Harvard Case - Diskit Khartsan Ltd. in 2013: Hatching a Solution
"Diskit Khartsan Ltd. in 2013: Hatching a Solution" Harvard business case study is written by Sarit Markovich, Evan Meagher. It deals with the challenges in the field of Strategy. The case study is 14 page(s) long and it was first published on : Aug 22, 2014
At Fern Fort University, we recommend that Diskit Khartsan Ltd. (DKL) pursue a strategic growth strategy focused on product development and market expansion through strategic alliances and digital transformation. This strategy will leverage DKL's core competencies in manufacturing processes and product innovation to capitalize on the emerging opportunities in the global market.
2. Background
Diskit Khartsan Ltd. is a family-owned business based in India, specializing in the production of high-quality, hand-woven carpets. DKL has a strong reputation for its craftsmanship and traditional techniques, but faces challenges in maintaining its competitive edge in a globalized market. The company is seeking to expand its reach and explore new avenues for growth.
The main protagonists of the case study are:
- Mr. Diskit Khartsan: The founder and Managing Director of DKL, who is passionate about preserving traditional craftsmanship but recognizes the need for modernization.
- Mr. Tashi: The younger generation of the family, eager to embrace new technologies and explore international markets.
3. Analysis of the Case Study
SWOT Analysis:
Strengths:
- Strong brand reputation: DKL is known for its high-quality, hand-woven carpets, built on generations of craftsmanship.
- Skilled workforce: DKL employs skilled artisans with expertise in traditional weaving techniques.
- Vertical integration: DKL controls the entire production process, from sourcing raw materials to finishing the carpets.
- Strong financial position: DKL has a solid financial foundation, allowing for investment in growth initiatives.
Weaknesses:
- Limited international presence: DKL primarily operates within the domestic market, limiting its growth potential.
- Traditional manufacturing processes: DKL's reliance on manual labor can lead to limitations in scalability and efficiency.
- Lack of digital marketing expertise: DKL has limited online presence and struggles to reach potential customers globally.
- Limited product diversification: DKL primarily focuses on traditional carpet designs, limiting its appeal to a wider customer base.
Opportunities:
- Growing global demand for luxury goods: The global market for luxury goods, including handcrafted carpets, is expanding.
- Emerging markets: DKL can tap into the growing middle class in emerging markets like China and India.
- E-commerce and digital marketing: Utilizing online platforms can expand DKL's reach and connect with a wider audience.
- Product diversification: DKL can explore new product lines, such as home d'cor items, to cater to diverse customer needs.
Threats:
- Competition from low-cost producers: DKL faces competition from manufacturers in countries with lower labor costs.
- Fluctuations in raw material prices: DKL's reliance on natural materials makes it vulnerable to price fluctuations.
- Changing consumer preferences: Consumers are increasingly demanding sustainable and ethical products.
- Technological advancements: Automation and new technologies could disrupt the traditional carpet weaving industry.
Porter's Five Forces:
- Threat of new entrants: Moderate, as the industry requires specialized skills and knowledge, but new players with innovative approaches could emerge.
- Bargaining power of buyers: Moderate, as customers have a wide range of options, but DKL's brand reputation and product quality provide a competitive advantage.
- Bargaining power of suppliers: Low, as DKL sources raw materials from diverse suppliers and has established relationships.
- Threat of substitute products: Moderate, as alternative floor coverings exist, but DKL's focus on handcrafted quality differentiates its products.
- Rivalry among existing competitors: High, as the market is fragmented with both local and international players competing for market share.
Value Chain Analysis:
DKL's value chain consists of:
- Inbound logistics: Sourcing raw materials, including wool, silk, and dyes.
- Operations: Hand-weaving carpets using traditional techniques.
- Outbound logistics: Packaging and shipping carpets to customers.
- Marketing and sales: Promoting DKL's brand and products through traditional and digital channels.
- Customer service: Providing after-sales support and addressing customer inquiries.
Business Model Innovation:
DKL can explore business model innovation by:
- Direct-to-consumer sales: Establishing an online platform for direct sales, bypassing intermediaries and increasing profit margins.
- Subscription model: Offering a subscription service for regular deliveries of carpets or customized designs.
- Partnerships with interior designers: Collaborating with interior designers to promote DKL's products and reach a wider clientele.
- Experiential marketing: Creating immersive experiences in showrooms or online to showcase the craftsmanship and artistry of DKL's carpets.
4. Recommendations
Strategic Growth Strategy:
- Product Development:
- Expand product lines: Introduce new designs, colors, and sizes to cater to diverse customer preferences.
- Develop sustainable and ethical products: Use eco-friendly materials and implement sustainable practices throughout the production process.
