Harvard Case - Hoshi Ryokan: The World's Oldest Family Firm and the First Female Succession in 1,305 years
"Hoshi Ryokan: The World's Oldest Family Firm and the First Female Succession in 1,305 years" Harvard business case study is written by Morten Bennedsen, Kengo Itoh, Mark Stabile, Brian Henry. It deals with the challenges in the field of Business Ethics. The case study is 8 page(s) long and it was first published on : Jul 5, 2023
At Fern Fort University, we recommend a multifaceted approach to ensure the continued success of Hoshi Ryokan, balancing its rich history with the demands of a modern, globalized market. This approach prioritizes ethical leadership, transparency, and sustainable growth while fostering a culture of diversity and inclusion and embracing disruptive innovation.
2. Background
Hoshi Ryokan, a 1,300-year-old family-run inn in Japan, faces the challenge of transitioning leadership to its first female heir, Yumiko. This transition comes at a time of significant change in the hospitality industry, marked by increased competition, evolving customer expectations, and the rise of online platforms.
The case study focuses on Yumiko's leadership style, her vision for the future of Hoshi Ryokan, and the challenges she faces in navigating the complex dynamics of a family business.
3. Analysis of the Case Study
Strategic Framework: We can analyze the case through the lens of Porter's Five Forces, which helps understand the competitive landscape of the hospitality industry.
- Threat of New Entrants: High, due to the ease of entry for new boutique hotels and the rise of Airbnb.
- Bargaining Power of Buyers: Moderate, as customers have numerous choices and can easily compare prices and reviews online.
- Threat of Substitute Products: High, as travelers have alternative accommodation options like apartments, hostels, and homestays.
- Bargaining Power of Suppliers: Low, as Hoshi Ryokan likely has established relationships with local suppliers.
- Rivalry Among Existing Competitors: High, as the hospitality industry is highly competitive, with traditional hotels, luxury resorts, and online platforms vying for customers.
Organizational Behavior Perspective: Yumiko's leadership style is crucial to Hoshi Ryokan's success. Her ability to balance tradition and innovation, build trust with employees, and engage stakeholders will be key.
Financial Analysis: Hoshi Ryokan's financial performance must be analyzed to understand its current position and identify potential areas for improvement. This includes evaluating profitability, cash flow, and debt levels.
Marketing Analysis: Hoshi Ryokan needs to adapt its marketing strategy to attract a wider audience. This includes leveraging online platforms, targeting specific demographics, and developing unique selling propositions.
Operations Strategy: Hoshi Ryokan's operations strategy needs to focus on efficiency, quality, and customer service. This involves optimizing staffing, streamlining processes, and implementing technology to enhance the guest experience.
4. Recommendations
1. Embracing Innovation: Hoshi Ryokan should embrace disruptive innovation to remain competitive. This includes adopting technology to enhance guest experiences, such as online booking systems, digital concierge services, and personalized recommendations.
2. Diversifying Revenue Streams: Hoshi Ryokan should explore new revenue streams beyond traditional lodging. This could include offering unique experiences, such as cultural workshops, cooking classes, or guided tours.
3. Building a Strong Brand: Hoshi Ryokan should leverage its unique history and heritage to build a strong brand. This involves creating a compelling narrative, promoting its cultural significance, and engaging with international audiences.
4. Fostering a Culture of Diversity and Inclusion: Hoshi Ryokan should actively promote diversity and inclusion within its workforce. This includes attracting and retaining employees from diverse backgrounds, fostering a welcoming and inclusive environment, and providing opportunities for professional development.
5. Implementing Ethical Leadership: Yumiko should lead with ethical leadership, emphasizing transparency, accountability, and social responsibility. This involves establishing a clear code of conduct, promoting ethical decision-making, and prioritizing stakeholder interests.
6. Strengthening Corporate Governance: Hoshi Ryokan should strengthen its corporate governance practices to ensure transparency and accountability. This includes establishing an independent board of directors, implementing robust financial controls, and adhering to relevant regulations.
