Assignment on Entrepreneurship And Innovation

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Added on 2020-01-28

Assignment on Entrepreneurship And Innovation

Added on 2020-01-28

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STRATEGY, ENTERPRISE, AND INNOVATIONSTUDENT NAME:STUDENT ID:1

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Table of ContentsIntroduction........................................................................................................................3Brief Overview of the Company:........................................................................................35.1 a)..................................................................................................................................4Strategies:..........................................................................................................................4Evaluation of the innovation and the entrepreneurial opportunities..................................75.1 b)..................................................................................................................................8Application of Blue Ocean Strategy in analyzing the success factors of Cirque du Soleil:...........................................................................................................................................9Conclusion.......................................................................................................................122

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IntroductionEvery business needs a business strategy to be successful in the industry. Cirque duSoleil is no different from this principle. In this assignment, a brief overview of Cirque duSoleil will be discussed. The complete history of Cirque du Soleil and the journey of thesuccess of this entertainment company will also be discussed. Then there will be adiscussion about the main accelerators of innovation and entrepreneurial opportunitiescontributing to the success of Cirque du Soleil. The complete description of the BlueOcean Strategy will also be discussed. There will be critical analysis of the Cirque duSoleil success with respect to the successful application of Blue Ocean strategy. Brief Overview of the Company:Cirque du Soleil is a Canada-based entertainment company established in the year1984. It is located in Quebec. It is one of the largest theatrical producers in the world. Ithas a total of over more than 5000 employees. Cirque du Soleil has a revenuegeneration of 850 million Canadian dollars. It has two divisions of images andmerchandising and has one subsidiary of Cirque du Soleil Musique. Figure 1: Logo of the company(Source: Cirque du Soleil, 2016) Cirque du Soleil is a contemporary circus business, which was funded by the grant fromCanada Council of Arts. The entertainment company was started by Guy Laliberte aftertouring from a whole of Quebec. There is a rapid expansion of Cirque du Soleil from1990 to 2000 and has gained huge profits in these years. The show of Cirque du Soleil3

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is running in over 300 countries and all continents except Antarctica. Cirque du Soleil iscurrently planning to open a residential show in the United Arab Emirates. This is doneto further finance the show along with its two subsidiaries (Cirque du Soleil, 2016). There are a number of other different shows in development around the whole of theworld in spas, restaurants, and nightclubs. It also produces a number of private andcorporate events in the each coming year. 5.1 a)Cirque de Soleil, being an entertainment company has undergone various strategies forits success. The company even came forward with various innovative frameworks,which has set new standards in the entertainment industry.Strategies:The company has followed an operational strategy very well. Simon (2015, p.58) hasclearly stated that according to this strategy, the company divides its entire operationallifecycle into various divisions. Cirque de Soleil operational strategy is stated as clearand one of the most efficient one. Its entire operational management was dividedinitially into the three divisions. Initially, the management was totally based on Montrealthen later on; the company expanded its operations or tours to North America .Further,from the North America, it moved towards to Europe and several parts of Asia.Another important strategy that the Cirque had followed for its success was theintroduction of the vertical coordination in its organizational structure. This structure wasmade to provide a support in casting the delivery of the superior performances. Thishelped the organization in building a charismatic leader. Guy Laliberte was the leaderwho helped in building a strategic vision for the development of the company. It was thevision of the Guy Laliberte only to create a creative environment out of the circus. Therewas a vision to form the group of all the creative people working altogether. There wereseveral problems occurring as in terms of management due to the distance. Therefore,a strategy was made so that a proper coordination amongst all the employees, staff,management, artists, sales persons across the various parts of the globe.4

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