Harvard Case - OWC Watch Company: Facing the Hard Truth of Success and Failure
"OWC Watch Company: Facing the Hard Truth of Success and Failure" Harvard business case study is written by J. Robert Mitchell, Ken Mark. It deals with the challenges in the field of General Management. The case study is 20 page(s) long and it was first published on : Jul 7, 2015
At Fern Fort University, we recommend that OWC Watch Company embark on a strategic transformation to address its current challenges and capitalize on future growth opportunities. This transformation will involve a multi-pronged approach encompassing strategic planning, organizational change, innovation, and a renewed focus on corporate social responsibility. By implementing these recommendations, OWC can regain its competitive edge, strengthen its brand, and ensure sustainable growth in the long term.
2. Background
OWC Watch Company, a family-owned business, has enjoyed significant success in the watch industry for decades. However, recent challenges, including increased competition, changing consumer preferences, and a stagnant product portfolio, have led to declining sales and profitability. The company faces a critical juncture, needing to adapt to the evolving market landscape and regain its leadership position. The case study focuses on the internal struggles of OWC, particularly the reluctance of the family leadership to embrace change and the tension between traditional values and the need for innovation.
3. Analysis of the Case Study
This case study can be analyzed through the lens of several frameworks:
- Porter's Five Forces: The watch industry is characterized by intense competition from both established players and emerging brands. The threat of new entrants is high due to low barriers to entry, while the bargaining power of buyers is also significant due to the availability of numerous options. The bargaining power of suppliers is moderate, and the threat of substitutes is high due to the availability of smartwatches and other wearable technology.
- SWOT Analysis: OWC possesses strong brand recognition, a loyal customer base, and a skilled workforce as strengths. However, its weaknesses include a lack of innovation, a rigid organizational structure, and a resistance to change. Opportunities lie in expanding into emerging markets, leveraging digital marketing, and developing innovative products. Threats include increasing competition, economic volatility, and evolving consumer preferences.
- Organizational Culture: OWC's family-oriented culture, while fostering loyalty and stability, has also created a resistance to change and a lack of risk-taking. This culture needs to evolve to embrace innovation, agility, and a more customer-centric approach.
4. Recommendations
OWC should implement the following recommendations to address its challenges and achieve sustainable growth:
Strategic Planning:
- Develop a comprehensive strategic plan: This plan should outline OWC's vision, mission, and long-term goals, considering the evolving market dynamics and competitive landscape.
- Define clear objectives and KPIs: Establish measurable targets for sales, profitability, market share, customer satisfaction, and innovation.
- Conduct market research: Understand emerging trends, consumer preferences, and competitive offerings to inform product development and marketing strategies.
- Invest in technology: Embrace digital transformation by investing in e-commerce platforms, data analytics, and customer relationship management (CRM) systems.
Organizational Change:
- Create a culture of innovation: Encourage experimentation, risk-taking, and a willingness to embrace new ideas.
- Empower employees: Foster a collaborative and inclusive work environment where employees feel valued and empowered to contribute.
- Implement a performance evaluation system: Establish clear performance expectations and provide regular feedback to employees.
- Invest in talent development: Provide training and development opportunities to enhance employee skills and prepare them for future challenges.
Innovation:
- Develop a product innovation roadmap: Identify new product categories, design features, and technologies that align with evolving consumer preferences.
- Explore partnerships and acquisitions: Partner with technology companies or acquire smaller startups to access new technologies and expertise.
- Embrace sustainability: Develop eco-friendly products and manufacturing processes to appeal to environmentally conscious consumers.
Corporate Social Responsibility:
- Promote ethical sourcing and manufacturing: Ensure fair labor practices and environmental sustainability throughout the supply chain.
- Support community initiatives: Engage in philanthropic activities and contribute to social causes that align with OWC's values.
- Enhance transparency and accountability: Communicate OWC's sustainability efforts and social impact initiatives to stakeholders.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with OWC's core competencies in watchmaking and its mission to provide high-quality timepieces.
- External customers and internal clients: The recommendations address the needs of both external customers, who seek innovative and sustainable products, and internal clients, who require a more empowering and supportive work environment.
- Competitors: The recommendations aim to differentiate OWC from competitors by focusing on innovation, sustainability, and customer experience.
- Attractiveness: The proposed changes are expected to increase profitability, market share, and brand value, ultimately leading to long-term sustainable growth.
6. Conclusion
OWC Watch Company faces a crossroads. By embracing change, fostering innovation, and prioritizing corporate social responsibility, the company can overcome its current challenges and achieve long-term success. The proposed recommendations provide a roadmap for navigating this transformation and securing OWC's position as a leading player in the watch industry.
7. Discussion
Other alternatives not selected include:
- Maintaining the status quo: This option carries significant risks, as OWC would continue to lose market share and profitability.
- Selling the company: While this option could provide immediate financial benefits, it would also result in the loss of a family legacy and the potential for future growth.
The key assumptions underlying these recommendations include:
- The willingness of the family leadership to embrace change: This is crucial for the success of any transformation.
- The ability of OWC to attract and retain top talent: A skilled workforce is essential for innovation and growth.
- The continued growth of the watch industry: The success of these recommendations depends on the overall health of the market.
8. Next Steps
The following steps should be taken to implement the recommendations:
- Form a strategic planning team: This team should include representatives from all key departments and stakeholders.
- Develop a detailed implementation plan: This plan should outline specific actions, timelines, and resources required.
- Communicate the changes to employees: Open and transparent communication is essential to build buy-in and support.
- Monitor progress and adjust as needed: Regularly evaluate the effectiveness of the implemented changes and make adjustments as necessary.
By taking these steps, OWC can navigate the challenges of the modern marketplace and emerge as a stronger and more sustainable company.
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Case Description
In December 2013, an entrepreneur based in Orange, a small town in Australia, is considering the difficulties besetting his five-year-old start-up, the Orange Watch Company. He faces seemingly insurmountable challenges: his business is located far away from major cities; Australia is not close to the demand or supply market for high-end watches and watch parts, which is largely in Asia and Europe; and he has limited financial resources. Yet he continues to persist in his efforts to grow the firm. He has come close to bankruptcy several times and his venture is far from being able to provide a steady stream of income. He is wondering whether to continue to push forward or if he should shut his business down.
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