Harvard Case - Red, White & Hoos: A New A Cappella Group at the University of Virginia
"Red, White & Hoos: A New A Cappella Group at the University of Virginia" Harvard business case study is written by Mark White. It deals with the challenges in the field of Finance. The case study is 10 page(s) long and it was first published on : Feb 18, 2016
At Fern Fort University, we recommend a strategic approach for Red, White & Hoos, focusing on building a sustainable business model that leverages their unique strengths and addresses the challenges of the a cappella market. This will involve a combination of financial planning, marketing, and operational strategies to achieve long-term profitability and success.
2. Background
The case study focuses on Red, White & Hoos, a newly formed a cappella group at the University of Virginia, facing the challenge of establishing a successful business model. The group is comprised of talented singers with a passion for music, but they lack experience in managing finances, marketing, and operations.
The main protagonists are the group members, particularly the President, who is responsible for leading the group's efforts to achieve financial stability and growth.
3. Analysis of the Case Study
The case study highlights several key challenges:
- Financial Sustainability: The group needs to generate revenue to cover expenses, including travel, recording, and marketing.
- Marketing and Branding: They need to establish a strong brand identity and reach their target audience effectively.
- Competition: The a cappella market is competitive, with established groups and rising artists vying for attention.
- Limited Resources: The group faces limited resources in terms of time, funding, and experience.
Framework: We will use a combination of the SWOT analysis and Porter's Five Forces framework to analyze the situation.
SWOT Analysis:
Strengths:
- Talented singers: The group possesses strong vocal talent and musical skills.
- University affiliation: The University of Virginia provides a strong platform and potential audience.
- Passion and dedication: The group members are passionate about music and committed to success.
Weaknesses:
- Lack of experience: The group lacks experience in business management, marketing, and finance.
- Limited resources: They have limited funding and time to dedicate to business operations.
- Uncertain market demand: The demand for a cappella music is uncertain and subject to competition.
Opportunities:
- Growing a cappella market: The a cappella market is growing, offering potential for expansion.
- Social media and online platforms: The group can leverage online platforms to reach a wider audience and build a fanbase.
- Partnerships and collaborations: They can collaborate with other groups, artists, or businesses to expand their reach and resources.
Threats:
- Competition: The a cappella market is competitive, with established groups and rising artists vying for attention.
- Economic downturns: Economic downturns can impact funding and audience attendance.
- Changing music trends: The popularity of a cappella music may fluctuate with changing music trends.
Porter's Five Forces:
- Threat of new entrants: The threat of new entrants is moderate, as starting an a cappella group requires relatively low capital investment.
- Bargaining power of buyers: The bargaining power of buyers is moderate, as audiences have various options for entertainment.
- Bargaining power of suppliers: The bargaining power of suppliers is low, as the group can source services and resources from various vendors.
- Threat of substitutes: The threat of substitutes is high, as audiences have access to various forms of music and entertainment.
- Rivalry among existing competitors: Rivalry among existing competitors is high, as the a cappella market is crowded with established and emerging groups.
4. Recommendations
Short-Term:
- Develop a Comprehensive Business Plan: Create a detailed business plan outlining their financial goals, marketing strategies, and operational plans. This plan should include a clear understanding of their target audience, revenue streams, and cost structure.
- Secure Funding: Explore various funding options, including grants, sponsorships, crowdfunding, and private investments.
- Build a Strong Online Presence: Develop a website and social media presence to promote their music, upcoming performances, and events.
- Focus on Local Performances: Initially, focus on performing at local venues, university events, and community gatherings to build a local fanbase.
Long-Term:
- Develop a Unique Brand Identity: Create a distinctive brand identity that sets them apart from competitors. This could include a unique name, logo, and musical style.
- Expand Their Reach: Explore opportunities to perform at regional and national events, festivals, and competitions.
- Diversify Revenue Streams: Explore additional revenue streams beyond live performances, such as selling merchandise, recording albums, and collaborating with other artists or businesses.
- Develop a Professional Management Structure: Establish a clear management structure with defined roles and responsibilities to ensure efficient operations and decision-making.
5. Basis of Recommendations
Core Competencies and Consistency with Mission: These recommendations align with the group's core competencies in music and performance, while also fostering a sustainable business model that supports their mission of sharing their music with a wider audience.
External Customers and Internal Clients: The recommendations consider the needs of both external customers (audiences) and internal clients (group members). They aim to provide audiences with high-quality performances and a memorable experience, while also ensuring the group members are supported and engaged.
Competitors: The recommendations address the competitive landscape by highlighting the need for a unique brand identity, strategic marketing, and a focus on generating revenue to ensure long-term sustainability.
Attractiveness ' Quantitative Measures: While the case study does not provide specific financial data, the recommendations emphasize the importance of developing a comprehensive business plan, securing funding, and diversifying revenue streams to achieve financial stability and growth.
Assumptions: These recommendations assume that the group members are committed to success, possess the talent and dedication to grow their fanbase, and are willing to invest time and effort in developing their business.
6. Conclusion
Red, White & Hoos has the potential to become a successful a cappella group by embracing a strategic approach that combines financial planning, marketing, and operational strategies. By developing a comprehensive business plan, securing funding, building a strong online presence, and focusing on creating a unique brand identity, the group can establish a sustainable business model and achieve long-term success in the competitive a cappella market.
7. Discussion
Other Alternatives:
- Focus solely on live performances: This option would limit their revenue streams and potentially hinder their growth.
- Seek immediate financial support from a wealthy benefactor: This option could create dependency and limit their ability to build a sustainable business model.
Risks and Key Assumptions:
- Limited resources: The group's success hinges on their ability to overcome resource constraints and secure funding.
- Changing music trends: The popularity of a cappella music may fluctuate, requiring adaptability and innovation.
- Competition: The group needs to effectively differentiate themselves and stand out in a crowded market.
Options Grid:
| Option | Advantages | Disadvantages | Risk |
|---|---|---|---|
| Focus on live performances | Low initial investment | Limited revenue streams | Slow growth, potential for financial instability |
| Seek immediate financial support from a benefactor | Quick funding | Dependency, potential for lack of control | Financial instability if support ends |
| Develop a comprehensive business plan and secure funding | Sustainable growth, diversified revenue streams | Requires time and effort | Potential for funding challenges |
8. Next Steps
- Develop a comprehensive business plan: Within the next month, the group should create a detailed business plan outlining their financial goals, marketing strategies, and operational plans.
- Secure funding: Within the next three months, the group should explore and secure funding options, including grants, sponsorships, crowdfunding, and private investments.
- Build a strong online presence: Within the next two months, the group should develop a website and social media presence to promote their music, upcoming performances, and events.
- Focus on local performances: Over the next six months, the group should focus on performing at local venues, university events, and community gatherings to build a local fanbase.
By implementing these recommendations and taking a strategic approach, Red, White & Hoos can position themselves for success in the a cappella market.
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Case Description
This case is intended for an advanced undergraduate course in finance, accounting, or arts management. It has been used successfully with both business and nonbusiness students. Three undergraduate students decide to start a new a cappella singing group with hopes of producing a CD the following year. The case provides opportunities for students to estimate funding needs, conduct scenario and sensitivity analyses, and use this information to develop strategies to accomplish the group's objectives.
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