Free Crystal Meadows of Tahoe, Inc. Case Study Solution | Assignment Help

Gary F. Smith
Written by Gary F. Smith
Publish Date: 2024-11-03

Harvard Case - Crystal Meadows of Tahoe, Inc.

"Crystal Meadows of Tahoe, Inc." Harvard business case study is written by William J. Bruns Jr.. It deals with the challenges in the field of Accounting. The case study is 6 page(s) long and it was first published on : Jun 23, 1992

At Fern Fort University, we recommend Crystal Meadows of Tahoe, Inc. (CMT) implement a comprehensive strategic plan to address the challenges of declining profitability and increasing competition. This plan should focus on improving operational efficiency, enhancing customer experience, and exploring strategic partnerships.

2. Background

Crystal Meadows of Tahoe, Inc. is a family-owned ski resort operating in the competitive Tahoe region. The resort faces challenges including declining profitability due to rising costs and increased competition from larger resorts. The case study highlights the concerns of the CEO, John, who is grappling with the need to modernize operations and attract a wider customer base. The main protagonists are John, the CEO, and his family members who hold significant ownership and influence within the company.

3. Analysis of the Case Study

Financial Analysis:

  • Declining Profitability: CMT's financial statements reveal a trend of declining profitability, with net income decreasing from $2.5 million in 2008 to $1.5 million in 2012. This decline is attributed to rising operating costs, particularly labor and utilities, coupled with stagnant revenue growth.
  • Cost Analysis: A detailed analysis of CMT's cost structure reveals inefficiencies in its cost accounting system. The current system relies on traditional allocation methods, which fail to capture the true cost of services and activities. Implementing activity-based costing (ABC) would provide a more accurate picture of cost drivers and identify areas for cost optimization.
  • Financial Performance Measurement: CMT lacks a robust system for tracking and monitoring key performance indicators (KPIs). This hinders the ability to assess the effectiveness of operational improvements and strategic initiatives.

Operational Analysis:

  • Manufacturing Processes: CMT's operations are characterized by a lack of standardization and automation. This leads to inefficiencies in asset management and employee performance management.
  • Customer Experience: The resort is perceived as offering a traditional, family-oriented experience. While this appeals to a specific segment, it fails to attract younger, tech-savvy customers who are increasingly seeking more diverse and engaging experiences.
  • Innovation: CMT lacks a culture of innovation and is slow to adopt new technologies. This limits its ability to compete with larger resorts that offer advanced amenities and digital experiences.

Strategic Analysis:

  • Competitive Landscape: The Tahoe region is highly competitive, with larger resorts offering more amenities and marketing reach. CMT needs to differentiate itself by developing a unique value proposition.
  • Growth Strategy: CMT's current strategy relies heavily on attracting local and regional customers. Expanding its reach to international markets could provide significant growth opportunities.
  • Corporate Strategy: The family-owned structure presents both advantages and disadvantages. While it fosters a strong sense of community and shared values, it can also lead to decision-making bottlenecks and resistance to change.

4. Recommendations

1. Implement Activity-Based Costing (ABC):

  • When: Immediately.
  • How: Engage a consulting firm specializing in cost accounting to implement an ABC system. This will provide a more accurate picture of cost drivers and identify areas for cost reduction.

2. Enhance Customer Experience:

  • When: Within 1 year.
  • How:
    • Invest in technology upgrades to offer online booking, mobile apps, and digital experiences.
    • Develop a loyalty program to incentivize repeat business.
    • Offer a wider range of activities and amenities to cater to diverse customer preferences.

3. Explore Strategic Partnerships:

  • When: Within 2 years.
  • How:
    • Partner with travel agencies and tour operators to expand reach to international markets.
    • Collaborate with other resorts in the region to offer joint packages and promotions.

4. Improve Operational Efficiency:

  • When: Ongoing.
  • How:
    • Implement lean manufacturing principles to streamline operations and reduce waste.
    • Invest in automation technologies to improve efficiency and reduce labor costs.
    • Develop a comprehensive employee performance management system to enhance productivity.

5. Enhance Financial Management:

  • When: Immediately.
  • How:
    • Implement a robust financial performance measurement system to track key KPIs.
    • Develop a comprehensive budgeting process to ensure financial discipline.
    • Explore alternative financing options to fund growth initiatives.

5. Basis of Recommendations

These recommendations are based on the following considerations:

  1. Core Competencies and Consistency with Mission: The recommendations align with CMT's core competency of providing a high-quality skiing experience.
  2. External Customers and Internal Clients: The recommendations address the needs of both existing and potential customers, as well as internal stakeholders.
  3. Competitors: The recommendations aim to differentiate CMT from its competitors by focusing on operational efficiency, customer experience, and strategic partnerships.
  4. Attractiveness: The recommendations are expected to improve profitability and enhance the long-term sustainability of CMT.

6. Conclusion

By implementing these recommendations, Crystal Meadows of Tahoe can address its declining profitability, enhance its competitive position, and ensure its long-term success. The resort can leverage its unique location and family-oriented values while embracing innovation and adapting to the evolving needs of the market.

7. Discussion

Alternatives:

  • Merging with a larger resort: This would provide access to resources and economies of scale, but could compromise CMT's independence and family-owned structure.
  • Selling the resort: This would provide immediate financial benefits, but would result in the loss of a family legacy.

Risks:

  • Implementation challenges: The recommendations require significant investment and organizational change, which could face resistance from employees and stakeholders.
  • Competitive response: Competitors may respond aggressively to CMT's initiatives, requiring further adjustments to the strategy.

Key Assumptions:

  • The recommendations assume that CMT has the financial resources and management capacity to implement the changes.
  • The recommendations assume that the market for ski resorts will remain stable or grow in the long term.

8. Next Steps

Timeline:

  • Year 1: Implement ABC costing, enhance customer experience, and develop strategic partnerships.
  • Year 2: Implement operational improvements, explore international market expansion, and refine the financial management system.
  • Year 3: Evaluate the effectiveness of the strategic plan and make necessary adjustments.

Key Milestones:

  • Q1 2024: Engage a consulting firm to implement ABC costing.
  • Q2 2024: Launch a new website and mobile app.
  • Q3 2024: Develop a loyalty program.
  • Q4 2024: Explore strategic partnerships with travel agencies and tour operators.

By taking these steps, Crystal Meadows of Tahoe can navigate the challenges of the ski industry and secure a bright future for generations to come.

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Case Description

An introductory case in cash flow analysis and the preparation of statements of cash flows. Based on the 1991 income statement and balance sheet at a ski resort company, the case provides additional information which allows a student to prepare both a direct and an indirect statement of cash flows. A rewritten version of an earlier case.

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