Harvard Case - Norgan Theatre
"Norgan Theatre" Harvard business case study is written by Elizabeth M.A. Grasby, Jessica Kelly. It deals with the challenges in the field of Accounting. The case study is 11 page(s) long and it was first published on : Feb 9, 2011
At Fern Fort University, we recommend that the Norgan Theatre implement a comprehensive strategic plan that focuses on diversifying revenue streams, improving operational efficiency, and enhancing the customer experience. This plan should include a combination of short-term and long-term initiatives, with a strong emphasis on leveraging technology and data analytics to drive growth and profitability.
2. Background
The Norgan Theatre, a historic landmark in a small town, is facing declining ticket sales and increasing operating costs. The theatre's management team, led by the newly appointed CEO, is struggling to find ways to revitalize the business and ensure its long-term viability. The case study highlights the challenges faced by the theatre, including competition from new entertainment options, changing audience preferences, and limited financial resources.
The main protagonists of the case study are:
- The CEO: A new leader tasked with turning around the theatre's fortunes.
- The Board of Directors: Responsible for overseeing the theatre's operations and providing strategic direction.
- The Management Team: Responsible for implementing the CEO's vision and managing the day-to-day operations of the theatre.
- The Staff: The employees who work directly with the audience and contribute to the overall experience.
3. Analysis of the Case Study
The case study can be analyzed through the lens of several frameworks:
Strategic Framework:
- SWOT Analysis: This framework helps identify the theatre's strengths (e.g., historical significance, loyal patrons), weaknesses (e.g., outdated facilities, limited marketing budget), opportunities (e.g., partnerships with local businesses, expanding programming), and threats (e.g., competition from online streaming services, economic downturn).
- Porter's Five Forces: This framework analyzes the competitive landscape and identifies the bargaining power of buyers (audiences), suppliers (artists, vendors), and the threat of new entrants and substitutes.
Financial Framework:
- Financial Statement Analysis: Examining the theatre's balance sheet, income statement, and cash flow statement reveals its financial health, profitability, and liquidity. This analysis can identify areas for improvement, such as cost control, revenue diversification, and asset management.
- Activity-Based Costing: This method helps allocate costs more accurately to specific activities, providing a better understanding of the true cost of each performance and identifying areas for efficiency gains.
Operational Framework:
- Value Chain Analysis: This framework examines the theatre's internal processes and identifies opportunities for improvement in areas such as ticket sales, customer service, and event management.
- Lean Management: This approach focuses on eliminating waste and streamlining processes to improve efficiency and reduce costs.
4. Recommendations
The Norgan Theatre should implement the following recommendations:
Short-Term Initiatives:
- Improve Financial Management:
- Implement a robust budgeting process and variance analysis to control costs and track performance.
- Enhance accounting procedures and policies to ensure accuracy and transparency.
- Explore alternative financing options, such as grants, sponsorships, and crowdfunding.
- Enhance Customer Experience:
- Upgrade facilities and technology to improve comfort and accessibility.
- Implement customer relationship management (CRM) software to collect data, personalize experiences, and build loyalty.
- Offer diverse programming and events to appeal to a wider audience.
- Leverage Technology:
- Develop a user-friendly website and mobile app for ticket sales, event information, and online engagement.
- Utilize social media and digital marketing to reach new audiences and promote events.
- Explore partnerships with online streaming platforms to expand reach and generate revenue.
Long-Term Initiatives:
- Diversify Revenue Streams:
- Explore alternative revenue sources beyond ticket sales, such as venue rentals, catering services, and merchandise sales.
- Offer educational programs, workshops, and community events to attract new audiences and generate revenue.
- Partner with local businesses for cross-promotional opportunities and joint ventures.
- Strategic Partnerships:
- Collaborate with local arts organizations, schools, and community groups to expand reach and create a vibrant cultural hub.
- Seek partnerships with sponsors and donors to secure funding and support.
- Explore joint ventures with other theatres or entertainment venues to share resources and expertise.
- Organizational Development:
- Implement a performance management system to track employee performance and provide opportunities for professional development.
- Foster a culture of innovation and creativity to encourage new ideas and initiatives.
- Develop a succession plan to ensure continuity of leadership and expertise.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations focus on leveraging the theatre's core competencies in arts and entertainment while remaining consistent with its mission to provide cultural experiences and community engagement.
- External Customers and Internal Clients: The recommendations prioritize the needs of both external customers (audiences) and internal clients (staff) by focusing on improving the customer experience, fostering employee engagement, and creating a sustainable business model.
- Competitors: The recommendations address the competitive landscape by diversifying revenue streams, enhancing the customer experience, and leveraging technology to stay ahead of the curve.
- Attractiveness ' Quantitative Measures: While specific financial projections are not provided, the recommendations are expected to improve profitability and sustainability by increasing revenue, controlling costs, and optimizing operations.
- Assumptions: The recommendations assume that the theatre has the resources and commitment to implement the proposed initiatives. They also assume that the local community values the theatre and is willing to support its revitalization.
6. Conclusion
By implementing these recommendations, the Norgan Theatre can revitalize its business, attract new audiences, and secure its long-term viability. This comprehensive strategic plan will enable the theatre to adapt to changing market conditions, leverage technology to its advantage, and continue to serve as a cultural beacon for the community.
7. Discussion
Other alternatives not selected include:
- Selling the theatre: This option would provide immediate financial relief but would result in the loss of a valuable community asset.
- Focusing solely on cost-cutting: While cost control is important, it is not a sustainable long-term strategy without accompanying revenue growth.
Key risks and assumptions associated with the recommendations include:
- Limited financial resources: The theatre may not have the necessary funds to implement all of the proposed initiatives.
- Changing audience preferences: The theatre needs to continuously adapt to evolving tastes and preferences.
- Competition from other entertainment options: The theatre must remain competitive in a dynamic market.
8. Next Steps
The following steps should be taken to implement the recommendations:
- Develop a detailed implementation plan: This plan should outline specific actions, timelines, and resource requirements.
- Secure funding: The theatre should explore various funding sources to support the implementation of the plan.
- Build a strong team: The theatre should assemble a team of dedicated individuals with the skills and experience necessary to execute the plan.
- Monitor progress and make adjustments: The theatre should regularly track progress and make adjustments as needed to ensure the plan remains on track.
By taking these steps, the Norgan Theatre can embark on a path towards a successful and sustainable future.
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Case Description
Students are asked to write a cohesive and comprehensive business plan for a municipally owned movie theatre in small-town Palmerston, Ontario. The theatre building is structurally unsound and major renovations are needed. Students must complete a thorough qualitative analysis (industry, consumer, competitor) and quantitative analysis (two years of monthly cash budgets incorporating sensitivity, two years of projected income statements, and the financing amount required to go ahead with the project). Student analysis should also include a plan for the management of staff; a cohesive marketing plan that addresses the product offered, appropriate pricing, promotion and advertising plans, and the time period required for payback of the loan.
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