Harvard Case - Backyard Pub: Inflatable Ideas
"Backyard Pub: Inflatable Ideas" Harvard business case study is written by Jessica Bond, Ian Dunn. It deals with the challenges in the field of Entrepreneurship. The case study is 13 page(s) long and it was first published on : May 29, 2018
At Fern Fort University, we recommend that Backyard Pub adopt a multi-pronged growth strategy focusing on digital transformation, strategic partnerships, and product diversification. This strategy will leverage Backyard Pub?s existing strengths in innovation and customer experience to capitalize on the growing demand for unique and memorable entertainment experiences.
2. Background
Backyard Pub is a successful local business known for its unique inflatable attractions and family-friendly atmosphere. The company faces the challenge of sustaining growth in a competitive market and adapting to changing customer preferences. The case study highlights the company?s founder, John, who is considering various options for expansion, including acquiring a competitor, franchising, or developing new product lines.
3. Analysis of the Case Study
SWOT Analysis:
- Strengths: Strong brand recognition, innovative product offerings, loyal customer base, experienced management team.
- Weaknesses: Limited geographical reach, reliance on seasonal demand, lack of formal marketing strategy.
- Opportunities: Growing demand for outdoor entertainment, increasing popularity of inflatable attractions, potential for online sales and marketing.
- Threats: Competition from established players, economic downturn, weather-related disruptions.
Porter?s Five Forces:
- Threat of new entrants: Moderate, due to the relatively low barrier to entry for similar businesses.
- Bargaining power of buyers: Moderate, as customers have alternative entertainment options.
- Bargaining power of suppliers: Low, as the company sources materials from multiple suppliers.
- Threat of substitute products: Moderate, as other entertainment options exist, including traditional amusement parks and home entertainment.
- Rivalry among existing competitors: High, as the market is fragmented and competition is increasing.
Value Chain Analysis:
Backyard Pub?s value chain is centered around its unique product offerings, customer service, and operational efficiency. The company?s core competencies lie in its ability to innovate and create memorable experiences for customers.
Business Model Innovation:
Backyard Pub?s current business model is based on seasonal revenue generated from physical location-based entertainment. The company can explore business model innovation by:
- Expanding online presence: Developing an online platform for booking reservations, selling merchandise, and offering virtual experiences.
- Creating partnerships: Collaborating with other businesses, such as hotels, resorts, and event organizers, to offer inflatable attractions as part of their packages.
- Diversifying product offerings: Introducing new inflatable attractions, themed events, and other entertainment options to cater to a wider audience.
4. Recommendations
1. Digital Transformation:
- Develop a comprehensive website and mobile app: This will enhance customer experience, streamline booking processes, and provide a platform for online marketing.
- Implement online payment options: This will improve customer convenience and increase sales.
- Leverage social media marketing: Create engaging content, run targeted advertising campaigns, and build a strong online community.
- Utilize data analytics: Track website traffic, customer behavior, and market trends to inform marketing strategies and product development.
2. Strategic Partnerships:
- Partner with event organizers and promoters: Offer inflatable attractions as part of festivals, corporate events, and other gatherings.
- Collaborate with local businesses: Develop joint marketing campaigns and cross-promotional opportunities.
- Explore franchising opportunities: Expand the Backyard Pub brand through strategic partnerships with franchisees.
3. Product Diversification:
- Develop new inflatable attractions: Introduce innovative designs, themes, and experiences to cater to different age groups and interests.
- Offer themed events and packages: Create unique experiences, such as birthday parties, corporate team-building activities, and seasonal events.
- Expand product line: Consider offering complementary products and services, such as food and beverage concessions, merchandise, and rental equipment.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies: They leverage Backyard Pub?s existing strengths in innovation, customer experience, and operational efficiency.
- External customers: They address the changing preferences of customers and the growing demand for unique and memorable experiences.
- Competitors: They differentiate Backyard Pub from its competitors by offering a wider range of products and services, a stronger online presence, and strategic partnerships.
- Attractiveness: They have the potential to increase revenue, expand market reach, and enhance brand recognition.
6. Conclusion
By embracing digital transformation, forging strategic partnerships, and diversifying its product offerings, Backyard Pub can achieve sustainable growth and maintain its position as a leading provider of unique and memorable entertainment experiences.
7. Discussion
Alternative Options:
- Mergers and Acquisitions: While acquiring a competitor could provide immediate market share, it carries significant financial risk and integration challenges.
- Vertical Integration: Expanding into manufacturing inflatable attractions could provide cost savings and control over product quality but requires significant investment and expertise.
Risks and Key Assumptions:
- Digital Transformation: Successful implementation requires significant investment in technology and expertise.
- Strategic Partnerships: Finding the right partners and managing relationships effectively is crucial.
- Product Diversification: Developing new products and services requires careful market research and product development capabilities.
8. Next Steps
- Develop a detailed strategic plan: Outline specific goals, objectives, and timelines for implementing the recommended strategies.
- Allocate resources: Secure funding and allocate resources to support digital transformation, partnership development, and product diversification initiatives.
- Monitor progress and make adjustments: Track key performance indicators, evaluate the effectiveness of strategies, and make necessary adjustments along the way.
By taking these steps, Backyard Pub can navigate the competitive landscape, capitalize on emerging opportunities, and achieve long-term success.
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Case Description
In April 2017, a third year student at Western University was contemplating launching a new business, Backyard Pub. The company would rent inflatable pubs and party supplies to individuals planning outdoor summer gatherings across Southwestern Ontario. This start-up enthusiast needed to evaluate his product offering and marketing strategy in addition to projecting the new venture's financial performance for the first three years of operations. Was there a market for this product? What target demographic would buy into this product? Where was the best place to market Backyard Pub?
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