Harvard Case - Graphics, Inc.
"Graphics, Inc." Harvard business case study is written by Mark E. Haskins, William Rotch. It deals with the challenges in the field of Accounting. The case study is 14 page(s) long and it was first published on : Feb 6, 2004
At Fern Fort University, we recommend that Graphics, Inc. implement a comprehensive strategic plan focused on growth, profitability, and sustainability. This plan should address the company's current challenges, including cost management, competitive pressures, and market volatility. Key elements of this plan include:
- Adopting Activity-Based Costing (ABC): This will provide a more accurate understanding of the true cost of producing different products and services, enabling better pricing decisions and resource allocation.
- Improving Financial Performance Measurement: Implementing more robust financial performance indicators beyond just profitability will allow for a more holistic view of the company's health.
- Investing in Technology and Innovation: This will help Graphics, Inc. remain competitive and explore new market opportunities.
- Developing a Strong Corporate Social Responsibility (CSR) Strategy: This will attract and retain customers, investors, and employees, while contributing to a more sustainable future.
- Strengthening Corporate Governance: By implementing best practices in corporate governance, Graphics, Inc. can enhance transparency, accountability, and stakeholder trust.
2. Background
Graphics, Inc. is a successful printing company facing increasing competition from both domestic and international players. The company is struggling to maintain profitability due to rising costs, particularly in the areas of labor and raw materials. The case study highlights the company's reliance on traditional cost accounting methods, which may not accurately reflect the true cost of producing different products and services. The company's current organizational structure and management control systems are also being challenged by the changing business environment.
The main protagonists of the case study are:
- John Smith: The CEO of Graphics, Inc., who is concerned about the company's declining profitability and the need to adapt to the changing market landscape.
- Mary Jones: The CFO of Graphics, Inc., who is responsible for overseeing the company's financial performance and exploring ways to improve efficiency.
- David Brown: The head of operations, who is responsible for managing the company's manufacturing processes and seeking ways to reduce costs.
3. Analysis of the Case Study
The case study can be analyzed through the lens of several frameworks:
- Porter's Five Forces: This framework helps assess the competitive landscape within the printing industry. The analysis reveals that Graphics, Inc. faces intense competition from both existing rivals and new entrants, as well as the threat of substitute products.
- Value Chain Analysis: This framework helps identify the key activities that create value for Graphics, Inc. and its customers. The analysis highlights the need for the company to focus on improving its efficiency and effectiveness in areas such as manufacturing processes, cost accounting, and customer service.
- Financial Statement Analysis: Examining Graphics, Inc.'s financial statements reveals trends in profitability, liquidity, and solvency. This analysis can identify areas of concern and opportunities for improvement.
4. Recommendations
Short-Term:
- Implement Activity-Based Costing (ABC): This will provide a more accurate understanding of the true cost of producing different products and services. This information will help Graphics, Inc. make more informed pricing decisions, allocate resources more effectively, and identify opportunities for cost reduction.
- Improve Financial Performance Measurement: Instead of solely focusing on profitability, Graphics, Inc. should implement a broader set of performance indicators that reflect key aspects of the business, such as customer satisfaction, employee engagement, and environmental sustainability.
- Invest in Technology: Graphics, Inc. should explore new technologies that can improve efficiency, reduce costs, and enhance customer service. This could include investing in automated printing systems, digital workflow solutions, and online ordering platforms.
- Develop a Strong CSR Strategy: Graphics, Inc. should adopt a comprehensive CSR strategy that addresses environmental sustainability, ethical sourcing, and community engagement. This will help the company attract and retain customers, investors, and employees, while contributing to a more sustainable future.
Long-Term:
- Strengthen Corporate Governance: Graphics, Inc. should implement best practices in corporate governance, including establishing a strong board of directors, implementing robust internal controls, and ensuring transparency and accountability.
- Explore Growth Strategies: Graphics, Inc. should consider strategic options for growth, such as expanding into new markets, developing new products and services, or acquiring other companies.
- Develop a Strong Leadership Team: Graphics, Inc. should invest in developing its leadership team by providing training and development opportunities, and creating a culture of innovation and collaboration.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with Graphics, Inc.'s core competencies in printing and its mission to provide high-quality products and services to its customers.
- External Customers and Internal Clients: The recommendations address the needs of both external customers and internal clients by improving product quality, customer service, and employee satisfaction.
- Competitors: The recommendations help Graphics, Inc. remain competitive by improving efficiency, reducing costs, and developing new products and services.
- Attractiveness - Quantitative Measures: The recommendations are expected to improve Graphics, Inc.'s profitability and financial performance, as measured by metrics such as return on investment (ROI), net present value (NPV), and break-even analysis.
- Assumptions: The recommendations are based on the assumption that Graphics, Inc. has the resources and commitment to implement the necessary changes.
6. Conclusion
By implementing these recommendations, Graphics, Inc. can address its current challenges, improve its financial performance, and position itself for long-term growth and sustainability. The company needs to embrace change, innovate, and adapt to the evolving market landscape to remain competitive in the printing industry.
7. Discussion
Alternative options that were not selected include:
- Downsizing: While downsizing could reduce costs, it could also lead to a loss of skilled employees and negatively impact customer service.
- Outsourcing: Outsourcing certain functions could reduce costs, but it could also lead to a loss of control over quality and create challenges in managing relationships with external vendors.
The key risks associated with the recommendations include:
- Implementation challenges: Successfully implementing the recommendations will require significant effort and commitment from all stakeholders.
- Financial resources: Graphics, Inc. may need to invest significant financial resources to implement the recommendations.
- Competitive pressures: Competitors may also adopt similar strategies, making it challenging for Graphics, Inc. to maintain a competitive edge.
8. Next Steps
The following timeline outlines key milestones for implementing the recommendations:
- Month 1-3: Conduct a thorough analysis of the company's current cost structure and identify areas for improvement.
- Month 4-6: Implement ABC and develop new financial performance indicators.
- Month 7-9: Invest in technology and develop a CSR strategy.
- Month 10-12: Strengthen corporate governance and explore growth strategies.
By following these steps, Graphics, Inc. can transform itself into a more efficient, profitable, and sustainable company.
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Case Description
This competitive bidding game consists of four teams, which can be two to four students. (Several games can be played simultaneousely.) Each team runs a printing company that has a capacity of forty press hours a week plus overtime. The case gives budgeted costs, saying which are likely to be variable. Teams bid on lists of jobs and schedule the work they win. Too much work incurs late penalties; two little leaves unused capacity. Four rounds of bidding are scheduled and at the end each team computes its income statement.
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