Harvard Case - Mysore Saree Udyog: Establishing a culture of professionalism in a family business
"Mysore Saree Udyog: Establishing a culture of professionalism in a family business" Harvard business case study is written by Manoj Kumar. It deals with the challenges in the field of Marketing. The case study is 21 page(s) long and it was first published on : Jul 10, 2022
At Fern Fort University, we recommend Mysore Saree Udyog (MSU) implement a strategic transformation plan to establish a culture of professionalism, modernize its operations, and achieve sustainable growth. This plan entails a multi-pronged approach encompassing organizational restructuring, brand revitalization, and digital adoption.
2. Background
Mysore Saree Udyog is a family-owned business in India specializing in handloom sarees. Established in 1947, the company has a rich history and a loyal customer base. However, MSU faces challenges in adapting to the changing market landscape. Its traditional business model, lack of professional management, and limited marketing efforts hinder its growth potential.
The case study focuses on the challenges faced by the third generation of the family, who are trying to modernize the business while maintaining its heritage and family values. The main protagonists are the siblings, who represent different perspectives on the future of MSU.
3. Analysis of the Case Study
To analyze the case, we utilize the following frameworks:
SWOT Analysis:
- Strengths: Strong brand heritage, skilled artisans, high-quality products, loyal customer base.
- Weaknesses: Lack of professional management, outdated business model, limited marketing and distribution channels, reliance on traditional methods.
- Opportunities: Growing demand for ethnic wear, increasing online presence, potential for international expansion, leveraging technology for efficiency.
- Threats: Competition from mass-produced sarees, changing consumer preferences, economic fluctuations, potential for disruption from new technologies.
PESTEL Analysis:
- Political: Government policies supporting handloom industry, trade agreements.
- Economic: Economic growth, consumer spending patterns, inflation.
- Social: Growing interest in traditional crafts, increasing demand for sustainable products, changing demographics.
- Technological: Advancements in weaving techniques, e-commerce platforms, digital marketing tools.
- Environmental: Sustainability concerns, ethical sourcing of materials.
- Legal: Labor laws, intellectual property rights, consumer protection regulations.
Marketing Analysis:
- Target Market: MSU's target market is primarily women, particularly those who appreciate traditional Indian attire and value quality craftsmanship.
- Segmentation: MSU can segment its market based on age, income, lifestyle, and product preferences.
- Positioning: MSU needs to reposition its brand as a modern and innovative company that caters to the evolving tastes of its target audience.
- Marketing Mix: MSU needs to revamp its marketing mix, focusing on digital marketing, brand storytelling, and experiential marketing.
4. Recommendations
To address the challenges and capitalize on the opportunities, MSU should implement the following recommendations:
1. Organizational Restructuring:
- Professional Management: Recruit experienced professionals to manage key departments like marketing, finance, and operations.
- Board of Directors: Establish a board of directors with diverse expertise and experience to provide strategic guidance and oversight.
- Performance-Based Incentives: Implement performance-based incentives to motivate employees and promote a culture of accountability.
- Training and Development: Invest in training programs for employees to enhance their skills and knowledge.
2. Brand Revitalization:
- Brand Positioning: Reposition MSU as a modern and innovative brand that combines tradition with contemporary design.
- Marketing Strategy: Develop a comprehensive marketing strategy that leverages digital marketing, content marketing, and social media.
- Brand Storytelling: Create compelling narratives that highlight the heritage, craftsmanship, and unique value proposition of MSU's sarees.
- Product Development: Introduce new product lines that cater to evolving consumer preferences, including fusion wear and contemporary designs.
3. Digital Adoption:
- E-commerce Platform: Develop a user-friendly e-commerce platform to expand reach and access new markets.
- Digital Marketing: Utilize digital marketing channels such as search engine optimization (SEO), social media marketing, and online advertising to reach a wider audience.
- Content Marketing: Create engaging content that showcases MSU's products, craftsmanship, and brand story.
- Data Analytics: Leverage data analytics to understand customer behavior, optimize marketing campaigns, and make informed business decisions.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of MSU's current situation, considering its core competencies, external customers, internal clients, competitors, and market trends. They are also aligned with the company's mission to preserve its legacy while adapting to the changing market landscape.
- Core Competencies: The recommendations leverage MSU's existing strengths, such as its skilled artisans and high-quality products, while addressing its weaknesses.
- External Customers: The recommendations focus on understanding and meeting the needs of the target audience, including their evolving preferences for design, quality, and convenience.
- Internal Clients: The recommendations promote a culture of professionalism and empower employees to contribute to the company's success.
- Competitors: The recommendations aim to differentiate MSU from its competitors by leveraging its unique brand heritage and offering a compelling value proposition.
- Attractiveness: The recommendations are expected to generate a positive return on investment (ROI) by increasing sales, expanding market share, and enhancing brand equity.
6. Conclusion
By implementing these recommendations, MSU can establish a culture of professionalism, modernize its operations, and achieve sustainable growth. This transformation will ensure the company's long-term success while preserving its rich heritage and family values.
7. Discussion
Other alternatives not selected include:
- Merging with another company: This could provide access to resources and expertise, but it could also compromise MSU's brand identity and family values.
- Selling the business: This would provide financial security but would result in the loss of a valuable legacy.
The recommendations are based on the following key assumptions:
- Consumer demand for handloom sarees will continue to grow.
- MSU can successfully adapt its products and marketing strategies to meet evolving consumer preferences.
- The company can attract and retain skilled artisans and professional management.
- The Indian economy will continue to grow, providing a favorable environment for business expansion.
8. Next Steps
The implementation of the recommendations should be phased over the next 12-18 months, with the following key milestones:
- Phase 1 (3-6 months): Recruit professional management, establish a board of directors, and develop a comprehensive strategic plan.
- Phase 2 (6-12 months): Reposition the brand, launch a new e-commerce platform, and implement digital marketing strategies.
- Phase 3 (12-18 months): Introduce new product lines, expand distribution channels, and monitor performance metrics.
By following these steps, MSU can successfully transform its business and achieve its long-term goals.
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Case Description
Mysore Saree Udyog is an iconic retail store in Bangalore for sarees, fabric and other Indian traditional wear. Its success rests on the family's merchandising skills and the delivery of a personalised in-store experience, both of which are difficult to replicate. The next generation has a different vision and does not want to be involved in day-to-day operations. The founders have concluded that the best way forward is to professionalise and expand geographically, but they are worried about the associated risks. The case offers insights into a structured approach for family businesses to build a professional culture and maximise Enterprise value while minimising risks.
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