Harvard Case - Casa Vicens: Pricing Strategy in Gaudí's First House
"Casa Vicens: Pricing Strategy in Gaudí's First House" Harvard business case study is written by Mihalis G. Markakis. It deals with the challenges in the field of Strategy. The case study is 10 page(s) long and it was first published on : Feb 9, 2023
At Fern Fort University, we recommend a multi-tiered pricing strategy for Casa Vicens, leveraging its unique historical and architectural significance while catering to diverse visitor segments. This strategy will involve a combination of dynamic pricing, value-added packages, and membership programs, aiming to maximize revenue and ensure sustainable visitor flow.
2. Background
Casa Vicens, Antoni Gaud''s first major architectural work, is a UNESCO World Heritage site, attracting tourists from around the globe. The case study highlights the challenges faced by the Casa Vicens Foundation in establishing a sustainable pricing strategy that balances accessibility, revenue generation, and preservation of the historical landmark.
The main protagonists are the Casa Vicens Foundation, responsible for managing the site, and the diverse visitor segments, ranging from casual tourists to architecture enthusiasts and cultural heritage aficionados.
3. Analysis of the Case Study
Competitive Advantage: Casa Vicens possesses a unique competitive advantage rooted in its historical significance, architectural brilliance, and association with the renowned architect Antoni Gaud'. This advantage is further amplified by its location in Barcelona, a popular tourist destination.
SWOT Analysis:
Strengths:
- Unique historical and architectural significance: Casa Vicens is a UNESCO World Heritage site, attracting a global audience.
- Association with Antoni Gaud': The building's connection to a world-famous architect enhances its appeal.
- Location in Barcelona: The city's popularity as a tourist destination contributes to visitor flow.
- Potential for educational and cultural programs: The site offers opportunities for enriching visitor experiences.
Weaknesses:
- Limited space: The building's size restricts visitor capacity.
- Potential for overcrowding: High visitor numbers could compromise the visitor experience.
- Lack of established pricing strategy: The foundation needs to develop a sustainable pricing model.
Opportunities:
- Expand visitor offerings: Introduce guided tours, workshops, and special events.
- Develop digital experiences: Create virtual tours and interactive exhibits.
- Partner with local businesses: Collaborate with hotels, restaurants, and tour operators.
- Leverage social media: Promote the site and engage with potential visitors online.
Threats:
- Competition from other attractions: Barcelona offers a wide range of tourist attractions.
- Economic fluctuations: Economic downturns could impact visitor numbers.
- Seasonality: Visitor numbers fluctuate throughout the year.
Porter's Five Forces:
- Threat of new entrants: Relatively low, due to the unique nature of the site and the high barriers to entry.
- Bargaining power of buyers: Moderate, as visitors have alternative attractions to choose from.
- Threat of substitutes: Moderate, as other historical and architectural sites offer similar experiences.
- Bargaining power of suppliers: Low, as the foundation has limited dependence on specific suppliers.
- Rivalry among existing competitors: Moderate, as the site competes with other attractions in Barcelona.
Value Chain Analysis:
The value chain of Casa Vicens encompasses the following activities:
- Inbound logistics: Acquisition of resources, including materials for maintenance and restoration.
- Operations: Management of the site, including visitor flow, security, and maintenance.
- Outbound logistics: Providing access to visitors, including ticketing, guided tours, and information services.
- Marketing and sales: Promotion of the site through various channels, including online platforms and travel agencies.
- Service: Providing a positive visitor experience through guided tours, educational programs, and customer service.
Business Model Innovation:
Casa Vicens can explore business model innovation through:
- Value-added packages: Offer combined tickets with other attractions or experiences.
- Membership programs: Create exclusive benefits for frequent visitors.
- Digital experiences: Develop virtual tours and interactive exhibits to reach a wider audience.
- Strategic alliances: Partner with local businesses to offer complementary services.
4. Recommendations
Multi-tiered Pricing Strategy:
- Dynamic Pricing: Implement a dynamic pricing system that adjusts ticket prices based on demand, seasonality, and day of the week. This allows for optimal revenue generation while managing visitor flow.
