Harvard Case - Kalamazoo Zoo
"Kalamazoo Zoo" Harvard business case study is written by Linda Bilmes. It deals with the challenges in the field of Accounting. The case study is 4 page(s) long and it was first published on : Apr 15, 2015
At Fern Fort University, we recommend the Kalamazoo Zoo implement a comprehensive strategic plan focused on enhancing operational efficiency, diversifying revenue streams, and strengthening its position as a leading conservation and education institution. This plan will involve a multi-pronged approach encompassing financial management, marketing and outreach, and operational improvements.
2. Background
The Kalamazoo Zoo, a beloved community institution, faces financial challenges due to declining attendance and increasing operational costs. Despite a strong reputation for conservation and education, the zoo's financial performance has been inconsistent, leading to budget deficits and concerns about its long-term sustainability. The case study highlights the zoo's efforts to improve its financial position, including cost-cutting measures and fundraising initiatives. However, the zoo needs a more strategic approach to address its underlying issues and ensure its future success.
The main protagonists in this case are the zoo's management team, led by the CEO, and the Board of Directors, responsible for overseeing the zoo's operations and financial health. The case study emphasizes the need for collaboration between these stakeholders to develop and implement a comprehensive strategic plan.
3. Analysis of the Case Study
The case study can be analyzed through the lens of several frameworks, including:
Financial Analysis:
- Financial Statement Analysis: The zoo's financial statements, including the balance sheet, income statement, and cash flow statement, reveal a pattern of declining revenue and increasing expenses. This trend points to the need for a comprehensive financial strategy to improve profitability.
- Cost Accounting: The zoo's cost accounting system needs to be reviewed to identify areas for cost reduction and efficiency improvements. This includes implementing activity-based costing to allocate costs more accurately and identify cost drivers.
- Budgeting and Variance Analysis: The zoo's budgeting process needs to be more robust, with a focus on variance analysis to track actual performance against budget and identify areas for improvement.
Strategic Analysis:
- SWOT Analysis: The zoo possesses strengths in its conservation efforts, educational programs, and community engagement. However, it faces weaknesses in its financial performance, declining attendance, and competition from other attractions. Opportunities exist to expand outreach, develop new exhibits, and enhance the visitor experience. Threats include economic downturns, changing visitor preferences, and competition from other entertainment options.
- Porter's Five Forces: The zoo operates in a competitive environment with several substitutes, including other attractions, museums, and entertainment venues. The bargaining power of suppliers is moderate, while the bargaining power of buyers is high. New entrants could emerge, but the threat of new entrants is relatively low due to the high cost of establishing a zoo.
Operational Analysis:
- Organizational Structure and Design: The zoo's organizational structure and design need to be reviewed to ensure efficient operations and effective communication. This includes evaluating the roles and responsibilities of different departments and identifying opportunities for streamlining processes.
- Employee Performance Management: The zoo needs to implement a robust employee performance management system to ensure that employees are motivated and aligned with the zoo's strategic goals. This includes setting clear performance expectations, providing regular feedback, and offering appropriate training and development opportunities.
4. Recommendations
To address the Kalamazoo Zoo's challenges and ensure its long-term sustainability, we recommend the following:
Financial Management:
- Develop a comprehensive financial plan: This plan should include a detailed budget, revenue projections, and cost reduction strategies.
- Implement activity-based costing: This will enable the zoo to allocate costs more accurately and identify areas for cost savings.
- Diversify revenue streams: Explore new revenue opportunities, such as corporate sponsorships, special events, and educational programs for schools and businesses.
- Optimize fundraising efforts: Enhance the zoo's fundraising strategy by leveraging digital platforms, engaging with major donors, and exploring new funding sources.
- Improve asset management: Implement a robust asset management system to track and maintain the zoo's assets, including exhibits, buildings, and equipment.
Marketing and Outreach:
- Enhance marketing and communication strategies: Develop a comprehensive marketing plan that targets different audience segments and utilizes digital marketing channels.
- Promote the zoo's conservation and education mission: Highlight the zoo's role in conservation and education to attract visitors who are passionate about these causes.
