Harvard Case - Innovating Tradition at Hosoo
"Innovating Tradition at Hosoo" Harvard business case study is written by Philip Sugai. It deals with the challenges in the field of Marketing. The case study is 12 page(s) long and it was first published on : Oct 5, 2018
At Fern Fort University, we recommend that Hosoo implement a strategic plan focused on leveraging its rich heritage and craftsmanship to capture a larger share of the global luxury market. This plan should prioritize innovation, digital marketing, and a strong brand positioning strategy to attract new customers while retaining its loyal base.
2. Background
Hosoo, a renowned Japanese company specializing in high-quality tatami mats, faces a crossroads. While its traditional craftsmanship and reputation are strong, the company needs to adapt to changing consumer preferences and a more competitive market. The case study highlights the challenges of maintaining tradition while embracing innovation, particularly in the face of declining demand for traditional tatami mats in Japan and the emergence of new competitors in the global luxury market.
The main protagonists of the case are:
- Shunsuke Hosoo: The fifth-generation owner of Hosoo, who is determined to preserve the company's legacy while navigating its future.
- Kazuhiro Hosoo: Shunsuke's father and the fourth-generation owner, who represents the traditional values of the company.
- The Hosoo team: A group of dedicated individuals who are passionate about tatami mats and the company's heritage.
3. Analysis of the Case Study
Strategic Framework: We will utilize a combination of Porter's Five Forces and SWOT Analysis to analyze Hosoo's competitive landscape and identify opportunities for growth.
Porter's Five Forces:
- Threat of New Entrants: Low, due to the high barriers to entry associated with traditional craftsmanship and the established reputation of Hosoo.
- Bargaining Power of Buyers: Moderate, as consumers in the luxury market have high expectations and can choose from various competitors.
- Bargaining Power of Suppliers: Low, as Hosoo has established relationships with suppliers of high-quality materials.
- Threat of Substitute Products: Moderate, as consumers may opt for other flooring options, such as wood or carpet.
- Competitive Rivalry: Moderate, as Hosoo faces competition from both traditional and modern competitors in the luxury market.
SWOT Analysis:
Strengths:
- Strong brand heritage and reputation: Hosoo has a long history of craftsmanship and quality, which is highly valued in the luxury market.
- Unique product offering: Tatami mats offer a distinct aesthetic and functionality, appealing to a niche market.
- Skilled workforce: Hosoo has a team of highly skilled craftspeople who are dedicated to maintaining the company's tradition.
Weaknesses:
- Declining demand for traditional tatami mats in Japan: The younger generation in Japan is less familiar with tatami mats and prefers modern flooring options.
- Limited international market presence: Hosoo's reach outside Japan is limited, hindering its potential for growth.
- Reluctance to embrace innovation: The company's focus on tradition may hinder its ability to adapt to changing consumer preferences.
Opportunities:
- Growing demand for luxury goods globally: The global luxury market is expanding, offering opportunities for Hosoo to reach new customers.
- Increasing interest in Japanese culture: There is a growing appreciation for Japanese culture worldwide, which can benefit Hosoo's brand positioning.
- Digital marketing and e-commerce: Utilizing digital platforms can help Hosoo reach a wider audience and expand its international reach.
Threats:
- Competition from other luxury flooring brands: Hosoo faces competition from established brands offering a wider range of flooring options.
- Economic fluctuations: Global economic downturns can impact consumer spending on luxury goods.
- Rising costs of materials and labor: The increasing cost of raw materials and skilled labor can affect Hosoo's profitability.
4. Recommendations
1. Reimagine the Tatami Mat:
- Product Innovation: Develop new product lines that cater to modern aesthetics and functionalities. This could include incorporating new materials, colors, and designs while retaining the essence of traditional craftsmanship.
- Product Diversification: Expand beyond traditional tatami mats to offer complementary products like furniture, accessories, and home d'cor items that leverage the company's expertise in craftsmanship.
- Product Positioning: Position Hosoo as a purveyor of luxury lifestyle products that combine Japanese tradition with modern design.
2. Embrace Digital Marketing:
- Website Development: Create a user-friendly website that showcases Hosoo's products, heritage, and craftsmanship. Implement e-commerce capabilities to facilitate online sales.
- Social Media Marketing: Develop a strong presence on relevant social media platforms to engage with potential customers, showcase products, and share the brand story.
