Harvard Case - Cushman Concepts at a Crossroads
"Cushman Concepts at a Crossroads" Harvard business case study is written by Lena G. Goldberg, Michael S. Kaufman, Sam Li, Ruben Ortega, Sonia Smyth, Mary Zhang. It deals with the challenges in the field of General Management. The case study is 17 page(s) long and it was first published on : Dec 21, 2018
At Fern Fort University, we recommend that Cushman Concepts adopt a strategic growth plan focused on innovation, digital transformation, and sustainable business practices. This plan should prioritize expansion into emerging markets, particularly in Southeast Asia, while leveraging existing strengths in product development, supply chain management, and brand management.
2. Background
Cushman Concepts is a family-owned business specializing in high-quality, handcrafted furniture. They have a strong reputation for quality and design, but face challenges in maintaining profitability and growth in a competitive market. The company is considering several options, including:
- Expanding into new markets: Southeast Asia is a promising area with a growing middle class and demand for high-quality furniture.
- Investing in technology: Implementing a new ERP system and e-commerce platform could streamline operations and reach new customers.
- Developing new products: Introducing innovative furniture designs and sustainable materials could attract a wider customer base.
The main protagonists are:
- David Cushman: The CEO and grandson of the founder, who is passionate about the company's legacy but faces pressure to adapt to changing market conditions.
- Sarah Cushman: David's sister and head of marketing, who is more focused on innovation and digital marketing strategies.
- Tom Miller: The CFO, who emphasizes financial stability and risk management.
3. Analysis of the Case Study
SWOT Analysis:
Strengths:
- Strong brand reputation for quality and craftsmanship
- Experienced workforce with expertise in furniture design and manufacturing
- Established supply chain with reliable suppliers
- Loyal customer base
Weaknesses:
- Limited online presence and e-commerce capabilities
- Dependence on traditional retail channels
- Lack of investment in technology and innovation
- Limited international market reach
Opportunities:
- Growing demand for high-quality furniture in emerging markets, particularly Southeast Asia
- Increasing consumer interest in sustainable and ethical products
- Technological advancements in e-commerce and digital marketing
- Potential for strategic partnerships and acquisitions
Threats:
- Increasing competition from low-cost manufacturers
- Fluctuations in raw material prices
- Economic instability in emerging markets
- Changing consumer preferences and trends
Porter's Five Forces:
- Threat of new entrants: Moderate, due to high barriers to entry in the handcrafted furniture market.
- Bargaining power of buyers: Moderate, as consumers have a range of options but value quality and craftsmanship.
- Bargaining power of suppliers: Moderate, as raw material prices can fluctuate, but Cushman Concepts has established relationships with reliable suppliers.
- Threat of substitute products: High, as consumers can choose from a wide range of furniture styles and materials.
- Competitive rivalry: High, with both local and international competitors vying for market share.
Financial Analysis:
Cushman Concepts' financial performance is stable but not growing significantly. The company needs to invest in new initiatives to increase revenue and profitability.
Key Performance Indicators (KPIs):
- Revenue growth
- Profit margin
- Customer acquisition cost
- Customer satisfaction
- Employee engagement
4. Recommendations
Develop a Strategic Growth Plan: Cushman Concepts should create a comprehensive strategic plan outlining its vision, mission, and key objectives for the next 5-10 years. This plan should prioritize:
- Expansion into emerging markets: Focus on Southeast Asia, specifically countries with a growing middle class and demand for high-quality furniture.
- Innovation and product development: Introduce new designs, sustainable materials, and innovative furniture solutions to attract a wider customer base.
- Digital transformation: Invest in e-commerce, digital marketing, and customer relationship management (CRM) systems to enhance online presence and reach new customers.
- Sustainable business practices: Implement environmental and social responsibility initiatives to appeal to environmentally conscious consumers and attract talent.
Invest in Technology and Innovation: Cushman Concepts should allocate resources to upgrade its technology infrastructure and implement new systems to improve efficiency and competitiveness. This includes:
- Implementing an Enterprise Resource Planning (ERP) system: Streamline operations, improve inventory management, and enhance financial reporting.
- Developing a user-friendly e-commerce platform: Expand online presence, reach new customers, and offer convenient shopping experiences.
- Investing in data analytics and AI: Gain insights into customer behavior, optimize marketing campaigns, and personalize customer experiences.
Expand into Southeast Asia: Cushman Concepts should conduct thorough market research and develop a targeted expansion strategy for Southeast Asia. This includes:
- Identifying key markets: Focus on countries with strong economic growth, a growing middle class, and a demand for high-quality furniture.
- Establishing partnerships: Collaborate with local distributors, retailers, and designers to gain market access and build brand awareness.
- Adapting products and marketing: Tailor designs and marketing messages to meet local preferences and cultural sensitivities.
