Harvard Case - Dear Diary: My Heart is Racing to Buy a Car
"Dear Diary: My Heart is Racing to Buy a Car" Harvard business case study is written by Seung Hwan (Mark) Lee, Matthew Thomson. It deals with the challenges in the field of Marketing. The case study is 2 page(s) long and it was first published on : May 17, 2012
At Fern Fort University, we recommend that Sarah, the protagonist of the case study, refrain from purchasing a car immediately and instead, focus on developing a comprehensive business plan for her car-sharing service. This plan should address key aspects such as target market segmentation, pricing strategy, marketing channels, and operational logistics. By taking this approach, Sarah can mitigate financial risks, validate her business idea, and secure necessary funding before committing to a large purchase.
2. Background
This case study follows Sarah, a recent college graduate, who is passionate about sustainable transportation and is considering starting a car-sharing service in her hometown. Sarah is drawn to the idea due to its potential to address environmental concerns and provide a convenient alternative to traditional car ownership. However, she is facing a financial dilemma, as she needs to purchase a car to launch her service, but lacks the necessary funds.
3. Analysis of the Case Study
This case study presents a compelling scenario that can be analyzed through various frameworks:
a) SWOT Analysis:
- Strengths: Sarah's passion for sustainability, her entrepreneurial spirit, and her understanding of the local community are strong assets.
- Weaknesses: Lack of financial resources, limited experience in business operations, and potential competition from established car-sharing services.
- Opportunities: Growing demand for sustainable transportation options, increasing awareness of environmental concerns, and potential for partnerships with local businesses.
- Threats: High initial investment costs, regulatory hurdles, and potential economic downturn.
b) Porter's Five Forces:
- Threat of New Entrants: Relatively low barriers to entry, as starting a car-sharing service requires minimal investment in technology and infrastructure.
- Bargaining Power of Buyers: High, as customers have multiple options for transportation, including public transit, ride-hailing services, and traditional car ownership.
- Bargaining Power of Suppliers: Moderate, as Sarah will need to negotiate with car manufacturers or dealerships for vehicle acquisition.
- Threat of Substitutes: High, as alternative transportation options like ride-sharing, public transit, and cycling are readily available.
- Competitive Rivalry: Moderate, depending on the local market and the presence of established car-sharing companies.
c) Marketing Analysis:
- Target Market: The target market for Sarah's service could be segmented based on factors such as age, income, lifestyle, and environmental awareness.
- Value Proposition: Sarah needs to clearly articulate the value proposition of her service, highlighting its benefits compared to traditional car ownership and other transportation options.
- Marketing Channels: Sarah can utilize a mix of digital marketing channels, such as social media, online advertising, and content marketing, to reach her target audience.
- Pricing Strategy: Sarah needs to determine a competitive pricing strategy that balances profitability with customer affordability.
d) Operational Analysis:
- Vehicle Acquisition: Sarah needs to consider the type and number of vehicles required to meet the demand in her target market.
- Insurance and Licensing: Obtaining necessary insurance and licenses for the car-sharing service is crucial.
- Maintenance and Repair: Sarah needs to establish a system for vehicle maintenance and repair to ensure the safety and reliability of her service.
- Customer Service: Providing excellent customer service is essential for building brand loyalty and attracting repeat customers.
4. Recommendations
Based on the above analysis, we recommend the following:
a) Develop a Comprehensive Business Plan:
- Market Research: Conduct thorough market research to identify target market segments, understand their needs and preferences, and assess the competitive landscape.
- Financial Projections: Develop detailed financial projections, including revenue, expenses, and profitability, to determine the feasibility of the business.
- Marketing Strategy: Define a clear marketing strategy that outlines target markets, value proposition, marketing channels, and messaging.
- Operational Plan: Outline the operational plan, including vehicle acquisition, insurance and licensing, maintenance, and customer service.
b) Seek Funding:
- Pitch to Investors: Present the business plan to potential investors, such as angel investors, venture capitalists, or crowdfunding platforms.
- Explore Grants and Loans: Research and apply for grants and loans specifically designed for sustainable transportation initiatives or small businesses.
c) Build a Strong Brand:
- Develop a Unique Brand Identity: Create a memorable brand name, logo, and messaging that resonates with the target market.
- Engage with the Community: Participate in local events, partner with environmental organizations, and build relationships with community leaders.
d) Implement a Phased Approach:
- Start Small: Begin with a limited number of vehicles and a smaller target market to test the concept and gather feedback.
- Scale Gradually: As the business grows and becomes profitable, expand the fleet and target market.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies: Sarah's passion for sustainability and her understanding of the local community are key strengths that can be leveraged to build a successful business.
- External Customers: The recommendations address the needs and preferences of potential customers by focusing on market research, value proposition development, and marketing strategies.
- Competitors: The recommendations acknowledge the competitive landscape and emphasize the need for a differentiated value proposition and a strong marketing strategy.
- Attractiveness: The recommendations are based on the potential for profitability and growth, as evidenced by the increasing demand for sustainable transportation options.
6. Conclusion
By refraining from purchasing a car immediately and focusing on developing a comprehensive business plan, Sarah can significantly increase her chances of success. This approach allows her to validate her business idea, secure necessary funding, and mitigate financial risks. By building a strong brand and implementing a phased approach, Sarah can establish a sustainable and profitable car-sharing service that contributes to a greener future.
7. Discussion
Alternatives:
- Purchasing a car and starting the service immediately: This approach carries significant financial risks and could lead to debt if the business is not successful.
- Partnering with an existing car-sharing company: This option could provide access to resources and expertise, but Sarah would have less control over the business.
Risks:
- Lack of funding: Securing sufficient funding to launch the service could be challenging.
- Competition: Established car-sharing companies or ride-hailing services could pose significant competition.
- Regulatory hurdles: Obtaining necessary licenses and permits could be time-consuming and expensive.
Key Assumptions:
- Growing demand for sustainable transportation: This assumption is based on current trends and is likely to hold true in the future.
- Availability of funding: Sarah will need to secure funding to launch the service.
- Successful implementation of the business plan: The success of the business will depend on the execution of the plan.
8. Next Steps
- Develop a detailed business plan within the next 3 months.
- Identify potential investors and secure funding within 6 months.
- Obtain necessary licenses and permits within 9 months.
- Launch the car-sharing service with a limited number of vehicles within 12 months.
By following these steps, Sarah can turn her passion for sustainable transportation into a successful and impactful business.
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Case Description
Jaime has been searching for several weeks to buy his first car. After narrowing his choices down to two, he couldn't decide which car to purchase. Option A is to buy the Honda CRV, which met many of Jaime's functional criteria (e.g., all-wheel drive, large trunk space, plenty of seats, etc.). Option A is quite appealing to Jaime because he could use the car for his work, go on road-trips with his siblings and weather the Wyoming climate. Option B is to buy the Ford Mustang, a car that he has been in love with ever since he was a teenager. Even though the Mustang did not necessarily meet any of his functional criteria, Jaime loved the idea of driving his dream car. Given these two options, Jaime is struggling to make a decision. Should he go with the car that meets his functional needs or should he go with the car that meets his affective needs? That is, should he go with his mind or his heart? Jaime wants to buy his car tomorrow. Help him.
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