Harvard Case - Levy Restaurants
"Levy Restaurants" Harvard business case study is written by Edward D. Hess, Shizuka Modica. It deals with the challenges in the field of Strategy. The case study is 21 page(s) long and it was first published on : Mar 6, 2009
At Fern Fort University, we recommend Levy Restaurants pursue a multi-pronged growth strategy focused on leveraging its core competencies in food service management and venue partnerships to achieve sustainable competitive advantage in the evolving hospitality and entertainment industry. This strategy involves a combination of organic growth through market penetration, product development, and strategic alliances, as well as inorganic growth through mergers and acquisitions and strategic partnerships.
2. Background
Levy Restaurants, a leading food service provider for sports and entertainment venues, faces a dynamic environment characterized by increasing competition, evolving consumer preferences, and technological advancements. The case study highlights the company's success in building strong relationships with venues and delivering high-quality food service experiences. However, Levy must navigate challenges such as increasing competition from large food service companies, rising labor costs, and the need to adapt to changing consumer demands.
The main protagonists of the case study are Larry Levy, the company's founder and CEO, and his team of executives, who are tasked with developing a strategic plan to ensure the company's continued success.
3. Analysis of the Case Study
To analyze Levy Restaurants' situation, we can utilize several frameworks:
a) Porter's Five Forces:
- Threat of New Entrants: Moderate, due to high barriers to entry (relationships with venues, expertise in food service management).
- Bargaining Power of Buyers: High, as venues have multiple food service options and can negotiate contracts.
- Bargaining Power of Suppliers: Moderate, as Levy relies on various suppliers for food and equipment.
- Threat of Substitutes: Moderate, as consumers have alternative options for dining and entertainment.
- Competitive Rivalry: High, with increasing competition from large food service companies and niche players.
b) SWOT Analysis:
- Strengths: Strong brand reputation, established relationships with venues, expertise in food service management, innovative approach to menu development, strong customer focus.
- Weaknesses: Limited geographic reach, potential for labor cost increases, dependence on specific venues, vulnerability to economic downturns.
- Opportunities: Expanding into new markets, partnering with technology companies, developing new food concepts, focusing on sustainability and social responsibility.
- Threats: Increased competition, changing consumer preferences, economic fluctuations, labor shortages, evolving technology.
c) Value Chain Analysis:Levy's value chain consists of:
- Inbound Logistics: Procurement of food, supplies, and equipment.
- Operations: Food preparation, service, and venue management.
- Outbound Logistics: Delivery of food and services to customers.
- Marketing and Sales: Building relationships with venues, promoting services, and attracting customers.
- Customer Service: Providing excellent food and service experiences.
- Technology: Implementing technology to improve operations, enhance customer experience, and gather data.
d) Resource-Based View:Levy's core competencies lie in its:
- Strong relationships with venues: This provides access to a captive audience and a competitive advantage over other food service providers.
- Expertise in food service management: This allows Levy to deliver high-quality food and service experiences.
- Innovative approach to menu development: This enables Levy to cater to diverse customer preferences and stay ahead of trends.
e) Dynamic Capabilities:Levy needs to develop dynamic capabilities to adapt to the changing environment, such as:
- Innovation: Continuously developing new food concepts, technologies, and service models.
- Strategic agility: Responding quickly to market changes and competitor actions.
- Organizational learning: Adapting to new trends and insights gained from data analysis.
4. Recommendations
a) Organic Growth:
- Market Penetration: Focus on expanding within existing markets by securing new venue contracts, increasing service offerings at existing venues, and leveraging data analytics to identify customer needs and optimize operations.
- Product Development: Create new food concepts that cater to evolving consumer preferences, such as healthier options, plant-based dishes, and personalized experiences.
- Strategic Alliances: Partner with technology companies to enhance customer experience, improve efficiency, and gather valuable data.
b) Inorganic Growth:
- Mergers and Acquisitions: Consider acquiring smaller food service companies with specialized expertise or presence in new markets.
- Strategic Partnerships: Collaborate with other companies in the hospitality and entertainment industries to create synergistic offerings and reach new customer segments.
c) Technology and Analytics:
- Digital Transformation: Implement digital solutions for online ordering, contactless payment, and data analysis to enhance customer experience, streamline operations, and gain valuable insights.
- AI and Machine Learning: Leverage AI and machine learning to optimize pricing, inventory management, and staff scheduling, leading to cost savings and improved efficiency.
d) Corporate Social Responsibility:
- Environmental Sustainability: Implement sustainable practices in food sourcing, waste management, and energy consumption to attract environmentally conscious customers and build a positive brand image.
- Community Engagement: Support local communities through partnerships with charities and initiatives, fostering a sense of goodwill and brand loyalty.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations leverage Levy's core competencies in food service management and venue partnerships, aligning with its mission to deliver exceptional food and service experiences.
- External Customers and Internal Clients: The recommendations address the needs of both external customers (venue patrons) and internal clients (venues) by providing innovative food concepts, enhanced customer experiences, and efficient operations.
- Competitors: The recommendations aim to differentiate Levy from competitors by focusing on innovation, technology, sustainability, and customer experience.
- Attractiveness: The recommendations are expected to generate positive financial returns through increased revenue, cost savings, and improved efficiency.
6. Conclusion
By implementing these recommendations, Levy Restaurants can achieve sustainable competitive advantage in the evolving hospitality and entertainment industry. The company can leverage its core competencies, embrace innovation, and adapt to changing consumer preferences while maintaining its commitment to quality and customer service.
7. Discussion
Alternatives Not Selected:
- Focusing solely on organic growth: This approach might be too slow in a dynamic environment with increasing competition.
- Acquiring large food service companies: This could be risky and expensive, potentially diluting Levy's core competencies.
Risks and Key Assumptions:
- Economic downturn: A significant economic downturn could impact venue attendance and revenue.
- Technological disruption: Rapid technological advancements could render current strategies obsolete.
- Competition: New competitors could emerge, challenging Levy's market position.
8. Next Steps
- Develop a detailed strategic plan: Outline specific initiatives, timelines, and resource allocation for each recommendation.
- Implement a pilot program: Test new food concepts, technologies, and partnerships in a limited capacity before full-scale implementation.
- Monitor progress and adapt: Regularly evaluate the effectiveness of implemented strategies and make adjustments as needed.
By taking these steps, Levy Restaurants can navigate the challenges and opportunities of the evolving hospitality and entertainment industry and achieve continued success.
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Case Description
Growing from a passive investment in a Chicago delicatessen in 1978, into a national foodservice company by 2007, Levy Restaurants (Levy) served approximately 63 million customers a year at more than 85 different restaurants and sporting and entertainment venues. Then Levy expanded its fine-dining restaurant business into sports and entertainment venues and such unexpected places as Disney World. Levy grew at greater than 20% compounded growth rates between 1999 and 2007 because of a plethora of newly constructed baseball, football, basketball, and hockey arenas and stadiums. When construction growth leveled off, Levy responded by expanding into entertainment venues. How could Levy maintain its stellar growth rate? Levy's answer to this question depended, in part, on how it defined its core competencies; it needed to decide whether it was a fine-dining company or a foodservice company and how its customer-value proposition differed from its competitors. Levy had to determine which new customer segments to expand and whether to grow, maintain, or shrink its restaurant business.
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