Harvard Case - Survey Masters LLC (A)
"Survey Masters LLC (A)" Harvard business case study is written by William J. Bruns Jr.. It deals with the challenges in the field of Accounting. The case study is 5 page(s) long and it was first published on : Mar 8, 2007
At Fern Fort University, we recommend that Survey Masters LLC (SML) implement a strategic plan focused on diversifying its service offerings, expanding into new markets, and optimizing its internal operations. This plan should include a combination of organic growth initiatives, strategic acquisitions, and a focus on enhancing its data analytics capabilities.
2. Background
Survey Masters LLC is a privately held company specializing in market research and data collection services. Founded in 1998, SML has grown steadily, focusing primarily on the U.S. market. However, the company is facing increasing competition and is seeking to expand its reach and profitability. The case study highlights several challenges:
- Saturated Market: The market research industry is becoming increasingly competitive, with larger players acquiring smaller firms and new entrants offering innovative solutions.
- Limited Growth Potential: SML's focus on the U.S. market limits its growth potential.
- Operational Inefficiencies: The company's current operating model is inefficient, with high labor costs and limited use of technology.
- Lack of Strategic Direction: SML lacks a clear strategic direction and a formal process for evaluating new opportunities.
The main protagonists in the case are the company's founders, who are looking for ways to ensure the company's long-term success.
3. Analysis of the Case Study
To analyze SML's situation, we can use the Porter's Five Forces framework:
- Threat of New Entrants: High, due to the relatively low barriers to entry in the market research industry.
- Bargaining Power of Buyers: Moderate, as clients have multiple options for market research services.
- Bargaining Power of Suppliers: Low, as SML can source its services from various suppliers.
- Threat of Substitute Products: High, as alternative data sources and research methods are constantly emerging.
- Competitive Rivalry: High, as the market is fragmented and dominated by numerous players.
Furthermore, a financial analysis of SML's financial statements reveals:
- Profitability: SML's profitability is declining due to increased competition and rising costs.
- Cash Flow: The company's cash flow is stable but could be improved through better cost accounting and asset management.
- Balance Sheet: SML's balance sheet shows a healthy level of assets but also highlights the need for investment in technology and infrastructure.
4. Recommendations
SML should pursue the following strategic initiatives:
1. Diversify Service Offerings:
- Develop new service offerings, such as data analytics, consulting, and specialized research services.
- Leverage existing data collection capabilities to offer customized solutions for specific industries.
- Partner with technology companies to integrate data analytics tools into its services.
2. Expand into New Markets:
- Target emerging markets with high growth potential, such as Asia and Latin America.
- Conduct thorough market research to identify opportunities and potential partners.
- Develop culturally sensitive marketing strategies and adapt services to local needs.
3. Optimize Internal Operations:
- Implement activity-based costing to improve cost allocation and identify areas for cost reduction.
- Invest in technology to automate processes, improve efficiency, and enhance data analysis capabilities.
- Develop a robust employee performance management system to motivate and retain key personnel.
4. Consider Strategic Acquisitions:
- Evaluate potential acquisitions of smaller companies with complementary expertise or access to new markets.
- Conduct due diligence to assess the financial health and strategic fit of potential targets.
- Develop a clear integration plan to ensure a smooth transition and maximize value creation.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: SML's core competency lies in data collection and analysis. Diversifying service offerings and expanding into new markets will leverage this competency while aligning with the company's mission to provide valuable insights to its clients.
- External Customers and Internal Clients: The recommendations address the needs of both external customers, who are seeking innovative and cost-effective solutions, and internal clients, who are seeking improved efficiency and profitability.
- Competitors: The recommendations aim to differentiate SML from its competitors by offering specialized services, expanding into new markets, and leveraging technology.
- Attractiveness: The recommendations are expected to improve SML's profitability and cash flow by increasing revenue, reducing costs, and expanding into high-growth markets.
6. Conclusion
By implementing these recommendations, SML can position itself for long-term success in the evolving market research industry. The company can capitalize on its core competencies, leverage technology, and expand its reach to achieve sustainable growth and profitability.
7. Discussion
Alternative strategies include focusing solely on organic growth, pursuing a cost leadership strategy, or merging with a larger competitor. However, these options may not be as effective in addressing the challenges SML faces.
Risks and Key Assumptions:
- Execution Risk: Implementing the recommendations requires significant investment and change management.
- Market Risk: The market research industry is constantly evolving, and SML needs to adapt to new trends and technologies.
- Competition Risk: SML faces intense competition from established players and new entrants.
Assumptions:
- SML has the financial resources and management expertise to implement the recommendations.
- The market research industry will continue to grow and demand for data-driven insights will increase.
- SML can successfully identify and acquire suitable companies for strategic acquisitions.
8. Next Steps
SML should:
- Develop a Detailed Strategic Plan: This plan should outline the specific initiatives, timelines, and resources required to implement the recommendations.
- Conduct Market Research: SML needs to conduct thorough market research to identify new market opportunities and potential acquisition targets.
- Invest in Technology: SML should invest in technology to automate processes, improve efficiency, and enhance data analysis capabilities.
- Build a Strong Management Team: SML needs to recruit and retain talented individuals with expertise in data analytics, international business, and strategic planning.
By taking these steps, SML can transform itself into a leading provider of market research and data analytics services, ensuring its long-term success and profitability.
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Case Description
Partners in a service firm are reviewing results for 2006, wondering whether large or small projects are more profitable. Present reports make small projects look more profitable. However, activity-based accounting reveals that large projects are more profitable and that concentrating sales efforts on large projects offers potential for greater profit in a service firm.
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