7. Engaging in Stakeholder Relations: Hoshi Ryokan should prioritize stakeholder relations, building strong relationships with its customers, employees, suppliers, and the local community. This involves actively listening to their needs, responding to their concerns, and engaging in open dialogue.
8. Embracing Sustainability: Hoshi Ryokan should embrace sustainability in all aspects of its operations. This includes reducing its environmental footprint, promoting responsible tourism, and supporting local communities.
9. Leveraging Technology and Analytics: Hoshi Ryokan should leverage technology and analytics to improve its operations, enhance customer experiences, and make data-driven decisions. This includes implementing CRM systems, leveraging social media analytics, and utilizing data visualization tools.
10. Building a Strong Succession Plan: Hoshi Ryokan should develop a comprehensive succession plan to ensure a smooth transition of leadership in the future. This involves identifying potential successors, providing them with training and mentorship, and establishing clear criteria for succession.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of the case study, considering the following:
- Core Competencies and Consistency with Mission: Hoshi Ryokan's core competencies lie in its rich history, traditional hospitality, and commitment to customer service. The recommendations are aligned with these strengths while incorporating modern approaches to remain competitive.
- External Customers and Internal Clients: The recommendations address the evolving needs of both external customers and internal clients. They aim to enhance the guest experience, attract new audiences, and create a more fulfilling work environment for employees.
- Competitors: The recommendations consider the competitive landscape of the hospitality industry, aiming to differentiate Hoshi Ryokan from its competitors and establish a unique position in the market.
- Attractiveness ' Quantitative Measures: While the case study does not provide detailed financial data, the recommendations are expected to enhance profitability, improve operational efficiency, and increase market share.
- Assumptions: The recommendations assume that Hoshi Ryokan has the resources and commitment to implement the proposed changes. They also assume that the Japanese government will continue to support the tourism industry and that the global economy will remain stable.
6. Conclusion
By embracing innovation, diversifying its offerings, building a strong brand, fostering a culture of diversity and inclusion, and implementing ethical leadership, Hoshi Ryokan can successfully navigate the challenges of the modern hospitality industry while preserving its legacy as the world's oldest family firm.
7. Discussion
Alternatives: Other alternatives include focusing solely on traditional hospitality, expanding into new markets without embracing innovation, or neglecting stakeholder relations. However, these alternatives carry significant risks and may not be sustainable in the long term.
Risks: The key risks associated with the recommendations include the cost of implementing new technologies, the potential for cultural clashes, and the need for significant organizational change.
Key Assumptions: The recommendations are based on the assumption that Yumiko has the support of her family, the employees, and the local community. They also assume that the Japanese government will continue to support the tourism industry and that the global economy will remain stable.
8. Next Steps
Timeline:
- Year 1: Implement key technology upgrades, develop a new marketing strategy, and launch a diversity and inclusion program.
- Year 2: Diversify revenue streams, establish a corporate social responsibility program, and strengthen corporate governance practices.
- Year 3: Evaluate the impact of implemented changes, refine strategies, and develop a long-term succession plan.
Key Milestones:
- Q1 2024: Develop a detailed implementation plan for the recommended changes.
- Q2 2024: Secure funding for technology upgrades and marketing initiatives.
- Q3 2024: Launch a pilot program for new revenue streams and diversity and inclusion initiatives.
- Q4 2024: Conduct a comprehensive review of progress and make adjustments as needed.
By taking these steps, Hoshi Ryokan can ensure its continued success as a leading example of a family business that has adapted to the changing times while preserving its rich heritage.
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Case Description
The case is about the Hoshi Ryokan, a hot springs hotel in Japan established more than 1,300 years ago, that is among the world's oldest family enterprises. Owned and managed by a descendant (or adopted son) of the founder for 46 generations, it is a popular with domestic and international tourists alike. The current owner will almost certainly pass the baton to his daughter, thus making her the first female to own the legendary inn. This gender re-balancing act, coming after 1,305 years of male ownership, coincides with efforts by the prime minister of Japan to create a more balanced and diverse business climate. The case also covers the intangible assets that have ensured the longevity of this unique family-owned hotel.
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