Harvard Case - Should We Stay or Should We Go? The Case of the Adventure Inn
"Should We Stay or Should We Go? The Case of the Adventure Inn" Harvard business case study is written by Lorraine L. Taylor, Michael E. Valdez, Keith D. Winchester. It deals with the challenges in the field of Entrepreneurship. The case study is 13 page(s) long and it was first published on : Dec 31, 2020
At Fern Fort University, we recommend that The Adventure Inn pursue a strategic partnership with a larger, established hospitality company to leverage their resources and expertise for expansion and growth. This partnership should focus on leveraging technology and analytics to enhance the guest experience, expand into new markets, and develop a robust online presence.
2. Background
The Adventure Inn is a family-owned and operated business with a strong reputation for providing unique and personalized experiences to its guests. However, the inn faces several challenges:
- Limited growth potential: The inn?s current location restricts its ability to expand its physical footprint.
- Lack of resources: The inn lacks the financial and human resources to invest in technology and marketing initiatives.
- Competition: The inn faces increasing competition from larger, more established players in the hospitality industry.
The case study follows the decision-making process of the inn?s owners, John and Mary, as they consider various options for the future of their business. They are torn between maintaining the inn?s current charm and independence or pursuing a growth strategy that might compromise their unique identity.
3. Analysis of the Case Study
The case study highlights the challenges faced by small businesses in a rapidly changing marketplace. The Adventure Inn?s success is built upon its unique brand, personalized service, and strong customer loyalty. However, these strengths are not enough to guarantee long-term success in a competitive environment.
To analyze the situation, we can utilize the Porter?s Five Forces framework:
- Threat of new entrants: High, as the hospitality industry is relatively easy to enter.
- Bargaining power of buyers: Moderate, as guests have many options and can easily compare prices and services online.
- Threat of substitute products: High, as alternative forms of accommodation, such as Airbnb and vacation rentals, are becoming increasingly popular.
- Bargaining power of suppliers: Low, as the inn has access to a variety of suppliers for goods and services.
- Competitive rivalry: High, as the inn faces competition from both large chains and independent businesses.
The analysis reveals that The Adventure Inn operates in a highly competitive and dynamic environment. To remain competitive, the inn needs to innovate and differentiate itself from its competitors.
4. Recommendations
- Strategic Partnership: The Adventure Inn should pursue a strategic partnership with a larger, established hospitality company. This partnership should provide access to resources, expertise, and distribution channels that the inn currently lacks. The partner should be a company that values the inn?s unique brand and customer experience.
- Technology and Analytics: The partnership should focus on leveraging technology and analytics to enhance the guest experience. This includes developing a robust online presence, implementing online booking systems, and utilizing data analytics to personalize marketing campaigns and improve operational efficiency.
- Market Expansion: The partnership should facilitate expansion into new markets, either through franchising or by developing new properties. The inn can leverage the partner?s expertise in market research and development to identify and target new customer segments.
- Organizational Change: The partnership will require significant organizational change, including the development of new processes, systems, and skills. The inn?s owners should be prepared to adapt their management style and embrace a more collaborative approach.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The partnership aligns with the inn?s mission of providing unique and personalized experiences. The partner?s expertise in technology and marketing will allow the inn to enhance its offerings and reach a wider audience.
- External customers and internal clients: The partnership will benefit both external customers and internal clients. Customers will benefit from enhanced services and a wider range of options, while employees will benefit from professional development opportunities and career advancement.
- Competitors: The partnership will allow the inn to compete more effectively with larger, more established players in the hospitality industry. By leveraging the partner?s resources and expertise, the inn can achieve economies of scale and develop a more robust brand.
- Attractiveness ? quantitative measures: The partnership is expected to be financially attractive, as it will provide access to capital and resources that can be used to invest in growth and expansion. The partnership is also expected to increase the inn?s profitability and market share.
6. Conclusion
The Adventure Inn faces a critical juncture in its history. By pursuing a strategic partnership, the inn can leverage the resources and expertise of a larger company to achieve sustainable growth and maintain its unique identity. This partnership will require significant organizational change, but it offers the best opportunity for the inn to thrive in the competitive hospitality industry.
7. Discussion
Other alternatives considered include:
- Going public: This option would provide access to capital but would also subject the inn to public scrutiny and pressure to deliver consistent financial performance.
- Acquisition by a private equity firm: This option would provide access to capital and expertise but could lead to a loss of control over the inn?s operations.
- Continuing to operate as an independent business: This option would preserve the inn?s independence but would limit its growth potential and make it difficult to compete with larger players.
The risks associated with the partnership include:
- Loss of control: The inn?s owners may lose some control over the business.
- Cultural clash: There may be a clash between the inn?s culture and the partner?s culture.
- Integration challenges: Integrating the inn into the partner?s systems and processes may be challenging.
Key assumptions:
- The partner will be a good fit for the inn?s brand and culture.
- The partnership will be successful in enhancing the guest experience and expanding the business.
- The inn?s owners will be able to adapt to the changes required by the partnership.
8. Next Steps
- Identify potential partners: The inn?s owners should identify potential partners that align with their values and vision.
- Due diligence: The inn?s owners should conduct due diligence on potential partners to assess their financial stability, track record, and cultural fit.
- Negotiate partnership terms: The inn?s owners should negotiate the terms of the partnership, including ownership structure, management responsibilities, and financial arrangements.
- Implement the partnership: Once the partnership is finalized, the inn?s owners should implement the agreed-upon changes and integrate the inn into the partner?s systems and processes.
This process should be completed within a timeframe of 12-18 months, with key milestones including:
- Partner identification: 3 months
- Due diligence: 6 months
- Negotiation and agreement: 9 months
- Implementation: 12-18 months
By following these steps, The Adventure Inn can successfully navigate the challenges of the hospitality industry and achieve sustainable growth while maintaining its unique identity.
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Case Description
Nigel and Tammy Peck owned the Adventure Inn in Durango, Colorado. The process of acquiring the 25-room motel took several years and their combined life savings. After only 18 months of owning the property, Nigel's trusted friend and hotel broker, John Hazen, suggested that they had made such dramatic improvements through remodeling and rebranding the hotel that it was ready to sell. Nigel knew he would eventually sell the property, but he hadn't taken on the project with the intention to "flip" it so quickly. Nigel ruminated upon the variety of factors that would influence the future success of the Adventure Inn in order to make an informed decision about whether the timing was right to put the property up for sale. At the property level, nearly all of the physical improvements were complete, and they expected to see profits increase in the coming years as expenses leveled off and were projected to decline. At the destination level, Durango, Colorado was experiencing growth in visitation with a year over year increase in demand for the past four years and several new hotel properties were being added to the number of lodging facilities in town. Hazen was worried that the Adventure Inn would lose revenue and value as these new hotels entered the market and made the urgent suggestion for them to sell. Nigel and Tammy knew that while the new hotels could be considered competition, they might not necessarily target the same market segments. Additionally, the Durango Area Tourism Office (DATO) that promoted Durango as a destination to potential visitors had considered putting forth a public vote to triple lodger's tax which would also increase their marketing budget. At the industry level, Nigel's research revealed that lodging followed a ten-year cycle and that the industry was due for a period of financial decline. It didn't appear to Nigel that there was a clear answer after weighing the factors that were out of his control with his own abilities to navigate future
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