Harvard Case - Boston Duck Tours--1996: Has Boston Gone Quackers?
"Boston Duck Tours--1996: Has Boston Gone Quackers?" Harvard business case study is written by Myra M. Hart, Stephanie Dodson. It deals with the challenges in the field of Entrepreneurship. The case study is 21 page(s) long and it was first published on : Mar 9, 1998
At Fern Fort University, we recommend that Boston Duck Tours (BDT) pursue a strategic growth plan focused on expanding its operations to other major tourist destinations while leveraging its existing strengths in entrepreneurship, innovation, and brand building. This expansion should be carefully planned, considering factors such as market potential, competitive landscape, and operational feasibility. BDT should prioritize acquisitions and partnerships as key strategies for achieving rapid growth while maintaining its unique brand identity and customer experience.
2. Background
Boston Duck Tours, founded in 1996 by entrepreneurs Brian and Nancy Sherman, quickly gained popularity for its innovative concept of combining a land and water tour in a modified World War II amphibious vehicle. The company?s success was built upon the foundation of entrepreneurship, innovation, and a strong brand identity. BDT?s initial success caught the attention of investors, leading to a venture capital investment in 1997. This investment provided the necessary resources for BDT to scale its operations and expand its fleet. However, the company faced challenges in maintaining its growth trajectory, particularly in the face of increasing competition and the need for significant capital investment.
3. Analysis of the Case Study
To analyze BDT?s situation, we can employ the Porter?s Five Forces framework:
- Threat of New Entrants: The threat of new entrants is relatively low due to the significant capital investment required for acquiring amphibious vehicles and obtaining necessary permits.
- Bargaining Power of Buyers: Buyers have moderate bargaining power, as they have multiple tour options in major cities. However, BDT?s unique brand and customer experience create some degree of loyalty.
- Bargaining Power of Suppliers: The bargaining power of suppliers is moderate, as BDT depends on a limited number of manufacturers for its amphibious vehicles.
- Threat of Substitute Products: The threat of substitute products is high, as tourists have various other attractions and activities to choose from in major cities.
- Competitive Rivalry: Competitive rivalry is high, with numerous tour operators offering similar services.
Financial Analysis:
- BDT?s initial success was fueled by venture capital investment, but the company faced challenges in generating sufficient revenue to sustain its growth.
- The company?s profitability was affected by factors such as high operating costs, seasonal demand, and competition.
Marketing Analysis:
- BDT?s unique brand and customer experience were key to its initial success.
- The company effectively utilized word-of-mouth marketing and media coverage to build its brand.
- However, BDT faced challenges in maintaining its brand awareness and differentiation in a crowded market.
Operational Analysis:
- BDT?s operations were characterized by high capital investment, seasonal demand, and complex logistics.
- The company?s operational efficiency was crucial for profitability.
4. Recommendations
Expansion Strategy: BDT should pursue a strategic growth plan focused on expanding its operations to other major tourist destinations. This expansion should be carefully planned, considering factors such as market potential, competitive landscape, and operational feasibility.
Acquisition and Partnership Strategy: BDT should prioritize acquisitions and partnerships as key strategies for achieving rapid growth while maintaining its unique brand identity and customer experience. This approach allows BDT to leverage existing infrastructure, customer base, and expertise in new markets.
Product Development and Innovation: BDT should continue to invest in product development and innovation to enhance its offerings and maintain its competitive edge. This could involve exploring new tour routes, incorporating technology and analytics, and developing new experiences that cater to different customer segments.
Marketing and Branding: BDT should strengthen its marketing and branding efforts to maintain brand awareness and differentiation in a competitive market. This could involve leveraging digital marketing channels, developing targeted campaigns, and fostering customer loyalty through personalized experiences.
Financial Management: BDT should focus on improving its financial management practices to ensure sustainable growth. This could involve optimizing its cost structure, diversifying its revenue streams, and exploring alternative financing options.
5. Basis of Recommendations
These recommendations are based on the following considerations:
Core Competencies and Consistency with Mission: BDT?s core competencies lie in its entrepreneurial spirit, innovative approach, and strong brand identity. Expanding to new markets aligns with its mission of providing unique and memorable experiences to tourists.
External Customers and Internal Clients: BDT?s expansion strategy aims to cater to the growing demand for unique and engaging tourism experiences in major cities worldwide. This expansion will also benefit internal clients by creating opportunities for career growth and development.
Competitors: BDT?s expansion strategy should focus on identifying and analyzing competitors in each target market. This analysis will help BDT develop a competitive advantage and differentiate itself from other tour operators.
Attractiveness - Quantitative Measures: The attractiveness of BDT?s expansion strategy can be evaluated using quantitative measures such as market size, growth potential, and profitability.
Assumptions: These recommendations are based on the assumption that BDT can successfully overcome the challenges associated with expanding into new markets, including regulatory hurdles, cultural differences, and competition.
6. Conclusion
By pursuing a strategic growth plan focused on expansion, acquisitions, and partnerships, BDT can leverage its unique brand and customer experience to achieve significant growth in the tourism industry. This expansion will require careful planning, execution, and adaptation to market dynamics.
7. Discussion
Alternative strategies for BDT include focusing solely on organic growth within its existing market or pursuing a diversification strategy into unrelated industries. However, these options are less attractive than expansion due to the limited growth potential in the Boston market and the risks associated with diversification.
Risks and Key Assumptions:
- Execution Risk: BDT?s expansion strategy will require careful execution to ensure success.
- Market Risk: The tourism industry is subject to economic fluctuations and external factors that can impact demand.
- Competition Risk: BDT will face competition from other tour operators in new markets.
- Operational Risk: Expanding operations will require BDT to manage complex logistics and regulatory requirements.
8. Next Steps
- Market Research: Conduct thorough market research to identify potential target markets and assess their attractiveness.
- Competitive Analysis: Analyze competitors in each target market to identify opportunities for differentiation.
- Financial Planning: Develop a detailed financial plan for expansion, including capital requirements, revenue projections, and profitability analysis.
- Operational Planning: Develop a plan for operational expansion, including logistics, staffing, and regulatory compliance.
- Negotiation and Acquisition Strategy: Identify potential acquisition targets and develop a negotiation strategy.
- Marketing and Branding Strategy: Develop a marketing and branding strategy for each target market.
- Implementation: Implement the expansion plan in a phased approach, starting with pilot programs in selected markets.
By taking these steps, BDT can successfully expand its operations and achieve sustainable growth in the tourism industry.
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Case Description
While on vacation in Memphis, former investment manager Andy Wilson discovers a unique "tour bus" that travels over land and through water. He decides to transplant the concept to Boston and to add both historical and theatrical features to the amphibious tour. As he tries to start up Boston Duck Tours, Wilson must figure out how to organize and fund the new venture. The challenges seem overwhelming. He has no relevant experience and very little money. The market is untested and, at best, seasonal. Furthermore, the regulatory barriers are high. Wilson's persistence and creativity provide some solutions, but create additional challenges when it comes to harvesting financial value. This case is particularly useful in the Resourcing and Organizing module of a course on New Ventures.
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