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Cirque du Soleil1 B

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Added on  2020-01-28

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Critically analysis of view that Cirque du Soleils success can be attributed to the successful application of Blue Ocean strategy 5 CONCLUSION 7 REFERENCES 8 INTRODUCTION Strategy, enterprise and innovation consist important aspect within the business through organization make successful operations in different part. ASSESSMENT 2 1 (a) Strategy and innovation frameworks, key drivers of innovation and entrepreneurial opportunities contributing to the ongoing success of Cirque du Soleil1 B.

Cirque du Soleil1 B

   Added on 2020-01-28

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STRATEGY, ENTERPRISEAND INNOVATION
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Table of ContentsINTRODUCTION...........................................................................................................................1ASSESSMENT 2.............................................................................................................................1(a) Strategy and innovation frameworks, key drivers of innovation and entrepreneurialopportunities contributing to the ongoing success of Cirque du Soleil......................................1B. Critically analysis of view that Cirque du Soleil’s success can be attributed to thesuccessful application of Blue Ocean strategy............................................................................5CONCLUSION ...............................................................................................................................7REFERENCES................................................................................................................................8
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INTRODUCTIONStrategy, enterprise and innovation consist important aspect within the business throughorganization make successful operations in different part. It helps to enhance profits of thecompany by increasing knowledge, innovation and reducing risk from the workplace. Persentreport is based on Cirque du soleil which book show tickets to setting the stage for customersrequirements. In addition to this, they also offering various other services such as discover ofboutique, travelling and holiday tickets. In this context, report covers strategy and innovationframeworks for the cited firm. Furthermore, it evaluates key drivers of innovation andentrepreneurial opportunities which contribute to making success within the organization.Moreover, it also determines critically analysis of cited firm success with the help of applicationof blue ocean strategy. ASSESSMENT 2(a) Strategy and innovation frameworks, key drivers of innovation and entrepreneurialopportunities contributing to the ongoing success of Cirque du SoleilIn order to achieve business targets, every organization make their strategy through theycontributing various aspects within the enterprise to get positive outcomes(Sun, and Xia, 2016.)In respect to this, Cirque du soleil choosing the best strategy frameworks for the companythrough they can make successful operations. In this aspect, they can use Ansoff matrix throughthe cited firm can enhance sales volume by making focus on specific area. This matrix is dividein to four parts which are as follows:Market development: In this step, Cirque du soleil can sell their products and services indifferent group of people. Main aim of this strategy is to expand the business ininternational market. Company focus on more on the adult programs so bring morecustomer in their shows. through this they also focus on the new shoes on different satesof USA. Market penetration: In this part of matrix, cirque du soleil sell more product to the samepeople in larger quantity(Wang, and Zhu 2014,). For adopting the company is tominimize costs,create long term players and more development promotions in localcommunity through print and dIgital media. Company opens its own websites wherepeople can book there tickets and get inform upcoming updates.1
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Product development: This step is all developing new products to sell current customers.In last three years cirque du soleil has come with its own multi-media division. Circus hasfounded its own in house music label which help to them in bring more innovation musicin their shows.Diversification:This involves new products sold to new market. In this there is risk thatmay be people have less knowledge about the product but possible gains in diversifyingare often large(Askhatova,Fatkhiev, and Safiullina, 2013.). Cirque Du Soleil haslaunched DELIRUM, a new kind of show based on the music of their own label in northUSA. Company gives varoius performance in USA which also gain new custoners inexisting market.Innovation frameworkInnovation frame work means transform your innovation into management capabilities.When Cirque Du Soleil started its operations with few members but by 2007, there are around3000 people working in different areas like art direction,stage settings,lighting etc(Gbongli, Yi, .and Ackah, 2015.). there are numerous types innovation steps take place in the company such as.Sets and costumes design : Cirque invest a lot of amount of money in preperaing sets andcostumes. Sometimes, the money spent on creating a theater for a cirque production wasexorbitantly high. Company consumes different type of fabric in its shows and help to buildmore innovative way. Target audience and value innovation: cirque differentiated itself from the traditional circus inall business aspects. The company created a niche market of live shoes within the entertainmentindustry rather than providing a product for which demand already existed. company target morecustomers in their market by digital media.Marketing: Typically, when circus planned any shows in new market, a five ti six member teamwould reach the new market about few months before the event(Grant 2016.). Each shoes whichperform by the company is first created by the its international head-quaters in Montreal. Cirquepromotes its shows with varied marketing mix like print, television , radio and out door media.digital media is new way to gather more audience in the world. The company has manycustomers around the world who gets daily updates about the circus and their shows.2
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