Harvard Case - Harley-Davidson Inc.
"Harley-Davidson Inc." Harvard business case study is written by George Athanassakos, Reyer Barel, Saj Karsan. It deals with the challenges in the field of Finance. The case study is 26 page(s) long and it was first published on : Aug 8, 2008
At Fern Fort University, we recommend that Harley-Davidson Inc. pursue a strategic transformation focused on growth strategy, international expansion, and innovation to revitalize its brand, bolster its profitability, and secure its long-term future. This strategy involves a multi-pronged approach encompassing financial strategy, product development, marketing, and operations, all aimed at re-energizing the iconic brand and attracting a new generation of riders.
2. Background
Harley-Davidson Inc. is a legendary motorcycle manufacturer facing declining sales and market share, particularly among younger demographics. The case study highlights the company's struggles to adapt to changing consumer preferences, intense competition, and the economic downturn. The company is grappling with declining cash flow, a shrinking customer base, and a need to modernize its image and products.
The main protagonists in the case are:
- James Ziemer, the CEO, who is tasked with reviving the company's fortunes.
- The Board of Directors, who are facing pressure from shareholders to improve performance.
- The Harley-Davidson workforce, who are concerned about job security and the future of the company.
3. Analysis of the Case Study
We can analyze the case through the lens of a SWOT analysis:
Strengths:
- Strong brand recognition and heritage
- Loyal customer base
- Extensive dealer network
- Experienced workforce
Weaknesses:
- Aging customer base
- High production costs
- Limited product innovation
- Declining market share
Opportunities:
- Growing global demand for motorcycles
- Emerging markets with untapped potential
- Technological advancements in motorcycle design and manufacturing
- Opportunities for diversification into new product categories
Threats:
- Intense competition from global manufacturers
- Rising raw material costs
- Economic uncertainty
- Changing consumer preferences
This analysis reveals that Harley-Davidson needs to address its weaknesses, leverage its strengths, and capitalize on opportunities to overcome threats.
4. Recommendations
Harley-Davidson should implement the following recommendations:
Financial Strategy:
- Capital budgeting: Invest in new product development, manufacturing facilities, and technology to enhance efficiency and reduce production costs.
- Debt management: Optimize the company's capital structure by reducing debt levels and increasing equity financing to improve financial flexibility.
- Financial forecasting: Develop accurate financial models to predict future cash flows and profitability, enabling informed decision-making.
Product Development:
- Innovation: Invest in research and development to create new models targeting younger demographics and diverse riding styles.
- Product diversification: Expand into new product categories, such as electric motorcycles, adventure bikes, and urban mobility solutions.
- Technology and analytics: Leverage data analytics to understand customer preferences and market trends, guiding product development and marketing efforts.
Marketing:
- Brand revitalization: Reposition the brand to appeal to a wider audience, emphasizing its heritage while embracing modernity and inclusivity.
- Targeted marketing: Develop tailored marketing campaigns targeting specific demographics, including millennials and Gen Z.
- Digital marketing: Utilize digital channels to reach a broader audience and engage with potential customers.
Operations:
- Manufacturing processes: Optimize manufacturing processes to improve efficiency and reduce costs, potentially exploring outsourcing or partnerships with external manufacturers.
- International expansion: Expand into new markets with high growth potential, leveraging international finance and foreign investments to fund expansion.
- Sustainability: Adopt sustainable practices in manufacturing and operations to appeal to environmentally conscious consumers.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations build upon Harley-Davidson's existing strengths, such as brand recognition and manufacturing expertise, while aligning with the company's mission to create iconic motorcycles and foster a community of riders.
- External customers and internal clients: The recommendations address the needs of both existing and potential customers, while also considering the concerns of the Harley-Davidson workforce.
- Competitors: The recommendations aim to differentiate Harley-Davidson from competitors by focusing on innovation, technology, and a broader customer base.
- Attractiveness: The recommendations are expected to improve profitability through increased sales, reduced costs, and enhanced brand value. The potential for growth and expansion in international markets offers significant upside potential.
6. Conclusion
By embracing a strategic transformation focused on growth, international expansion, and innovation, Harley-Davidson can revitalize its brand, attract a new generation of riders, and secure its long-term future. This approach will require a commitment to financial discipline, product development, and marketing strategies that resonate with a broader audience.
7. Discussion
Alternative strategies include focusing solely on the core customer base, pursuing a cost-cutting strategy, or divesting non-core assets. However, these options are less likely to achieve sustainable growth and may alienate potential customers.
The recommendations are subject to several risks, including:
- Economic uncertainty: Global economic downturns could impact demand for motorcycles.
- Competition: Intense competition from other manufacturers could erode market share.
- Technological disruption: New technologies could disrupt the motorcycle industry.
The key assumptions underlying the recommendations include:
- Consumer demand: There is sufficient demand for motorcycles, particularly among younger demographics.
- Technological advancements: Harley-Davidson can successfully leverage technology to innovate and improve its products.
- Financial resources: The company has access to the necessary financial resources to implement the recommended strategies.
8. Next Steps
Harley-Davidson should implement the following steps to execute the recommended strategy:
- Phase 1 (Year 1): Develop a detailed strategic plan, including specific goals, timelines, and resource allocation.
- Phase 2 (Year 2): Invest in research and development to develop new products and technologies.
- Phase 3 (Year 3): Launch new products and marketing campaigns targeting a broader audience.
- Phase 4 (Year 4): Expand into new international markets, starting with high-growth regions.
By taking these steps, Harley-Davidson can position itself for long-term success and ensure its legacy as a global icon in the motorcycle industry.
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Case Description
The founders of BarKar, an investment company, are considering whether to invest in Harley-Davidson Inc. BarKar is a value-oriented investment company in Vancouver, B.C., Canada that specializes in identifying and investing in companies trading at more than a one-third discount to their intrinsic value. In order to reach a decision, the founders have to look at the financials and carry out a strategic analysis to determine the intrinsic value of this stock.
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