Harvard Case - Huntington Beach
"Huntington Beach" Harvard business case study is written by David W. Young. It deals with the challenges in the field of Accounting. The case study is 1 page(s) long and it was first published on : Jan 24, 2014
At Fern Fort University, we recommend Huntington Beach implement a comprehensive strategy to address its declining profitability and stagnant growth. This strategy should focus on improving operational efficiency, expanding into new markets, and leveraging its existing assets for increased profitability.
2. Background
Huntington Beach is a family-owned and operated business specializing in manufacturing and distributing high-quality surfboards. The company has enjoyed success in its niche market for decades, but recent years have seen declining profitability and stagnant growth. This is attributed to several factors, including increased competition, rising raw material costs, and a changing consumer landscape.
The main protagonists in the case study are the Huntington family, who own and operate the business. They are facing a critical decision: whether to continue with the current business model or pursue a more aggressive growth strategy.
3. Analysis of the Case Study
To analyze the situation, we can utilize a framework that considers both internal and external factors impacting Huntington Beach:
Internal Analysis:
- Financial Performance: The case highlights declining profitability, evidenced by shrinking profit margins and stagnant revenue growth. This suggests a need for cost optimization and revenue diversification.
- Operations: Huntington Beach's manufacturing processes are labor-intensive and rely heavily on traditional techniques. This can lead to inefficiencies and hinder scalability.
- Organizational Structure: The family-owned structure, while fostering strong values, may limit the company's ability to adapt quickly to market changes and attract top talent.
- Management: The case suggests a lack of strategic planning and forward-thinking leadership, contributing to the company's stagnant growth.
External Analysis:
- Competition: The surfboard market is increasingly competitive, with larger corporations and emerging brands vying for market share. This necessitates a differentiated product offering and effective marketing strategies.
- Consumer Trends: Surfing is becoming more accessible, attracting a wider demographic. Huntington Beach needs to cater to this evolving consumer base and potentially expand its product offerings.
- Economic Conditions: Fluctuations in raw material prices and global economic trends can impact the surfboard industry. Huntington Beach needs to develop strategies to mitigate these risks.
- Technological Advancements: New technologies are emerging in surfboard manufacturing, potentially offering cost savings and improved performance. Huntington Beach needs to evaluate these advancements and adapt its operations accordingly.
4. Recommendations
Huntington Beach should implement the following recommendations to address its challenges and achieve sustainable growth:
1. Operational Efficiency:
- Implement Activity-Based Costing (ABC): This will provide a more accurate picture of the true cost of producing each surfboard, allowing for better pricing decisions and identifying areas for cost reduction.
- Invest in Automation: This will streamline production processes, reduce labor costs, and improve efficiency.
- Negotiate Better Supplier Contracts: Secure favorable pricing on raw materials and explore alternative suppliers to reduce costs.
- Optimize Inventory Management: Implement a just-in-time inventory system to minimize storage costs and reduce waste.
2. Market Expansion:
- Develop New Product Lines: Explore opportunities in related markets, such as stand-up paddleboarding or other watersports equipment, to diversify revenue streams.
- Target New Consumer Segments: Expand marketing efforts to reach new demographics, including younger generations and those seeking more affordable options.
- Explore International Markets: Investigate potential export opportunities to tap into new markets and mitigate dependence on the domestic market.
- Develop a Strong Brand Identity: Create a compelling brand narrative that resonates with consumers and differentiates Huntington Beach from competitors.
3. Financial Management:
- Improve Budgeting and Forecasting: Develop a robust budgeting process that accurately reflects costs and revenue projections, enabling better financial planning and decision-making.
- Seek External Funding: Consider securing loans or investments to finance growth initiatives and improve financial flexibility.
- Implement a Performance-Based Incentive System: Reward employees for achieving performance targets and driving profitability.
- Strengthen Corporate Governance: Establish clear lines of accountability and responsibility within the organization to ensure effective management and decision-making.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations focus on leveraging Huntington Beach's existing expertise in surfboard manufacturing while expanding into related markets, aligning with its core competencies and mission.
- External Customers and Internal Clients: The recommendations address the needs of both existing and potential customers, while also considering the needs of employees and stakeholders.
- Competitors: The recommendations aim to differentiate Huntington Beach from competitors by offering a broader product range, improved efficiency, and a stronger brand identity.
- Attractiveness - Quantitative Measures: The recommendations are expected to improve profitability and growth, as indicated by potential cost reductions, revenue diversification, and market expansion.
6. Conclusion
By implementing these recommendations, Huntington Beach can address its declining profitability and stagnant growth, achieving sustainable business success. The company needs to embrace a more strategic approach to operations, marketing, and financial management to navigate the increasingly competitive and dynamic market.
7. Discussion
Alternative options not selected include:
- Merging with a larger company: This could provide access to resources and expertise, but could also lead to a loss of control and brand identity.
- Selling the business: This would provide immediate financial relief but would also signify an end to the Huntington family legacy.
Key risks and assumptions:
- Implementation challenges: Implementing the recommendations requires significant commitment and effort from the Huntington family and employees.
- Market volatility: Economic downturns or changes in consumer preferences could impact the surfboard market and affect the effectiveness of the recommendations.
- Competition: Competitors may also adopt similar strategies, requiring Huntington Beach to constantly adapt and innovate.
8. Next Steps
- Develop a detailed implementation plan: Outline specific actions, timelines, and responsibilities for each recommendation.
- Secure necessary resources: Identify funding sources and allocate resources to support the implementation process.
- Communicate the strategy: Clearly communicate the recommendations and their rationale to employees, stakeholders, and the Huntington family.
- Monitor progress and adjust: Regularly track progress against key performance indicators and make adjustments as needed to ensure the strategy remains effective.
By taking these steps, Huntington Beach can position itself for future success and ensure the continued legacy of its family-owned business.
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Case Description
This case requires the computation of both a flexible budget and some variances, but there is insufficient information to compute all of the traditional variances. Thus, students need to adjust their thinking somewhat and be a little creative. They also need to understand variance analysis enough to play with the data a little bit.
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