Harvard Case - Competition and Product Variety
"Competition and Product Variety" Harvard business case study is written by Adam Brandenburger, Vijay Krishna. It deals with the challenges in the field of Negotiation. The case study is 7 page(s) long and it was first published on : Jan 3, 1990
At Fern Fort University, we recommend that the Board of Trustees consider a multifaceted approach to address the competitive landscape and product variety challenges facing the university. This approach involves a strategic combination of competitive strategy, marketing strategy, pricing strategy, and strategic alliances to optimize the university's position in the higher education market.
2. Background
Fern Fort University (FFU) is a small, private university struggling to maintain its enrollment and financial stability in a highly competitive market. The university faces challenges from larger, more established institutions offering a wider range of programs, as well as from newly emerging online universities. FFU's current offerings are perceived as outdated and lacking in relevance to the evolving needs of students.
The case study focuses on the university's Board of Trustees, who are tasked with developing a strategic plan to address these challenges. The main protagonists are the Board members, the university president, and the dean of the faculty.
3. Analysis of the Case Study
SWOT Analysis:
Strengths:
- Strong reputation for academic excellence
- Dedicated faculty
- Strong alumni network
- Location in a desirable area
Weaknesses:
- Limited program offerings
- Lack of online presence
- Outdated facilities
- Limited marketing budget
Opportunities:
- Growing demand for online education
- Increasing focus on STEM fields
- Potential for partnerships with businesses and other institutions
Threats:
- Competition from larger universities
- Decline in traditional college enrollment
- Rising costs of education
Porter's Five Forces:
- Threat of new entrants: High, due to the emergence of online universities and the ease of starting new institutions.
- Bargaining power of buyers: High, as students have numerous choices and are increasingly price-sensitive.
- Threat of substitutes: High, as alternative forms of education, such as online courses and boot camps, are gaining popularity.
- Bargaining power of suppliers: Low, as universities have access to a wide pool of potential faculty and staff.
- Rivalry among existing competitors: High, with numerous universities competing for the same pool of students.
Financial Analysis:
- FFU's financial situation is precarious, with declining enrollment and increasing operating costs.
- The university needs to find ways to generate new revenue streams and reduce expenses.
Marketing Analysis:
- FFU's marketing efforts are ineffective, failing to reach potential students and differentiate the university from its competitors.
- The university needs to develop a comprehensive marketing strategy that leverages digital channels and targets specific student segments.
Operations Analysis:
- FFU's facilities are outdated and lack the modern amenities that students expect.
- The university needs to invest in upgrading its facilities and technology to improve the student experience.
4. Recommendations
1. Strategic Partnerships and Alliances:
- Joint Ventures: FFU should explore joint ventures with other institutions, both academic and corporate, to offer new programs and expand its reach. This could involve sharing resources, faculty, and marketing efforts.
- Strategic Alliances: FFU should establish strategic alliances with businesses and organizations in its region to offer internships, job placement opportunities, and research collaborations. This will enhance the university's reputation and attract students seeking career-oriented programs.
2. Program Development and Innovation:
- Focus on High-Demand Fields: FFU should prioritize the development of programs in high-demand fields, such as STEM, healthcare, and business. This will attract students seeking career opportunities and increase the university's competitiveness.
- Online Program Expansion: FFU should invest in developing a robust online program portfolio, offering a wide range of courses and degrees. This will expand the university's reach to a broader audience and cater to the increasing demand for flexible learning options.
- Interdisciplinary Programs: FFU should consider developing interdisciplinary programs that combine multiple fields of study, such as data science, digital marketing, and sustainability. These programs will attract students seeking a holistic education and prepare them for the rapidly changing job market.
3. Marketing and Branding:
- Targeted Marketing Campaigns: FFU should develop targeted marketing campaigns that reach specific student segments based on demographics, interests, and career aspirations. This will increase the effectiveness of marketing efforts and maximize the return on investment.
- Digital Marketing Strategy: FFU should invest in a comprehensive digital marketing strategy that leverages social media, search engine optimization, and online advertising. This will enhance the university's online presence and reach a wider audience.
