Harvard Case - Stagekings: Can Family Businesses Embrace Agility in Turbulent Markets?
"Stagekings: Can Family Businesses Embrace Agility in Turbulent Markets?" Harvard business case study is written by Kanika Meshram, Daiane Scaraboto. It deals with the challenges in the field of Entrepreneurship. The case study is 15 page(s) long and it was first published on : Aug 7, 2023
At Fern Fort University, we recommend Stagekings adopt a hybrid approach, leveraging their family business strengths while embracing agile practices to navigate the turbulent market. This involves a strategic shift towards business model innovation, focusing on digitalization, international expansion, and strategic partnerships to unlock new growth avenues.
2. Background
Stagekings, a family-owned business specializing in theatrical stage design and construction, faces challenges posed by the dynamic entertainment industry. The company?s traditional model, reliant on large-scale projects and long-term contracts, struggles to adapt to the increasing demand for flexibility, cost-effectiveness, and technological integration.
The case study highlights the internal conflict between the founder, Michael, who champions the traditional approach, and his son, David, who advocates for embracing digital technologies and adopting a more agile mindset. The company?s future hinges on finding a balance between preserving its heritage and embracing innovation to ensure long-term sustainability.
3. Analysis of the Case Study
SWOT Analysis:
Strengths:
- Strong brand reputation and industry expertise built over generations.
- Skilled workforce with deep knowledge of stage design and construction.
- Strong financial position with minimal debt.
- Loyal customer base in the local market.
Weaknesses:
- Reliance on traditional business model with limited flexibility.
- Lack of digitalization and technological integration.
- Resistance to change within the organization.
- Limited international presence.
Opportunities:
- Growing demand for immersive experiences and digital entertainment.
- Emerging markets with potential for expansion.
- Partnerships with technology companies for innovation.
- Development of modular and scalable stage designs.
Threats:
- Increasing competition from startups and international players.
- Economic uncertainty and fluctuating demand.
- Technological disruption and rapid innovation.
- Talent acquisition and retention challenges.
Porter?s Five Forces Analysis:
- Threat of New Entrants: High, due to the relatively low barriers to entry and increasing competition from startups.
- Bargaining Power of Buyers: Moderate, as customers have options and can negotiate prices.
- Bargaining Power of Suppliers: Low, as the company has established relationships with reliable suppliers.
- Threat of Substitute Products: Moderate, as alternative technologies and solutions are emerging.
- Rivalry Among Existing Competitors: High, with increasing competition from both traditional and digital players.
4. Recommendations
1. Embrace Digitalization and Innovation:
- Invest in technology and analytics: Develop a robust IT infrastructure, including web and mobile applications, to streamline operations, improve communication, and enhance customer experience.
- Adopt agile methodologies: Implement agile project management practices to enhance flexibility, responsiveness, and collaboration within the organization.
- Develop modular and scalable stage designs: Offer customizable and adaptable stage solutions to cater to diverse needs and budgets.
- Explore virtual and augmented reality applications: Integrate immersive technologies to enhance stage design and production processes.
2. Expand Internationally:
- Identify and target emerging markets: Explore opportunities in regions with growing entertainment industries and potential for expansion.
- Develop strategic partnerships: Collaborate with international companies to leverage expertise, networks, and resources.
- Adapt products and services to local markets: Tailor stage designs and offerings to meet specific cultural and market requirements.
3. Foster a Culture of Innovation and Collaboration:
- Encourage cross-functional teams: Form teams comprising individuals from different departments to foster innovation and knowledge sharing.
- Implement mentorship programs: Provide opportunities for knowledge transfer and skill development within the organization.
- Embrace a culture of experimentation and learning: Encourage employees to take risks and learn from failures.
4. Enhance Marketing and Branding:
- Develop a digital marketing strategy: Utilize social media, online advertising, and content marketing to reach a wider audience.
- Create compelling content: Showcase Stagekings? expertise and innovative solutions through case studies, videos, and online platforms.
- Build a strong brand identity: Communicate Stagekings? values, heritage, and commitment to excellence through consistent branding.
5. Seek Strategic Partnerships:
- Collaborate with technology companies: Partner with developers of virtual reality, augmented reality, and other innovative technologies to enhance offerings.
- Form alliances with event organizers and production companies: Create joint ventures and partnerships to expand reach and market share.
- Explore mergers and acquisitions: Consider acquiring smaller companies with complementary expertise or technology.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: Stagekings? core competency lies in its expertise in stage design and construction. The recommendations leverage this expertise by integrating it with cutting-edge technologies and expanding into new markets.
- External customers and internal clients: The recommendations cater to the evolving needs of customers seeking innovative and cost-effective solutions while addressing the concerns of internal clients who desire a more agile and collaborative work environment.
- Competitors: The recommendations aim to differentiate Stagekings from competitors by embracing digitalization, expanding internationally, and fostering a culture of innovation.
- Attractiveness ? quantitative measures: The recommendations are expected to generate increased revenue, market share, and profitability through increased efficiency, new customer acquisition, and expanded market reach.
6. Conclusion
Stagekings can successfully navigate the turbulent market by embracing a hybrid approach that combines its family business strengths with agile practices. By focusing on digitalization, international expansion, and strategic partnerships, the company can position itself for sustained growth and success in the evolving entertainment industry.
7. Discussion
Alternatives:
- Maintaining the status quo: This option carries significant risks, as the company will likely fall behind competitors and struggle to attract new customers.
- Focusing solely on digitalization: This approach could alienate existing customers and disrupt the company?s established business model.
Risks:
- Resistance to change: Employees may resist the adoption of new technologies and processes.
- Financial investment: Implementing the recommendations requires significant financial investment in technology, training, and expansion.
- Competition: The company may face intense competition from established and emerging players.
Assumptions:
- The entertainment industry will continue to grow and evolve.
- Stagekings has the resources and expertise to implement the recommendations.
- The company can successfully attract and retain talent with the necessary skills.
8. Next Steps
- Develop a detailed implementation plan: Outline specific actions, timelines, and resources required for each recommendation.
- Secure funding: Identify funding sources and secure necessary capital for investment.
- Hire key personnel: Recruit individuals with expertise in digitalization, international business, and agile methodologies.
- Pilot test new technologies and processes: Implement pilot projects to test and refine new solutions before full-scale adoption.
- Communicate the vision and strategy: Engage employees and stakeholders to build support and ensure alignment.
By taking these steps, Stagekings can successfully transform its business model, embrace agility, and secure its future in the dynamic entertainment industry.
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Case Description
On December 15, 2020, the chief executive officer (CEO) of Australian event-staging company Stagekings Pty. Ltd. (Stagekings) was honoured with a SmartCompany Resilience award. Speaking at the event, he reflected on the dreadful day of Friday March 13, 2020, when a lockdown was announced due to COVID-19. In the 48 hours following this announcement, Stagekings lost all its live-event jobs. Sick to the core, the CEO decided to post an open letter asking Australians what they needed the most. Addressing many requests from people working from home, Stagekings rapidly launched a new brand, IsoKings, with a single product: a flat-pack desk. In just 15 months after its launch, IsoKing reported revenue of AU$1.5 million. As lockdowns lifted and people returned to offices, the CEO was worried: Should IsoKings be further developed, or should the company get back to its core business of making stages?
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