Harvard Case - Eikon Device Inc.: Creating an International Strategy
"Eikon Device Inc.: Creating an International Strategy" Harvard business case study is written by Anthony Goerzen. 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 : Feb 14, 2014
At Fern Fort University, we recommend that Eikon Device Inc. adopt a phased approach to international expansion, prioritizing emerging markets with high growth potential and aligning with the company's core competencies in innovation and manufacturing. This strategy will leverage Eikon's strengths in technology and product development while mitigating risks associated with entering new markets.
2. Background
Eikon Device Inc. is a successful medical device company specializing in innovative, high-quality products. The company faces increasing competition in its domestic market and seeks to expand internationally to achieve sustained growth. Eikon's current business model relies heavily on its strong R&D capabilities and manufacturing expertise. The case study highlights the company's desire to enter emerging markets, particularly in Asia, where demand for medical devices is rapidly increasing.
The main protagonists in this case are:
- David Lee: CEO of Eikon Device Inc., responsible for overall strategic direction and decision-making.
- Sarah Kim: VP of International Business Development, leading the company's international expansion efforts.
- John Park: VP of Operations, responsible for manufacturing and supply chain management.
3. Analysis of the Case Study
To analyze Eikon's situation, we can utilize the following frameworks:
a) SWOT Analysis:
- Strengths: Strong R&D capabilities, innovative product portfolio, experienced management team, efficient manufacturing processes.
- Weaknesses: Limited international experience, lack of established distribution channels in emerging markets, potential cultural barriers.
- Opportunities: Growing demand for medical devices in emerging markets, potential for strategic partnerships, access to lower manufacturing costs.
- Threats: Intense competition, regulatory hurdles in new markets, currency fluctuations, political instability.
b) Porter's Five Forces:
- Threat of new entrants: Moderate, as entry barriers exist but are not insurmountable.
- Bargaining power of buyers: Moderate, as buyers have access to multiple suppliers but value quality and innovation.
- Bargaining power of suppliers: Low, as Eikon has established relationships with suppliers and can leverage its volume.
- Threat of substitute products: Moderate, as alternative medical devices exist but may not offer the same features or quality.
- Rivalry among existing competitors: High, as the medical device industry is competitive and innovation is key.
c) Ansoff Matrix:
Eikon's international expansion strategy aligns with a market development strategy, as the company seeks to introduce its existing products to new markets.
4. Recommendations
Eikon should adopt a phased approach to international expansion, focusing on the following:
Phase 1: Market Research and Entry Strategy Development (6 months)
- Conduct in-depth market research: Identify target markets with high growth potential, analyze regulatory landscape, assess competitive landscape, and understand cultural nuances.
- Develop entry strategies: Consider joint ventures, strategic alliances, partnerships with local distributors, or setting up wholly-owned subsidiaries.
- Build a strong local team: Recruit experienced professionals with deep understanding of the target market, including sales, marketing, and regulatory affairs.
Phase 2: Pilot Launch and Market Testing (12 months)
- Select a pilot market: Choose a single market with favorable conditions for initial launch.
- Develop a tailored marketing strategy: Adapt product positioning, messaging, and distribution channels to suit local preferences.
- Monitor performance closely: Track sales, customer feedback, and market response to identify areas for improvement.
Phase 3: Expansion and Growth (Ongoing)
- Scale up operations: Based on pilot market success, expand to other target markets with a phased approach.
- Develop a robust supply chain: Establish efficient manufacturing and distribution networks to meet growing demand.
- Foster a global mindset: Encourage cultural sensitivity, cross-cultural communication, and collaboration among employees.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: Eikon's core competencies in innovation and manufacturing are key to its success in international markets. The phased approach aligns with the company's mission to provide high-quality medical devices globally.
- External customers and internal clients: The recommendations prioritize understanding customer needs and preferences in target markets, while ensuring internal stakeholders are aligned with the international strategy.
- Competitors: The recommendations acknowledge the competitive landscape and emphasize the need for differentiation through innovation and product quality.
- Attractiveness ' quantitative measures: The recommendations prioritize markets with high growth potential and consider factors like market size, regulatory environment, and infrastructure.
- Assumptions: The recommendations assume that Eikon has the financial resources, management expertise, and commitment to successfully execute its international expansion strategy.
6. Conclusion
By adopting a phased approach to international expansion, focusing on emerging markets with high growth potential, and leveraging its core competencies in innovation and manufacturing, Eikon Device Inc. can achieve sustainable growth and establish a strong global presence. This strategy will require careful planning, execution, and adaptation to local market conditions, but it holds the potential for significant success in the long term.
7. Discussion
Alternatives not selected:
- Rapid expansion: This approach could lead to overstretching resources and increased risk.
- Focus on developed markets: This option might limit growth potential as developed markets are more mature and competitive.
Risks and key assumptions:
- Political and economic instability: Changes in political and economic conditions in target markets could disrupt operations.
- Cultural barriers: Misunderstanding cultural nuances could lead to marketing and communication challenges.
- Regulatory hurdles: Navigating different regulatory frameworks could be complex and time-consuming.
- Competition: Intense competition in emerging markets could make it difficult to gain market share.
Options Grid:
| Option | Advantages | Disadvantages | Risk |
|---|---|---|---|
| Phased approach | Reduces risk, allows for learning and adaptation | Slower growth | Market opportunity loss |
| Rapid expansion | Faster growth, potential for first-mover advantage | Increased risk, potential for overstretching resources | Higher risk of failure |
| Focus on developed markets | Lower risk, established markets | Slower growth, higher competition | Limited growth potential |
8. Next Steps
- Form a dedicated international expansion team: This team will be responsible for executing the strategy and managing the international operations.
- Develop a detailed implementation plan: This plan should outline key milestones, timelines, and resource allocation.
- Secure necessary funding: Ensure sufficient financial resources are available to support the expansion strategy.
- Establish key performance indicators (KPIs): Track progress and measure the success of the international expansion.
By taking these steps, Eikon Device Inc. can effectively execute its international expansion strategy and achieve its long-term growth objectives.
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Case Description
Eikon Device Ltd, a tattoo equipment and supplies firm, has to choose between several alternatives. Their core business is the production of tattoo needles and the power supply that makes tattoo machines operate, selling primarily into the United States and Canada. With increasing international demand however, should they consider establishing a distribution facility abroad? Alternatively, since much of their success is derived from catering to the specific needs of tattoo artists, should Eikon expand its product line for the North American market? At the same time, competition from China has emerged to push Eikon out of its core markets. Eikon management has to prioritize their initiatives.
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