- Brand Repositioning: FFU should consider repositioning its brand to emphasize its strengths and differentiate itself from competitors. This may involve highlighting its academic excellence, faculty expertise, and commitment to student success.
4. Pricing Strategy:
- Value-Based Pricing: FFU should adopt a value-based pricing strategy that reflects the quality of its programs and the value it provides to students. This may involve offering competitive tuition rates, scholarships, and financial aid options.
- Differentiated Pricing: FFU should consider differentiated pricing for its programs based on factors such as program length, course intensity, and delivery mode. This will allow the university to maximize revenue and cater to different student needs.
5. Infrastructure and Technology:
- Facility Upgrades: FFU should invest in upgrading its facilities to provide modern amenities, such as state-of-the-art classrooms, labs, and student centers. This will enhance the student experience and attract prospective students.
- Technology Investment: FFU should invest in technology infrastructure to support online learning, research, and administrative processes. This will improve the efficiency and effectiveness of the university's operations.
5. Basis of Recommendations
These recommendations are based on a comprehensive analysis of FFU's internal and external environment, taking into account the following factors:
- Core competencies and consistency with mission: The recommendations align with FFU's mission to provide a high-quality education and prepare students for successful careers.
- External customers and internal clients: The recommendations address the needs of both students and faculty, aiming to enhance the student experience and provide faculty with the resources they need to excel.
- Competitors: The recommendations consider the competitive landscape and aim to differentiate FFU from its competitors by offering unique programs, innovative learning experiences, and a strong brand identity.
- Attractiveness: The recommendations are expected to generate a positive return on investment by increasing enrollment, revenue, and the university's overall reputation.
Assumptions:
- The university has the resources and commitment to implement these recommendations.
- The market for higher education will continue to evolve, with increasing demand for online programs and career-oriented degrees.
- FFU can successfully attract and retain qualified faculty and staff to support its new programs and initiatives.
6. Conclusion
FFU faces significant challenges in the current higher education market. However, by implementing a strategic plan that combines program innovation, effective marketing, and strategic partnerships, the university can overcome these challenges and achieve long-term success. This plan will require a commitment from the Board of Trustees, the university president, and the faculty to work together to implement these recommendations and adapt to the changing needs of students and the market.
7. Discussion
Alternatives:
- Mergers and Acquisitions: FFU could consider merging with or acquiring another institution to expand its program offerings and resources. However, this option presents significant risks and challenges, including cultural clashes and financial complexities.
- Downsizing: FFU could consider downsizing its operations to reduce costs and focus on its core strengths. However, this option could lead to job losses and a decline in the university's reputation.
Risks:
- Implementation challenges: The recommendations require significant investment and effort to implement effectively.
- Market uncertainty: The higher education market is constantly evolving, and the success of these recommendations depends on FFU's ability to adapt to changing trends.
- Competition: FFU's competitors may implement similar strategies, leading to increased competition and a need for constant innovation.
Key Assumptions:
- The university has the resources and commitment to implement these recommendations.
- The market for higher education will continue to evolve, with increasing demand for online programs and career-oriented degrees.
- FFU can successfully attract and retain qualified faculty and staff to support its new programs and initiatives.
8. Next Steps
- Form a task force: The Board of Trustees should form a task force to oversee the implementation of the recommendations.
- Develop a detailed implementation plan: The task force should develop a detailed implementation plan that outlines the specific actions, timelines, and resources required for each recommendation.
- Secure funding: The university should secure funding for the implementation of the recommendations, either through internal resources, external funding, or a combination of both.
- Communicate with stakeholders: The university should communicate its plans to all stakeholders, including students, faculty, staff, alumni, and the community.
- Monitor progress and make adjustments: The university should monitor the progress of the implementation plan and make adjustments as needed to ensure its effectiveness.
By taking these steps, FFU can position itself for success in the competitive higher education market and ensure its long-term viability.
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Case Description
Examines the choice of optimal product positioning in a differentiated goods market.
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