framework learned in class.
2.In conducting this analysis, students are required to utilize industry-based resources (e.g.the tourism bureau, government websites, quality statistical information, organizational information) and provide data or evidence in support of their arguments.
3.The submitted work should be professionally prepared with appropriate references to necessary tables, figures and appendices.
Writing Objective:
1. Students are to demonstrate their writing skills with respect to summarizing/synthesizing research previously conducted.
2.Students are to demonstrate their writing skills with respect to linking the summation of the situational analysis to the subsequent identification of marketing problems/opportunities.
PART C: MARKETING STRATEGY PROPOSAL
Objective:
1.In finalizing the marketing strategy proposal, students are to assume the position of the organization’s marketing team who is responsible for preparing a report for the organization in order to commence the annual business planning process.
2. As a result of the analysis, students should be able to propose solutions to solve their identified marketing problem, or to capture their identified marketing opportunity. Specifically, this analysis should cover the following information:
(1).Develop a creative, feasible and concrete marketing plan with the 7Ps framework to solve the proposed business problem
(2).Explain how you would measure the expected business outcomes
(3).Discuss the limitations of your proposed solution
(4).Conclusion
Expectations:
1.This analysis should be developed based on relevant conceptual framework learned in class (e.g., 7P framework).
2.In conducting this analysis, students are required to utilize industry based resources (e.g., tourism bureau, government websites, quality statistical information, organizational information) and provide data or evidence in support of their arguments.
2. The submitted work should be professionally prepared with appropriate references to necessary tables, figures and appendices.
Writing Objective:
Students are to demonstrate their writing skills with respect to writing as a business professional, using multiple information sources. The report must include an executive summary, table of contents, clearly identified sections as well as appendices that include supporting figures or diagrams.
Cirque du Soleil has set the standard when it comes to massive theatrical productions encompassing acrobatics, aquatics, fire, and much more. “The mission of Cirque du Soleil is to invoke the imagination, provoke the senses and evoke the emotions of people around the world” (Cirque du Soleil Inc., n.d.). From humble beginnings starting in the early 1980’s, as a small group of street performers, to now becoming one of the most well-known brands in theatrical production, the team at Cirque du Soleil strives everyday to turn the company’s mission statement into reality. As far as the Las Vegas market is concerned, Cirque du Soleil has a monopoly on theatrical productions throughout the city. The company has fostered a strategic partnership with MGM Resorts Inc., positioning themselves head and shoulders above the other competition in the industry. This partnership with MGM has allowed them to expand from their 1 original Las Vegas show, Mystere, to now having 7 different permanent shows that play throughout the strip (Cirque du Soleil Inc., n.d.). The brand has also vaulted onto the world stage with shows and tours taking place on multiple different continents throughout the world. The current targeting market that Cirque du Soleil is focused on are theatergoers between the ages of 40-60 (J.Guilford, personal communication, September 28, 2019). Looking to the future however, the company hopes to expand its target market to include a wider variety of age groups and demographics.
Strengths
Brand recognition is one of the defining strengths of the company. You would be hard pressed to find somebody, anywhere in the world that has not at least heard of Cirque du Soleil. This brand recognition allows for greater freedom in multiple areas of the business, but also creates other strengths as well. A strength that is a by-product of the brands recognition is the talent pool that the company can lean on for employment. According to Guilford (2019), they are able to recruit acrobats because people want to work there (personal communication). Cirque du Soleil’s current roster of 1300 artists and performers hail from 55 different countries around the world (Cirque du Soleil Inc., n.d.). Being able to pull some of the best talent from all across the world will continually breathe new life and energy into the company, and allow the audience to receive the best performance possible. Creativity is also a major strength for Cirque du Soleil. Per the company’s mission statement, invoking the imagination is a core principle that the company is founded on. Creativity in the workplace allows for more freedom of expression for all the employees, and keeping your employees happy will result in higher productivity, and the more engaging and grass roots the creative process is, the better the final production will be.
