Harvard Case - Brookfield Residential Properties: Identifying and Engaging Stakeholders
"Brookfield Residential Properties: Identifying and Engaging Stakeholders" Harvard business case study is written by Norm Althouse, Peggy Hedges, Cheryl Brazell. It deals with the challenges in the field of Strategy. The case study is 8 page(s) long and it was first published on : Sep 29, 2017
At Fern Fort University, we recommend Brookfield Residential Properties (BRP) implement a comprehensive stakeholder engagement strategy to foster trust, build long-term relationships, and ultimately drive sustainable business growth. This strategy should prioritize proactive communication, transparent decision-making, and collaborative partnerships with key stakeholders, including customers, employees, communities, investors, and government agencies.
2. Background
This case study focuses on Brookfield Residential Properties (BRP), a leading North American homebuilder facing increasing pressure to address stakeholder concerns regarding environmental sustainability, community impact, and ethical business practices. BRP's success hinges on its ability to navigate these complex issues while maintaining its commitment to profitability and growth.
The main protagonists of the case are:
- Brian Johnston: CEO of BRP, tasked with navigating the company's growth strategy while addressing stakeholder concerns.
- The Board of Directors: Responsible for overseeing BRP's strategic direction and ensuring alignment with stakeholder expectations.
- Various Stakeholders: Including customers, employees, community groups, investors, and government agencies, each with unique interests and expectations.
3. Analysis of the Case Study
To analyze BRP's situation, we can utilize several frameworks:
a) Stakeholder Analysis: This framework helps identify and prioritize key stakeholders based on their power, interest, and potential impact on BRP's operations.
b) Porter's Five Forces: This framework assesses the competitive landscape of the homebuilding industry, identifying threats and opportunities. Key forces include:* Threat of new entrants: Moderate, due to high capital requirements and regulatory hurdles.* Bargaining power of buyers: Moderate, as customers have choices but are influenced by market conditions.* Bargaining power of suppliers: Moderate, as BRP relies on various suppliers but can negotiate favorable terms.* Threat of substitutes: Low, as homeownership remains a primary housing option.* Rivalry among existing competitors: High, as numerous homebuilders compete for market share.
c) SWOT Analysis: This framework analyzes BRP's internal strengths and weaknesses, and external opportunities and threats:
Strengths:
- Strong brand reputation and market leadership
- Experienced management team and skilled workforce
- Diverse geographic footprint and product portfolio
- Financial stability and access to capital
Weaknesses:
- Limited focus on sustainability initiatives
- Potential for negative public perception due to community concerns
- Lack of a comprehensive stakeholder engagement strategy
Opportunities:
- Growing demand for sustainable and affordable housing
- Emerging technologies for efficient construction and design
- Increasing emphasis on community engagement and social responsibility
Threats:
- Economic downturn and fluctuations in housing market
- Rising construction costs and labor shortages
- Increasing regulatory scrutiny and environmental concerns
d) Value Chain Analysis: This framework examines the key activities involved in BRP's operations, identifying potential areas for improvement and value creation.
e) Business Model Innovation: BRP can explore innovative business models to address stakeholder concerns and enhance its competitive advantage. This could include:* Sustainable building practices: Utilizing green materials, energy-efficient designs, and renewable energy sources.* Community engagement: Actively involving local communities in development projects and addressing their concerns.* Employee empowerment: Fostering a culture of sustainability and social responsibility among employees.
4. Recommendations
BRP should implement the following recommendations to address stakeholder concerns and drive sustainable growth:
a) Develop a Comprehensive Stakeholder Engagement Strategy: This strategy should:* Identify and prioritize key stakeholders: Conduct a thorough stakeholder analysis to understand their interests and influence.* Establish clear communication channels: Regularly engage with stakeholders through various channels, including meetings, surveys, social media, and online platforms.* Foster transparency and accountability: Share information openly and honestly with stakeholders, providing regular updates on progress and addressing concerns promptly.* Build strong relationships: Develop partnerships with key stakeholders, collaborating on initiatives that benefit both parties.
