Report about strategic issues related to a previous assignment Research Paper

Report about strategic issues related to a previous assignment - Research Paper Example â€Å"Principle of Participation† is the underlying driving force of the success of the festival. However, few strategic issues have turned out to be nontrivial for the organization in the festival in the recent years. These issues are: The tickets of the concerts and the programs of the festival are very pricy. In the recent years, especially from 2009, the recession in the global economy has reduced the supply of money in the economy; this has reduced the disposable incomes of the consumers. The demands for the tickets of the festival have fallen for this reason in the recent years. The industry for entertainment has become highly competitive in nature. The occurrences of famous sports events like the Olympics have seemed to reduce the popularity of the music festivals. Rather there are also other companies engaging in the organization of music events. The entertainment and music festival market of UK has become more competitive due to entry of new competitors and service di versification of existing competitors. For example, competitors or creative entertainment shows like Northern Darkness, Dumbfest Music and Comedy similar offerings like Secret Garden Party/Secret Productions (Kuchler, 2013). ... ding to Ansoff Matrix’s Model (1987), marketers can have four types of strategic options: 1- Increasing penetration for existing product in existing market through tailor made marketing strategies. The organisation can apply this strategy by: Offering unique products and services and putting more variety in existing offerings such as Secret Emporium, Boutique camping, Soul Fire Restaurant, The Sanctuary and Secret Forum Improving the relationship with customers by developing customer community, online customer feedback forum and customizing the product offering as per request of customers Increasing brand credibility through developing unique promotional campaign consisting of brochures, mail shots, advertisements, website promotion , sales promotions, personal selling, exhibitions, and press publicity campaign 2- Offering new services in existing market by: Penetrating existing market by defining the market served and establishing strategic alliances with small level music fe stivals, public relation firms and music DVD selling companies 3- Entering new market by offering existing product portfolio by: The uncertain negativities of bad weather can be reduced by the company if it can organize its programs in the indoor halls of U.K Organizing the festival in new places apart from U.K. 4- Developing and diversifying the product portfolio as per requirements of new market. The company can enter in different types of strategic alliances with other event-organizing firms. This would help the firm to acquire more skills and expertise. Offering online broadcasting / streaming of the festival customers who do not have the time and opportunity to enjoy the festival by being physically present (Secret Garden Party, 2013). As a summary, it can be said that Secret Garden Party