Harvard Case - Midwest Office Products
"Midwest Office Products" Harvard business case study is written by Robert S. Kaplan. It deals with the challenges in the field of Accounting. The case study is 4 page(s) long and it was first published on : Mar 2, 2004
At Fern Fort University, we recommend that Midwest Office Products (MOP) implement a comprehensive strategic plan to address its declining profitability and market share. This plan should focus on improving operational efficiency, enhancing customer service, and exploring new revenue streams.
2. Background
Midwest Office Products is a family-owned business operating in the competitive office supply industry. The company faces challenges including declining sales, increasing competition from online retailers, and rising operating costs. The case study highlights the struggle of the current management team, led by David, to make strategic decisions amid these challenges.
The main protagonists are:
- David: The current CEO, facing pressure to improve performance and struggling to adapt to the changing market landscape.
- John: David's brother and the company's CFO, who is more financially focused and hesitant to embrace change.
- Mary: A young and ambitious employee who represents a new generation of talent within the company.
3. Analysis of the Case Study
This case study can be analyzed through the lens of several frameworks:
Strategic Analysis:
- Porter's Five Forces: The office supply industry is characterized by high competition, low barriers to entry, and increasing bargaining power of buyers due to online alternatives. This highlights the need for MOP to differentiate itself and build strong customer relationships.
- SWOT Analysis: MOP possesses strong brand recognition and customer loyalty as strengths, but faces weaknesses in its outdated infrastructure, limited online presence, and lack of a clear growth strategy. Opportunities lie in expanding into new markets and developing innovative product offerings. Threats include increasing competition, economic downturns, and changing consumer preferences.
Financial Analysis:
- Financial Statement Analysis: MOP's financial statements reveal declining profitability, shrinking margins, and stagnant revenue growth. This indicates a need for cost optimization, revenue diversification, and improved financial management.
- Activity-Based Costing (ABC): Implementing ABC would provide a more accurate understanding of the cost structure, allowing MOP to identify areas for cost reduction and improve pricing strategies.
Operational Analysis:
- Value Chain Analysis: MOP's value chain needs to be re-evaluated to identify inefficiencies and opportunities for improvement. This includes streamlining processes, optimizing inventory management, and enhancing supply chain logistics.
- Employee Performance Management: MOP needs to invest in employee training and development to improve skills and adapt to the evolving industry landscape.
Marketing Analysis:
- Customer Relationship Management (CRM): Implementing a CRM system would enable MOP to better understand customer needs, personalize marketing campaigns, and build stronger customer loyalty.
- Digital Marketing: MOP must embrace digital marketing strategies to reach a wider audience, increase online visibility, and compete effectively with online retailers.
4. Recommendations
To address MOP's challenges, we recommend the following:
1. Develop a Comprehensive Strategic Plan:
- Vision and Mission: Define a clear vision and mission that reflects the company's long-term goals and commitment to customer satisfaction.
- Market Analysis: Conduct thorough market research to identify growth opportunities, understand competitor strategies, and assess emerging trends.
- Competitive Advantage: Define a clear value proposition that differentiates MOP from competitors and appeals to target customers.
- Growth Strategy: Develop a strategic roadmap for growth, including market expansion, product diversification, and service enhancement.
2. Improve Operational Efficiency:
- Activity-Based Costing (ABC): Implement ABC to accurately allocate costs and identify areas for cost reduction.
- Process Optimization: Streamline operational processes, improve inventory management, and enhance supply chain logistics.
- Technology Investment: Invest in new technologies to improve efficiency, automate tasks, and enhance customer service.
3. Enhance Customer Service:
- Customer Relationship Management (CRM): Implement a CRM system to gather customer data, personalize interactions, and build stronger relationships.
- Online Presence: Develop a robust online presence with an e-commerce platform, social media engagement, and online customer support.
- Customer Feedback: Actively solicit and respond to customer feedback to improve product offerings and service quality.
4. Explore New Revenue Streams:
- Product Diversification: Expand product offerings to include complementary items, value-added services, and innovative solutions.
- Market Expansion: Explore new geographic markets, target niche segments, and consider strategic partnerships.
- Subscription Services: Offer subscription services to provide recurring revenue and build customer loyalty.
5. Foster a Culture of Innovation:
- Employee Empowerment: Encourage employee creativity and innovation by providing opportunities for training, development, and idea sharing.
- Research and Development: Invest in research and development to develop new products, improve existing offerings, and stay ahead of industry trends.
- Strategic Partnerships: Collaborate with other companies to leverage complementary expertise, access new markets, and develop innovative solutions.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with MOP's core competencies in customer service and product knowledge while supporting its mission of providing high-quality office supplies.
- External Customers and Internal Clients: The recommendations address the needs of both external customers and internal clients, including employees, suppliers, and investors.
- Competitors: The recommendations aim to differentiate MOP from competitors by focusing on customer service, innovation, and operational efficiency.
- Attractiveness: The recommendations are expected to improve profitability, increase market share, and enhance long-term sustainability.
6. Conclusion
By implementing these recommendations, MOP can overcome its current challenges, achieve sustainable growth, and regain its position as a leading player in the office supply industry. The key to success lies in embracing change, fostering a culture of innovation, and building strong customer relationships.
7. Discussion
Alternative strategies include a complete sale of the company or a merger with a larger competitor. However, these options carry significant risks and may not align with the family's long-term vision.
Key assumptions include:
- Market Growth: The office supply industry will continue to grow, albeit at a slower pace than in the past.
- Technology Adoption: MOP will successfully adopt new technologies to improve efficiency and enhance customer service.
- Employee Commitment: Employees will embrace change and contribute to the company's success.
8. Next Steps
Implementation of the strategic plan should be phased over a period of 12-18 months, with the following key milestones:
- Month 1-3: Conduct a thorough market analysis and develop a comprehensive strategic plan.
- Month 4-6: Implement activity-based costing and identify cost reduction opportunities.
- Month 7-9: Develop a robust online presence and implement a CRM system.
- Month 10-12: Explore new revenue streams, including product diversification and market expansion.
- Month 13-18: Monitor progress, adjust strategies as needed, and celebrate successes.
By taking these steps, MOP can navigate the challenges of the evolving office supply industry and secure a successful future.
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Case Description
Presents an easy introduction to time-driven activity-based costing (ABC) that allows students to build a simple ABC model of order profitability. Midwest's time-driven ABC approach is based on two categories of parameter estimates. The first is the cost per hour of employees performing diverse tasks, such as order-entry operators and delivery personnel performing desktop deliveries. The second is the estimated time required for employees to perform each type of task (manual vs. electronic orders, nearby vs. distant deliveries). Students apply the time-driven ABC model to five representative orders to estimate order profitability based on a far more accurate portrayal of the cost of processing and delivering orders. Stimulates a discussion about the actions, such as pricing and process improvements, to enhance the profitability of orders and also how to report and manage the cost of unused capacity. A rewritten version of an earlier case.
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