Free Mirvac (A): Building Balance Case Study Solution | Assignment Help

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Written by Gary F. Smith
Publish Date: 2024-12-03

Harvard Case - Mirvac (A): Building Balance

"Mirvac (A): Building Balance" Harvard business case study is written by Zoe Kinias, Felicia A. Henderson. 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 24, 2020

At Fern Fort University, we recommend Mirvac adopt a balanced growth strategy that prioritizes sustainable development and community engagement while maintaining its core competencies in property development and investment. This strategy will involve leveraging technology and analytics to optimize operations, enhance customer experience, and drive innovation.

2. Background

Mirvac is a leading Australian property developer and investor facing challenges in a rapidly evolving market. The company is seeking to navigate the complexities of international business and emerging markets while maintaining its commitment to corporate social responsibility. The case study focuses on the company's decision-making process as it considers various growth options, including a potential merger and acquisition of a smaller, but rapidly growing, competitor.

The main protagonists of the case study are:

  • Greg Paramor: Managing Director and CEO, tasked with leading Mirvac's strategic direction.
  • John Carfi: Head of Investment, responsible for identifying and evaluating potential investment opportunities.
  • Susan Lloyd: Head of Development, responsible for overseeing Mirvac's development projects.
  • The Board of Directors: Responsible for overseeing the company's overall strategy and performance.

3. Analysis of the Case Study

To comprehensively analyze Mirvac's situation, we can utilize the SWOT analysis framework, Porter's Five Forces model, and the Balanced Scorecard framework.

SWOT Analysis:

Strengths:

  • Strong brand reputation and market leadership in Australia.
  • Experienced management team with a proven track record.
  • Diversified portfolio across residential, commercial, and retail sectors.
  • Strong financial position with access to capital markets.
  • Commitment to sustainability and community engagement.

Weaknesses:

  • Limited international presence compared to global competitors.
  • Potential for over-reliance on the Australian market.
  • Competition from smaller, more agile developers.
  • Challenges in attracting and retaining top talent.

Opportunities:

  • Growing demand for residential and commercial property in Australia and Asia.
  • Increasing interest in sustainable and responsible development.
  • Technological advancements in construction and property management.
  • Potential for strategic partnerships and acquisitions.

Threats:

  • Economic uncertainty and volatility in the property market.
  • Rising interest rates and construction costs.
  • Increased competition from international developers.
  • Regulatory changes and environmental concerns.

Porter's Five Forces:

  • Threat of new entrants: Moderate, due to barriers to entry such as capital requirements and regulatory approvals.
  • Bargaining power of buyers: Moderate, as buyers have choices but may be limited by market conditions.
  • Bargaining power of suppliers: Moderate, as suppliers have some leverage but are also subject to market forces.
  • Threat of substitute products: Moderate, as alternative investment options exist but may not offer the same returns.
  • Rivalry among existing competitors: High, as the property market is highly competitive with numerous players.

Balanced Scorecard:

  • Financial Perspective: Maintain strong financial performance, increase profitability, and manage risk.
  • Customer Perspective: Enhance customer experience, build brand loyalty, and attract new customers.
  • Internal Processes Perspective: Optimize operations, improve efficiency, and enhance innovation.
  • Learning and Growth Perspective: Develop and retain talent, foster a culture of innovation, and promote sustainability.

4. Recommendations

Mirvac should adopt a balanced growth strategy that prioritizes sustainable development, community engagement, and strategic partnerships while leveraging technology and analytics to enhance operations, customer experience, and innovation.

Key Recommendations:

  1. Focus on Sustainable Development: Mirvac should prioritize projects that meet high environmental and social standards, attracting environmentally conscious customers and investors. This includes integrating green building practices, renewable energy sources, and sustainable materials into all projects.
  2. Enhance Community Engagement: Mirvac should actively engage with local communities, understanding their needs and incorporating their input into project design and development. This will foster stronger community relations and build trust in the brand.
  3. Leverage Technology and Analytics: Mirvac should invest in digital transformation to optimize operations, enhance customer experience, and drive innovation. This includes implementing AI and machine learning for data analysis, predictive modeling, and automated processes, as well as leveraging Internet of Things (IoT) technologies for smart building management and customer engagement.
  4. Strategic Partnerships and Acquisitions: Mirvac should strategically explore partnerships and acquisitions that align with its core competencies and growth objectives. This includes collaborating with technology companies to develop innovative solutions, partnering with local developers in emerging markets, and acquiring smaller companies with specialized expertise or access to new markets.
  5. Talent Management and Development: Mirvac should prioritize attracting and retaining top talent by investing in employee incentives, diversity and inclusion initiatives, and leadership development programs. This will ensure the company has the skills and expertise needed to execute its growth strategy.

