Harvard Case - The Rebirth of Innovation at AARP
"The Rebirth of Innovation at AARP" Harvard business case study is written by Paul Orlando, Veronica Perry. 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 25, 2021
At Fern Fort University, we recommend AARP pursue a multifaceted strategy focused on leveraging its existing strengths, embracing innovation, and adapting to the evolving needs of its aging membership. This strategy involves a combination of organic growth initiatives, strategic partnerships, and targeted investments in technology and data analytics.
2. Background
The case study ?The Rebirth of Innovation at AARP? explores the challenges faced by AARP, a non-profit organization serving the needs of Americans aged 50 and over, as it navigates a rapidly changing demographic landscape. AARP?s traditional model of providing services through membership dues and print publications is being challenged by the rise of digital media, changing consumer preferences, and the increasing complexity of financial and healthcare needs among its members.
The case study highlights the efforts of AARP?s CEO, Jo Ann Jenkins, to revitalize the organization by fostering a culture of innovation, embracing new technologies, and developing new revenue streams. This includes initiatives such as the creation of AARP Studios, a digital media platform, and the expansion of AARP?s financial services offerings.
3. Analysis of the Case Study
This case study can be analyzed through the lens of Strategic Analysis, focusing on AARP?s competitive landscape, core competencies, and growth strategy.
Competitive Landscape:
- Direct Competitors: Other non-profit organizations serving seniors, such as the American Association of Retired Persons (AARP), the National Council on Aging (NCOA), and the Senior Citizens League.
- Indirect Competitors: Companies offering financial services, healthcare products, and technology solutions targeting seniors.
- Emerging Competitors: Fintech startups and digital platforms catering to the specific needs of older adults.
Core Competencies:
- Brand Recognition and Trust: AARP enjoys strong brand recognition and trust among its members, built over decades of serving the aging population.
- Large Membership Base: AARP boasts a massive membership base, providing a significant platform for reaching and influencing seniors.
- Expertise in Aging Issues: AARP possesses deep expertise in aging-related issues, including healthcare, finances, and social services.
Growth Strategy:
- Expanding Digital Presence: AARP needs to further strengthen its digital presence to attract and engage younger members and cater to the increasing reliance on online resources.
- Diversifying Revenue Streams: AARP must explore new revenue streams beyond membership dues, such as through partnerships, technology licensing, and financial services.
- Innovating Products and Services: AARP should continuously innovate its products and services to meet the evolving needs of its members, particularly in areas like financial planning, healthcare, and technology adoption.
4. Recommendations
Embrace Technology and Data Analytics: AARP should invest in technology and data analytics to enhance its understanding of member needs, personalize services, and develop targeted products. This includes:
- Building a robust data platform: This would allow AARP to collect, analyze, and leverage data on member demographics, preferences, and behavior.
- Developing personalized digital experiences: AARP can utilize data analytics to create tailored content, recommendations, and services for individual members.
- Investing in artificial intelligence (AI) and machine learning (ML): AARP can leverage AI and ML to automate tasks, improve customer service, and develop innovative solutions.
Expand Financial Services Offerings: AARP should leverage its brand trust and expertise to expand its financial services offerings, targeting the growing needs of its aging members. This could involve:
- Developing new financial products: AARP can create tailored financial products, such as retirement planning tools, investment options, and insurance packages, specifically designed for seniors.
- Partnering with financial institutions: AARP can collaborate with banks, insurance companies, and investment firms to offer bundled financial services to its members.
- Providing financial education and counseling: AARP can offer educational resources and personalized financial counseling to help members navigate complex financial decisions.
Foster Strategic Partnerships: AARP should pursue strategic partnerships with other organizations to leverage complementary capabilities and expand its reach. This includes:
- Collaborating with technology companies: AARP can partner with tech companies to develop innovative solutions for seniors, such as telehealth platforms, smart home devices, and assistive technologies.
- Joining forces with healthcare providers: AARP can partner with hospitals, clinics, and healthcare providers to offer integrated healthcare services and support to its members.
- Building alliances with other non-profit organizations: AARP can collaborate with other non-profits serving seniors to share resources, expand outreach, and advocate for common interests.
Develop a Sustainable Growth Strategy: AARP should develop a sustainable growth strategy that balances its non-profit mission with the need to generate sufficient revenue to support its operations and future initiatives. This might involve:
- Optimizing membership dues: AARP can explore different membership tiers and pricing models to attract a wider range of members and generate more revenue.
- Developing new revenue streams: AARP can explore new revenue streams beyond membership dues, such as through licensing its brand, selling merchandise, or offering consulting services.
- Investing in social impact initiatives: AARP can leverage its resources and expertise to invest in social impact initiatives that align with its mission and generate positive returns.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of AARP?s current situation, its competitive landscape, and the evolving needs of its aging membership. They are consistent with AARP?s mission to empower older adults and enhance their lives.
Core Competencies and Consistency with Mission: These recommendations leverage AARP?s core competencies, such as its brand recognition, membership base, and expertise in aging issues, while remaining consistent with its mission of empowering older adults.
External Customers and Internal Clients: The recommendations address the needs of both external customers (AARP members) and internal clients (AARP staff and leadership).
Competitors: These recommendations aim to position AARP as a leader in the evolving market for senior services, by embracing innovation, expanding its offerings, and forging strategic partnerships.
Attractiveness: The recommendations are expected to generate positive returns, enhancing AARP?s financial sustainability and enabling it to better serve its members. The potential benefits include increased membership, expanded revenue streams, and enhanced member satisfaction.
Assumptions: These recommendations are based on the assumption that AARP will be able to successfully implement these changes, attract and retain talented employees, and adapt to the rapidly changing technological landscape.
6. Conclusion
AARP faces significant challenges and opportunities in the years to come. By embracing innovation, expanding its services, and forging strategic partnerships, AARP can position itself as a leader in the evolving market for senior services, ensuring its continued relevance and impact in the lives of its members.
7. Discussion
Other Alternatives:
- Focusing solely on organic growth: This approach might be slower and less effective in a rapidly changing market.
- Merging with another organization: This could lead to challenges in integrating different cultures and operations.
- Selling the organization: This would likely result in a loss of control and impact on AARP?s mission.
Risks:
- Technology adoption challenges: AARP may face challenges in implementing new technologies and adapting to the rapidly changing digital landscape.
- Financial risks: AARP may face financial risks associated with new investments, partnerships, and revenue diversification.
- Competition: AARP may face increased competition from other organizations and startups targeting seniors.
Key Assumptions:
- AARP will be able to successfully implement its strategic plan.
- AARP will be able to attract and retain talented employees.
- AARP will be able to adapt to the rapidly changing technological landscape.
8. Next Steps
- Develop a detailed implementation plan: This plan should outline the specific steps, timelines, and resources needed to implement the recommendations.
- Secure funding: AARP should secure funding for its new initiatives, through a combination of membership dues, grants, and investments.
- Build a strong team: AARP should assemble a team of experienced professionals with expertise in technology, finance, and senior services.
- Monitor progress and make adjustments: AARP should continuously monitor the progress of its initiatives and make adjustments as needed.
By taking these steps, AARP can successfully navigate the challenges and opportunities of the future, ensuring its continued relevance and impact in the lives of its members.
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Case Description
How does the largest membership non-profit in the world renew itself in the face of changing generational expectations? How can large organizations work with emerging startups in a mutually beneficial manner? Students will gain insight into how large organizations try to innovate, the challenges large organizations face when trying to innovate, different innovation models, and the creation of in-house startup incubator programs. Success is not only measured in financial terms, especially for a non-profit that focuses on aging.
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