Harvard Case - Stone Rock Golf & Country Club: Wedding Bells?
"Stone Rock Golf & Country Club: Wedding Bells?" Harvard business case study is written by Mary Gillett, Yaqi Shi, Brittney MacKinnon. It deals with the challenges in the field of Accounting. The case study is 10 page(s) long and it was first published on : Sep 1, 2020
At Fern Fort University, we recommend Stone Rock Golf & Country Club (SRGCC) pursue a strategic expansion into the wedding and event market. This expansion should be executed in a phased approach, focusing on leveraging existing assets and building a strong brand presence within the local market.
2. Background
Stone Rock Golf & Country Club is a private, member-owned club facing declining membership and revenue. The club boasts beautiful facilities, including a championship golf course, a clubhouse with banquet space, and a picturesque setting. The club's management team, led by General Manager, Mark Johnson, is exploring new revenue streams to address the financial challenges.
The case study highlights the club's current financial situation, with declining membership numbers and a need for increased revenue. The board of directors is considering various options, including expanding into the wedding and event market.
3. Analysis of the Case Study
Strategic Analysis:
- SWOT Analysis: SRGCC possesses several strengths, including its beautiful facilities, strong brand recognition within the local community, and a dedicated staff. However, the club faces weaknesses in membership decline, limited marketing efforts, and a lack of dedicated event management expertise. Opportunities exist in the growing wedding and event market, particularly in the local area. However, the club faces threats from existing competition, economic fluctuations, and changing consumer preferences.
- Porter's Five Forces: The wedding and event market is characterized by moderate competition, with several established venues and catering companies. The threat of new entrants is moderate, as starting a successful event venue requires significant investment. The bargaining power of buyers is high, as couples have numerous options and are price-sensitive. The bargaining power of suppliers is moderate, with several potential vendors for catering, flowers, and entertainment. The threat of substitutes is moderate, as couples can choose alternative venues like hotels or outdoor locations.
Financial Analysis:
- Financial Statements: SRGCC's financial statements reveal a declining trend in revenue and profitability. The club's balance sheet shows significant assets, including the golf course, clubhouse, and equipment. However, the income statement highlights a decline in membership fees and an increase in operating expenses.
- Cost Analysis: The club's cost structure includes fixed costs, such as property taxes, insurance, and staff salaries, and variable costs, such as food and beverage expenses, maintenance, and utilities. A detailed cost analysis using activity-based costing (ABC) can help identify areas for cost optimization and improve profitability.
- Cash Flow: The club's cash flow statement reveals a declining trend in operating cash flow, highlighting the need for improved revenue generation and cost management.
Marketing Analysis:
- Target Market: The wedding and event market is diverse, with a wide range of budgets and preferences. SRGCC should identify specific target segments, such as couples seeking a luxurious and unique experience, corporate events, and social gatherings.
- Marketing Strategy: The club should develop a comprehensive marketing strategy, including online and offline channels, to reach its target audience. This strategy should leverage the club's existing brand recognition, showcase its unique selling proposition, and highlight the value proposition of hosting weddings and events at SRGCC.
Operational Analysis:
- Event Management: SRGCC should invest in developing dedicated event management expertise, including hiring experienced event planners, developing standardized procedures, and implementing appropriate technology.
- Facility Management: The club should ensure its facilities are well-maintained and meet the needs of wedding and event clients. This includes upgrading equipment, enhancing d'cor, and improving accessibility.
4. Recommendations
Phase 1: Market Research and Feasibility Study (3 months):
- Conduct thorough market research: Analyze the local wedding and event market, identify competitor offerings, and assess potential demand for SRGCC's services.
- Develop a detailed feasibility study: Evaluate the financial viability of expanding into the wedding and event market, considering potential revenue, costs, and profitability.
- Develop a preliminary marketing plan: Outline key marketing channels, target audience, and messaging for attracting wedding and event clients.
Phase 2: Initial Launch and Pilot Program (6 months):
- Develop a comprehensive event management plan: Define standardized procedures for event planning, catering, and service delivery.
- Invest in event management technology: Implement software for event planning, booking, and communication.
- Pilot program with select events: Host a limited number of weddings and events to test the operational model, refine procedures, and gather customer feedback.
- Develop a pricing strategy: Determine competitive pricing for wedding packages and event services, considering cost structure and market demand.