- Value-Added Packages: Offer bundled tickets that include access to special exhibits, guided tours, or workshops. This caters to different visitor interests and incentivizes spending.
- Membership Programs: Create tiered membership programs with varying benefits, such as exclusive access, discounts, and invitations to special events. This fosters loyalty and encourages repeat visits.
Implementation:
- Phase 1 (Short-term): Implement dynamic pricing and value-added packages within the next 6 months.
- Phase 2 (Mid-term): Launch membership programs and explore digital experiences within the next 12 months.
- Phase 3 (Long-term): Continuously monitor and adjust pricing strategies based on visitor feedback and market trends.
5. Basis of Recommendations
Core Competencies and Consistency with Mission: The recommendations align with the Casa Vicens Foundation's mission to preserve and promote the site's historical and architectural significance. The multi-tiered pricing strategy allows for revenue generation while ensuring accessibility and a positive visitor experience.
External Customers and Internal Clients: The recommendations cater to diverse visitor segments by offering a range of pricing options and value-added packages. Internal clients, such as staff and volunteers, will benefit from the increased revenue and resources generated by the new pricing strategy.
Competitors: The recommendations consider the competitive landscape in Barcelona, offering a competitive advantage through unique pricing options and value-added experiences.
Attractiveness: The multi-tiered pricing strategy is expected to increase revenue and visitor satisfaction, contributing to the long-term sustainability of the Casa Vicens Foundation.
Assumptions:
- Visitor demand will remain high, despite potential fluctuations in economic conditions.
- The foundation will effectively manage visitor flow and ensure a positive experience for all visitors.
- The implementation of dynamic pricing and value-added packages will be successful in attracting new visitors and increasing revenue.
6. Conclusion
By implementing a multi-tiered pricing strategy, Casa Vicens can achieve a balance between accessibility, revenue generation, and preservation of the historical landmark. This strategy will allow the foundation to cater to diverse visitor segments, maximize revenue potential, and ensure the long-term sustainability of the site.
7. Discussion
Alternatives:
- Flat pricing: This option would be simpler to implement but could limit revenue potential and potentially lead to overcrowding.
- Premium pricing: This approach would focus on high-end visitors but could alienate a significant portion of the market.
Risks and Key Assumptions:
- Visitor demand fluctuations: Economic downturns could impact visitor numbers, requiring adjustments to the pricing strategy.
- Implementation challenges: Implementing dynamic pricing and value-added packages requires careful planning and execution.
- Competition: New attractions or changes in the competitive landscape could affect visitor choices.
8. Next Steps
Timeline:
- Month 1-3: Conduct market research and analyze visitor data to inform pricing decisions.
- Month 4-6: Implement dynamic pricing and value-added packages.
- Month 7-9: Launch membership programs and explore digital experiences.
- Month 10-12: Continuously monitor and adjust pricing strategies based on visitor feedback and market trends.
Key Milestones:
- Development of a comprehensive pricing strategy.
- Implementation of dynamic pricing software.
- Creation of value-added packages and membership programs.
- Monitoring and evaluation of the pricing strategy's effectiveness.
By taking these steps, Casa Vicens can establish a sustainable pricing strategy that ensures the site's long-term viability while providing a rich and rewarding experience for visitors from all backgrounds.
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Case Description
Casa Vicens, the first house that the famous modernist architect Antoni Gaudí designed in the city of Barcelona, opened its gates to the public for the first time in 2017. This case looks at the challenges that its management team faced in late 2022, the year that the young company returned to its pre-pandemic levels of business. Specifically, Casa Vicens could be accommodating many more visitors than it did at the time, and revenues had to increase along with visitor turnover as the fixed costs of operating the site were significant. Casa Vicens did not have the fame (and market power) of other, more celebrated creations of Gaudí such as the Sagrada Família, Casa Batlló, and la Pedrera; nor did airline-style revenue management seem like an option, as customer acceptance norms were very different from those in that industry. In the view of the management team, critical in achieving the company?s twin goals of growth and profitability would be careful market segmentation and price differentiation, combined with an appropriate strategy regarding the distribution channels through which tickets were made available.
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