- Content Marketing: Create engaging content that educates consumers about tatami mats, Japanese culture, and the craftsmanship behind Hosoo's products.
- SEO and SEM: Optimize the website and online content for search engines to improve visibility and attract organic traffic.
3. Target New Markets:
- Global Expansion: Focus on expanding into key luxury markets like the US, Europe, and China.
- Market Segmentation: Identify target market segments within these regions that appreciate Japanese culture, craftsmanship, and sustainable products.
- Partnerships: Collaborate with luxury retailers, interior designers, and architects to increase brand awareness and access new markets.
4. Strengthen Brand Management:
- Brand Positioning: Clearly articulate Hosoo's brand identity as a luxury lifestyle brand that combines tradition with innovation.
- Brand Storytelling: Develop a compelling brand narrative that highlights the history, craftsmanship, and values behind Hosoo's products.
- Brand Consistency: Ensure consistent brand messaging across all marketing channels, from website to social media to product packaging.
5. Enhance Customer Experience:
- Personalized Service: Provide personalized customer service to build strong relationships and foster brand loyalty.
- Customer Relationship Management (CRM): Implement a CRM system to track customer interactions, preferences, and purchase history.
- Customer Feedback: Actively solicit customer feedback to improve products and services.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of Hosoo's competitive landscape, its strengths and weaknesses, and the opportunities and threats it faces. They are designed to:
- Leverage Core Competencies: Build upon Hosoo's existing strengths in craftsmanship, heritage, and quality to create a sustainable competitive advantage.
- Meet Customer Needs: Address the evolving preferences of luxury consumers by offering innovative products and a seamless customer experience.
- Outperform Competitors: Differentiate Hosoo from competitors by emphasizing its unique brand story, craftsmanship, and commitment to sustainability.
- Drive Growth: Expand into new markets and product categories to achieve sustained growth and profitability.
6. Conclusion
Hosoo has a unique opportunity to capture a larger share of the global luxury market by leveraging its rich heritage and embracing innovation. By implementing the recommendations outlined above, Hosoo can reposition itself as a leading lifestyle brand that combines traditional Japanese craftsmanship with modern aesthetics and digital marketing strategies.
7. Discussion
Alternatives:
- Maintaining the status quo: This would likely result in continued decline in the Japanese market and limited growth potential.
- Focusing solely on the Japanese market: This would limit Hosoo's growth potential and make it vulnerable to economic fluctuations.
- Aggressive price reduction: This could damage the brand's image and erode profitability.
Risks:
- Failure to adapt to changing consumer preferences: Hosoo needs to constantly monitor market trends and adjust its products and marketing strategies accordingly.
- Competition from established luxury brands: Hosoo needs to differentiate itself from competitors by offering a unique value proposition.
- Economic downturns: Global economic fluctuations can impact consumer spending on luxury goods.
Key Assumptions:
- Consumers in the luxury market are willing to pay a premium for products with a strong heritage and craftsmanship.
- Digital marketing strategies can effectively reach and engage target customers.
- Hosoo's team is committed to embracing innovation and adapting to changing market conditions.
8. Next Steps
Timeline:
- Year 1: Develop new product lines, launch a new website and e-commerce platform, and expand into key international markets.
- Year 2: Implement a comprehensive digital marketing strategy, build strategic partnerships, and refine brand positioning.
- Year 3: Continue to innovate and develop new products, expand into emerging markets, and monitor market trends to ensure continued growth and profitability.
By taking these steps, Hosoo can successfully navigate the challenges of a changing market and secure its future as a leading luxury lifestyle brand.
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Case Description
Hosoo was a kimono and textile company, established in 1688 as a traditional Nishijin weaving company. The 11th generation president of the company, Masao Hosoo, had transformed the business from a producer of premium kimono fabrics and kimonos for the luxury market in Japan to a globally respected textile producer for some of the world's top brands. A great deal of the company's success in the global market could be attributed to the master craftspeople of Japan. This innovative spirit guided endless improvements to weaving and textile development, allowing the highly specialized Nishijin textiles to be woven for use beyond the kimono market. Inspired by the results of their innovation and their global success, and driven by the collapsing kimono market in Japan, Masao and his son, Masataka, set a goal in 2018 to establish Hosoo as an iconic, international house of kimono, relying on innovation to reinterpret what a kimono was, how it was used, and what it meant within a global fashion market.
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