Harvard Case - Mountain Musical Theatre Company: Making a Statement
"Mountain Musical Theatre Company: Making a Statement" Harvard business case study is written by Brian Lane, Brooke Klassen, Vince Bruni-Bossio. It deals with the challenges in the field of Accounting. The case study is 3 page(s) long and it was first published on : May 31, 2017
At Fern Fort University, we recommend that the Mountain Musical Theatre Company (MMTC) embark on a comprehensive strategic transformation to address its financial challenges, enhance its artistic reputation, and ensure long-term sustainability. This transformation will involve a multi-pronged approach encompassing financial restructuring, operational efficiency improvements, marketing and audience development initiatives, and a renewed focus on artistic excellence.
2. Background
The Mountain Musical Theatre Company (MMTC) is a non-profit organization facing financial difficulties despite its strong artistic reputation. The company has been struggling to attract audiences and generate sufficient revenue to cover its operating costs. This case study examines MMTC's financial situation, its artistic goals, and its potential strategies for achieving long-term sustainability. The main protagonist is the Board of Directors, who are tasked with guiding the company through this challenging period.3. Analysis of the Case Study
The case study reveals several key challenges facing MMTC:- Financial Instability: MMTC's financial statements show a consistent pattern of operating losses, indicating a mismatch between revenue and expenses. This is further compounded by the company's reliance on a single, large donor, creating a precarious financial foundation.
- Limited Audience Reach: The company's audience base is primarily composed of local residents, limiting its potential for growth. The case study highlights the need to expand its reach to attract new audiences and increase ticket sales.
- Operational Inefficiencies: MMTC's operational processes lack efficiency, leading to unnecessary expenditures and potential for cost optimization. This includes aspects like ticket pricing, production costs, and marketing efforts.
- Artistic Vision and Sustainability: While MMTC boasts a strong artistic reputation, it faces the challenge of balancing artistic ambition with financial constraints. The company needs to find a sustainable model that supports its artistic vision while ensuring financial viability.
Applying a Strategic Framework to analyze MMTC's situation, we can identify key areas for improvement:
- SWOT Analysis:
- Strengths: Strong artistic reputation, dedicated staff, community support.
- Weaknesses: Financial instability, limited audience reach, operational inefficiencies.
- Opportunities: Expanding audience reach, diversifying revenue streams, enhancing operational efficiency.
- Threats: Competition from other entertainment options, economic downturn, changes in audience preferences.
- Porter's Five Forces:
- Threat of New Entrants: Moderate, as starting a theatre company requires significant resources.
- Bargaining Power of Buyers: High, as audiences have multiple entertainment options.
- Bargaining Power of Suppliers: Low, as suppliers of goods and services for theatre productions are relatively plentiful.
- Threat of Substitutes: High, as audiences can choose from various entertainment options.
- Competitive Rivalry: Moderate, as MMTC competes with other local theatre companies and entertainment venues.
4. Recommendations
To address the challenges and capitalize on the opportunities identified, MMTC should implement the following recommendations:Financial Restructuring:
- Develop a Comprehensive Budget: Implement a detailed budget that incorporates activity-based costing to accurately allocate costs and identify areas for potential savings. This budget should be reviewed and updated regularly to reflect changing economic conditions and audience preferences.
- Diversify Revenue Streams: Explore alternative revenue sources beyond ticket sales, such as corporate sponsorships, grants, fundraising events, and merchandise sales. Implement a pricing strategy that considers the value proposition of different performances and audience segments.
- Improve Financial Management: Implement robust accounting procedures and policies to ensure accurate record-keeping, financial reporting, and internal controls. This will enhance transparency and accountability, fostering trust among stakeholders.
- Seek Professional Financial Advice: Engage a financial consultant to provide expert guidance on financial restructuring, investment strategies, and fundraising initiatives.
Operational Efficiency Improvements:
- Optimize Production Costs: Implement cost analysis to identify areas for cost reduction in production, including set design, costume creation, and technical support. This could involve sourcing materials more efficiently, negotiating with vendors, and exploring alternative production methods.
- Streamline Ticket Sales and Marketing: Implement an online ticketing system and leverage digital marketing channels to reach a wider audience. Analyze customer data to personalize marketing messages and optimize promotional campaigns.
- Improve Employee Performance Management: Implement a system for employee performance management that aligns with organizational goals and provides clear expectations and feedback. This can enhance employee engagement and productivity.
- Explore Technology Solutions: Leverage technology to automate administrative tasks, improve communication, and enhance the overall customer experience. This could include online ticketing, customer relationship management (CRM) systems, and digital marketing tools.
