Harvard Case - Liu Bai: A Chinese Successor's Dilemma
"Liu Bai: A Chinese Successor's Dilemma" Harvard business case study is written by Randel Carlock, Elizabeth Florent Treacy. It deals with the challenges in the field of Entrepreneurship. The case study is 2 page(s) long and it was first published on : Nov 25, 2013
At Fern Fort University, we recommend that Liu Bai pursue a growth strategy focused on international expansion and product diversification while maintaining a strong commitment to innovation and quality. This strategy involves leveraging existing strengths in manufacturing processes, supply chain management, and brand recognition to enter new markets and develop complementary product lines. This approach will enable Liu Bai to navigate the challenges of succession planning and business growth while ensuring the long-term sustainability of the company.
2. Background
The case study focuses on Liu Bai, a Chinese company specializing in the production of high-quality, traditional Chinese medicine (TCM) products. The company is facing a succession dilemma as the founder, Mr. Liu, prepares to retire. His son, Bai, is eager to take over the company but lacks the experience and expertise to lead it into the future. The company is also facing growing competition from both domestic and international players, forcing it to consider new strategies for business growth and market expansion.
The main protagonists of the case study are:
- Mr. Liu: The founder and current CEO of Liu Bai, who is nearing retirement.
- Bai: Mr. Liu?s son, who is eager to take over the company but lacks experience.
- The Liu Bai management team: A group of experienced professionals who are concerned about the company?s future direction.
3. Analysis of the Case Study
The case study presents several key challenges for Liu Bai:
- Succession planning: The company needs to find a suitable successor for Mr. Liu who can maintain the company?s legacy while driving future growth.
- Market competition: The TCM market is becoming increasingly competitive, with both domestic and international players vying for market share.
- Innovation and product development: Liu Bai needs to develop new products and services to stay ahead of the competition and meet the evolving needs of consumers.
- International expansion: The company needs to explore international markets to achieve sustainable growth.
To analyze these challenges, we can utilize the Porter?s Five Forces framework:
- Threat of new entrants: The TCM market is relatively easy to enter, as the barriers to entry are not high. This poses a threat to Liu Bai?s market share.
- Bargaining power of buyers: Consumers have a wide range of choices in the TCM market, giving them significant bargaining power.
- Bargaining power of suppliers: Liu Bai relies on a network of suppliers for raw materials, giving them some bargaining power. However, the company can mitigate this risk by diversifying its suppliers.
- Threat of substitute products: The TCM market faces competition from other alternative therapies, such as Western medicine and herbal supplements.
- Competitive rivalry: The TCM market is characterized by intense competition, with numerous domestic and international players vying for market share.
4. Recommendations
To address these challenges, we recommend the following:
1. Succession Planning:
- Develop a comprehensive succession plan: This plan should identify potential successors, assess their skills and experience, and provide them with the necessary training and development opportunities.
- Consider external candidates: The company should not limit its search to internal candidates. External candidates may bring fresh perspectives and expertise.
- Establish a mentorship program: This program can provide Bai with the guidance and support he needs to transition into a leadership role.
2. Growth Strategy:
- Focus on international expansion: The company should explore new markets, particularly in countries with a growing demand for TCM products.
- Develop new product lines: The company should diversify its product portfolio by developing new products that meet the needs of different customer segments.
- Leverage technology and analytics: The company should invest in technology and analytics to improve its operations, marketing, and customer service.
- Build strategic partnerships: The company should partner with other businesses, such as distributors, retailers, and healthcare providers, to expand its reach and market share.
3. Innovation and Product Development:
- Invest in research and development: The company should invest in research and development to develop new products, improve existing products, and enhance its manufacturing processes.
- Embrace disruptive innovation: The company should explore new technologies and business models that can disrupt the TCM market.
- Develop a strong product development process: The company should establish a robust product development process that ensures the quality and effectiveness of its products.
4. Marketing and Branding:
- Develop a strong brand identity: The company should build a strong brand identity that resonates with its target audience.
- Leverage digital marketing channels: The company should utilize digital marketing channels, such as social media, search engine optimization (SEO), and online advertising, to reach new customers.
- Develop a customer-centric approach: The company should prioritize customer satisfaction by providing excellent customer service and building strong relationships with its customers.
5. Organizational Structure and Design:
- Create a flat organizational structure: This structure can promote collaboration and innovation.
- Empower employees: The company should empower its employees to make decisions and take ownership of their work.
- Develop a strong corporate culture: The company should foster a culture of innovation, collaboration, and customer focus.
5. Basis of Recommendations
The recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations are aligned with Liu Bai?s core competencies in manufacturing, supply chain management, and brand recognition. They also support the company?s mission to provide high-quality TCM products to consumers worldwide.
- External customers and internal clients: The recommendations address the needs of both external customers and internal clients, including employees, suppliers, and investors.
- Competitors: The recommendations consider the competitive landscape and aim to differentiate Liu Bai from its competitors.
- Attractiveness ? quantitative measures if applicable: The recommendations are expected to generate a positive return on investment (ROI) and enhance the company?s long-term profitability.
6. Conclusion
By implementing these recommendations, Liu Bai can successfully navigate the challenges of succession planning, market competition, and business growth. The company can leverage its strengths in manufacturing, supply chain management, and brand recognition to expand into new markets, develop innovative products, and enhance its customer experience. This approach will ensure the long-term sustainability of the company and its legacy.
7. Discussion
Other alternatives not selected include:
- Merging with another TCM company: This could provide access to new markets and resources, but it also carries risks, such as cultural clashes and integration challenges.
- Focusing solely on the domestic market: This could be a safer option, but it would limit the company?s growth potential.
Key assumptions of the recommendations include:
- The TCM market will continue to grow in the coming years.
- Liu Bai will be able to successfully navigate the challenges of international expansion.
- The company will be able to attract and retain talented employees.
8. Next Steps
The following steps should be taken to implement the recommendations:
- Develop a detailed implementation plan: This plan should outline the specific actions to be taken, the timeline for implementation, and the resources required.
- Form a cross-functional team: This team should include representatives from different departments to ensure that the implementation is coordinated and effective.
- Communicate the plan to stakeholders: This will help to build support for the recommendations and ensure that everyone is on board.
By following these steps, Liu Bai can ensure a smooth and successful transition to a new era of growth and innovation.
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Case Description
Succession patterns in Asia are heavily influenced by Confucian values and traditions. Liu Bai's father's authoritarian style of management was typical of Chinese families, but his critical and demanding manner made it impossible for Bai to work with him, even in the Asian context. While it may seem aberrant to Westerners, children are supposed to bow to the Confucian ideal of the patriarch, even more powerful than the state as far as the welfare and governance of the family is concerned. Conflicts are settled by the family, within the family.
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