Harvard Case - The Joffrey Ballet
"The Joffrey Ballet" Harvard business case study is written by Mary Ittelson, Amir Goldberg, Kara Riopelle. It deals with the challenges in the field of Strategy. The case study is 23 page(s) long and it was first published on : Sep 25, 2016
At Fern Fort University, we recommend a multi-pronged strategy for the Joffrey Ballet to achieve sustainable growth and maintain its position as a leading dance company. This strategy focuses on leveraging the company's core competencies, embracing digital transformation, and expanding its reach through strategic partnerships and international collaborations.
2. Background
The Joffrey Ballet, a renowned dance company founded in 1956, faces challenges in the competitive landscape of the performing arts industry. The company seeks to expand its audience, increase revenue, and solidify its position as a leader in innovation. The case study highlights the company's strengths, including its artistic excellence, strong brand recognition, and dedicated audience base. However, it also reveals weaknesses such as limited financial resources, dependence on traditional revenue streams, and a need for greater digital presence.
The main protagonists in the case study are:
- Ashley Wheater: Artistic Director of the Joffrey Ballet, responsible for artistic vision and strategic direction.
- Christopher Wheeldon: Choreographer and Artistic Advisor, known for his innovative and commercially successful work.
- The Joffrey Board: Responsible for overseeing the company's financial health and strategic planning.
3. Analysis of the Case Study
SWOT Analysis:
Strengths:
- Artistic Excellence: The Joffrey Ballet is known for its high-quality performances and innovative choreography.
- Strong Brand Recognition: The company enjoys a strong reputation in the dance world and among its loyal audience.
- Dedicated Audience Base: The Joffrey has a dedicated following in Chicago and beyond.
- Experienced Management Team: The company boasts a strong leadership team with a deep understanding of the industry.
Weaknesses:
- Limited Financial Resources: The Joffrey relies heavily on ticket sales and donations, making it vulnerable to economic downturns.
- Dependence on Traditional Revenue Streams: The company needs to diversify its revenue sources beyond ticket sales and traditional fundraising.
- Lack of Digital Presence: The Joffrey needs to improve its online presence and engage with audiences digitally.
- Limited International Exposure: The company has a limited presence in international markets.
Opportunities:
- Growing Demand for Dance: The demand for dance performances is increasing globally.
- Digital Transformation: The rise of online platforms presents opportunities for reaching new audiences and generating revenue.
- International Expansion: The Joffrey can tap into new markets and expand its reach through international collaborations.
- Strategic Partnerships: Collaborating with other organizations can create new revenue streams and enhance the company's brand.
Threats:
- Economic Downturn: Economic instability can impact ticket sales and donations.
- Competition from Other Arts Organizations: The Joffrey faces competition from other dance companies and performing arts organizations.
- Changing Audience Preferences: The Joffrey needs to adapt to changing audience preferences and embrace new forms of artistic expression.
- Technological Disruption: The rise of streaming services and online content could impact attendance at live performances.
Porter's Five Forces:
- Threat of New Entrants: The barrier to entry in the dance industry is relatively high due to the need for significant capital investment and artistic talent.
- Bargaining Power of Buyers: The Joffrey's audience has a moderate bargaining power, as they can choose from other dance companies and performing arts organizations.
- Bargaining Power of Suppliers: The Joffrey's suppliers, such as musicians, costume designers, and set designers, have moderate bargaining power.
- Threat of Substitutes: The Joffrey faces competition from other forms of entertainment, such as movies, concerts, and theatre.
- Rivalry Among Existing Competitors: Competition among dance companies is intense, particularly in major cities like Chicago.
Value Chain Analysis:
The Joffrey Ballet's value chain can be broken down into the following primary activities:
- Research & Development: Creating new and innovative choreography.
- Production: Rehearsals, performances, and technical production.
- Marketing & Sales: Promoting performances and selling tickets.
- Customer Service: Providing a positive experience for audiences.
Business Model Innovation:
The Joffrey Ballet can explore business model innovation by:
- Developing a Subscription Model: Offering subscription packages to provide consistent revenue and build audience loyalty.
- Creating Online Content: Producing and distributing online content, such as dance videos, behind-the-scenes footage, and educational materials.
- Partnering with Technology Companies: Collaborating with technology companies to develop interactive experiences and virtual reality performances.
- Expanding into New Revenue Streams: Exploring alternative revenue sources, such as corporate sponsorships, merchandise sales, and educational programs.
4. Recommendations
The Joffrey Ballet should implement the following recommendations to achieve sustainable growth and maintain its position as a leading dance company:
1. Embrace Digital Transformation:
- Develop a Robust Digital Presence: Create a comprehensive website and social media presence to engage with audiences online.
- Produce Online Content: Create high-quality dance videos, behind-the-scenes footage, and educational materials to attract new audiences and generate revenue.
- Utilize Data Analytics: Leverage data analytics to understand audience preferences and tailor marketing efforts accordingly.
- Explore Virtual Reality and Augmented Reality: Explore the use of virtual reality and augmented reality to create immersive experiences for audiences.
2. Expand International Reach:
- Develop International Partnerships: Collaborate with international dance companies and organizations to co-produce performances and tours.
- Participate in International Festivals: Participate in prestigious international dance festivals to gain exposure and expand the company's reach.
- Offer Online Performances: Stream performances online to reach audiences worldwide.
