Essay Example on the World of Cirque du Soleil: Invoking Imagination & Beyond

Cirque du Soleil was established in 1984 by Le Club des Talons Hauts, a group of street performers. The company's mission is to help Cirque du Soleil grow in size and scope, and bring entertainment to more people around the world while the company's vision is invoking imagination, provoke the senses and evoke the emotions of people around the world. Cirque du Soleil employs multiple business models which allows for the smooth operation of business activities in diverse sectors of the company. However, circus is the principal model for business along with entertainment colossus. The combination of circus with entertainment creates different audiences which improve the coverage of the shows. This contribute to the new blue ocean strategy which aids in marketing the business.

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The goal of Cirque du Soleil as according to is to positively impact on people, the community and the general population with what is best known through creativity and art. The company has reinvented the approaches in circus and revolutionized the circus art. The incorporation of the street performance and circus arts gives the performances a blend of concept that steers the progress of the company. The company comes up with innovative ideas that impress customers and increasing the market coverage and do not use market research for their shows.

The company has various business strategies which include the new Blue ocean strategy which derives its effectiveness in defining new categories and not mastering the existing circus (Pateman, 2019). This has been the main strategy applied by the founders and it creates is own markets which eliminates the need for marketing. The new changes in the strategy of operation of Cirque du Soleil in the entertainment industry includes the rein venting marketing strategy through familiarization of the uniqueness of each show, audience participation and building on previous shows to ensure continuity of the performances (Pateman, 2019). The success of the company is based on the blue ocean strategy in which it created new market and avoided competition with existing companies. This gave the company a significant competitive advantage over the competitors in the industry. Cirque prioritized what was important to the customers and sustained competitive advantage by innovative ideas presented in the company's reputation (Pateman, 2019). Innovation entails presenting new ideas which address particular customer demands. However, market penetration is the key concern for the company. The global market is undergoing rapid changes and therefore, Cirque should focus on market penetration strategies (Pateman, 2019).

Cirque du Soleil has not embraced mergers or acquisitions since its founding. It was previously solely owned by Guy Laliberte after buying out the other half from co-founder Daniel Gauthier. However, the company was sold to American and Chinese investor who own 60% and 20% shares respectively. Caisse de depot et placement du Quebec, Canada's pension fund holds up 10% shares while Laliberte holds the remaining 10% (Lampert, 2015). Therefore, the company is co-owned by the four parties.

Additionally, Cirque du Soleil embrace corporate social responsibility by impacting on the societies by improving social amenities of the relevant communities where they carry out their shows (Yardley, 2017). It embraces sustainable development by conducting itself with respect in matters concerning the employees, customers, local laws, environment and culture. It also poses equal job opportunities for qualified individuals in what is termed as sustainable development.

References

Lampert, A. (2015). Cirque du Soleil sells majority stake to U.S., Chinese investors. Retrieved from https://www.reuters.com/article/us-cirquedusoleil-m-a-tpg-idUSKBN0NB1AX20150420

Pateman, J. (2019). Blue Ocean Strategy: Making a Blue Ocean Shift at Thunder Bay Public Library. Public Library Quarterly, 1-16.

Yardley, R. (2017). Green Champions - Cirque du Soleil's commitment to sustainability is no laughing matter | Rolland. Retrieved from https://www.rollandinc.com/en/blog/green-champions-cirque-du-soleils-commitment-sustainability-no-laughing-matter