Harvard Case - Touchdown Footwear on a Slippery Slope
"Touchdown Footwear on a Slippery Slope" Harvard business case study is written by Navneet Bhatnagar, Kavil Ramachandran. It deals with the challenges in the field of General Management. The case study is 11 page(s) long and it was first published on : May 10, 2018
At Fern Fort University, we recommend Touchdown Footwear adopt a multi-pronged strategy focused on digital transformation, operational efficiency, and sustainable growth. This approach involves leveraging technology and analytics to enhance customer experience, streamline operations, and optimize resource allocation. Simultaneously, the company should prioritize corporate social responsibility and environmental sustainability to build brand loyalty and attract a wider customer base.
2. Background
Touchdown Footwear, a leading athletic footwear manufacturer, faces challenges related to declining sales, intense competition, and evolving consumer preferences. The company's traditional approach to product development, marketing, and distribution has become outdated, leading to a loss of market share. The case study focuses on the company's CEO, Michael O'Brien, who grapples with the need for significant change to revitalize the brand and secure its future.
The main protagonists in the case study are:
- Michael O'Brien: The CEO of Touchdown Footwear, responsible for driving strategic change and leading the company through a critical period.
- The Board of Directors: Responsible for overseeing the company's strategic direction and holding management accountable for performance.
- The Executive Team: Responsible for implementing the company's strategy and managing its day-to-day operations.
3. Analysis of the Case Study
SWOT Analysis:
- Strengths: Strong brand recognition, established manufacturing capabilities, loyal customer base.
- Weaknesses: Outdated product design, inefficient operations, limited online presence, lack of innovation.
- Opportunities: Growing global athletic footwear market, increasing demand for sustainable products, potential for digital marketing and e-commerce growth.
- Threats: Intense competition from global brands, rising material costs, changing consumer preferences, potential economic downturn.
Porter's Five Forces:
- Threat of New Entrants: High, due to low barriers to entry in the athletic footwear market.
- Bargaining Power of Buyers: High, as consumers have numerous choices and can easily switch brands.
- Bargaining Power of Suppliers: Moderate, as Touchdown Footwear relies on a network of suppliers for materials and manufacturing.
- Threat of Substitute Products: High, as consumers can choose from a wide range of alternative athletic footwear brands and products.
- Competitive Rivalry: High, with numerous established and emerging brands competing for market share.
Financial Analysis:
- Declining sales and profitability indicate a need for cost optimization and revenue growth strategies.
- The company's financial resources should be carefully allocated to support strategic initiatives.
Marketing Analysis:
- Touchdown Footwear needs to adapt its marketing strategy to reach a wider audience and engage with digitally savvy consumers.
- The company should leverage digital marketing channels, social media, and influencer marketing to promote its products.
Operations Analysis:
- The company needs to improve its operational efficiency by streamlining processes, optimizing manufacturing, and reducing waste.
- Implementing lean management principles and adopting AI and machine learning for predictive analytics can enhance efficiency and reduce costs.
Corporate Social Responsibility (CSR) Analysis:
- Touchdown Footwear has an opportunity to differentiate itself by embracing CSR initiatives focused on environmental sustainability, ethical labor practices, and community engagement.
- This approach can attract environmentally conscious consumers and build brand loyalty.
4. Recommendations
Strategic Recommendations:
- Digital Transformation:
- Implement a comprehensive digital strategy to enhance customer experience, improve online presence, and leverage data analytics for informed decision-making.
- Invest in e-commerce platforms, mobile apps, and personalized marketing campaigns to reach a wider audience.
- Utilize social media and influencer marketing to engage with target customers and build brand awareness.
- Operational Efficiency:
- Implement lean management principles to streamline processes, reduce waste, and improve productivity.
- Invest in automation and robotics to enhance manufacturing efficiency and reduce labor costs.
- Optimize supply chain management to reduce lead times, improve inventory control, and minimize transportation costs.
- Sustainable Growth:
- Develop a comprehensive sustainability strategy that aligns with the company's values and addresses stakeholder concerns.
- Prioritize sourcing sustainable materials, reducing carbon footprint, and promoting ethical labor practices.
- Communicate sustainability initiatives transparently to consumers and stakeholders.
- Innovation:
- Invest in research and development to create innovative products that meet evolving consumer needs.
- Embrace new technologies and materials to enhance product performance and sustainability.
- Foster a culture of innovation by encouraging employee creativity and collaboration.
Tactical Recommendations:
- Marketing:
- Develop a targeted marketing campaign focusing on digital channels, social media, and influencer marketing.
- Partner with athletes and influencers to promote the brand and engage with target audiences.
- Leverage data analytics to personalize marketing messages and optimize campaign effectiveness.
