Harvard Case - STRIVR: Changing the Game in Virtual Reality
"STRIVR: Changing the Game in Virtual Reality" Harvard business case study is written by Rajiv Lal, Matt Denison, Robert F. Higgins, Scott Johnson. It deals with the challenges in the field of Marketing. The case study is 18 page(s) long and it was first published on : Jan 6, 2018
At Fern Fort University, we recommend STRIVR focus on a multi-pronged growth strategy. This strategy involves expanding into new markets, diversifying product offerings, and leveraging technology to enhance customer experience and drive revenue. Specifically, STRIVR should prioritize:
- Expanding into new markets: Targeting new industries like healthcare, education, and the military, while also exploring international markets.
- Developing new VR training solutions: Creating specialized VR training programs for specific industries and skill sets, including soft skills development and leadership training.
- Leveraging technology: Integrating AI and machine learning into its VR platform to personalize training experiences, track progress, and generate actionable insights.
- Building a robust marketing strategy: Focusing on targeted marketing campaigns, leveraging social media, and building strategic partnerships to reach a wider audience.
2. Background
STRIVR is a company revolutionizing training through its immersive virtual reality (VR) technology. Founded in 2015, STRIVR initially focused on providing VR training solutions for American football teams. The company's technology allows athletes to experience realistic game scenarios in a safe and controlled environment, improving their performance and reducing the risk of injuries.
STRIVR's success in the sports industry has attracted significant attention, leading to partnerships with major organizations like the NFL and NCAA. However, the company is now facing a crucial decision: how to capitalize on its success and expand its reach beyond the sports domain.
3. Analysis of the Case Study
To analyze STRIVR's current situation and future prospects, we can utilize a combination of frameworks:
a) SWOT Analysis:
Strengths:
- Innovative technology: STRIVR's VR training platform is a disruptive innovation with a proven track record.
- Strong brand reputation: STRIVR has established itself as a leader in VR training for sports.
- Strategic partnerships: STRIVR has strong relationships with major sports organizations.
- Experienced team: STRIVR boasts a team with expertise in VR, sports, and technology.
Weaknesses:
- Limited market reach: STRIVR's current focus on sports limits its potential market size.
- High cost of implementation: VR technology can be expensive to implement, potentially limiting adoption.
- Competition: Emerging VR training companies are entering the market, increasing competition.
Opportunities:
- Expand into new markets: STRIVR's technology can be applied to various industries beyond sports.
- Develop new VR training solutions: STRIVR can create specialized training programs for specific industries and skills.
- Leverage technology: Integrating AI and machine learning can enhance the VR training experience.
Threats:
- Economic downturn: A recession could impact investment in VR technology.
- Technological advancements: New VR technologies could emerge, making STRIVR's platform obsolete.
- Regulatory changes: Government regulations could restrict the use of VR technology.
b) Porter's Five Forces:
- Threat of new entrants: The VR training market is attracting new entrants, increasing competition.
- Bargaining power of buyers: Large organizations like the NFL have significant bargaining power, potentially demanding lower prices.
- Threat of substitute products: Traditional training methods and other VR training platforms could substitute STRIVR's offering.
- Bargaining power of suppliers: STRIVR relies on specialized hardware and software suppliers, potentially limiting its bargaining power.
- Rivalry among existing competitors: The VR training market is becoming increasingly competitive, requiring STRIVR to differentiate its offering.
c) PESTEL Analysis:
- Political: Government regulations and policies regarding VR technology could impact STRIVR's operations.
- Economic: Economic conditions can influence the demand for VR training solutions.
- Social: Public acceptance and adoption of VR technology are crucial for STRIVR's success.
- Technological: Rapid advancements in VR technology require STRIVR to constantly innovate.
- Environmental: STRIVR needs to consider the environmental impact of its operations and technology.
- Legal: Intellectual property rights and data privacy regulations are important considerations for STRIVR.
4. Recommendations
STRIVR should implement the following recommendations to achieve sustainable growth and maintain its competitive edge:
a) Market Expansion:
- Target new industries: STRIVR should explore opportunities in healthcare (surgical training, medical procedures), education (interactive learning experiences), and the military (combat training, simulations).
