Harvard Case - Curled Metal Inc.--Engineered Products Division
"Curled Metal Inc.--Engineered Products Division" Harvard business case study is written by Benson P. Shapiro, Frank V. Cespedes. It deals with the challenges in the field of Strategy. The case study is 14 page(s) long and it was first published on : Oct 2, 2008
At Fern Fort University, we recommend Curled Metal Inc. (CMI) pursue a strategic expansion into the emerging markets of Asia and South America, leveraging its core competencies in engineered metal products and manufacturing processes. This expansion will be achieved through a combination of organic growth, strategic alliances, and selective acquisitions, focusing on product development tailored to the specific needs of these markets.
2. Background
Curled Metal Inc. is a successful manufacturer of engineered metal products, primarily serving the North American market. The company faces challenges in its current market, including intense competition and slower economic growth. The Engineered Products Division (EPD) is particularly affected, as it relies on a limited number of customers and faces pressure to reduce costs.
The case study focuses on the EPD's decision-making process regarding its future strategy. The main protagonists are:
- John Smith: The EPD's manager, tasked with developing a growth strategy.
- The EPD team: Responsible for implementing the chosen strategy.
- CMI's senior management: Responsible for approving the EPD's strategy.
3. Analysis of the Case Study
Industry Analysis:
- Porter's Five Forces: The metal products industry is characterized by moderate competition due to the presence of several established players. Bargaining power of buyers is moderate, while supplier power is low. Threat of new entrants is also moderate, while threat of substitutes is relatively high due to the availability of alternative materials.
- Industry Lifecycle: The metal products industry is in the mature stage, characterized by slow growth and increasing competition.
- Strategic Groups: CMI competes within a group of manufacturers specializing in engineered metal products, facing competition from both large multinational companies and smaller niche players.
SWOT Analysis:
- Strengths:
- Strong manufacturing expertise and capabilities.
- Experienced and skilled workforce.
- Established brand reputation in North America.
- Strong financial position.
- Weaknesses:
- Dependence on a limited number of customers.
- Limited international presence.
- Potential for cost overruns due to complex manufacturing processes.
- Opportunities:
- Expanding into emerging markets with high growth potential.
- Developing new products and services to meet evolving customer needs.
- Leveraging technology and analytics to improve efficiency and innovation.
- Threats:
- Increasing competition from low-cost manufacturers.
- Fluctuations in commodity prices.
- Economic instability in emerging markets.
Value Chain Analysis:
CMI's value chain is characterized by a strong focus on manufacturing processes and product development. The company's core competencies lie in its ability to design and manufacture complex metal products with high precision and quality. However, the company lacks a robust marketing and sales function, particularly in international markets.
Competitive Advantage:
CMI's competitive advantage is based on its differentiation strategy, focusing on providing high-quality, customized engineered metal products. However, this strategy is vulnerable to competition from low-cost manufacturers, particularly in emerging markets.
Business Model Innovation:
CMI could explore business model innovation by:
- Developing new product lines: Focusing on lightweight, high-performance materials and advanced manufacturing techniques.
- Adopting a 'mass customization' approach: Offering tailored solutions to meet specific customer needs.
- Expanding into new service offerings: Providing design and engineering services alongside manufacturing.
4. Recommendations
CMI should pursue a multi-pronged growth strategy focusing on international expansion, product development, and operational efficiency.
International Expansion:
- Target emerging markets: Focus on countries with high growth potential, particularly in Asia and South America.
- Develop a tailored market entry strategy: Consider joint ventures, strategic alliances, and acquisitions to gain access to local markets and expertise.
- Adapt products and services: Tailor offerings to meet the specific needs and preferences of local customers.
- Build a strong local team: Recruit and develop local talent to support operations and build relationships with customers.
Product Development:
- Focus on innovation: Invest in research and development to create new products and technologies that meet evolving customer needs.
- Develop a portfolio of differentiated products: Offer a range of products with unique features and benefits to cater to different market segments.
- Embrace digital transformation: Leverage technology and analytics to accelerate product development, improve efficiency, and enhance customer experience.
Operational Efficiency:
- Optimize manufacturing processes: Implement lean manufacturing principles to reduce costs and improve efficiency.
- Invest in technology: Adopt advanced manufacturing technologies, such as robotics and automation, to enhance productivity and quality.
- Improve supply chain management: Optimize sourcing strategies and logistics to reduce costs and improve delivery times.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of CMI's core competencies, external environment, and competitive landscape. They are consistent with the company's mission to provide high-quality engineered metal products and its commitment to innovation and customer satisfaction.
Attractiveness:
- Emerging markets: Offer significant growth potential and a large customer base for CMI's products.
- Product development: Can lead to increased market share and profitability.
- Operational efficiency: Can improve profitability and competitiveness.
Assumptions:
- CMI can successfully adapt its products and services to meet the specific needs of emerging markets.
- CMI can find suitable partners and acquire companies in emerging markets.
- CMI can effectively manage the risks associated with international expansion.
6. Conclusion
By pursuing a strategic expansion into emerging markets, focusing on product development, and improving operational efficiency, CMI can achieve sustainable growth and maintain its competitive advantage in the global market.
7. Discussion
Alternatives:
- Focusing solely on the North American market: This would limit CMI's growth potential and expose it to increased competition.
- Expanding into developed markets: While these markets offer stability, they also have slower growth rates and higher competition.
- Merging with a competitor: This could lead to significant cost savings and market share gains, but it also carries risks such as integration challenges and cultural clashes.
Risks and Key Assumptions:
- Political and economic instability in emerging markets: Could disrupt operations and impact profitability.
- Cultural differences and language barriers: Could hinder communication and collaboration.
- Competition from local manufacturers: Could erode market share and profitability.
8. Next Steps
Timeline:
- Year 1: Conduct market research and identify potential target markets.
- Year 2: Develop a detailed market entry strategy and establish partnerships or acquire companies in selected markets.
- Year 3: Launch new products and services tailored to local markets.
- Year 4: Expand operations and build a strong local presence.
Key Milestones:
- Develop a comprehensive international expansion plan.
- Secure funding for expansion initiatives.
- Recruit and train local talent.
- Establish strategic partnerships and alliances.
- Launch new products and services in targeted markets.
By implementing these recommendations, CMI can position itself for long-term success in the global market, leveraging its core competencies, embracing innovation, and adapting to the changing needs of its customers.
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Case Description
Curled Metal Incorporated has declining sales, but has developed a new product (curled metal pile driver pads) that, in field tests, deliver customer benefits that are many times CMI's manufacturing costs. Joseph Fernandez and Rajiv Sanwal of CMI's Engineered Products Division are responsible for formulating a strategy for the new product. A key issue is the price to charge for the pads. The case raises issues of analyzing market potential, aligning price with business strategy, and the implications of a price on development and execution of integrated strategic options.
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