Harvard Case - Colorado & Utah Canyons Tour Company
"Colorado & Utah Canyons Tour Company" Harvard business case study is written by Mark E. Haskins. It deals with the challenges in the field of Accounting. The case study is 4 page(s) long and it was first published on : Jul 29, 2015
At Fern Fort University, we recommend that Colorado & Utah Canyons Tour Company (CUCTC) implement a comprehensive strategic plan focused on enhancing profitability, improving operational efficiency, and expanding its market reach. This plan should include a combination of internal improvements, such as streamlining operations, optimizing pricing strategies, and implementing activity-based costing, as well as external growth initiatives, including targeted marketing campaigns, strategic partnerships, and potential acquisitions.
2. Background
CUCTC is a family-owned and operated tour company specializing in guided tours of canyons in Colorado and Utah. The company faces challenges related to seasonality, fluctuating demand, and competition. The owners, John and Mary, are concerned about the company's profitability and are seeking ways to improve its financial performance. They are also considering expanding the business to include additional tour destinations and services.
The main protagonists of the case study are John and Mary, the owners of CUCTC, who are responsible for making strategic decisions about the company's future. The case also highlights the role of the company's employees, who are essential for providing high-quality customer service and executing the company's operations.
3. Analysis of the Case Study
This case study can be analyzed through the lens of several frameworks:
- SWOT Analysis:
- Strengths: Strong customer base, experienced guides, unique tour offerings, strong brand reputation.
- Weaknesses: Seasonality, fluctuating demand, limited marketing efforts, lack of formal financial planning and analysis.
- Opportunities: Expansion into new destinations, development of new tour packages, leveraging online marketing platforms, strategic partnerships.
- Threats: Increased competition, economic downturn, environmental regulations, changing customer preferences.
- Porter's Five Forces:
- Threat of new entrants: Relatively low due to barriers to entry, such as licensing requirements and specialized equipment.
- Bargaining power of buyers: Moderate due to the availability of alternative tour providers.
- Bargaining power of suppliers: Low due to the availability of multiple suppliers for equipment and services.
- Threat of substitute products: Moderate due to the availability of alternative activities, such as hiking or camping.
- Competitive rivalry: High due to the presence of numerous tour operators in the region.
Financial Analysis:
- Profitability: CUCTC's profitability is significantly impacted by seasonality and fluctuating demand. The company needs to improve its cost management and pricing strategies to ensure consistent profitability.
- Cash Flow: The company experiences significant seasonal cash flow fluctuations, requiring careful management of working capital.
- Financial Statements: The case study highlights the need for more robust financial reporting and analysis, including the use of financial statements such as the balance sheet, income statement, and cash flow statement.
- Accounting Procedures: CUCTC's current accounting procedures are inadequate for making informed strategic decisions. Implementing a more comprehensive system, including activity-based costing, would provide valuable insights into cost drivers and profitability of different tour packages.
4. Recommendations
- Implement Activity-Based Costing (ABC): CUCTC should adopt ABC to accurately allocate costs to individual tours and gain a better understanding of profitability. This will enable the company to identify cost-saving opportunities and optimize pricing strategies.
- Develop a Comprehensive Pricing Strategy: CUCTC should implement a dynamic pricing strategy that considers factors such as seasonality, demand, and competition. This could involve offering discounts during off-peak seasons, introducing value-added packages, and adjusting prices based on market conditions.
- Improve Operational Efficiency: CUCTC should streamline its operations by optimizing tour schedules, minimizing idle time, and reducing waste. This could involve using technology to improve communication and coordination among guides, implementing lean management principles, and exploring partnerships with local businesses for logistical support.
- Enhance Marketing Efforts: CUCTC should invest in targeted marketing campaigns to reach new customer segments. This could include utilizing online platforms like social media and travel websites, partnering with travel agencies, and participating in industry events.
- Explore Strategic Partnerships: CUCTC should seek strategic partnerships with complementary businesses, such as hotels, restaurants, and outdoor adventure companies. These partnerships can create cross-selling opportunities and expand the company's reach.
- Consider Acquisitions or Expansions: CUCTC should explore opportunities for acquisitions or expansions into new markets or service offerings. This could involve acquiring smaller tour operators or expanding into new destinations with high potential.
5. Basis of Recommendations
These recommendations are based on a comprehensive analysis of CUCTC's strengths, weaknesses, opportunities, and threats, as well as its financial performance.
- Core Competencies and Consistency with Mission: The recommendations focus on enhancing CUCTC's core competencies in providing high-quality guided tours while remaining consistent with its mission of providing unforgettable experiences for its customers.
- External Customers and Internal Clients: The recommendations consider the needs of both external customers and internal clients (employees), aiming to improve customer satisfaction and employee morale.
- Competitors: The recommendations recognize the competitive landscape and aim to differentiate CUCTC from its competitors by offering unique tour experiences, optimizing pricing, and leveraging marketing strategies.
- Attractiveness: The recommendations are based on quantitative measures such as profitability, cost savings, and market share growth.
6. Conclusion
By implementing these recommendations, CUCTC can significantly improve its profitability, operational efficiency, and market reach. The company can achieve sustainable growth and maintain its position as a leading tour operator in the region.
7. Discussion
Alternative Options:
- Focusing solely on cost-cutting: While cost-cutting measures can be beneficial, they may not be sufficient to address the company's long-term growth objectives.
- Expanding into unrelated markets: CUCTC should focus on expanding into related markets that leverage its existing expertise and resources.
Risks and Key Assumptions:
- Economic downturn: A downturn in the economy could negatively impact tourism demand.
- Increased competition: The emergence of new competitors could erode CUCTC's market share.
- Environmental regulations: Changes in environmental regulations could impact the company's operations.
8. Next Steps
- Develop a detailed implementation plan: This plan should outline specific actions, timelines, and responsibilities for each recommendation.
- Secure funding: CUCTC may need to secure additional funding to support its growth initiatives.
- Implement activity-based costing: This should be a priority to gain a clear understanding of the company's cost structure.
- Develop a dynamic pricing strategy: This should be implemented in phases to ensure smooth transition and market acceptance.
- Monitor progress and make adjustments: CUCTC should regularly monitor the effectiveness of its initiatives and make adjustments as needed.
By taking these steps, CUCTC can position itself for long-term success in the competitive tourism industry.
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Case Description
Ron Hopkins had just finished his first year as founder, president, head mechanic, chief cook, and lead tour guide for the Colorado & Utah Canyon Tours Company (CUCTC). The first year had been a good one, and Hopkins thought he probably had made a small profit-after all, he had ended the year with a positive balance in the CUCTC checking account. Among the many roles and tasks he performed at CUCTC, however, accountant/bookkeeper was not one of them. For that task, he calls on his former college roommate, Chris Norris to prepare the financial statements needed for a $300,000 loan application he intended to make at Lofton National Bank next month. Norris plans to organize the CUCTC financial notes and records Hopkins has sent him.
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