Weaknesses
Cirque du Soleil does fall victim to problems that plague other theatrical shows. One of these weaknesses is the replay value of the performances themselves. While each show is unique in regards to the specific details of the performance, they are all very similar. You expect to see crazy acrobatics, and eye-popping effects with each show, and after you’ve seen the show one time, you know that you will get the same experience from all the other shows. Another weakness is the lack of marketing towards children and families. Las Vegas as a market is slowly moving away from catering towards high-end gamblers, and is more focused on diversifying the revenue streams of each casino. Cirque has not yet followed suit with their marketing and still target older guests. The pacing of the shows is another weakness for the company. People expect a cirque show to keep them on the edge of their seats throughout, but many complaints that consumers level against the company is how long their shows last. Many reviews can be found stating how boring the shows get with people literally falling asleep due to the length of the performance. You can’t market a show as being an unforgettable experience when attendees are falling asleep in their seats. A final weakness for cirque is how unadaptable their sets are to change. With creativity and imagination being a strength for the company, and a major factor in their marketing campaigns, it is hard to bring that to fruition when the complexity of the stage and setting make it impossible for the show to adapt to new ideas.
Opportunities
There are many trends that present lucrative opportunities for Cirque du Soleil to take advantage of. One such trend is the increase in leisure travel spending throughout the world. In 2017, approximately 60% of business trips were extended to leisure trips both in the US and globally, an increase of 40% since 2016. (Trends in Global, 2019, p. 6). This shows that more people are willing to extend their business trips if there is something worth staying for. Cirque du Soleil could also offer earlier time slots for travelers, giving them an option to watch a show during the day and not just limiting people to night shows. A final opportunity is to take advantage of and cater towards a growing population of millennial travelers. Nearly 70% of millennial travelers are likely to extend their business trips to leisure trips. (Trends in Global, 2019, p. 6). With this statistic in mind, it would make sense to market more toward millennial travelers since they are more likely to extend their trip to have a good time.
Threats
A little known but major threat to Cirque is day drinking. Since Las Vegas is known as a party city, people are more inclined to partake in some early day drinking causing effects on late night entertainment (J.Guilford, personal communication, September 28, 2019). Nobody wants to walk around Vegas all day, drinking and having a good time, then be stuck in a show during the night.. People usually want to be up and having a good time. Another major threat to Cirque du Soleil is other party cities like Ibiza. Vegas is not becoming the go-to hotspot anymore, Ibiza is gaining more and more popularity taking away potential Vegas visitors (J.Guilford, personal communication, September 28, 2019). Coupled with this threat is the fact that millennial travelers are not as likely to come to Las Vegas because of the allure of the casinos anymore. US Millennial travelers are attracted more to dining and learning new things while on vacation. (Trends in Global, 2019, p. 9). Unless Las Vegas can change its perception on the world stage to capitalize on this new revenue stream, then foot traffic will continue to decline to the Las Vegas based shows.
References
Cirque du Soleil Inc. (n.d.). About Cirque. Retrieved from https://www.cirquedusoleil.com/press/kits/corporate/about-cirque
Guilford, J. (2019, September 28). Personal interview.
Trends in Global Millennial Travel: An insight into the key trends, behaviours and issues of millennial travellers. (March 7, 2019). Retrieved from https://consumer.globaldata.com/Analysis/details/trends-in-global-millennial-travel
Tourism Source Market Insights: The US – 2016. (January 28, 2016). Retrieved from http://consumer.globaldata.com/Analysis/details/usa-source-market-insights
Mel’s input:
https://www.cirquedusoleil.com/casting/life-at-cirque/work-conditions
This article shows the working conditions of the performers/employees, one of the strengths/opportunities is that Cirque du Soleil will provide and pay for work permits and visas. This is extremely important because it allows people from all over the world able to legally work in whatever country they decide. The United States of America is one of the hardest countries to get a working visa, having Cirque du Soleil provide this amazing opportunity is definitley a strength.