The Australian Ballet Marketing Plan - Assignment Example

 The Australian Ballet Marketing Plan  Executive summary   The Australian ballet is one of the largest ballet companies in Australia and around the world. The company was founded in 1962 and has been the defining face of ballet in Australia and around the world for more than five decades. The company presents a broad range of traditional and modern repertoire of classical ballet from Australia and around the world (Whiteoak, 2003). . The Australian ballet manages to stage around 200 performances annually in Australia and many other international performances around the world. The company acts as an international ambassador of Australian culture in the world and an advocate of Australian culture at home (The Australian Ballet 2011).   The company has around 70 dancers on a full time ensemble, an artistic staff and a supporting cast. The artists and dancers of the Australian ballet share openness about their love of audiences and a variety of dancing techniques that make the company earn acclaim from its audiences (Vida, 2011). Today, the Australian ballet has become more diverse in the variety of ballet and dances it offers. The company incorporates dances and music teachers from China, Sweden, Asia, America and Europe. The Australian ballet is, therefore, a company attuned to its place and time in the world (The Australian Ballet, 2011). Situation analysis.   Although the Australian ballet has enjoyed tremendous success over the decades, the 21st century has proved a challenging time for the company. Although ballet are quite popular among all the age groups in Australia, The emergence of many entertainment options in the modern world mean that the company has to compete with other entertainment options for audiences (Milne,2010) The emergence of entertainment options like the social media like Facebook, twitter and you tube, mean that the Australian ballet has to compete significantly with these and other entertainment options for audiences (The Australian Ballet (2011). Responding to competition is one of the hallmarks of a successful company (Steven, 2008). The Australian ballet has to respond effectively to competition to remain relevant in the highly competitive market of entertainment.   The Emergence of the poor time consumer also means that the Australian ballet has to rethink its marketing strategies to remain relevant in a changing world (The Australian Ballet, 2011). The modern audience has very little time for live performances because of very tight schedules and many entertainment options available today. The Australian ballet intends to maintain itself as a top-notch provider of entertainment and dance through the implementation of this marketing plan. This marketing plan will ensure that it is still able to capture new audiences, more patrons and more sponsorship for its events Market analysis.   The Australian ballet focuses on offering exceptional live dance and classical ballet performances across Australia and around the world. The Australian ballet performs diverse classical ballet from Australia and from other regions of the world. It has remained one of the best ballet companies in the world. Australians are lovers of ballet and there are many ballet schools in the country. The Australian ballet society also promotes ballet culture in Australia. The audiences of the Australian ballet cut across all ages in Australia. The company dancers perform in many corporate events, school events and many charity events in Australia and beyond (Glenn, 2010). Market needs.   A need exists in the Australian market of marketing ballet to the new age Australians, and, ward off competition from other entertainment options. Although ballet is quite popular in Australian, there is a need to popularize ballet further to ensure that the company taps into more audiences and sponsors of their events (Books, 2006).   There is a need to popularize ballet not just in Australia but also around the world to tap into new markets for the ever-expanding fans of ballet in the world. For a very long time, the main audience of the Australian market has been the elites in the community and the middle class in society (The Australian arts council, 2011). There is a need to market ballet to the wider Australian society to tap more audiences for the company.  Market trends   There has been a steady rise in the popularity of ballet across the world. Short dances and ballet have grown in popularity around the world and, they have now become a form of theater on their own (Vida, 2007) Nowadays, theaters around the world are offering ballet dances in their schedule of events than before. The increased popularity of ballet in the world means the Australian Ballet stands to gain more by attracting more audiences. The Australian ballet can t capture more audiences in the global arena because of the increased popularity of ballet around the world (The Australian Ballet, 2011).   The advent of many information Communications technology also offers more opportunity to reach new markets through adverting through these advertising mediums (Cant et al, 2009). The rise of the internet, social media and associated communication technologies offers a chance of reaching new markets easily (Charles et al, 2011). It is easier for the Australian ballet to reach their target audiences using these new advertisement tools to popularize their ballet using these new marketing mediums (The Australian arts council (2011). SWOT ANALYSIS   SWOT analysis means analyzing the strength, the weaknesses, opportunities and strengths of an organization (Stevens R. Et al, 2004). This principle is very important in marketing because it helps companies identify opportunities for growth and as a prerequisite of addressing its weaknesses (Stevens, 2008). The Australian ballet has a good mix of strength and threats. In this age of growth and changing trends, it is essential for the Australian ballet to utilize its strengths and opportunities. It needs to address its threats and weaknesses as well.  Strengths of the Australian ballet.   A long history of good reputation and expertise in dance and ballet is a major strength of the Australian ballet. The dancers and artists of the Australian ballet are known all over the world for their ecstatic dance moves and love for their audience for decades (Whiteoak, 2003). The expertise of the Australian ballet artists’ is known than that of any other company in the world (The Australian Ballet, 2011). The Australian ballet will continue to rely on this strength for fan loyalty and attracting new audiences and patrons.   