Harvard Case - Finale and Survey on the Spot
"Finale and Survey on the Spot" Harvard business case study is written by Susan F. Sieloff, Felicia Lassk. It deals with the challenges in the field of Marketing. The case study is 16 page(s) long and it was first published on : Dec 1, 2011
At Fern Fort University, we recommend a multi-pronged approach to address Finale's challenges, focusing on:
- Refining the product offering: By leveraging technology and analytics, Finale can optimize its product mix, ensuring a strong value proposition for diverse customer segments.
- Strengthening brand positioning: A clear and consistent brand message, communicated through targeted marketing channels, will resonate with consumers and build brand loyalty.
- Developing a robust marketing strategy: This strategy will leverage digital marketing, social media, and innovative approaches to reach target audiences and drive sales.
2. Background
The case study centers on Finale, a start-up company founded by two entrepreneurs, Sarah and David. They have developed a unique product, a mobile app that allows users to conduct surveys on the spot. The app aims to revolutionize market research by providing real-time data and insights. Despite the innovative nature of the product, Finale faces challenges in gaining market traction and achieving profitability.
The main protagonists of the case are Sarah and David, the founders of Finale. They are passionate about their product and possess strong entrepreneurial spirit. However, they lack experience in marketing and business development, which hinders their ability to effectively scale the business.
3. Analysis of the Case Study
SWOT Analysis:
Strengths:
- Unique product: Finale's mobile app offers a novel approach to market research, providing real-time data and insights.
- Potential for growth: The market for mobile surveys is large and growing, presenting significant opportunities for expansion.
- Strong team: Sarah and David are passionate and dedicated entrepreneurs with complementary skills.
Weaknesses:
- Limited marketing experience: The founders lack expertise in marketing and branding, which hinders their ability to effectively reach target audiences.
- Lack of funding: Finale's limited resources restrict its ability to invest in marketing and product development.
- Competition: The market for market research tools is competitive, with established players like SurveyMonkey and Qualtrics.
Opportunities:
- Expanding into new markets: Finale can target new industries and demographics to increase its customer base.
- Leveraging technology: The company can integrate AI and machine learning to enhance the app's functionality and provide more valuable insights.
- Partnerships: Collaborating with other businesses can expand Finale's reach and generate new revenue streams.
Threats:
- Competition from established players: Existing market research companies may pose a significant threat to Finale's market share.
- Technological disruption: Emerging technologies could disrupt the market for mobile surveys.
- Economic downturn: A decline in economic activity could impact consumer spending and reduce demand for market research services.
Competitive Analysis:
Finale faces competition from established players like SurveyMonkey and Qualtrics, which have significant market share, brand recognition, and resources. However, Finale can differentiate itself by focusing on the unique features of its mobile app, such as real-time data collection and ease of use.
Consumer Behavior Analysis:
Finale's target market consists of businesses and organizations that need to conduct market research. To effectively reach these customers, Finale needs to understand their needs, motivations, and decision-making processes. This includes factors like the type of research they conduct, their budget constraints, and their preferences for data collection methods.
4. Recommendations
1. Refine the Product Offering:
- Expand functionality: Develop features that cater to specific industry needs, such as tailored survey templates for healthcare, retail, or finance.
- Integrate AI and machine learning: Leverage these technologies to automate data analysis, generate insights, and provide personalized recommendations.
- Offer tiered pricing: Develop different pricing plans based on features and usage to attract a wider range of customers.
2. Strengthen Brand Positioning:
- Develop a clear value proposition: Communicate the unique benefits of Finale's app, emphasizing its real-time data collection, ease of use, and cost-effectiveness.
- Establish a strong brand identity: Create a memorable logo, tagline, and visual style that reflects Finale's innovative and user-friendly nature.
- Target specific market segments: Focus marketing efforts on industries and businesses that are most likely to benefit from Finale's app.
3. Develop a Robust Marketing Strategy:
- Leverage digital marketing: Utilize search engine optimization (SEO), search engine marketing (SEM), and social media marketing to reach potential customers online.
- Create compelling content: Develop blog posts, articles, and case studies that showcase the value of Finale's app and highlight its success stories.
- Engage in influencer marketing: Partner with industry experts and thought leaders to promote Finale's app and reach a wider audience.
- Offer free trials and demos: Allow potential customers to experience the app firsthand and see its benefits.
- Build a strong customer relationship management (CRM) system: Track customer interactions, gather feedback, and provide personalized support to enhance customer satisfaction.
5. Basis of Recommendations
These recommendations are based on a comprehensive analysis of Finale's current situation, its strengths and weaknesses, and the opportunities and threats it faces. The recommendations are aligned with the company's mission to revolutionize market research and are consistent with its core competencies in mobile app development and data analytics.
The recommendations also consider the needs and preferences of Finale's target market, including businesses and organizations that are looking for cost-effective, efficient, and insightful market research solutions. The recommendations are designed to address the competitive landscape by differentiating Finale from its competitors through its unique product features and marketing approach.
6. Conclusion
By implementing these recommendations, Finale can overcome its current challenges and achieve sustainable growth. A refined product offering, a strong brand identity, and a robust marketing strategy will enable Finale to attract new customers, build brand loyalty, and establish itself as a leader in the mobile market research space.
7. Discussion
Alternatives:
- Focusing solely on organic growth: While organic growth can be effective, it is a slower process and may not be sufficient to compete with established players.
- Seeking significant venture capital funding: This could provide the resources needed for rapid expansion, but it also comes with increased pressure to deliver results and could dilute ownership.
Risks:
- Competition from established players: Established market research companies may respond aggressively to Finale's entry into the market.
- Technological disruption: Emerging technologies could make Finale's app obsolete.
- Execution challenges: Implementing the recommendations effectively requires strong leadership, a skilled team, and a clear execution plan.
Key Assumptions:
- Market demand for mobile surveys will continue to grow.
- Finale can effectively leverage technology and analytics to enhance its product offering.
- The company can build a strong brand and marketing presence to attract new customers.
8. Next Steps
Timeline:
- Month 1-3: Refine the product offering, develop a clear brand positioning, and create a marketing plan.
- Month 4-6: Launch marketing campaigns, build partnerships, and gather customer feedback.
- Month 7-9: Monitor results, adjust strategies, and expand into new markets.
- Month 10-12: Continue to iterate on the product, expand marketing efforts, and build a sustainable business model.
By following these recommendations and taking decisive action, Finale can position itself for success in the rapidly evolving market research landscape.
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Case Description
In early 2010, Paul Conforti of Finale, the Boston-area premium dessert restaurant, decided to replace its more traditional mystery shoppers with Survey on the Spot to collect market research data. Survey on the Spot uses a smart phone-based 'app' to collect data from actual customers in real time. Based on early results, Conforti was concerned that the results might be 'too good' and his decision to end mystery shopping might be precipitous. Students can evaluate both the new market research technique and the conclusions drawn from the information. Note: Finale and Survey on the Spot is one of two companion cases. The companion case, Finale - Just Desserts, deals primarily with data analysis and data interpretation and has an SPSS data set available. Finale and Survey on the Spot allows students to deal with the managerial implications of the data.
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