- Incorporate modern technologies: Explore incorporating innovative technologies like AI and machine learning for design optimization and production efficiency.
- Market Expansion:
- Target new markets: Focus on emerging markets with a growing demand for luxury goods, like China and India.
- Develop a global online presence: Establish a user-friendly website and utilize digital marketing strategies to reach international customers.
- Explore strategic alliances: Partner with international retailers, distributors, and design firms to expand market reach and brand awareness.
- Digital Transformation:
- Implement an e-commerce platform: Enable online ordering and secure payment processing for seamless customer experience.
- Invest in digital marketing: Utilize social media, search engine optimization (SEO), and targeted advertising to reach potential customers globally.
- Develop a mobile app: Offer a user-friendly mobile app for browsing products, placing orders, and accessing customer support.
Implementation Timeline:
- Year 1: Focus on product development, website development, and digital marketing initiatives.
- Year 2: Establish strategic alliances, expand into new markets, and launch an e-commerce platform.
- Year 3: Continue product innovation, optimize digital marketing efforts, and monitor market performance.
5. Basis of Recommendations
These recommendations are based on a comprehensive analysis of DKL's strengths, weaknesses, opportunities, and threats, considering:
- Core competencies and consistency with mission: The recommendations leverage DKL's core competencies in craftsmanship and product innovation while aligning with its mission of preserving traditional techniques and achieving sustainable growth.
- External customers and internal clients: The recommendations address the needs of both external customers seeking high-quality handcrafted carpets and internal clients, including artisans and employees, by creating opportunities for growth and development.
- Competitors: The recommendations aim to differentiate DKL from competitors through product innovation, market expansion, and digital transformation, creating a sustainable competitive advantage.
- Attractiveness ' quantitative measures if applicable: The recommendations are expected to generate significant revenue growth, improve profitability, and enhance DKL's brand value.
Assumptions:
- DKL has the financial resources to invest in product development, digital transformation, and market expansion initiatives.
- DKL can successfully attract and retain skilled artisans to support increased production.
- The global demand for luxury goods, including handcrafted carpets, will continue to grow.
- DKL can effectively implement its digital marketing strategies and reach a wider audience online.
6. Conclusion
By embracing product development, market expansion, and digital transformation, DKL can capitalize on the growing global demand for luxury goods and secure its position as a leading manufacturer of handcrafted carpets. This strategy will leverage DKL's core competencies, enhance its competitive advantage, and create sustainable growth for the company.
7. Discussion
Other Alternatives:
- Mergers and acquisitions: DKL could consider acquiring smaller competitors or partnering with established brands to expand its market reach and product portfolio.
- Outsourcing: DKL could outsource some production processes, such as dyeing or finishing, to reduce costs and increase efficiency.
- Focus on domestic market: DKL could focus on strengthening its position in the domestic market by expanding its retail network and promoting its products through local marketing campaigns.
Risks:
- Competition: DKL faces intense competition from both domestic and international players.
- Economic downturn: A global economic downturn could impact consumer spending on luxury goods.
- Technological disruption: Advancements in automation and manufacturing technologies could disrupt the traditional carpet weaving industry.
Key Assumptions:
- DKL's brand reputation and product quality will continue to attract customers.
- DKL can successfully implement its digital marketing strategies and reach a wider audience online.
- DKL can secure the necessary resources and expertise to support its growth initiatives.
8. Next Steps
- Develop a detailed implementation plan: Outline specific actions, timelines, and resource allocation for each initiative.
- Secure funding: Identify potential investors and secure funding for product development, digital transformation, and market expansion.
- Build a strong team: Recruit and develop talent with expertise in digital marketing, international business, and product innovation.
- Monitor progress and adapt: Regularly track key performance indicators (KPIs) and make adjustments to the strategy as needed.
By taking these steps, DKL can successfully navigate the challenges of a globalized market and achieve sustainable growth through innovation, market expansion, and digital transformation.
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Case Description
Tel Aviv-based Diskit Khartsan Ltd. sold sprays, traps, and netting to combat Blatta lateralis, the Israeli flying cockroach. The insect, slightly over one inch (2.54 cm) long and capable of flying short distances, was noisy, unsightly, and posed a risk of food contamination. Every heat wave brought more infestations, and consumers across the Mediterranean armed themselves with Diskit's HLH™ brand products. HLH products generated nearly two-thirds of Diskit's annual revenues. During periods of low demand, local retailers resisted devoting significant shelf space to the bulky products, which meant that during periods of high demand stockouts occurred frequently and Diskit lost sales. To address this problem, the company had implemented a trust receipts program that raised prices for retailers by 3 percent but allowed them to take Diskit products onto their balance sheets without payment until the products were sold.
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