Harvard Case - Maritz Automotive
"Maritz Automotive" Harvard business case study is written by Brian J. Hall, Lamar Pierce, Ashley V. Whillans. It deals with the challenges in the field of Negotiation. The case study is 16 page(s) long and it was first published on : Mar 5, 2020
At Fern Fort University, we recommend that Maritz Automotive pursue a strategic alliance with a global automotive manufacturer, focusing on leveraging their expertise in employee incentives and customer loyalty programs to enhance the manufacturer's global market presence. This alliance will involve a comprehensive approach encompassing strategic planning, marketing strategy, employee incentives, customer relationship management, and international business aspects.
2. Background
Maritz Automotive is a leading provider of employee incentive and customer loyalty programs for the automotive industry. They have a strong track record of success in the US market, but face challenges in expanding internationally due to limited resources and a lack of global brand recognition. The case study highlights their desire to expand into new markets, particularly in Asia, where the automotive industry is experiencing rapid growth.
The main protagonists in this case are:
- Maritz Automotive: A US-based company seeking to expand internationally.
- Global Automotive Manufacturers: Potential partners for Maritz Automotive in the Asian market.
- Asian Automotive Market: A rapidly growing market with significant potential for Maritz Automotive.
3. Analysis of the Case Study
Strategic Framework:
The case study can be analyzed using Porter's Five Forces framework:
- Threat of New Entrants: High, due to the ease of entry into the incentive program market.
- Bargaining Power of Buyers: High, as automotive manufacturers have many options for incentive program providers.
- Bargaining Power of Suppliers: Low, as Maritz Automotive relies on technology and human capital, which are readily available.
- Threat of Substitute Products: High, as other marketing and loyalty programs can substitute for incentive programs.
- Competitive Rivalry: High, as the incentive program market is fragmented with many competitors.
Financial Analysis:
Maritz Automotive's financial position is strong, with a solid track record of profitability. However, international expansion requires significant investment, which could impact their financial performance in the short term.
Marketing Analysis:
Maritz Automotive has a strong brand reputation in the US market, but lacks global recognition. They need to develop a comprehensive marketing strategy to build brand awareness and attract new customers in the Asian market.
Operational Analysis:
Maritz Automotive has a well-established operational infrastructure in the US. However, they need to adapt their processes and systems to meet the specific needs of the Asian market.
International Business Analysis:
Maritz Automotive faces challenges in navigating the complexities of international business, including cultural differences, language barriers, and regulatory requirements.
4. Recommendations
1. Strategic Alliance:
- Partner with a global automotive manufacturer: This will provide Maritz Automotive with access to the Asian market, established distribution networks, and brand recognition.
- Focus on leveraging Maritz Automotive's expertise in employee incentives and customer loyalty programs: This will differentiate them from competitors and create value for the partner manufacturer.
- Develop a comprehensive joint venture agreement: This should clearly define roles, responsibilities, and financial arrangements.
2. Marketing Strategy:
- Develop a targeted marketing campaign: This should focus on the specific needs and preferences of the Asian market.
- Utilize digital marketing channels: This will reach a wider audience and build brand awareness.
- Build relationships with key stakeholders: This includes government officials, industry associations, and media outlets.
3. Employee Incentives:
- Adapt incentive programs to the cultural context of the Asian market: This may involve using different types of rewards and recognition.
- Develop training programs for employees: This will ensure they understand the new incentive programs and how to implement them effectively.
4. Customer Relationship Management:
- Implement a customer relationship management system: This will help track customer interactions and build stronger relationships.
- Develop a customer loyalty program: This will incentivize repeat purchases and build brand loyalty.
5. International Business:
- Hire local experts: This will provide valuable insights into the Asian market and help navigate cultural and regulatory challenges.
- Develop a strong understanding of the local business environment: This includes understanding the legal framework, economic conditions, and cultural norms.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: Maritz Automotive's core competency lies in employee incentives and customer loyalty programs, which aligns with the proposed strategic alliance.
- External customers and internal clients: The alliance will cater to the needs of both external customers (automotive manufacturers) and internal clients (Maritz Automotive employees).
- Competitors: The alliance will help Maritz Automotive differentiate itself from competitors by leveraging its expertise and building a stronger brand presence in the Asian market.
- Attractiveness: The alliance offers significant potential for growth and profitability, as the Asian automotive market is experiencing rapid expansion.
- Assumptions: The success of the alliance depends on several assumptions, including the willingness of a global automotive manufacturer to partner with Maritz Automotive, the effectiveness of the marketing campaign, and the ability of Maritz Automotive to adapt its operations to the Asian market.
6. Conclusion
By pursuing a strategic alliance with a global automotive manufacturer, Maritz Automotive can leverage its expertise in employee incentives and customer loyalty programs to expand its reach into the rapidly growing Asian market. This approach will require careful planning, execution, and adaptation to the specific needs and challenges of the Asian market.
7. Discussion
Alternative Options:
- Organic growth: Maritz Automotive could attempt to expand into the Asian market on its own, but this would require significant investment and time.
- Acquisition: Maritz Automotive could acquire an existing incentive program provider in the Asian market, but this would be a risky and expensive proposition.
Risks and Key Assumptions:
- Risk of cultural misunderstandings: Maritz Automotive needs to be sensitive to cultural differences in the Asian market.
- Risk of regulatory challenges: Maritz Automotive needs to comply with local regulations in the Asian market.
- Assumption of successful partnership: The success of the alliance depends on the willingness and ability of both partners to collaborate effectively.
8. Next Steps
- Identify potential partners: Maritz Automotive should identify global automotive manufacturers with a strong presence in the Asian market.
- Develop a comprehensive business plan: This should outline the strategic goals, financial projections, and implementation plan for the alliance.
- Negotiate a joint venture agreement: This should clearly define roles, responsibilities, and financial arrangements.
- Launch marketing campaign: Maritz Automotive should develop and implement a targeted marketing campaign to build brand awareness and attract new customers in the Asian market.
- Adapt operations to the Asian market: Maritz Automotive should adapt its processes and systems to meet the specific needs of the Asian market.
By taking these steps, Maritz Automotive can successfully expand into the Asian market and achieve its strategic goals.
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Case Description
This case focuses on Charlotte Blank, the Chief Behavioral Officer at Maritz, as she tries to assist a major automotive manufacturer (CarCo) with increasing their sales by prepaying monthly bonuses to independently franchised car dealers and clawing them back if the sales targets are not reached. This pre-payment structure is what behavioral economists call "loss-framing." Broadly, this prepayment structure is an attempt to increase sales effort by harnessing people's desire to defend their earnings, endowments, and possessions. The case is based on a National Bureau of Economic Research (NBER) working paper that can be read for additional detail on the underlying theory or empirics.
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