A Manageable size of the Australian ballet is strength of the Australian ballet. The company has a manageable number of Artists, a team of technical and supporting staff. The small size of the company ensures that the company delivers its promises and does not support large company overheads (Glenn, 2010). The many years of industry experience means that the company has a reputation of delivering good classical ballet dances. This good reputation also means that it is possible to use word of mouth marketing for its activities (Milne, 2010).  Weaknesses   The Australian ballet needs to exploit more the online advertising methods to reach more audiences. Currently, the company uses the social media, online streaming to attract new audiences and the print media (The Australian ballet, 2011). Social media offer the chance of reaching global population easily (Alan, 2009). The company should also engage social media advertising means to reach more audiences in the world. There is a need to diversify the dance repertoire and incorporate more dances styles and classical styles from around the world.  Threats   The modern day audience of the company’s events is rapidly changing. The modern day audience has little time to attend live performances like the dances offered by the Australian ballet. This presents a challenge to the fan base of the company (Glenn, 2010). Competition is also another threat that is facing the Australian ballet. Many ballet companies are arising and competing with Australian ballet for market share. The company is not alone in the field of ballet in Australia (Milne, 2010).   New ballet companies arising from other markets like Europe, Asia and Latin America are also increasing pressure on Australian ballet companies market around the world. Competition from other forms of entertainment is another threat to the market of the company (Milne, 2010). The Availability of very many forms of entertainment like the social networks, sports and online games means that the Australian ballet has to compete with other forms of entertainment for their time. Critical issues   The most critical issues facing the Australian ballet are stiff completion from other ballet companies, need to reach a new brand new set of audiences that have very limited time scales for live performances and need to respond to the growing international market for ballet in the world. There is a need for the Australian ballet to develop new audiences constantly not just in Australia but also across the world. The company, therefore, needs to engage in aggressive marketing using different strategies to reach new and existing audiences sponsors and patrons. Marketing strategy Marketing objectives   The purpose of this marketing plan is to steer the Australian ballet to the next level of success as well as strengthening the position of the company as one of the leading ballet companies in the world. The main objectives of this marketing plan are: (1) Retaining existing audiences of the company. (2) Expand the presence and the visibility of the Australian ballet on the Australian and global markets. (3) Increasing the company’s profits by fifteen percent by the end of the financial year. (4) Attracting more sponsors and patrons for the company’s events. (5) Countering competition from other entertainment options  Marketing strategies   There is a need for new marketing strategies for the Australian company to respond to the changing nature of the market. The Australian ballet will focus on offering exceptional dance performances to audiences in varied geographical regions around the world. Australian ballet will employ these new marketing strategies in the next financial year. 1) The use of social media in advertising. The initial strategy is to reach the lovers of ballet throughout the world through the online platform. New technologies such as the internet, social media like the one Facebook, twitter and You tube is the new driving forces of the market nowadays (Sazena, 2009). The Australian ballet will undertake aggressive marketing of its activities and the events of the company via the social media and the internet. These technologies offer a chance of engage the audience of the company in the online field (Carl et al, 2005). Online advertising offer global reach audiences of the company and will enable the company to reach its audiences around the world (David et al, 2009).   The company will market all its Events on social media such as online blogs, online newsletters, You tube, Facebook, twitter and through the website of the company. The website of the company will also be optimized to ensure that the clients of the company can access the website quickly through the search engines. 2) Online Streaming Of the Companies Events.   The Australian ballet will continue streaming online videos of its events to target the poor time consumers. Online streaming will ensure that the poor time consumer has the chance of viewing and keeping themselves updated with the activities of the company at their own convenience. Online streaming of videos offer companies the chance of reaching the global audience to create a big fan base across the world (Douglas & Hubert, 2010). Interaction of the company with its fans of the Australian ballet on the online platform will make sure that the company has the chance of bridging the gap of distance attracting more audiences. 3) Use of Print Media  Print media is still an important means of reaching audiences despite the rise of online advertising (Peter, 2010). The Australian ballet will also continue using the print media to reach its audience. The company will advertise its events in newspapers and magazines in Australia, and around the world. The company will also use company brochures and pamphlets to highlight its major events and works in these brochures for distribution in all the companies’ events. This will sensitize of the audience of the range of ballet dances and performance schedule of the company. 4) Sponsorship and charity shows   As part of the company’s corporate social responsibility, the company will increase the sponsorship for charity events to improve its reputation Sponsorship helps companies to broaden their competitive advantage through increasing credibility the image in the market (Stevens. Et al, 2004). Sponsorship thus Helps Company’ in building brand image and brand loyalty (Pretzel, 2010). Some of the events that the company will sponsor include awards receptions educational events, and press room sponsorships. This sponsorship will drive sales and allow the company to create positive publicity and heighten visibility of the company in the market 5) Use of the audiovisual media. Audiovisual media such as television and radio are very important means of reaching the customers (Robert & David, 2005). The Australian ballet will continue advertising its services on the radio and television for its major vents and performances.   