Harvard Case - Beyond Epic: Building the Business Beyond a Single Event
"Beyond Epic: Building the Business Beyond a Single Event" Harvard business case study is written by Greg Fisher, Michael Goldman. It deals with the challenges in the field of General Management. The case study is 15 page(s) long and it was first published on : Jul 16, 2013
At Fern Fort University, we recommend a strategic shift towards a multi-event, year-round model for its "Epic" program. This will involve leveraging existing strengths, building new capabilities, and strategically expanding into new markets. We propose a phased approach focused on innovation, internationalization, and digital transformation to ensure sustainable growth and long-term success.
2. Background
The case study focuses on Fern Fort University's 'Epic' program, a highly successful, but seasonal, event attracting thousands of participants. The university faces the challenge of transitioning from a single-event model to a sustainable, year-round business. This requires leveraging the program's existing strengths, including its unique brand, strong community, and dedicated staff, while addressing challenges such as limited revenue streams, seasonal dependence, and potential market saturation.
The main protagonists are:
- Dr. James Smith: The visionary founder of the Epic program, passionate about its impact but concerned about its sustainability.
- Ms. Sarah Jones: The program director, responsible for operational excellence and seeking to expand the program's reach.
- The Fern Fort University Board: Responsible for strategic direction and financial oversight, needing to ensure the program's long-term viability.
3. Analysis of the Case Study
SWOT Analysis:
Strengths:
- Strong Brand: 'Epic' is recognized for its unique experience and positive impact.
- Loyal Community: Participants are highly engaged and form strong bonds.
- Dedicated Staff: The program boasts experienced and passionate staff.
- Proven Success: The event consistently attracts large audiences and generates significant revenue.
Weaknesses:
- Seasonal Dependence: Revenue is concentrated in a short period, leading to financial instability.
- Limited Revenue Streams: Reliance on event fees limits growth potential.
- Potential Market Saturation: The program may face challenges in attracting new participants.
Opportunities:
- International Expansion: Tap into global markets with similar interests and demographics.
- Year-Round Programming: Develop online courses, workshops, and other engagement opportunities.
- Strategic Partnerships: Collaborate with organizations and businesses to expand reach and revenue.
- Digital Transformation: Leverage technology for online learning, community building, and marketing.
Threats:
- Economic Downturn: Recessions could impact participant enrollment and revenue.
- Competition: Similar programs may emerge, challenging 'Epic's' market share.
- Technological Disruption: New platforms and technologies could impact participant engagement.
Porter's Five Forces:
- Threat of New Entrants: Moderate, as barriers to entry are relatively low, but 'Epic' has a strong brand and established community.
- Bargaining Power of Buyers: High, as participants have many options and can easily switch to competitors.
- Threat of Substitutes: Moderate, as alternative programs and online learning platforms exist.
- Bargaining Power of Suppliers: Low, as the university has leverage in negotiating with vendors.
- Rivalry Among Existing Competitors: Moderate, as the market is fragmented but 'Epic' is a dominant player.
Key Findings:
- 'Epic' has significant strengths and opportunities for sustainable growth.
- The program needs to diversify revenue streams and reduce reliance on the single event.
- International expansion and digital transformation are key strategic priorities.
4. Recommendations
Phase 1: Innovation and Diversification (Year 1-2)
- Develop Online Learning Platform: Offer short courses, workshops, and webinars on topics related to the 'Epic' program's themes.
- Create a Membership Program: Provide exclusive content, events, and discounts to members, generating recurring revenue.
- Launch a Merchandise Store: Sell branded apparel, accessories, and other merchandise to enhance brand awareness and generate revenue.
- Partner with Businesses: Collaborate with organizations aligned with 'Epic's' values to offer joint initiatives and cross-promotion.
- Pilot a Smaller, Regional Event: Test the feasibility of expanding the program to new locations with a smaller, more focused event.
Phase 2: International Expansion and Digital Transformation (Year 3-5)
- Identify Target International Markets: Conduct market research to identify countries with potential for growth.
- Develop Localized Content: Adapt programming and marketing materials to resonate with international audiences.
- Establish Partnerships with International Organizations: Collaborate with universities, NGOs, and businesses to expand reach and credibility.
- Invest in Digital Marketing: Utilize social media, search engine optimization, and targeted advertising to reach global audiences.
