Harvard Case - Enchanting Travels
"Enchanting Travels" Harvard business case study is written by Edward D. Hess, Sanju Jacob, Monidipa Mukherjee. It deals with the challenges in the field of Entrepreneurship. The case study is 13 page(s) long and it was first published on : Dec 21, 2009
At Fern Fort University, we recommend that Enchanting Travels pursue a growth strategy focused on international expansion through strategic partnerships and leveraging technology to enhance its customer experience. This strategy will involve building a strong brand and optimizing its operations to ensure sustainability and profitability.
2. Background
Enchanting Travels is a successful travel company founded by two entrepreneurs, Thomas and Peter. They have built a strong reputation for providing high-quality, personalized travel experiences. However, they are facing challenges as they seek to grow their business. They are considering different options for expansion, including going public, acquiring other companies, or expanding into new markets.
The main protagonists are Thomas and Peter, the founders of Enchanting Travels, who are facing the decision of how to grow their company. They need to consider their entrepreneurial vision and strategic goals to determine the best path forward.
3. Analysis of the Case Study
Enchanting Travels is facing a classic entrepreneurial dilemma: how to balance rapid growth with maintaining their unique brand and high-quality service. To analyze their options, we can use the following frameworks:
- Porter?s Five Forces: This framework helps assess the competitive landscape and identify potential threats and opportunities. Enchanting Travels faces competition from both traditional travel agencies and online travel platforms. The threat of new entrants is moderate, while the bargaining power of buyers and suppliers is relatively low.
- SWOT Analysis: This analysis helps identify Enchanting Travels? internal strengths and weaknesses, as well as external opportunities and threats. Their strengths include their strong brand, personalized service, and experienced team. Their weaknesses include limited resources for expansion and potential vulnerability to economic downturns. Opportunities include expanding into new markets, leveraging technology, and building strategic partnerships. Threats include increased competition, economic instability, and changing customer preferences.
- Growth Strategy Framework: This framework helps identify different growth strategies based on existing products and markets. Enchanting Travels can pursue a market penetration strategy by increasing their market share in existing markets, a product development strategy by offering new travel experiences, or a market development strategy by expanding into new markets.
4. Recommendations
Enchanting Travels should pursue a market development strategy by focusing on international expansion. This strategy will allow them to leverage their existing expertise and brand reputation while entering new markets with high growth potential. The following steps should be taken:
- Identify target markets: Enchanting Travels should conduct market research to identify potential target markets with high demand for luxury travel experiences.
- Develop partnerships: They should seek strategic partnerships with local travel agencies, hotels, and tour operators in target markets. This will help them establish a local presence and gain access to valuable resources.
- Leverage technology: Enchanting Travels should invest in technology to enhance their customer experience and streamline operations. This includes developing a user-friendly website and mobile app, implementing online booking systems, and utilizing data analytics to personalize travel recommendations.
- Build a strong brand: They should continue to invest in branding and marketing to build a strong brand presence in new markets. This includes developing targeted marketing campaigns, participating in travel trade shows, and partnering with influencers.
- Optimize operations: Enchanting Travels should optimize their operations to ensure scalability and profitability. This includes streamlining their booking process, improving their supply chain management, and developing a robust financial management system.
5. Basis of Recommendations
This strategy aligns with Enchanting Travels? core competencies and mission by leveraging their expertise in providing high-quality travel experiences while expanding their reach to new markets. It also considers external customers by offering them a personalized and seamless travel experience through technology and partnerships. Furthermore, it addresses the competitive landscape by creating a strong brand presence and leveraging technology to differentiate themselves from competitors.
The strategy is attractive due to its potential for high growth and profitability. The expansion into new markets will allow Enchanting Travels to access a larger customer base and generate higher revenue. The use of technology will further enhance their customer experience and streamline operations, leading to increased efficiency and profitability.
6. Conclusion
By pursuing a strategy of international expansion through strategic partnerships and technology, Enchanting Travels can achieve sustainable growth and maintain its position as a leading provider of luxury travel experiences. This strategy will require careful planning and execution, but it has the potential to unlock significant value for the company and its stakeholders.
7. Discussion
Other alternatives not selected include:
- Going public: This option would provide Enchanting Travels with access to capital for expansion, but it would also subject them to greater scrutiny and regulation.
- Acquiring other companies: This option could provide access to new markets and expertise, but it also carries significant risks, including integration challenges and cultural clashes.
The risks associated with the recommended strategy include:
- Competition: Enchanting Travels may face intense competition in new markets, requiring them to differentiate themselves effectively.
- Cultural differences: Expanding into new markets may present challenges in understanding local customs and preferences.
- Economic instability: Global economic downturns could negatively impact travel demand and affect Enchanting Travels? profitability.
8. Next Steps
The following steps should be taken to implement the recommended strategy:
- Phase 1 (Year 1): Conduct market research, identify target markets, and develop a detailed business plan for international expansion.
- Phase 2 (Year 2): Establish strategic partnerships in target markets, develop a user-friendly website and mobile app, and launch marketing campaigns.
- Phase 3 (Year 3): Optimize operations, expand into new markets, and monitor performance to ensure profitability.
By following these steps, Enchanting Travels can successfully navigate the challenges of growth and achieve its strategic goals.
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Case Description
Appropriate for entrepreneurship and strategy courses. The focus in the case is on how two entrepreneurs created a differentiating business model that was dependent on quality service and excellent execution. From a growth perspective, the case discusses two very different approaches to geographical expansion so as not to dilute the customer experience or the brand. Now the business faces the difficult question of how to scale the business faster.
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