Marketing mix Good marketing mix is very essential for the success of a company in its marketing strategies (Select knowledge, 2010). The Australian ballet will use the following combination in its marketing mix  1) Product   The Australian ballet will embark on improving the categories of ballet dances it currently offers to include ballet dances from Asia, Europe, and America. The Diversification of the dance styles and ballet offered by the Australian ballet will offer their audiences with more choices and capture the international growing markets of ballet outside Australia. The company will also seek to increase the number of performances it does every year to cater for the increased demand of its performances around the world. 2) Price Price is a major factor that influences the buying decision of the customers (Peter, 2010) The Company will seek to offer relatively priced tickets for its performances to ensure that it beats competition from other forms of entertainment like social media and the internet. This move will improve the sale of tickets at every venue by 25 percent. In addition to offering performances, the company will organize free shows occasionally to act as promotional strategies. 3) Place   There are very many ways of getting a product or services to the customer (Philip, 2009). One of the ways in which the Australian ballet will use is live streaming g of content on the internet to reach all its fans across the world. Online streaming will allow the company to reach a greater world audience. Online streaming will also provide an alternate way for the fans of the Australian ballet to enjoy the performances at their own convenience. This means of reaching the customer will allow the company to compete effectively with many other entertainment options. Social media will also be used to share the events of the company with other entertainment options for audience. Financial data projections  Expenses distribution projections.  The entire marketing budget of the company totals 15 percent of lasts year profits. The total budget amounts to 3 million US dollars for next financial year. Salary expenses There will be additional operational expenses on the salary and allowances for the dance crew. The diversification of dance classes requires the hiring of dancers from other regions of the world. Marketing expenses   With social media, much of the operating expenses are free because it is free to post the adverts of the company on social media like Facebook, you tube blogs and twitter. However online streaming of the companies events require investment that will cost the company around 500,000 us dollars. Sponsorship of charity events will make the Australian ballet incur expenses incur expenses totaling 250,000. Advertisement in the audio, visual, print media and printing of catalogues will cost the company a significant portion of its marketing funds totaling 2.04 million dollars.  Expected market share Currently the Australian ballet has a large proportion of the market in Australia. As the company grows using these marketing strategies, there is anticipation that the company will record a 10 percent increase in market share in the next three years. Sales forecast  The ticket sales for the company’s events are expected to increase by fifteen percent following the implementation of this marketing plan. Marketing expense budget in dollars ACTIVITY October- December 2011 January to march 2012 April- June 2012 June – august 2012 August – October 2011 Total expenses Advertising on print media 80,000 90,000 90,000 100,000 130,000 500,000 Online streaming of video costs 80, 000 100,000 120,000 100,000 100,000 500,000 Corporate sponsorship 50,000 50,000 50,000 50,000 50,000 250,000 Search engine optimization charges 20,000 20,000 20,000 20,000 20,000 100,000 Advertising on audio, visual media 300,000 300,000 310,000 310,000 320,000 1640,000 Miscellaneous expenses 2,000 2,000 2,000 2,000 2,000 10,000 Total expenses in US dollars 532,000 382,000 592,000 582,000 722,000 3,000,000        Implementation plan   The marketing plan will be implemented in a series of three stages. The first phase will include enhancing the visibility of the Australian ballet in the online platform. This will entail making online streaming of the companies events operational 2 weeks following the adoption of this marketing strategy. The company will also embark on advertisement through the print media one week after the adoption of this marketing plan. The Australian ballet will also schedule dates of events it will sponsor ten days after the adoption of this report. Performance metrics The Australian ballet will use the following performance metrics to gauge the effectiveness of this marketing plan 1) Sales conversions. An increase in ticket sales for the company’s events/Booking capacity for the company’s events 2) Subscriptions in the social networks and such as Facebook and twitter 3) Monitoring the web traffic to the Australian ballet website. 4) The number of views of the company’s events on the internet through you tube and online live streaming 5) Industry awards and recognition 6) Request for performances of the companies within and outside Australia. Conclusion   This marketing plan intends to transform the fortunes and the position of the Australian ballet as a world leader in offering entertaining dances and ballet all over the world. The marketing plan seeks to transform the profits and sales of the company by 15 percent in the first year. The adoption of the marketing strategies in this marketing plan will add a competitive edge to the Australian ballet .The marketing strategies will also make the Australian ballet a company attuned to its time and place in the modern world.                           References Alan C. (2009). Internet marketing a practical approach. London: Butterworth Heinemann. Books L. (2006).The Australian ballet: Australian ballet principal dancers Australian Ballet soloists Australian ballet school Perth: General books. Carl M. Et al. (2005). Marketing research essentials .Pennsylvania: John Wiley and sons. Cant M. Et Al (2009). Marketing Management .London: Junta And Company Ltd Charles L et al (2011). Essentials of marketing. London: Cengage learning David C. Et al (2009). Internet marketing strategy and implementation and practice. London: Penguin books Douglass B. & Hubert G. (2010). Market Response and Marketing Models .Washington: Now Publishers Inc Glenn K. (2010). 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