Harvard Case - Production Planning at Viktor Lenac Shipyard
"Production Planning at Viktor Lenac Shipyard" Harvard business case study is written by David Currie, Giorgio Sinkovic. It deals with the challenges in the field of International Business. The case study is 6 page(s) long and it was first published on : Nov 23, 2004
At Fern Fort University, we recommend Viktor Lenac Shipyard (VLS) adopt a strategic approach to internationalization, focusing on niche markets and leveraging its existing strengths in shipbuilding and repair. This strategy involves a multi-faceted approach, including expanding into emerging markets, diversifying its product portfolio, and building strategic alliances to enhance its global competitiveness. The company should prioritize environmental sustainability, innovation, and strong business and government relations to secure its long-term success.
2. Background
Viktor Lenac Shipyard, a Croatian shipbuilding company with a rich history, faces a challenging environment. The global shipbuilding industry is highly competitive, with increasing pressure from low-cost competitors in Asia. VLS has struggled to maintain profitability and faces challenges in securing new contracts. The case study highlights the company's need to adapt and evolve to remain viable in the global market.
The main protagonists are:
- VLS Management: Facing pressure to improve profitability and secure new contracts, they are seeking a strategic path forward.
- Employees: Concerned about job security and the company's future, they are looking for a sustainable solution.
- Government: Seeking to support the domestic shipbuilding industry and maintain employment, the government is looking for ways to help VLS succeed.
3. Analysis of the Case Study
Strategic Analysis:
- Porter's Five Forces: The shipbuilding industry faces intense competition from low-cost producers, high bargaining power of buyers (shipping companies), and potential threat from new entrants.
- SWOT Analysis:
- Strengths: VLS has a skilled workforce, strong technical expertise, and a good reputation for quality.
- Weaknesses: Limited financial resources, outdated infrastructure, and a lack of international marketing experience.
- Opportunities: Growing demand for specialized vessels, emerging markets in developing countries, and potential for strategic alliances.
- Threats: Competition from low-cost producers, fluctuating global demand, and environmental regulations.
Financial Analysis:
- VLS is facing financial challenges, with declining profitability and limited access to capital.
- The company needs to improve its cost structure, optimize production processes, and explore new financing options.
Marketing Analysis:
- VLS needs to develop a robust international marketing strategy, focusing on niche markets and leveraging its expertise in specific vessel types.
- The company should consider digital marketing, trade shows, and strategic partnerships to increase brand awareness and generate leads.
Operational Analysis:
- VLS needs to optimize its manufacturing processes to improve efficiency and reduce costs.
- This includes investing in new technologies, streamlining operations, and implementing lean manufacturing principles.
4. Recommendations
Internationalization Strategy:
- Target Niche Markets: VLS should focus on specialized vessel types, such as cruise ships, ferries, and offshore platforms, where it has a competitive advantage.
- Expand into Emerging Markets: VLS should explore opportunities in developing countries with growing economies and demand for maritime infrastructure. This requires careful market analysis, cultural intelligence, and appropriate global market entry strategies.
- Strategic Alliances: VLS should consider strategic alliances with other shipbuilding companies, suppliers, and shipping companies to access new markets, technologies, and expertise.
Innovation and Sustainability:
- Invest in R&D: VLS should invest in research and development to develop innovative technologies and sustainable shipbuilding practices. This includes exploring alternative fuels, energy-efficient designs, and environmentally friendly materials.
- Embrace Digital Transformation: VLS should leverage digital technologies to improve efficiency, enhance communication, and optimize operations. This includes adopting advanced manufacturing systems, data analytics, and cloud computing.
Business and Government Relations:
- Strengthen Government Relations: VLS should actively engage with the Croatian government to secure support for its international expansion plans. This includes advocating for favorable trade policies, access to funding, and government-backed initiatives.
- Corporate Social Responsibility: VLS should prioritize environmental sustainability and social responsibility to enhance its brand reputation and attract customers. This includes implementing green practices, promoting diversity and inclusion, and supporting local communities.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies: VLS's core competencies lie in shipbuilding and repair, with a strong focus on quality and expertise. The recommendations leverage these strengths by focusing on niche markets and developing innovative solutions.
- External Customers: The recommendations cater to the needs of shipping companies seeking specialized vessels and emerging markets with growing demand for maritime infrastructure.
- Competitors: The recommendations aim to differentiate VLS from low-cost competitors by focusing on quality, innovation, and sustainability.
- Attractiveness: The proposed strategy offers potential for increased profitability, market share, and long-term sustainability.
6. Conclusion
Viktor Lenac Shipyard has the potential to thrive in the global shipbuilding market by adopting a strategic approach to internationalization, focusing on niche markets, and leveraging its existing strengths. By embracing innovation, sustainability, and strong business and government relations, VLS can secure its long-term success and contribute to the growth of the Croatian economy.
7. Discussion
Alternative Options:
- Mergers and Acquisitions: VLS could consider merging with or acquiring other shipbuilding companies to expand its reach and capabilities. However, this approach carries significant risks and requires careful due diligence.
- Focus on Domestic Market: VLS could choose to focus solely on the domestic market, but this would limit its growth potential and expose it to the volatility of the Croatian economy.
Risks and Key Assumptions:
- Economic Downturn: A global economic downturn could negatively impact demand for ships, impacting VLS's growth plans.
- Competition: Increased competition from low-cost producers could erode VLS's market share.
- Political Instability: Political instability in emerging markets could disrupt VLS's expansion plans.
8. Next Steps
Timeline:
- Year 1: Develop a detailed internationalization strategy, conduct market research, and identify potential partners.
- Year 2: Secure funding, establish a global marketing presence, and expand into selected emerging markets.
- Year 3: Implement innovation initiatives, optimize production processes, and strengthen business and government relations.
Key Milestones:
- Secure Funding: Secure funding for international expansion, including potential government grants and private investments.
- Establish Partnerships: Form strategic alliances with shipping companies, suppliers, and other shipbuilding companies.
- Develop New Products: Invest in research and development to develop innovative and sustainable shipbuilding technologies.
- Expand Market Presence: Establish a presence in key emerging markets through targeted marketing campaigns and partnerships.
By taking these steps, Viktor Lenac Shipyard can navigate the challenges of the global shipbuilding industry and secure its future as a leading player in the maritime sector.
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Case Description
An executive wonders if it is possible to increase profits by changing the mix of products at a shipyard. The yard currently operates below the breakeven point, so must achieve profitability or default on loan payments.
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