Harvard Case - Howard Head and Prince Manufacturing, Inc.
"Howard Head and Prince Manufacturing, Inc." Harvard business case study is written by Howard H. Stevenson, Susan S. Harmeling. It deals with the challenges in the field of Entrepreneurship. The case study is 20 page(s) long and it was first published on : Jan 7, 1988
At Fern Fort University, we recommend that Howard Head and Prince Manufacturing, Inc. prioritize a strategic shift towards a diversified product portfolio to capitalize on the growing market for racquet sports and leverage their existing manufacturing capabilities. This strategy should be implemented through a combination of organic growth through product development and inorganic growth through strategic acquisitions. This approach will mitigate the risks associated with relying solely on a single product line and position the company for long-term success in the evolving sports equipment market.
2. Background
This case study focuses on Howard Head, an entrepreneur who revolutionized the ski industry with his innovative Head ski, and his subsequent foray into the tennis industry with the Prince tennis racket. Head?s entrepreneurial spirit and commitment to innovation led to the creation of Prince Manufacturing, Inc., a company that quickly gained prominence in the tennis world. However, the company faced challenges due to its dependence on a single product line and the emergence of fierce competition.
The case study highlights the main protagonists:
- Howard Head: A visionary entrepreneur with a passion for innovation and a knack for identifying market needs.
- Prince Manufacturing, Inc.: A company founded by Head to manufacture and market his innovative tennis racket.
- The Tennis Industry: A dynamic and competitive market with evolving technologies and consumer preferences.
3. Analysis of the Case Study
Competitive Analysis:
- Porter?s Five Forces: The tennis industry is characterized by high rivalry due to the presence of numerous players, low barriers to entry, and the availability of substitute products. The bargaining power of buyers is moderate, while the bargaining power of suppliers is low. The threat of new entrants is moderate, as the industry requires significant capital investment and technological expertise.
- SWOT Analysis:
- Strengths: Strong brand recognition, innovative product development capabilities, established manufacturing infrastructure.
- Weaknesses: Dependence on a single product line, limited marketing resources, potential for technological obsolescence.
- Opportunities: Growing market for racquet sports, expansion into new product categories, international market penetration.
- Threats: Intense competition, changing consumer preferences, technological advancements, economic fluctuations.
Financial Analysis:
- Profitability: Prince Manufacturing?s profitability was heavily reliant on the success of the Prince tennis racket. The company?s financial performance was susceptible to fluctuations in demand and competition.
- Growth: The company?s growth was primarily driven by sales of the Prince racket. Limited diversification hindered its ability to achieve sustained growth.
- Investment: The company?s investment strategy focused on product development and manufacturing. However, limited financial resources restricted its ability to explore new markets and technologies.
Marketing Analysis:
- Target Market: The target market for Prince rackets was primarily professional and amateur tennis players. The company?s marketing efforts focused on product innovation and performance benefits.
- Marketing Strategy: Prince?s marketing strategy relied heavily on endorsements from professional tennis players and sponsorships of major tournaments. However, the company lacked a comprehensive marketing plan to reach a wider audience.
- Brand Positioning: The Prince brand was associated with innovation and performance. However, the company?s limited product portfolio hindered its ability to establish a broader brand identity.
4. Recommendations
Diversify Product Portfolio:
- Organic Growth: Invest in research and development to create new products within the racquet sports category, such as:
- High-performance tennis rackets: Develop rackets with advanced materials and technologies to cater to different playing styles and skill levels.
- Other racquet sports equipment: Expand into other racquet sports like badminton, squash, and paddle tennis, leveraging existing manufacturing capabilities.
- Inorganic Growth: Pursue strategic acquisitions of companies in the sports equipment industry, particularly those with complementary products or established market presence. This will enable Prince to:
- Expand into new product categories: Acquire companies specializing in footwear, apparel, or other sports equipment.
- Enter new markets: Acquire companies with international operations to expand Prince?s global reach.
Enhance Marketing Strategy:
- Develop a comprehensive marketing plan: Target a wider audience beyond professional players, including recreational players and youth athletes.
- Leverage digital marketing channels: Utilize social media, online advertising, and content marketing to reach a broader audience and build brand awareness.
- Strengthen brand positioning: Emphasize Prince?s commitment to innovation, performance, and inclusivity across all product categories.
Improve Operational Efficiency:
- Optimize manufacturing processes: Implement lean manufacturing principles to reduce costs and improve efficiency.
- Invest in technology: Utilize data analytics and software development to enhance product design, production planning, and inventory management.
- Strengthen supply chain management: Establish robust partnerships with suppliers to ensure reliable sourcing and cost-effective procurement.
5. Basis of Recommendations
These recommendations align with Prince Manufacturing?s core competencies in innovation, product development, and manufacturing. They are consistent with the company?s mission to provide high-quality sports equipment that enhances performance. The recommendations also address the external customer needs for diverse product offerings, competitive pricing, and innovative technology.
The recommendations are based on the following assumptions:
- The racquet sports market will continue to grow, driven by increasing participation rates and technological advancements.
- Prince Manufacturing can successfully develop and market new products that meet the needs of a diverse customer base.
- The company can secure strategic partnerships and acquisitions to expand its product portfolio and market reach.
6. Conclusion
By diversifying its product portfolio, enhancing its marketing strategy, and improving operational efficiency, Prince Manufacturing can mitigate the risks associated with its dependence on a single product line and achieve sustainable growth in the competitive sports equipment market. These recommendations will position the company for long-term success by leveraging its existing strengths and adapting to the evolving market dynamics.
7. Discussion
Alternative Options:
- Focus on niche markets: Prince could focus on developing specialized products for specific segments of the tennis market, such as high-end players or junior players. However, this approach might limit the company?s growth potential.
- Licensing agreements: Prince could license its technology to other companies to manufacture and market its products. However, this approach would relinquish control over product development and marketing.
Risks and Key Assumptions:
- Competition: The sports equipment industry is highly competitive, and new entrants may challenge Prince?s market share.
- Technological advancements: Rapid technological advancements could render Prince?s products obsolete.
- Economic fluctuations: Economic downturns could impact consumer spending on sports equipment.
8. Next Steps
- Develop a detailed business plan: This plan should outline the company?s strategic goals, financial projections, and implementation timeline.
- Allocate resources: Allocate sufficient resources to research and development, marketing, and operational improvements.
- Establish partnerships: Seek strategic partnerships with suppliers, distributors, and other companies in the sports equipment industry.
- Monitor progress: Regularly monitor the implementation of the recommendations and make adjustments as needed.
By taking these steps, Prince Manufacturing can navigate the challenges of the sports equipment industry and achieve its long-term growth objectives.
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Case Description
Deals with the issue of an entrepreneur in a very successful company deciding whether to stay through a period of great growth or to sell. What are the entrepreneur's responsibilities to the organization, to his employees, to the public? As subtopics, the issues of marketing versus having a strong product that sells itself, patents and the legal issues involved, manufacturing problems, and a rising business in a sharply declining market.
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