b) Enhance Sustainability Initiatives: BRP should:* Implement green building practices: Adopt industry-leading standards for sustainable construction and design.* Reduce environmental impact: Minimize waste, conserve resources, and promote energy efficiency.* Invest in renewable energy: Utilize solar panels, geothermal energy, and other renewable sources.* Promote sustainable living: Educate customers on eco-friendly practices and provide resources for sustainable living.
c) Strengthen Community Engagement: BRP should:* Engage with local communities: Conduct public forums, town hall meetings, and community surveys to gather feedback and address concerns.* Support local initiatives: Partner with community organizations and contribute to local charities.* Create jobs and economic opportunities: Prioritize hiring local workers and supporting local businesses.* Address social equity issues: Ensure that development projects promote affordable housing and address social inequalities.
d) Enhance Corporate Governance: BRP should:* Establish clear ethical guidelines: Develop a code of conduct that outlines ethical business practices and social responsibility.* Promote diversity and inclusion: Foster a workplace culture that values diversity and inclusion.* Implement robust risk management: Identify and mitigate potential risks related to environmental, social, and governance (ESG) factors.* Ensure transparency and accountability: Publish annual sustainability reports and provide regular updates on ESG performance.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with BRP's core competencies in homebuilding and its mission to create thriving communities.
- External customers and internal clients: The recommendations address the needs and concerns of customers, employees, and other stakeholders.
- Competitors: The recommendations help BRP differentiate itself from competitors by demonstrating a commitment to sustainability, community engagement, and ethical business practices.
- Attractiveness ' quantitative measures if applicable: The recommendations are expected to enhance BRP's long-term profitability by attracting investors, customers, and employees who value sustainability and social responsibility.
6. Conclusion
By implementing a comprehensive stakeholder engagement strategy, enhancing sustainability initiatives, strengthening community engagement, and enhancing corporate governance, BRP can build trust, foster positive relationships with stakeholders, and drive sustainable business growth. This approach will not only enhance BRP's reputation but also create a more resilient and responsible business model for the long term.
7. Discussion
Alternatives not selected:
- Ignoring stakeholder concerns: This approach could lead to negative publicity, boycotts, and regulatory scrutiny.
- Focusing solely on profitability: This approach could alienate stakeholders and undermine long-term sustainability.
Risks and key assumptions:
- Implementation challenges: BRP may face resistance from internal stakeholders or difficulty in implementing changes.
- Changing stakeholder expectations: Stakeholder priorities may evolve over time, requiring BRP to adapt its strategy.
- Economic downturn: A downturn in the housing market could impact BRP's ability to implement its recommendations.
Options Grid:
| Option | Advantages | Disadvantages |
|---|---|---|
| Comprehensive stakeholder engagement | Builds trust, fosters positive relationships, drives sustainable growth | Implementation challenges, changing stakeholder expectations |
| Ignoring stakeholder concerns | Short-term cost savings | Negative publicity, boycotts, regulatory scrutiny |
| Focusing solely on profitability | Short-term financial gains | Alienates stakeholders, undermines long-term sustainability |
8. Next Steps
BRP should:
- Develop a detailed implementation plan: Outline specific actions, timelines, and resources for each recommendation.
- Establish a dedicated team: Assemble a cross-functional team to oversee the implementation of the stakeholder engagement strategy.
- Communicate with stakeholders: Regularly update stakeholders on progress and address any concerns.
- Monitor and evaluate results: Track key metrics and adjust the strategy as needed.
By taking these steps, BRP can effectively address stakeholder concerns, build a more sustainable and responsible business model, and drive long-term growth.
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Case Description
In early summer 2012, Brookfield Residential Properties Inc. (Brookfield), a Calgary-based residential property developer with holdings throughout North America, had an opportunity to develop a vacant site in the inner-city community of Scarboro, in the southwest quadrant of Calgary. Brookfield did not own the site but was working with the landowner to request that the city of Calgary rezone the site from single family to Direct Control to allow a proposed 52-unit project. Brookfield's proposed housing development project was planned by following the policies set out in Calgary's Municipal Development Plan. The plan was focused on the densification of Calgary's population, particularly in the inner city and along established public transportation routes. The question was, how could Brookfield proceed to get buy-in for its project from Scarboro and the surrounding communities?
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