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Sheffield Theatres Trust: Adapting Strategy Essay

7102 words - 29 pages

Table of Content1.Introduction32.Identify the main problem(s) or question(s)42.1Summary of Sheffield Theatres Trust case42.2Main problem(s) properly identified52.3 Description of strategic lenses and strategy development63.Gathering the facts83.1 Analysis of strategic capabilities83.2 Environmental analysis9PESTEL analysis9Porters five forces113.3 Expectations and purposes analysis12Stakeholders map12The cultural web134.The alternative courses of action151st alternative course of action152nd alternative course of action163rd alternative course of action164th alternative course of action175th alternative course of action185.Decision and reasoning196.Implementation of ...view middle of the document...

2.Identify the main problem(s) or question(s)In this part of the report a summary of the Sheffield Theatres trust case will be given as well as the main problems of Sheffield Theatres Trust. Furthermore, the applicable strategic lenses and the strategy development process within the theatres will be described.2.1Summary of Sheffield Theatres Trust caseThe case Sheffield Theatres Trust deals with Sheffield Theatres, which is a combination of two theatres in the English city of Sheffield, namely the Crucible and Lyceum Theatre. First the Crucible opened its doors in 1971 and in 1990 the restored Lyceum Theatre was re-opened. STT includes two distinct traditions of which the Crucible works as a producing theatre who commissions, employs and finances its own productions and artists whereas the Lyceum hosts touring companies who bring their own productions and artists to the theatre. The Crucible had hosted touring companies up to thirty percent of the year before the re-opening of the Lyceum, which could be even expanded by opening the Lyceum. However, after this successful opening, box office revenue of the Crucible began to fall significantly but after a while they managed to move audience from the Lyceum to the Crucible again. However, this incident was followed by a financial crisis due to fraud in 1993. The theatres partly recovered from this crisis after charging and convicting the responsible person. In the beginning both theatres had their own trust funds, but after finding out that the theatres were seen as if they were in competition with each other, it was decided to put their accounts together and operate as one under the name Sheffield Theatres Trust. After putting them together, again a significant fall of box office revenue took place in 1995 and 1996, which caused that people doubted that the theatres would survive. Box office revenues, public subsidies from local authorities and the Yorkshire Arts as well as special initiative grants for specific projects form the main sources of income for the theatre. Now that the two theatres do not compete against each other anymore, the funds provided by Yorkshire Arts increased strongly. Thanks to the stream of revenues and grants it became possible for the theatre to survive during financial crises. A great cost-cutting was set up in the summer of 1996 during a meeting with the new Chairman. The reputation of the Crucible was damaged and therefore there was an extreme low attendance rate. However, in 1997, Graham Morris, the new Chief Executive, presented a new business plan which allowed more flexibility between the theatres, which resulted in a small surplus in 1997/1998 and even a higher surplus in 1998/1999. As a result of changing governmental policies, the Yorkshire Arts announced an extra reward in the years 2002 to 2004. STT had operated in surplus for five consecutive years at the end of the year 2002. So at the end of this year, STT was free of debts for the first time in eight...

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