Artventure Case Study Analysis

2724 words - 11 pages

Executive Summary Tina Diamant and Eileen Walfish, owners and only staff of Artventure Children?s Creative Art and Party Centre, want to develop a long-term strategic plan that will keep the business profitable and maintain continuous growth. Their objective is to be profitably sustainable with a high quality of service regardless of the increased expenditures and competition lying ahead.Customer Analysis: Currently, the company targets to four market segments: 1) Jewish families in Cote-Saint-Luc 2) Jewish families in Hampstead 3) Jewish families in Mount Royal 4) Jewish families in Westmount Alternatives: Three alternatives should be considered based on the business situation: 1) High quality arts programs serving only Jewish children 2) Technological program development 3) A new pricing policy with aggressive promotion schemes and selling tactics Recommendation: Alternative #3- Attract new customers through different promotion scheme. Since the firm has limited resources, it will use the combined target approach to satisfy the four target markets. This recommendation is a modification of the current marketing plan, with changes to the pricing and promotional techniques. It has the effect of attracting more potential customers and reducing the company?s major competitor to only Childzplay Party Centre through services differentiation. Descriptions of the marketing mix and a proposed timeline, and followed by a break-even analysis and a projected income statement, are included along with the marketing plan.Introduction Artventure is a creative and educational centre with a mission to ?enhance the creativity and self-esteem of young children and pre-teens through various activities centring around the arts, as well as entertaining and coordinating children?s birthday parties catering to every parent and child?s needs?. Seeing the arrival of new competitors, Diamant and Walfish believe that they should act to ensure the long-term survival of their company. While operating Artventure for the past year, the owners have been confronted with many decisions concerning the upcoming business year. Problems they face include maximizing profit with limited resources, capturing largest possible market share in the fierce competitive industry, increasing the number of customers from various ethnic groups and introduction of summer camp and other new programs. In the second year of their business, the two owners no longer receive an entrepreneurship subsidy from the provincial government; therefore, they are absolutely on their own. It is vital that they keep their current customers and attract potential new ones, as well as develop a marketing mix that will give them a competitive advantage.Internal Factors (SWOT) i) Strengths: -Company has a positive intention: to provide high quality programs aimed at systematically encourage children to ethically and socially develop.-Owners are knowledgeable about the market and customers, which enables them to plan...

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