Harvard Case - Bikes & Co. Ltd.: Business Turnaround
"Bikes & Co. Ltd.: Business Turnaround" Harvard business case study is written by Mani P Sam, Ramprasad G. It deals with the challenges in the field of Strategy. The case study is 10 page(s) long and it was first published on : Aug 15, 2019
At Fern Fort University, we recommend Bikes & Co. Ltd. pursue a multi-pronged strategy focused on digital transformation, product innovation, and strategic partnerships to achieve a sustainable turnaround. This strategy will leverage Bikes & Co.'s existing strengths in manufacturing and distribution while adapting to the changing market landscape and emerging consumer preferences.
2. Background
Bikes & Co. Ltd. is a family-owned bicycle manufacturer facing significant challenges due to declining sales, increased competition, and changing consumer preferences. The company's traditional business model, reliant on mass production and a limited product portfolio, is no longer sustainable. The case highlights the need for Bikes & Co. to adapt to the evolving market dynamics and embrace innovation to regain its competitive advantage.
The main protagonists of the case are the family members, each with their own perspectives and approaches to the company's challenges. The father, Mr. Singh, represents the traditional approach, while the son, Rohan, advocates for a more modern and innovative approach. The case study explores the tension between these two perspectives and the need for a unified vision for the company's future.
3. Analysis of the Case Study
SWOT Analysis:
Strengths:
- Strong manufacturing capabilities and established distribution network.
- Brand recognition and loyal customer base.
- Experienced workforce with expertise in bicycle manufacturing.
Weaknesses:
- Outdated product portfolio and limited innovation.
- Inefficient production processes and lack of technology adoption.
- Weak marketing and branding strategy.
Opportunities:
- Growing demand for bicycles due to health and environmental concerns.
- Increasing interest in electric bicycles and other innovative bicycle technologies.
- Expanding online market and e-commerce potential.
Threats:
- Intense competition from established players and new entrants.
- Rising material costs and supply chain disruptions.
- Changing consumer preferences and demand for more specialized products.
Porter's Five Forces Analysis:
- Threat of new entrants: Moderate due to the high barriers to entry in bicycle manufacturing, but new entrants with innovative products and business models pose a threat.
- Bargaining power of buyers: Moderate due to the availability of numerous bicycle brands and online retailers.
- Bargaining power of suppliers: Moderate due to the availability of multiple suppliers for raw materials and components, but potential for price increases.
- Threat of substitute products: High due to the availability of alternative modes of transportation, such as cars and public transport.
- Rivalry among existing competitors: High due to the presence of numerous established players and increasing competition from new entrants.
Value Chain Analysis:
Bikes & Co.'s value chain needs to be re-evaluated to identify areas for improvement and cost optimization. This includes:
- Inbound logistics: Optimizing raw material procurement and inventory management.
- Operations: Implementing lean manufacturing techniques and automation to improve efficiency.
- Outbound logistics: Enhancing distribution channels and exploring e-commerce options.
- Marketing and sales: Developing a targeted marketing strategy and leveraging digital channels.
- Customer service: Improving customer experience and building brand loyalty.
Business Model Innovation:
- Product innovation: Develop a wider range of products, including electric bicycles, folding bikes, and specialized bikes for different demographics.
- Digital transformation: Implement an e-commerce platform to reach a wider customer base and improve customer engagement.
- Strategic partnerships: Collaborate with technology companies, retailers, and other industry players to expand reach and access new markets.
- Value proposition: Focus on providing high-quality, innovative products with exceptional customer service and a strong brand experience.
4. Recommendations
1. Digital Transformation:
- Implement a robust e-commerce platform to expand reach and improve customer experience.
- Develop a comprehensive digital marketing strategy leveraging SEO, social media, and online advertising.
- Invest in data analytics and customer relationship management (CRM) systems to understand customer preferences and optimize marketing efforts.
2. Product Innovation:
- Develop a new product line of electric bicycles, focusing on performance, design, and affordability.
- Introduce innovative features and technologies to existing product lines, such as integrated lighting, GPS tracking, and smart connectivity.
- Partner with design studios and technology companies to develop cutting-edge product designs and functionalities.