- Develop new exhibits and experiences: Offer innovative and engaging exhibits that appeal to a wider audience, including families, children, and adults.
- Strengthen community partnerships: Collaborate with local businesses, schools, and community organizations to promote the zoo and increase visitor engagement.
Operational Improvements:
- Streamline operations: Identify and eliminate inefficiencies in the zoo's operations, such as reducing staff overtime, optimizing inventory management, and streamlining procurement processes.
- Implement technology solutions: Utilize technology to enhance visitor experiences, improve communication, and streamline operations.
- Enhance employee training and development: Invest in employee training and development programs to improve skills and knowledge and foster a culture of continuous improvement.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Mission: The recommendations are aligned with the zoo's core competencies in conservation, education, and animal welfare. They aim to enhance the zoo's mission by improving its financial stability and expanding its outreach.
- External Customers and Internal Clients: The recommendations are designed to improve the visitor experience, attract new audiences, and enhance employee engagement.
- Competitors: The recommendations consider the competitive landscape and aim to differentiate the zoo from its competitors by offering unique experiences and emphasizing its conservation and education mission.
- Attractiveness: The recommendations are expected to improve the zoo's financial performance, increase attendance, and strengthen its position as a leading conservation and education institution.
- Assumptions: The recommendations are based on the assumption that the zoo's management team and Board of Directors are committed to implementing the strategic plan and that the zoo will continue to receive community support.
6. Conclusion
The Kalamazoo Zoo has the potential to thrive as a leading conservation and education institution. By implementing a comprehensive strategic plan that addresses its financial challenges, enhances its marketing and outreach efforts, and optimizes its operations, the zoo can secure its future and continue to inspire generations to come.
7. Discussion
Other alternatives not selected include:
- Merging with another zoo: This option could provide financial stability and access to resources, but it could also lead to loss of autonomy and potential cultural clashes.
- Selling the zoo: This option would provide immediate financial relief but would result in the loss of a valuable community asset.
The risks associated with the recommended plan include:
- Lack of funding: The plan requires significant investment, and securing funding may be challenging.
- Resistance to change: Some stakeholders may resist the proposed changes, leading to delays and implementation challenges.
- Unforeseen circumstances: The plan is based on current conditions, and unforeseen circumstances, such as economic downturns or changes in visitor preferences, could impact its effectiveness.
8. Next Steps
To implement the recommended strategic plan, the zoo should follow these steps:
- Form a strategic planning team: This team should include representatives from management, the Board of Directors, and key staff members.
- Develop a detailed implementation plan: This plan should outline specific actions, timelines, and resource requirements.
- Secure funding: The zoo should identify and secure funding sources to support the implementation of the strategic plan.
- Communicate the plan to stakeholders: The zoo should communicate the strategic plan to all stakeholders, including employees, donors, and the community.
- Monitor progress and make adjustments: The zoo should continuously monitor the progress of the strategic plan and make adjustments as needed.
By following these steps, the Kalamazoo Zoo can successfully implement its strategic plan and achieve its goals of financial sustainability, increased visitor engagement, and enhanced conservation and education efforts.
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Case Description
Variance analysis is widely used in budgeting and managerial accounting, and is a required skill to be taught in any introductory budget course. The Kalamazoo Zoo is a short, amusing case for use in teaching variance analysis. The case is best taught after students have already learned the basics of variance analysis, using a standard text. [Recommended material is "Variance Analysis and Flexible Budgeting," Harvard Business School Publishing, Note 9-101-039, c 2000, and the on-line HBS tutorial on variance analysis]. The Kalamazoo case may be used as a short homework assignment or an in-class group exercise. In the case, students must determine why the Zoo is losing money. Using variance analysis, students can examine the impact of the Zoo's successful animal breeding program (which has produced a higher number of animals) and the quantity of food the animals are consuming. From this simple premise, the case can be used to discuss the revenue and expenditure implications for the Zoo, and to discuss how further variance analysis is necessary to fully understand the drivers of financial performance. The case also allows for a discussion of simple budget options that would enhance revenues and/or decrease expenditures.
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