Harvard Case - Charles River Jazz Festival
"Charles River Jazz Festival" Harvard business case study is written by George Wu. It deals with the challenges in the field of Negotiation. The case study is 7 page(s) long and it was first published on : Oct 29, 1992
At Fern Fort University, we recommend a multi-pronged approach to revitalize the Charles River Jazz Festival (CRJF) and ensure its long-term sustainability. This strategy focuses on enhancing the festival's artistic quality, expanding its reach, and strengthening its financial foundation through a combination of strategic partnerships, targeted marketing, and innovative programming.
2. Background
The Charles River Jazz Festival, a non-profit organization, has faced declining attendance and financial instability in recent years. The festival's reliance on traditional programming and lack of a clear marketing strategy have contributed to its struggles. The case study highlights the challenges faced by the festival's Executive Director, Sarah Jones, who is tasked with finding a solution to ensure the festival's continued success.
3. Analysis of the Case Study
SWOT Analysis:
Strengths:
- Strong brand recognition: CRJF enjoys a positive reputation within the Boston community.
- Experienced team: The festival boasts a dedicated team with expertise in music and event management.
- Unique location: The Charles River provides a picturesque setting for the festival.
Weaknesses:
- Declining attendance: The festival has seen a steady decline in audience numbers.
- Limited marketing reach: The festival's marketing efforts have been ineffective in attracting new audiences.
- Financial instability: The festival faces recurring budget deficits.
Opportunities:
- Expanding genre diversity: Introducing new genres like Latin jazz or world music could attract a wider audience.
- Strategic partnerships: Collaborating with local businesses, universities, and arts organizations can increase visibility and resources.
- Digital marketing: Utilizing social media and online platforms can reach a broader audience and generate buzz.
Threats:
- Competition from other festivals: Boston's vibrant arts scene presents stiff competition from other music festivals.
- Economic downturn: A potential economic recession could negatively impact ticket sales and sponsorships.
- Changing audience preferences: Shifting tastes in music could lead to a decline in interest in jazz.
Porter's Five Forces Analysis:
- Threat of new entrants: The barrier to entry for new jazz festivals is relatively low, posing a potential threat.
- Bargaining power of suppliers: The festival's dependence on artists and vendors gives them some bargaining power.
- Bargaining power of buyers: The festival's target audience has limited bargaining power, as they are largely dependent on the festival's offerings.
- Threat of substitute products: Other music festivals and entertainment options pose a significant threat.
- Competitive rivalry: The Boston music scene is highly competitive, with numerous festivals and venues vying for audience attention.
4. Recommendations
1. Enhance Artistic Quality and Programming:
- Curate a diverse and engaging lineup: Expand beyond traditional jazz to include contemporary, fusion, and world music genres.
- Introduce interactive workshops and educational programs: Offer masterclasses, jam sessions, and Q&A sessions with renowned artists to engage audiences and promote jazz appreciation.
- Partner with local universities and music schools: Collaborate on student performances, artist residencies, and educational initiatives to foster a new generation of jazz enthusiasts.
2. Expand Reach and Marketing:
- Develop a comprehensive digital marketing strategy: Leverage social media, email marketing, and online advertising to reach a wider audience.
- Partner with local media outlets: Secure coverage in newspapers, magazines, and radio stations to increase visibility and generate buzz.
- Target specific demographics: Develop tailored marketing campaigns to attract younger audiences, families, and diverse communities.
3. Strengthen Financial Foundation:
- Diversify revenue streams: Explore new sources of income through corporate sponsorships, merchandise sales, and fundraising events.
- Implement a tiered pricing strategy: Offer a range of ticket options to cater to different budgets and increase accessibility.
- Seek grants and public funding: Apply for grants from arts organizations, foundations, and government agencies to support programming and operations.
4. Foster Strategic Alliances:
- Partner with local businesses: Collaborate with restaurants, hotels, and other businesses to offer package deals and create a festival experience.
- Form partnerships with other arts organizations: Create joint events and cross-promotional opportunities to attract new audiences and share resources.
- Build relationships with government agencies: Seek support from the city and state to secure funding, permits, and other resources.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of the CRJF's strengths, weaknesses, opportunities, and threats. They are designed to address the festival's core competencies, expand its reach to new audiences, and strengthen its financial stability. The recommendations are also consistent with the festival's mission to promote jazz music and cultural exchange.
The recommendations consider the following key factors:
- Core competencies and mission: The recommendations focus on enhancing the festival's artistic quality and expanding its reach, which aligns with its mission to promote jazz music.
- External customers and internal clients: The recommendations address the needs of the festival's target audience, including families, young adults, and diverse communities.
- Competitors: The recommendations aim to differentiate CRJF from its competitors by offering a unique and diverse programming experience.
- Attractiveness: The recommendations are expected to increase attendance, revenue, and overall financial stability, making the festival more attractive to sponsors, partners, and audiences.
6. Conclusion
By implementing these recommendations, the Charles River Jazz Festival can revitalize its programming, expand its reach, and strengthen its financial foundation. The festival can become a more vibrant and sustainable institution, enriching the cultural landscape of Boston and beyond.
7. Discussion
Alternatives not selected:
- Merging with another festival: While this could offer economies of scale, it could also lead to a loss of identity and artistic control.
- Focusing solely on traditional jazz: This would limit the festival's appeal to a niche audience and could further exacerbate attendance decline.
Risks and key assumptions:
- Economic downturn: A recession could negatively impact ticket sales and sponsorships.
- Changing audience preferences: Shifting tastes in music could lead to a decline in interest in jazz.
- Competition from other festivals: The Boston music scene is highly competitive, and new festivals could emerge.
Assumptions:
- The festival's team is committed to implementing the recommendations.
- The Boston community remains supportive of the festival.
- The festival can secure necessary funding and resources.
8. Next Steps
- Develop a detailed implementation plan: Outline specific actions, timelines, and responsibilities for each recommendation.
- Secure funding and resources: Seek grants, sponsorships, and other funding sources to support the implementation of the plan.
- Build partnerships and collaborations: Establish relationships with key stakeholders, including local businesses, arts organizations, and government agencies.
- Monitor progress and make adjustments: Regularly track key metrics, such as attendance, revenue, and audience engagement, and adjust the plan as needed.
By taking these steps, the Charles River Jazz Festival can ensure its long-term success and continue to play a vital role in Boston's cultural landscape.
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Case Description
Charles River Jazz Festival must decide whether to press a compact disk (CD) of Friday's jazz performance for sale on Saturday and Sunday. The idea to press CDs is novel, so there is considerable uncertainty about how receptive customers will be. The festival must decide whether to press CDs only on Friday or pay for an option to press them on Friday and Saturday. A simulation is performed to help estimate Saturday and Sunday CD demand. One input of the simulation is a regression relating Saturday and Sunday attendance to Friday attendance and weekend weather conditions. The case illustrates how several different quantitative techniques--decision analysis, regression, and simulation--can be integrated in an analysis of a managerial decision problem. Provides practice in decision analysis; illustrates use of simulation and regression in obtaining probability estimates.
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