Phase 3: Expansion and Growth (12 months):
- Expand marketing efforts: Launch a comprehensive marketing campaign to reach target audience, including online advertising, social media marketing, and public relations.
- Develop strategic partnerships: Collaborate with local vendors, such as caterers, florists, and photographers, to offer comprehensive wedding and event packages.
- Invest in staff training: Provide training to existing staff on event management, customer service, and sales.
- Monitor performance and make adjustments: Track key performance indicators (KPIs), such as revenue, customer satisfaction, and profitability, and make adjustments to the strategy as needed.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of SRGCC's strengths, weaknesses, opportunities, and threats. The proposed expansion into the wedding and event market aligns with the club's mission to provide a high-quality experience for its members and guests. The recommendations consider the needs of both external customers (wedding couples and event organizers) and internal clients (SRGCC staff). The proposed strategy addresses the competitive landscape by offering a unique and differentiated experience, leveraging the club's existing assets, and building strong relationships with local vendors.
The financial viability of the expansion is supported by the club's existing assets and potential revenue generation. The proposed phased approach allows for gradual investment and risk mitigation. The recommendations consider key assumptions, such as the continued growth of the wedding and event market, the club's ability to attract new customers, and the effectiveness of the marketing strategy.
6. Conclusion
By pursuing a strategic expansion into the wedding and event market, SRGCC can leverage its existing assets, tap into a growing market, and generate new revenue streams. The proposed phased approach allows for a gradual and controlled expansion, minimizing risk and maximizing the chances of success. The club's management team should be prepared to invest in event management expertise, marketing efforts, and staff training to ensure a smooth transition and successful execution of the expansion strategy.
7. Discussion
Alternative options for SRGCC include:
- Focusing solely on membership growth: This approach might not generate sufficient revenue to address the club's financial challenges.
- Selling the club: This option would provide immediate financial relief but would result in the loss of the club's assets and legacy.
- Developing other revenue streams: This could include offering fitness classes, hosting corporate retreats, or creating a spa facility. However, these options might require significant investment and may not be as profitable as the wedding and event market.
The proposed expansion strategy carries some risks, including:
- Competition: The wedding and event market is competitive, and SRGCC needs to differentiate itself to attract customers.
- Economic fluctuations: The wedding and event market can be affected by economic downturns.
- Operational challenges: Managing events effectively requires expertise and resources.
The success of the expansion strategy depends on several key assumptions, including:
- The continued growth of the wedding and event market: The market is expected to continue growing, but economic factors could impact demand.
- The club's ability to attract new customers: SRGCC needs to develop a strong marketing strategy to reach its target audience.
- The effectiveness of the event management plan: The club needs to invest in experienced staff, technology, and procedures to ensure smooth event execution.
8. Next Steps
Timeline:
- Month 1-3: Conduct market research, develop a feasibility study, and create a preliminary marketing plan.
- Month 4-6: Implement the pilot program, refine event management procedures, and develop pricing strategies.
- Month 7-12: Launch a comprehensive marketing campaign, develop strategic partnerships, invest in staff training, and monitor performance.
Key Milestones:
- Completion of the feasibility study: This will provide a clear understanding of the financial viability of the expansion.
- Successful completion of the pilot program: This will demonstrate the operational capabilities and customer satisfaction levels.
- Launch of the marketing campaign: This will drive awareness and attract new customers.
- Establishment of strategic partnerships: This will enhance service offerings and expand the club's reach.
By following these recommendations and taking a phased approach, SRGCC can successfully expand into the wedding and event market, generate new revenue streams, and secure its long-term financial stability.
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Case Description
In 2016, the general manager of Stone Rock Golf & Country Club (SRGCC) in Ainslie, Ontario, was considering an opportunity to grow the club's weddings and special events business. SRGCC, a popular 18-hole golf course in a small town, was owned and operated by four local families, who ran the business according to their family values and their sense of loyalty and pride in their community. Since the golf industry had recently experienced a significant decline, the manager believed that increased investment in the weddings and special events business would help to strengthen and diversify SRGCC's revenues. He was considering three different options, from modest to quite substantial: (1) focus on the immediate capital need of renovating the outdated maintenance facility; (2) make a large investment that included adding a new space for weddings and special events, expanded parking, and a new maintenance facility; or (3) do nothing and maintain the status quo. To complete the entire renovation, the club would require an investment of close to $1 million as well as approval from the four families. How could he build a case to increase SRGCC's revenues and convince both his banker and the board of directors to accept his choice?
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