- Target Emerging Markets: Explore opportunities in emerging markets with a growing interest in dance.
3. Diversify Revenue Streams:
- Develop a Subscription Model: Offer subscription packages to provide consistent revenue and build audience loyalty.
- Increase Corporate Sponsorships: Seek out corporate sponsorships to support productions and marketing initiatives.
- Expand Merchandise Sales: Develop and sell branded merchandise online and at performances.
- Offer Educational Programs: Develop educational programs for students and community members to generate revenue and promote dance education.
4. Enhance Strategic Planning and Corporate Governance:
- Develop a Comprehensive Strategic Plan: Create a detailed strategic plan that outlines the company's goals, objectives, and strategies for achieving them.
- Strengthen Corporate Governance: Improve corporate governance by establishing clear roles and responsibilities for board members and management.
- Implement a Balanced Scorecard: Utilize a balanced scorecard to measure the company's performance across financial, customer, internal process, and learning and growth perspectives.
- Conduct Regular Performance Reviews: Conduct regular performance reviews to assess progress towards strategic goals and make necessary adjustments.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with the Joffrey's core competencies in artistic excellence and innovation, while also supporting its mission to provide high-quality dance experiences.
- External Customers and Internal Clients: The recommendations address the needs of both external customers, such as audiences and donors, and internal clients, such as dancers, choreographers, and staff.
- Competitors: The recommendations consider the competitive landscape and aim to differentiate the Joffrey from its competitors.
- Attractiveness - Quantitative Measures: The recommendations are expected to generate positive financial returns through increased ticket sales, sponsorships, and merchandise sales.
- Assumptions: The recommendations are based on the assumption that the Joffrey Ballet will continue to produce high-quality performances and maintain its artistic reputation.
6. Conclusion
By embracing digital transformation, expanding its international reach, diversifying revenue streams, and enhancing strategic planning and corporate governance, the Joffrey Ballet can achieve sustainable growth and solidify its position as a leading dance company. The company's commitment to artistic excellence, combined with a strategic approach to business operations, will enable it to thrive in the competitive landscape of the performing arts industry.
7. Discussion
Other Alternatives:
- Mergers and Acquisitions: The Joffrey could consider merging with or acquiring another dance company to expand its resources and reach.
- Outsourcing: The Joffrey could outsource certain functions, such as marketing or fundraising, to reduce costs and focus on its core competencies.
Risks and Key Assumptions:
- Economic Downturn: A significant economic downturn could negatively impact ticket sales and donations.
- Changing Audience Preferences: The Joffrey needs to adapt to changing audience preferences and embrace new forms of artistic expression.
- Technological Disruption: The rise of streaming services and online content could impact attendance at live performances.
Options Grid:
| Option | Advantages | Disadvantages | Risk |
|---|---|---|---|
| Digital Transformation | Increased reach, new revenue streams | Requires significant investment | Technological disruption |
| International Expansion | New markets, increased exposure | Requires significant resources | Cultural differences |
| Diversification | Reduced dependence on ticket sales | Can be challenging to implement | Competition from other revenue streams |
| Strategic Partnerships | Access to resources and expertise | Potential conflicts of interest | Lack of alignment |
8. Next Steps
The Joffrey Ballet should implement the following next steps:
- Develop a detailed strategic plan: This plan should outline the company's goals, objectives, and strategies for achieving them.
- Create a digital transformation roadmap: This roadmap should outline the company's digital strategy, including website development, social media marketing, and online content creation.
- Identify and pursue potential international partnerships: The company should identify and pursue partnerships with international dance companies and organizations.
- Explore new revenue streams: The Joffrey should explore new revenue streams, such as corporate sponsorships, merchandise sales, and educational programs.
- Implement a balanced scorecard: The company should implement a balanced scorecard to measure its performance across financial, customer, internal process, and learning and growth perspectives.
By taking these steps, the Joffrey Ballet can position itself for continued success in the years to come.
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Case Description
The Joffrey Ballet is a landmark Chicago nonprofit performing arts organization that helped shape the landscape of American ballet. In 2016, the Joffrey was at a point of transformation after a period of financial crisis and artistic decline. It had successfully raised $4 million for the widely anticipated new production of the Nutcracker. With annual revenues at around $20 million, this production represented a significant investment, and the organization needed to continue its artistic momentum while maintaining fiscal responsibility. The leadership team decided to launch an $80 to $120 all-funds campaign to ensure the artistic and financial health of the organization. Known for its diversity, the Joffrey Ballet had a history of balancing highly athletic performances of canonical works with boundary-blurring new ballets. Founded in New York City in 1954, it carved a niche as the distinctly American company in the ballet ecosystem known for its classical European influences. After its relocation to Chicago in 1995, the ballet relied upon its New York reputation in the face of financial and artistic woes. By 2016, however, the Joffrey Ballet was poised to reemerge as a major player in the national and international dance landscape. It had just celebrated its 60th anniversary and its 20th year in Chicago, and the leadership team debated the essential areas for investment going forward. The endowment, currently at about $1.4 million as of June 30, 2016, needed to be grown. The profitable Academy needed more space and funds to grow, while Community Engagement programs offered the potential for impact in the community. Programming large-scale works from the most important choreographers was essential but costly. In order to attract donors and secure the Joffrey's future, the organization needed to craft a compelling fundraising case supported by a sound business plan.
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