5. Basis of Recommendations

These recommendations are based on a comprehensive understanding of Mirvac's strengths, weaknesses, opportunities, and threats, as well as the evolving landscape of the property development industry. They are aligned with the company's core competencies, mission, and commitment to corporate social responsibility.

  • Core competencies and consistency with mission: The recommendations focus on leveraging Mirvac's existing strengths in property development and investment while expanding into new markets and technologies. This aligns with the company's mission to create sustainable and innovative property solutions.
  • External customers and internal clients: The recommendations prioritize customer experience, community engagement, and employee satisfaction, ensuring the company remains competitive and attracts and retains talent.
  • Competitors: The recommendations address the competitive landscape by focusing on differentiation through sustainability, technology, and community engagement.
  • Attractiveness: The recommendations are expected to drive long-term growth and profitability through increased market share, operational efficiency, and innovation.

6. Conclusion

Mirvac has a significant opportunity to capitalize on the growing demand for sustainable and innovative property solutions. By adopting a balanced growth strategy that prioritizes sustainable development, community engagement, and strategic partnerships, while leveraging technology and analytics, Mirvac can position itself as a leader in the evolving property market. This strategy will enable the company to achieve its financial objectives, enhance its brand reputation, and contribute to a more sustainable future.

7. Discussion

Alternatives not selected:

  • Aggressive expansion strategy: This option involves rapid growth through acquisitions and expansion into new markets, potentially leading to over-extension and financial instability.
  • Conservative strategy: This option involves maintaining the status quo and focusing on core operations, potentially leading to stagnation and loss of market share.

Risks and key assumptions:

  • Economic uncertainty: The property market is subject to economic fluctuations, which could impact demand and investment.
  • Technological advancements: The rapid pace of technological change could create challenges for Mirvac to keep up with the latest innovations.
  • Regulatory changes: Changes in regulations could impact development costs and project feasibility.

Assumptions:

  • The demand for sustainable and innovative property solutions will continue to grow.
  • Mirvac can successfully implement its technology and analytics strategy.
  • The company can attract and retain top talent to support its growth objectives.

8. Next Steps

Timeline with key milestones:

Year 1:

  • Develop a detailed strategic plan outlining the company's growth objectives, key initiatives, and resource allocation.
  • Implement a pilot program for sustainable development practices in a new project.
  • Invest in technology and analytics capabilities, including data management systems and AI tools.
  • Initiate a talent acquisition and development program to attract and retain top talent.

Year 2:

  • Expand sustainable development practices to all new projects.
  • Launch a customer engagement platform leveraging technology and analytics.
  • Explore strategic partnerships and acquisitions that align with the company's growth strategy.
  • Evaluate the effectiveness of the talent management program and make adjustments as needed.

Year 3:

  • Continuously monitor and adapt the company's growth strategy based on market conditions and performance metrics.
  • Expand into new markets and segments, leveraging the company's expertise and resources.
  • Foster a culture of innovation and continuous improvement across all departments.

By implementing these recommendations and taking a proactive approach to managing risks, Mirvac can successfully navigate the challenges and opportunities of the evolving property market while building a sustainable and profitable future.

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Case Description

This award-winning case explores the challenges facing Susan Lloyd-Hurwitz, the CEO of Mirvac, an Australian property group, as she leads a major initiative to 'mainstream' flexible work arrangements across the organization. Spurred by dismal employee engagement numbers, including widespread dissatisfaction with work-life balance, she is determined to extend flex-time opportunities to all 1500 employees, including those in the male-dominated Construction division. The challenges are related to traditional attitudes within the industry and the company, the stigmatization of flex-time as smply accommodating working mothers at head office, and Lloyd-Hurwitz's own legitimacy to lead such a change. Her decision to press the leadership team to roll out the flexibility policy in the Construction division first exemplifies vision and courage. The roll-out illustrates how companies that identify/address systemic barriers can shift attitudes that often block the adoption of change initiatives. The use of male employees to experiment with flexibility in Construction and the support of male champions demonstrate that it is possible to erode stereotypes in programmes for gender diversity, equity and inclusion. The case explores Lloyd-Hurwitz's various leadership styles and the features of the change initiative which create the 'psychological safety' that enable employees to join the collective gamble to implement an unprecedented change.

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