3. Strategic Partnerships:
- Collaborate with online retailers and e-commerce platforms to expand distribution channels and reach new customers.
- Partner with technology companies to integrate smart features and connectivity into bicycles.
- Explore joint ventures or strategic alliances with other bicycle manufacturers or related businesses to gain access to new markets and technologies.
4. Operational Efficiency:
- Implement lean manufacturing techniques and automation to improve production efficiency and reduce costs.
- Optimize inventory management and supply chain processes to minimize waste and improve delivery times.
- Invest in training and development programs for employees to enhance skills and knowledge.
5. Marketing and Branding:
- Develop a strong brand identity that reflects innovation, sustainability, and customer focus.
- Create engaging content and marketing campaigns to target specific customer segments.
- Leverage social media and influencers to build brand awareness and engage with customers.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of Bikes & Co.'s current situation, the evolving market landscape, and the company's core competencies. They are consistent with Bikes & Co.'s mission to provide high-quality bicycles that enhance people's lives and contribute to a more sustainable future.
External Customers and Internal Clients: The recommendations are designed to meet the needs of both external customers and internal clients. They focus on providing innovative, high-quality products, enhancing customer experience, and improving operational efficiency.
Competitors: The recommendations consider the competitive landscape and aim to differentiate Bikes & Co. from its competitors through product innovation, digital transformation, and strategic partnerships.
Attractiveness: The recommendations are expected to generate positive returns on investment through increased sales, improved efficiency, and enhanced brand value.
Assumptions:
- The market for bicycles will continue to grow, driven by increasing demand for sustainable transportation and health benefits.
- Consumers will continue to embrace digital channels and online shopping experiences.
- Technological advancements in bicycle design and manufacturing will continue to drive innovation.
6. Conclusion
By implementing these recommendations, Bikes & Co. can achieve a sustainable turnaround and regain its competitive advantage in the bicycle industry. The company needs to embrace innovation, leverage digital technologies, and build strategic partnerships to adapt to the changing market dynamics and meet the evolving needs of consumers.
7. Discussion
Alternative Options:
- Mergers and acquisitions: Bikes & Co. could consider acquiring a smaller, innovative bicycle company to gain access to new products and technologies.
- Outsourcing: The company could outsource certain manufacturing processes to reduce costs and improve efficiency.
- Focus on a niche market: Bikes & Co. could specialize in a particular segment of the bicycle market, such as electric bikes or high-performance bicycles.
Risks and Key Assumptions:
- Market acceptance of new products: There is a risk that consumers may not embrace the new product lines introduced by Bikes & Co.
- Technological advancements: Rapid technological advancements could render Bikes & Co.'s new products obsolete quickly.
- Competition: Intense competition from established players and new entrants could limit Bikes & Co.'s market share.
8. Next Steps
Timeline:
- Year 1: Implement e-commerce platform, launch new product line of electric bicycles, and establish strategic partnerships.
- Year 2: Expand digital marketing efforts, optimize production processes, and invest in employee training.
- Year 3: Continue product innovation, build brand awareness, and monitor market trends.
Key Milestones:
- Launch of e-commerce platform: Q1 2024
- Introduction of electric bicycle product line: Q2 2024
- Establishment of strategic partnerships: Q3 2024
- Implementation of lean manufacturing techniques: Q4 2024
- Launch of new marketing campaign: Q1 2025
By taking these steps, Bikes & Co. can successfully navigate the challenges of the bicycle industry and achieve a sustainable turnaround.
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Case Description
In 2013, Bikes & Co. Ltd., a business unit belonging to a multi-divisional organization in Nagpur, India, was rooted in the past and out of touch with the contemporary environment. A new chief executive officer had been charged with implementing strategic changes that would turn the unit around across the organization, in every function and department. These changes aimed to align the company with consumer expectations and behaviour, which was reflected in retail outlets or points of purchase. The organization had to avoid concentrating only on the consumer's end decision point and focus instead on the entire consumer decision journey. The new chief executive officer had been given 12 months to accomplish a business transformation that would address issues related to human resources, the supply chain, marketing and branding, vendor management, sourcing, sales, customer service, enterprise resource management, product design, engineering, and retail outlets.
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