Harvard Case - Lac Leman Festival de la Musique (A)
"Lac Leman Festival de la Musique (A)" Harvard business case study is written by Samuel E Bodily, Robert Jenkins. It deals with the challenges in the field of Entrepreneurship. The case study is 4 page(s) long and it was first published on : Sep 11, 2007
At Fern Fort University, we recommend that the Lac Leman Festival de la Musique (LLFM) pursue a strategic growth plan focused on increasing revenue and expanding its reach. This plan should involve a combination of financial strategies, marketing initiatives, and operational improvements. We believe this approach will ensure the festival?s long-term sustainability and allow it to continue to provide a valuable cultural experience for the community.
2. Background
The Lac Leman Festival de la Musique (LLFM) is a non-profit organization that hosts an annual music festival in Switzerland. The festival has been successful in attracting a large audience and generating significant revenue, but it faces challenges in terms of financial sustainability, competition from other events, and increasing costs. The case study focuses on the decision-making process of the festival?s board of directors as they consider various options for the festival?s future.
The main protagonists of the case study are:
- The Board of Directors: Responsible for the overall strategic direction of the festival.
- The Festival Director: Responsible for the day-to-day operations of the festival.
- The Finance Committee: Responsible for managing the festival?s finances.
3. Analysis of the Case Study
The case study can be analyzed using a SWOT framework to identify the festival?s strengths, weaknesses, opportunities, and threats:
Strengths:
- Strong brand recognition and reputation.
- Loyal audience and positive word-of-mouth marketing.
- Diverse programming and appeal to a wide range of music lovers.
- Experienced and dedicated team.
Weaknesses:
- Reliance on a single event for revenue generation.
- Limited financial resources and reserves.
- Lack of a comprehensive marketing strategy.
- Potential for operational inefficiencies.
Opportunities:
- Expand the festival?s reach to new audiences through online marketing and social media.
- Develop partnerships with local businesses and sponsors.
- Offer additional events and activities to increase revenue streams.
- Explore opportunities for international expansion.
Threats:
- Competition from other music festivals and events.
- Economic downturn impacting ticket sales and sponsorship.
- Increasing costs for venue rental, artist fees, and security.
- Potential for negative publicity or unforeseen events.
4. Recommendations
To address the festival?s challenges and capitalize on its opportunities, we recommend the following:
1. Financial Strategy:
- Diversify revenue streams: Explore new revenue sources beyond ticket sales, such as merchandise, food and beverage concessions, and corporate sponsorships.
- Develop a comprehensive budget: Implement activity-based costing to accurately track expenses and optimize resource allocation.
- Improve cash flow management: Implement strategies to manage cash flow effectively, including working capital management and debt financing if necessary.
- Explore alternative funding sources: Consider grants, donations, and crowdfunding to supplement existing revenue streams.
2. Marketing Strategy:
- Develop a robust marketing plan: Focus on digital marketing and social media to reach a wider audience.
- Target specific demographics: Utilize data analytics to identify and target specific audience segments.
- Build partnerships: Collaborate with local businesses, tourism agencies, and other organizations to promote the festival.
- Enhance branding and communication: Develop a strong brand identity and consistent messaging across all platforms.
3. Operational Improvements:
- Optimize event logistics: Improve efficiency in areas such as ticketing, security, and logistics.
- Implement technology solutions: Leverage technology to enhance the festival experience, such as mobile ticketing and online payment options.
- Improve volunteer management: Streamline volunteer recruitment, training, and coordination.
- Focus on sustainability: Implement environmentally friendly practices and promote sustainability initiatives.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with the festival?s mission to provide a high-quality musical experience while ensuring its financial sustainability.
- External customers and internal clients: The recommendations consider the needs of both the festival?s audience and its internal stakeholders, including volunteers and staff.
- Competitors: The recommendations address the competitive landscape by focusing on differentiation and innovation.
- Attractiveness ? quantitative measures: The recommendations are expected to generate a positive return on investment (ROI) and improve the festival?s profitability.
Assumptions:
- The festival?s brand recognition and reputation will remain strong.
- The local economy will remain stable.
- The festival will be able to secure necessary funding and sponsorships.
6. Conclusion
By implementing these recommendations, the LLFM can achieve sustainable growth, expand its reach, and continue to provide a valuable cultural experience for the community. The festival?s board of directors should carefully consider the recommendations and develop a comprehensive plan for implementation.
7. Discussion
Other alternatives not selected:
- Merging with another festival: This could offer economies of scale but might dilute the festival?s unique identity.
- Going public: This could provide access to capital but would require significant regulatory compliance and potentially compromise the festival?s non-profit status.
Risks and key assumptions:
- Economic downturn: A significant economic downturn could negatively impact ticket sales and sponsorship.
- Competition: Increased competition from other events could erode the festival?s market share.
- Unforeseen events: Unforeseen events, such as weather disruptions or security threats, could disrupt the festival and impact its financial performance.
8. Next Steps
Timeline:
- Year 1: Implement financial and marketing strategies, focus on operational improvements.
- Year 2: Evaluate the effectiveness of implemented strategies and make adjustments as needed.
- Year 3: Explore new revenue streams and opportunities for expansion.
Key milestones:
- Develop a comprehensive financial plan and budget.
- Implement a digital marketing strategy and social media campaign.
- Secure new sponsorships and partnerships.
- Optimize event logistics and implement technology solutions.
By following these steps, the LLFM can ensure a successful future and continue to be a cherished cultural institution for years to come.
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Case Description
The organizers of a music festival may use video from the Friday concert to create a DVD to sell to those who come to the Saturday concert. Attendance on Saturday is uncertain, as is the percentage of those who attend on Saturday who will buy the DVD. Is this a good project? If so, what number of DVDs should be burned early Saturday morning and offered for sale at that evening's performance? By that time, Friday attendance is known, as well as whether it rained on Friday, and there is a forecast for whether it will rain on Saturday. Historical information on these variables may help us predict Saturday attendance using multiple regression; together with the results of a marketing survey, such analysis will help us make better purchasing decisions. This case series (see also the B case, UV0841) can be used to illuminate a multitude of concepts that are covered in basic decision-analysis courses. The series starts by examining the role of uncertainty in decision making, proceeds through the estimation of probability distributions from sample data with multiple regression, culminates in the development of a full decision model, and ends with a qualitative and quantitative analysis (with a tornado diagram) of how to add value and reduce risk. Key pitfalls for students are failing to recognize both limits on sales (supply and demand), incomplete reasoning in the determination of the attendance probability distribution, and oversimplifying the full forecast model (i.e., averaging the Saturday rain/no Saturday rain outcomes, rather than incorporating the uncertainty explicitly into the simulation).
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