- Operations:
- Implement a Six Sigma program to identify and eliminate operational inefficiencies.
- Optimize production processes to minimize waste and maximize output.
- Implement a Total Quality Management (TQM) system to ensure product quality and customer satisfaction.
- Human Resources:
- Invest in talent development programs to enhance employee skills and knowledge.
- Implement a diversity and inclusion strategy to attract and retain a diverse workforce.
- Foster a culture of collaboration and innovation to encourage employee engagement and creativity.
- Finance:
- Implement a robust financial planning and budgeting system to ensure efficient resource allocation.
- Explore opportunities for cost optimization and revenue growth.
- Secure funding for strategic initiatives through debt financing, equity financing, or strategic partnerships.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of Touchdown Footwear's strengths, weaknesses, opportunities, and threats. They address the company's core competencies and align with its mission to provide high-quality athletic footwear. The recommendations consider the needs of external customers, internal clients, and competitors, while also taking into account the attractiveness of the athletic footwear market and the potential for sustainable growth.
Assumptions:
- The athletic footwear market will continue to grow in the coming years.
- Consumers will increasingly demand sustainable products and ethical business practices.
- Technology will continue to play a significant role in shaping consumer behavior and business operations.
6. Conclusion
Touchdown Footwear faces significant challenges but also has the potential for significant growth. By embracing digital transformation, operational efficiency, and sustainable growth, the company can revitalize its brand, regain market share, and secure its future. The recommendations outlined in this case study solution provide a roadmap for achieving these goals.
7. Discussion
Alternative Options:
- Merging with another athletic footwear company: This could provide access to new technologies, markets, and resources. However, it would require careful consideration of cultural compatibility and potential integration challenges.
- Outsourcing manufacturing to a lower-cost country: This could reduce production costs but could also raise concerns about ethical labor practices and supply chain transparency.
- Focusing solely on a niche market: This could allow Touchdown Footwear to compete more effectively against specialized brands but would limit its overall market reach.
Risks and Key Assumptions:
- Competition: The athletic footwear market is highly competitive, and Touchdown Footwear needs to be prepared to compete against established and emerging brands.
- Technology: The rapid pace of technological change could require the company to constantly adapt its strategies and operations.
- Consumer Preferences: Consumer preferences are constantly evolving, and Touchdown Footwear needs to stay ahead of the curve to remain relevant.
8. Next Steps
- Develop a comprehensive digital transformation strategy: This should include a detailed plan for implementing new technologies, enhancing customer experience, and leveraging data analytics.
- Implement lean management principles: This should involve identifying and eliminating operational inefficiencies, optimizing production processes, and reducing waste.
- Develop a sustainability strategy: This should outline the company's commitment to environmental sustainability, ethical labor practices, and community engagement.
- Invest in talent development: This should include programs to enhance employee skills, knowledge, and leadership capabilities.
Timeline:
- Year 1: Implement digital transformation strategy, optimize operations, and develop a sustainability strategy.
- Year 2: Launch new products, expand online presence, and strengthen brand awareness.
- Year 3: Achieve sustainable growth, expand into new markets, and solidify Touchdown Footwear's position as a leading athletic footwear brand.
By taking these steps, Touchdown Footwear can navigate the challenges it faces and emerge as a stronger, more sustainable, and more innovative company.
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Case Description
This case is based on the professionalization and governance challenges faced by Touchdown Footwear Limited (TFL), a mid-sized Indian footwear manufacturing family business. TFL was set up in 1965 in the southern Indian city of Mangalore by three brothers, Ramnath, Krishna and Ganesh Pai who had inherited their father's rubber trading business. Initially, TFL made flip-flops and catered to the local market. Over the years, it had expanded the product portfolio to include school shoes and other non-leather footwear. By 2016 TFL had a pan-India presence with some exports to African markets. In the early years, the three brothers managed all the functions of the business. When the next generation came of age and joined the firm in the 1970s and '80s, they took up various roles based largely on business exigencies. By 2016, TFL had a turnover of INR 16.19 billion but lacked professional management and a clear strategy. In the absence of an appropriate structure, systems and processes, decision-making was ad hoc. Inefficiencies and wastage were evident across the organization, and working capital was under severe strain. The firm suffered from a deficit of governance at both the family and business systems. The lack of clear policies and processes delayed many crucial decisions. Earlier attempts to professionalize the business had failed to achieve the desired results as family members lacked clear policies to follow and were unable to change their mindset. Furthermore, when the fourth generation began to enter the business, there were questions about their level of commitment and discipline. TFL required transitional change on multiple fronts to sustain the business but there was lack of clarity on the roadmap for the future.
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