- International expansion: STRIVR should consider entering new international markets, focusing on regions with high growth potential and a strong demand for VR training.
- Strategic partnerships: STRIVR should forge strategic partnerships with industry leaders in target markets to gain access to resources, expertise, and distribution channels.
b) Product Development:
- Develop specialized VR training programs: STRIVR should create tailored VR training solutions for specific industries and skill sets, including soft skills development, leadership training, and customer service training.
- Integrate AI and machine learning: STRIVR should leverage AI and machine learning to personalize training experiences, track progress, and generate actionable insights for users.
- Develop a modular platform: STRIVR should develop a modular VR training platform that allows users to customize their training programs based on their specific needs.
c) Marketing Strategy:
- Targeted marketing campaigns: STRIVR should develop targeted marketing campaigns tailored to specific industries and target markets.
- Leverage social media: STRIVR should utilize social media platforms to engage with potential customers, showcase the benefits of VR training, and build brand awareness.
- Content marketing: STRIVR should create valuable content, such as case studies, white papers, and blog posts, to educate potential customers about the benefits of VR training.
- Strategic partnerships: STRIVR should partner with industry influencers, media outlets, and other organizations to reach a wider audience.
d) Technology and Analytics:
- Invest in R&D: STRIVR should continue to invest in research and development to stay ahead of the curve in VR technology.
- Develop robust analytics capabilities: STRIVR should develop a robust analytics platform to track user engagement, measure training outcomes, and optimize the VR training experience.
- Data-driven decision making: STRIVR should use data and analytics to inform its decision-making processes, from product development to marketing strategy.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: STRIVR's core competency lies in its VR training technology. Expanding into new markets and developing specialized training programs aligns with its mission of revolutionizing training through immersive experiences.
- External customers and internal clients: These recommendations address the needs of both external customers (organizations seeking VR training solutions) and internal clients (employees within STRIVR who need to develop new products and services).
- Competitors: STRIVR needs to stay ahead of the competition by constantly innovating and expanding its market reach.
- Attractiveness: The recommendations are expected to generate significant revenue growth, increase market share, and enhance STRIVR's brand reputation.
6. Conclusion
STRIVR has the potential to become a global leader in VR training. By focusing on market expansion, product development, technology integration, and a robust marketing strategy, STRIVR can capitalize on the growing demand for immersive training solutions. However, the company needs to be mindful of its competitive landscape and adapt its strategy as the VR training market evolves.
7. Discussion
Other alternatives not selected include:
- Focusing solely on the sports market: This would limit STRIVR's growth potential and expose it to increased competition within a niche market.
- Acquiring existing VR training companies: This could provide STRIVR with access to new markets and technologies, but it also carries significant financial risks and integration challenges.
Risks and key assumptions:
- Economic downturn: A recession could impact investment in VR technology, reducing demand for STRIVR's solutions.
- Technological advancements: New VR technologies could emerge, making STRIVR's platform obsolete.
- Regulatory changes: Government regulations could restrict the use of VR technology, hindering STRIVR's growth.
- Competition: The VR training market is becoming increasingly competitive, requiring STRIVR to constantly innovate and differentiate its offering.
8. Next Steps
STRIVR should implement the following steps to achieve its growth objectives:
- Develop a detailed market research plan: STRIVR should conduct thorough research to identify specific industries and target markets for expansion.
- Formulate a product development roadmap: STRIVR should define a clear roadmap for developing new VR training solutions and integrating AI and machine learning.
- Create a marketing plan: STRIVR should develop a comprehensive marketing plan that outlines its target markets, marketing channels, and key messages.
- Secure funding: STRIVR may need to secure additional funding to support its growth initiatives.
- Build a strong team: STRIVR should recruit and retain talented individuals with expertise in VR, technology, and specific industries.
By taking these steps, STRIVR can successfully navigate the evolving VR training market and achieve its ambitious growth goals.
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Case Description
The CEO of a growing virtual reality company that trains athletes must decide whether or not to stay in sports or expand into other areas.
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