Marketing and Audience Development:
- Target New Audience Segments: Conduct market research to identify potential audience segments beyond the current base. This could include younger demographics, families, and tourists. Develop marketing campaigns tailored to these specific segments.
- Promote Artistic Excellence: Highlight MMTC's artistic strengths through targeted marketing campaigns and public relations efforts. Showcase the unique qualities of its productions and the talent of its performers.
- Build Community Engagement: Partner with local businesses, schools, and community organizations to increase awareness and build a stronger connection with the community. This could involve offering discounts, hosting educational workshops, and participating in community events.
- Develop a Strong Brand Identity: Create a cohesive brand identity that reflects MMTC's artistic vision and values. This could involve updating the company's logo, website, and marketing materials.
Artistic Vision and Sustainability:
- Balance Artistic Ambition with Financial Reality: Develop a strategic plan that balances artistic ambition with financial sustainability. This could involve exploring alternative performance formats, collaborating with other arts organizations, and diversifying programming.
- Foster Artistic Innovation: Encourage creative experimentation and exploration of new artistic forms. This could involve commissioning new works, supporting emerging artists, and exploring innovative production techniques.
- Strengthen Board Governance: Ensure the Board of Directors has the necessary expertise and commitment to guide the company's strategic direction. This could involve recruiting new board members with relevant experience in finance, marketing, and the arts.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of MMTC's current situation, considering the following factors:- Core Competencies and Consistency with Mission: The recommendations align with MMTC's core competency in artistic excellence and its mission to provide high-quality theatrical experiences to the community.
- External Customers and Internal Clients: The recommendations prioritize the needs of both external customers (audiences) and internal clients (staff and artists).
- Competitors: The recommendations consider the competitive landscape and aim to differentiate MMTC from other entertainment options.
- Attractiveness ' Quantitative Measures: The recommendations are expected to improve financial performance, as measured by increased revenue, reduced expenses, and improved profitability. While specific financial projections are not provided in this case study solution, the implementation of these recommendations is expected to improve MMTC's financial health.
- Assumptions: The recommendations are based on the assumption that MMTC has the necessary resources and commitment to implement the proposed changes. The success of these recommendations will also depend on the effectiveness of the implementation process and the support of stakeholders.
6. Conclusion
MMTC faces significant challenges, but with a strategic transformation focused on financial restructuring, operational efficiency improvements, marketing and audience development initiatives, and a renewed focus on artistic excellence, the company can achieve long-term sustainability and continue to provide high-quality theatrical experiences to the community.7. Discussion
While the recommended approach offers a comprehensive strategy for MMTC's revitalization, alternative options exist:
- Merger or Acquisition: MMTC could consider merging with or being acquired by a larger arts organization. This could provide access to resources, expertise, and a wider audience base. However, this option carries risks, such as loss of autonomy and potential cultural clashes.
- Closure: In the most extreme scenario, MMTC could consider closure if its financial situation does not improve. This would be a last resort, as it would result in the loss of valuable artistic contributions to the community.
The primary risk associated with the recommended approach is the potential for resistance to change from stakeholders, including staff, artists, and board members. To mitigate this risk, MMTC should engage in transparent communication, provide clear explanations for the rationale behind the changes, and involve stakeholders in the implementation process.
8. Next Steps
The implementation of these recommendations should be phased in over a period of 12-18 months, with the following key milestones:
- Month 1-3: Conduct a comprehensive financial audit, develop a detailed budget, and engage a financial consultant.
- Month 4-6: Implement operational efficiency improvements, including cost analysis, streamlining ticket sales, and improving employee performance management.
- Month 7-9: Develop and implement marketing and audience development initiatives, targeting new audience segments and promoting artistic excellence.
- Month 10-12: Review progress, adjust strategies as needed, and secure additional funding sources.
- Month 13-18: Continue to monitor progress, refine processes, and build a sustainable model for the future.
By taking these steps, MMTC can transform itself into a financially sound and artistically vibrant organization that continues to enrich the lives of its community for years to come.
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Case Description
The Mountain Musical Theatre Company (MMTC), located in Great Falls, Montana, was an important part of the local cultural scene. For many years, MMTC had performed a wide variety of shows that had been much enjoyed by local and visiting patrons, and it would have been easy to assume that the organization was a great success. However, significant organizational and financial problems had been brewing inside MMTC. In September 2015, these problems came to a head. The organization did not have formal financial statements, and the absence of these had recently led to major disagreements between MMTC's leadership team and its board of directors. The recently appointed board chair did not know if MMTC was making or losing money. Although she feared the consequences could be serious, the board chair needed to ensure that financial statements for MMTC were created and analyzed to determine the truth about the organization's financial situation.
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