That mission statement shows us that the company has made one big mistake. They neglect one of their mane resources: the actors and employees. This caused big troubles because they risked loosing this important resource, which also concerns the quality of the opera. Further more the whole communication isn’t clear. That makes it difficult to keep oversight over all companies operations. It often will take too long till they get to know about problems and so they may react too slowly. The thing which keeps the whole company together is the “love to opera”. It keeps everybody to pull into the same direction.
But it’s also a difficulty because it may end up in loosening the economic factor out of sight and only living the artistic vision. This mission statement also doesn’t state how they would like to broaden the public awareness. In the end it may be mentioned that with the help of McKinsey & Company, the Washington National Opera has improved.
For understanding which groups or “persons” are interested in “The Washington National Opera” we chose the Stakeholder Analysis. It also shows why they are interested and how they could influence the company. We will also have a look how these aspects can or can’t work together.
Conclusion: For TWO it’s very important to consider all their stakeholders in a very critical way. All stakeholders play an very important and critical part in beeing successful. The difficulty is to keep an overview and to keep in contact with all of them. It would be a big help if there would be an coperate governance. As it can be seen the trustees are very embitious but are too less concentrated on the eonomy and the competition. Wherease there are qualitatively high competitors which are already established, that means a high standard competition. An very important group are the “actors”.
Most of thema are famous and can easily change their vane. Therefore they have to be payed fairly and to be appreciated otherwise they will be off. This won’t lead to a critical problem because there is always an understudy but it will also lead to less visitors. All in all The TWO must concentrate it’s energys to gain and keep one of their most important stakeholders: the visitors. Without them the mission statement couldn’t be fullfilled.
The number of younger adults attending opera performances in the US increased by 18 percent within 10 years.
Also the total art audience rose by 12,5 percent. Nowadays operas are becoming more and more popular while the other core arts like jazz, classical music or theatre did not have such a growth. Operas are still seen as something for richer and more educated people.
The art performance industry is characterized by an increasing need of technology nowadays. They try to get their venues as full as possible. This can be done if they are up to date and can compete with all the other operas. Audiences want to see operas with the newest multimedia techniques.
Otherwise they will switch to the competitors. All in all new technology can also safe money after the investment. Ethical Factors A major factor in this business is fairness. Companies never should forget to respect their opponents. Corporate culture tries to establish a certain atmosphere among the employees to enable good co-operation. Concerning operas this is even more important than in any other business because most of the employees (the artists) are just seasonal in the company and would not come again if they don’t get a fair treatment and salary. Also read about factors affecting globalization
For such companies is more than one factor important to survive. One thing is the high competition with really big operas like the Metropolitan Opera which have enough budget, the performing venues and famous singers or directors. On the other hand their operations depend on the whole economical situation and also on factors like weather which precluded audiences from attending could affect the financial success of an opera production and can have significant consequences for a company’s bottom-line. For the rent (or buying) of performing buildings interest rates play a major role too. Companies try to eliminate risks with co-operations with performing venues or performers.
Government gives them certain advantages and opportunities to strengthen their position on the market as they support tourism and very few operas operate in the red.
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Environmental Factors do not have such a huge influence in this business but they have to take care about several groups which are interested in the company and can take pressure on the company. If they want to establish a new performance venue they may have to consider some laws.