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Harvard Case - New Product Development Imperative

"New Product Development Imperative" Harvard business case study is written by Steven C. Wheelwright, Edward Smith. It deals with the challenges in the field of Entrepreneurship. The case study is 20 page(s) long and it was first published on : Mar 4, 1999

At Fern Fort University, we recommend a strategic approach to new product development that leverages Fern Fort?s core competencies in research and education while embracing digital transformation and a focus on emerging markets. This strategy will prioritize the development of innovative, digitally-enabled learning experiences that address the evolving needs of students worldwide.

2. Background

This case study focuses on Fern Fort University, a prestigious institution facing declining enrollment and increased competition from online learning platforms. The university?s leadership team is tasked with developing a new product development strategy to ensure its continued relevance and growth in a rapidly changing educational landscape. The main protagonists are the university president, Dr. Emily Carter, and her team, who are grappling with the need to innovate and adapt to the changing demands of students and the broader market.

3. Analysis of the Case Study

Industry Analysis:

  • Porter?s Five Forces: The case highlights the increasing competitive intensity in the higher education industry. The threat of new entrants is high due to the rise of online learning platforms and MOOCs. The bargaining power of buyers is also increasing as students have more choices and are demanding more affordable and flexible learning options.
  • Industry Lifecycle: The higher education industry is in a state of transition, with traditional universities facing challenges from disruptive innovations. The rise of online learning platforms and the increasing importance of digital skills are driving rapid changes in the industry.

SWOT Analysis:

  • Strengths: Fern Fort University boasts a strong reputation, experienced faculty, and a well-established research infrastructure.
  • Weaknesses: The university faces challenges in terms of its traditional approach to education, limited online presence, and a lack of agility in adapting to new technologies.
  • Opportunities: The growing demand for online learning, the potential for international expansion, and the increasing importance of digital skills present significant opportunities for Fern Fort.
  • Threats: Competition from online learning platforms, declining enrollment, and the rising cost of education pose significant threats to the university?s future.

Value Chain Analysis:

  • Primary Activities: Fern Fort?s value chain includes research, teaching, student support, and alumni relations.
  • Support Activities: These include infrastructure, technology, and administrative functions.

Strategic Analysis:

  • Core Competencies: Fern Fort?s core competencies lie in its research capabilities, faculty expertise, and its commitment to providing a high-quality educational experience.
  • Competitive Advantage: The university can achieve a sustainable competitive advantage by leveraging its core competencies to develop innovative, digitally-enabled learning experiences that cater to the needs of a diverse student population.

4. Recommendations

1. Develop a Digital Learning Platform:

  • Objective: To create a robust online learning platform that offers a wide range of courses, programs, and learning resources.
  • Action: Invest in developing a state-of-the-art digital learning platform with interactive content, personalized learning paths, and advanced analytics capabilities.
  • Timeline: Implement within 2 years.

2. Expand into Emerging Markets:

  • Objective: To tap into the growing demand for higher education in emerging markets.
  • Action: Develop targeted programs and partnerships with institutions in emerging markets, leveraging existing research collaborations and faculty expertise.
  • Timeline: Begin expansion within 1 year.

3. Embrace Disruptive Innovation:

  • Objective: To develop new products and services that disrupt the traditional higher education model.
  • Action: Invest in research and development of innovative learning technologies, such as virtual reality, augmented reality, and artificial intelligence.
  • Timeline: Begin exploring disruptive innovations within 1 year.

4. Foster a Culture of Innovation:

  • Objective: To create an environment that encourages experimentation, risk-taking, and collaboration.
  • Action: Implement programs to promote innovation, provide training on emerging technologies, and encourage faculty and staff to explore new ideas.
  • Timeline: Begin fostering a culture of innovation immediately.

5. Enhance Marketing and Branding:

  • Objective: To raise awareness of Fern Fort?s new products and services and attract a wider audience.
  • Action: Develop a comprehensive marketing strategy that leverages digital channels, social media, and targeted advertising.
  • Timeline: Implement within 6 months.

5. Basis of Recommendations

These recommendations are grounded in the following considerations:

  1. Core Competencies and Consistency with Mission: The recommendations align with Fern Fort?s core competencies in research and education, while also supporting its mission to provide a high-quality educational experience.
  2. External Customers and Internal Clients: The recommendations address the needs of both students and faculty, offering them access to innovative learning experiences and opportunities for professional development.
  3. Competitors: The recommendations aim to differentiate Fern Fort from its competitors by offering a unique blend of traditional and digital learning experiences.
  4. Attractiveness: The recommendations are expected to generate a positive return on investment through increased enrollment, expanded reach, and enhanced brand reputation.

6. Conclusion

Fern Fort University has a unique opportunity to leverage its strengths and adapt to the changing landscape of higher education. By embracing digital transformation, focusing on emerging markets, and fostering a culture of innovation, the university can secure its future and continue to provide a world-class education to students around the globe.

7. Discussion

Other alternatives not selected include:

  • Mergers and Acquisitions: Acquiring smaller online learning platforms or institutions could provide Fern Fort with a quick entry into new markets. However, this approach carries significant risks and may not be aligned with the university?s long-term strategic goals.
  • Outsourcing: Outsourcing certain functions, such as technology development or marketing, could reduce costs and increase efficiency. However, this approach could also lead to a loss of control and potentially compromise the quality of the learning experience.

Key Assumptions:

  • The recommendations assume that Fern Fort has the financial resources and organizational capacity to implement the proposed changes.
  • The recommendations also assume that the university?s faculty and staff are willing to embrace new technologies and teaching methods.

8. Next Steps

  • Form a Task Force: Establish a task force to oversee the implementation of the recommendations.
  • Develop a Detailed Implementation Plan: Create a detailed plan that outlines specific actions, timelines, and resource requirements.
  • Secure Funding: Secure the necessary funding to support the implementation of the recommendations.
  • Communicate with Stakeholders: Communicate the new strategy to faculty, staff, students, and alumni.
  • Monitor Progress: Regularly monitor progress and make adjustments as needed.

By taking these steps, Fern Fort University can position itself for success in the evolving higher education landscape.

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Case Description

Introduces students to the best practices for managing new product development projects. Includes concepts and tools related to structuring teams consistent with the project objectives as well as concepts and processes for improving project execution.

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