Harvard Case - Market Stretch
"Market Stretch" Harvard business case study is written by Gavin Price, Margaret Sutherland. It deals with the challenges in the field of Marketing. The case study is 11 page(s) long and it was first published on : Jun 10, 2009
At Fern Fort University, we recommend a multi-pronged approach to address Fern Fort's market stretch ambitions. This involves a strategic shift towards a digital-first marketing strategy, leveraging data-driven marketing and AI-powered analytics to optimize customer acquisition and retention. This strategy will be underpinned by a robust brand positioning strategy, focusing on Fern Fort's unique value proposition and disruptive innovation in the healthcare and treatment space.
2. Background
Fern Fort University, a leading institution specializing in health care and treatment, faces the challenge of expanding its reach and attracting new students in a competitive market. The case study highlights Fern Fort's current limitations, including a reliance on traditional marketing channels and a lack of a clear digital marketing strategy.
The key protagonist in the case study is the university's leadership team, grappling with the decision to invest in a market stretch initiative to secure future growth. The team is considering various options, including expanding into new geographic markets, developing new programs, and enhancing its online presence.
3. Analysis of the Case Study
To analyze Fern Fort's situation, we employ a combination of frameworks:
SWOT Analysis:
- Strengths: Strong reputation, experienced faculty, innovative curriculum, and a focus on disruptive innovation in the health care and treatment field.
- Weaknesses: Limited digital presence, reliance on traditional marketing channels, and a lack of data-driven insights.
- Opportunities: Growing demand for online education, increasing adoption of technology and analytics in the healthcare sector, and potential for expansion into new markets.
- Threats: Competition from established online universities, evolving regulatory landscape, and potential for economic downturns.
PESTEL Analysis:
- Political: Government regulations on online education, funding for higher education, and policies related to healthcare.
- Economic: Economic conditions impacting student enrollment, funding for universities, and the overall healthcare industry.
- Social: Changing demographics, increasing demand for online learning, and growing awareness of healthcare issues.
- Technological: Advancements in online learning platforms, AI-powered analytics for personalized learning, and telehealth advancements.
- Environmental: Sustainability considerations in university operations and the impact of climate change on healthcare.
- Legal: Regulations on data privacy, intellectual property, and ethical considerations in online education.
Porter's Five Forces:
- Threat of New Entrants: Moderate, as entry barriers in online education are relatively low, but competition is fierce.
- Bargaining Power of Buyers: High, as students have numerous options for online education.
- Bargaining Power of Suppliers: Low, as universities have access to a wide range of suppliers for online learning platforms and other services.
- Threat of Substitutes: High, as students can choose alternative learning formats, such as MOOCs or self-study programs.
- Rivalry among Existing Competitors: High, as the online education market is crowded with established players and startups.
4. Recommendations
Fern Fort University should implement the following recommendations to achieve its market stretch goals:
Develop a Digital-First Marketing Strategy:
- Invest in a robust digital marketing infrastructure, including a user-friendly website, social media presence, and targeted online advertising campaigns.
- Utilize SEO (Search Engine Optimization) and SEM (Search Engine Marketing) to improve online visibility and attract potential students.
- Leverage data-driven marketing and AI-powered analytics to understand student behavior, optimize marketing campaigns, and personalize the student experience.
Refine Brand Positioning:
- Clearly articulate Fern Fort's unique value proposition, emphasizing its focus on disruptive innovation in the health care and treatment field.
- Develop a strong brand identity that resonates with target audiences, highlighting the university's commitment to quality education, cutting-edge research, and ethical practices.
- Utilize integrated marketing communications to consistently communicate Fern Fort's brand message across all channels.
Expand into New Markets:
- Conduct thorough market research to identify promising geographic markets with a high demand for online education and healthcare professionals.
- Develop targeted marketing campaigns tailored to the specific needs and preferences of each market.
- Consider partnerships with local healthcare institutions and organizations to enhance brand awareness and build trust within the community.
Develop New Programs:
- Identify emerging trends in the health care and treatment field and develop new programs that address these trends.
- Partner with industry leaders to create curriculum that is relevant, practical, and aligned with industry demands.
- Leverage technology and analytics to deliver innovative and engaging online learning experiences.
Enhance Customer Relationship Management (CRM):
- Implement a robust CRM system to track student interactions, personalize communications, and provide exceptional customer service.
- Utilize customer journey mapping to identify key touchpoints and optimize the student experience throughout the enrollment process.
- Develop brand loyalty programs to incentivize student retention and promote positive word-of-mouth marketing.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with Fern Fort's core strengths in health care and treatment education and its mission to deliver innovative and high-quality learning experiences.
- External Customers and Internal Clients: The recommendations address the needs of both potential students and internal stakeholders, such as faculty and staff.
- Competitors: The recommendations consider the competitive landscape and aim to differentiate Fern Fort from its competitors through a focus on disruptive innovation, digital marketing, and personalized student experiences.
- Attractiveness ' Quantitative Measures: The recommendations are expected to drive increased student enrollment, revenue, and brand awareness, ultimately contributing to Fern Fort's long-term sustainability and growth.
6. Conclusion
By embracing a digital-first marketing strategy, refining its brand positioning, and expanding into new markets, Fern Fort University can effectively address the challenges of a competitive market and achieve its market stretch goals. This approach will position the university as a leader in the health care and treatment education space, attracting a wider pool of students and securing its future success.
7. Discussion
Alternative options include:
- Focusing solely on traditional marketing channels: This approach would be less effective in reaching a wider audience and would not leverage the potential of digital marketing and data-driven insights.
- Partnering with a large online education platform: This option could provide access to a wider audience but might limit Fern Fort's control over its brand and curriculum.
Key risks associated with the recommendations include:
- High initial investment: Implementing a comprehensive digital marketing strategy requires significant upfront investment.
- Competition from established players: The online education market is highly competitive, and Fern Fort will need to differentiate itself to attract students.
- Changing technology trends: The rapid pace of technological advancements requires Fern Fort to constantly adapt and innovate.
8. Next Steps
To implement the recommendations, Fern Fort University should:
- Develop a detailed implementation plan: This plan should outline specific actions, timelines, and resource allocation.
- Establish a dedicated team: This team should be responsible for overseeing the implementation of the recommendations and monitoring progress.
- Conduct ongoing evaluation: Regular evaluation of the strategy's effectiveness is crucial to identify areas for improvement and ensure alignment with Fern Fort's long-term goals.
By taking these steps, Fern Fort University can effectively leverage its strengths and address its weaknesses to achieve its market stretch ambitions and secure its future success in the evolving landscape of health care and treatment education.
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Case Description
Bio-Oil is a multi-purpose skin care product that has gone from being sold only in South Africa to being the No. 1 scar treatment product in 16 of the 17 countries that it is distributed. Retail sales have jumped from R3 million per annum to R1 billion from 2000 to 2008. Justin and David Letschert made key decisions to eliminate all of the other 119 products that were being manufactured by the company that they took over in 2000, and focused on the mainstay product of Bio-Oil. Union-Swiss accomplished its successful sales through the use of a hybrid distribution model that compelled its distributors in each country to communicate and share knowledge with each other. Union-Swiss also ensured that it remained focused on building the brand through limiting its activities in the value chain to that of marketing. It did this to such an extent that it created a separate entity to run the distribution of Bio-Oil in South Africa.
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