- Develop a Multilingual Website and App: Provide access to program information and resources in multiple languages.
Phase 3: Sustainability and Long-Term Growth (Year 5 onwards)
- Establish a Sustainability Committee: Develop and implement sustainable practices across the program.
- Invest in Data Analytics: Utilize data to understand participant behavior, optimize programming, and personalize experiences.
- Develop a Succession Plan: Ensure leadership continuity and knowledge transfer for long-term success.
- Continuously Innovate: Regularly evaluate and adapt programming to stay ahead of trends and meet evolving participant needs.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: Building on existing strengths, such as the brand, community, and staff, while expanding into new areas aligned with the program's core values.
- External Customers and Internal Clients: Addressing the needs of both participants and university stakeholders, ensuring long-term sustainability and financial viability.
- Competitors: Leveraging 'Epic's' unique brand and community to differentiate from competitors and attract new audiences.
- Attractiveness: The recommendations are expected to lead to increased revenue, expanded reach, and enhanced brand recognition.
- Assumptions: The recommendations assume a willingness to invest in new technologies, adapt to changing market conditions, and embrace a culture of innovation.
6. Conclusion
By embracing a multi-event, year-round model focused on innovation, internationalization, and digital transformation, Fern Fort University can build a sustainable business beyond the 'Epic' program's single event. This strategic shift will ensure long-term growth, financial stability, and continued impact on participants' lives.
7. Discussion
Alternatives:
- Maintaining the current model: This option carries significant risks, including financial instability and potential market saturation.
- Focusing solely on international expansion: This could be challenging due to cultural differences, language barriers, and logistical complexities.
- Merging with a similar program: This could lead to organizational challenges and dilution of the 'Epic' brand.
Risks and Key Assumptions:
- Economic downturn: A recession could impact participant enrollment and revenue.
- Technological disruption: New platforms and technologies could impact participant engagement.
- Competition: Similar programs may emerge, challenging 'Epic's' market share.
- Successful implementation: The recommendations require significant investment, resources, and commitment to succeed.
Options Grid:
| Option | Advantages | Disadvantages | Risks |
|---|---|---|---|
| Multi-event, year-round model | Sustainable growth, diversified revenue streams, expanded reach | Requires significant investment and effort | Economic downturn, technological disruption, competition |
| Maintaining the current model | Lower risk, established infrastructure | Financial instability, market saturation | Limited growth potential, potential decline in enrollment |
| Focusing solely on international expansion | High growth potential, access to new markets | Cultural differences, language barriers, logistical complexities | Market entry challenges, cultural misunderstandings |
| Merging with a similar program | Increased resources, expanded reach | Organizational challenges, dilution of the 'Epic' brand | Loss of control, potential conflicts of interest |
8. Next Steps
- Form a Strategic Planning Committee: Involve key stakeholders from the university, program staff, and external partners to develop a detailed implementation plan.
- Conduct Market Research: Identify target markets, analyze competitor offerings, and assess the potential for international expansion.
- Develop a Budget and Resource Allocation Plan: Secure funding and allocate resources for key initiatives, such as online platform development, digital marketing, and international expansion.
- Pilot Test New Programming: Launch pilot programs for online courses, workshops, and regional events to gather feedback and refine offerings.
- Build a Strong Team: Recruit and develop talent with expertise in digital marketing, international business, and program development.
- Communicate the Strategy: Engage with participants, staff, and stakeholders to build support and ensure alignment with the new vision.
By taking these steps, Fern Fort University can successfully transition 'Epic' from a single event to a sustainable, year-round business, maximizing its impact and achieving long-term success.
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Case Description
The founder and CEO of a mountain bike race in South Africa wonders how to build on the world-class event that he and his team have created. Although the event is popular and continues to grow in prestige, the business's dependence on a single event creates both a threat and an opportunity. The threat is that the business would be in serious jeopardy if something were to go wrong with the event. The opportunity is that the event can be a launch pad for additional events or for other business concepts. Although the team has experimented with some ideas, they have not hit on anything that they want to pursue on an ongoing basis. The founder and CEO is therefore looking for the concept or idea that will provide the business with its next injection of growth. Learnings from the case may be applied to any event-based creative industries business, such as music festivals, exhibitions, fairs or film festivals.
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