Promote Sustainability and Corporate Social Responsibility: Cushman Concepts should adopt sustainable business practices and communicate its commitment to social responsibility to attract environmentally conscious consumers and attract top talent. This includes:
- Using sustainable materials: Source wood from certified sustainable forests and utilize recycled materials.
- Reducing environmental impact: Implement energy-efficient manufacturing processes and reduce waste generation.
- Supporting local communities: Partner with local charities and invest in employee training and development.
Strengthen Brand Management and Marketing: Cushman Concepts should invest in brand management and marketing initiatives to enhance brand awareness, build customer loyalty, and drive sales. This includes:
- Developing a strong brand identity: Communicate the company's values, heritage, and commitment to quality craftsmanship.
- Investing in digital marketing: Utilize social media, content marketing, and search engine optimization (SEO) to reach new customers.
- Building customer relationships: Implement a CRM system to track customer interactions, personalize communication, and foster loyalty.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of Cushman Concepts' strengths, weaknesses, opportunities, and threats, as well as the competitive landscape and industry trends. They are consistent with the company's mission to provide high-quality, handcrafted furniture while considering the evolving needs of consumers and the importance of sustainability.
The recommendations are also supported by the following factors:
- Attractiveness: Expanding into Southeast Asia offers significant growth potential due to the region's rising middle class and demand for high-quality furniture.
- Competitiveness: Investing in technology and innovation will help Cushman Concepts stay ahead of competitors and offer a more competitive value proposition.
- Sustainability: Adopting sustainable business practices will attract environmentally conscious consumers and enhance the company's reputation.
- Brand Management: Strengthening brand management and marketing will help Cushman Concepts build customer loyalty and drive sales.
6. Conclusion
By adopting a strategic growth plan focused on innovation, digital transformation, and sustainable business practices, Cushman Concepts can overcome its current challenges and achieve long-term success. The company has a strong foundation and a loyal customer base, and by investing in the right initiatives, it can capitalize on the opportunities presented by emerging markets and evolving consumer preferences.
7. Discussion
Alternative Options:
- Focusing solely on domestic markets: This option would limit growth potential and expose the company to greater competition.
- Merging with another furniture company: This could provide access to new markets and resources, but it carries risks associated with integration and cultural clashes.
- Outsourcing manufacturing: This could reduce costs but could also compromise quality and control over production processes.
Risks and Key Assumptions:
- Economic instability in emerging markets: This could impact demand for furniture and disrupt expansion plans.
- Competition from low-cost manufacturers: This could erode market share and profitability.
- Technological advancements: Rapid technological changes could require continuous investment and adaptation.
Options Grid:
| Option | Advantages | Disadvantages | Risks | Assumptions |
|---|---|---|---|---|
| Strategic Growth Plan | High growth potential, increased market share, enhanced brand reputation | Requires significant investment, potential for cultural challenges in new markets | Economic instability, competition, technological disruption | Emerging markets will continue to grow, consumers value quality and craftsmanship, technology will continue to evolve |
| Focusing on domestic markets | Lower risk, familiar market | Limited growth potential, increased competition | Economic downturn, changing consumer preferences | Domestic market will remain stable, consumers will continue to value traditional furniture |
| Merging with another furniture company | Access to new markets and resources, potential for cost savings | Integration challenges, cultural clashes, potential loss of control | Merging company's financial health, cultural differences, integration challenges | Merging company is financially sound, cultures are compatible, integration can be managed effectively |
| Outsourcing manufacturing | Reduced costs, increased efficiency | Potential loss of quality control, potential for supply chain disruptions | Quality control issues, supplier reliability, labor disputes | Suppliers are reliable, quality can be maintained, labor costs remain stable |
8. Next Steps
- Develop a detailed strategic plan: This should include specific objectives, timelines, and resource allocation for each initiative.
- Conduct thorough market research: Identify key markets in Southeast Asia and develop a targeted expansion strategy.
- Invest in technology and innovation: Implement an ERP system, develop an e-commerce platform, and explore data analytics and AI solutions.
- Promote sustainability and corporate social responsibility: Develop a comprehensive sustainability plan and communicate the company's commitment to social responsibility.
- Strengthen brand management and marketing: Develop a strong brand identity, invest in digital marketing, and implement a CRM system.
Timeline:
- Year 1: Develop strategic plan, conduct market research, implement ERP system, launch e-commerce platform.
- Year 2: Begin expansion into Southeast Asia, invest in sustainable practices, enhance brand management and marketing.
- Year 3: Expand into additional Southeast Asian markets, continue to invest in technology and innovation, monitor progress and adjust strategies as needed.
By taking these steps, Cushman Concepts can position itself for long-term growth and success in a dynamic and competitive furniture market.
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