Harvard Case - Longfor: A Non-Traditional Company in China - When in Rome, Do Not Do What the Romans Do
"Longfor: A Non-Traditional Company in China - When in Rome, Do Not Do What the Romans Do" Harvard business case study is written by Yidi Guo, Quy Huy, Lisa Duke, Xiao Zhixing. It deals with the challenges in the field of Strategy. The case study is 29 page(s) long and it was first published on : Oct 1, 2017
At Fern Fort University, we recommend that Longfor Properties adopt a hybrid strategy combining elements of disruptive innovation, blue ocean strategy, and strategic alliances to solidify its position as a leader in the Chinese real estate market. This strategy will leverage Longfor's existing strengths in technology and analytics, product development, and customer service to create a unique value proposition that caters to the evolving needs of Chinese consumers.
2. Background
Longfor Properties is a leading Chinese real estate developer known for its innovative approach to the industry. The company has successfully navigated the competitive landscape by focusing on product differentiation, vertical integration, and sustainable development. However, Longfor faces challenges from traditional players, as well as new entrants leveraging digital transformation and AI. The case study highlights the company's struggle to adapt to the changing market dynamics and find a sustainable competitive advantage.
The main protagonists of the case study are:
- Wu Yajun: Founder and Chairwoman of Longfor Properties, known for her visionary leadership and commitment to innovation.
- Longfor's Management Team: A group of experienced professionals tasked with navigating the company's growth and adapting to the evolving market.
- Chinese Consumers: The target audience for Longfor's products, demanding high-quality, sustainable, and technologically advanced living spaces.
3. Analysis of the Case Study
SWOT Analysis:
- Strengths: Strong brand reputation, strong financial performance, experienced management team, innovative product development, focus on customer service, expertise in technology and analytics, vertical integration in construction and property management.
- Weaknesses: Limited international presence, potential vulnerability to economic fluctuations, dependence on the Chinese real estate market, potential for over-reliance on technology.
- Opportunities: Growing demand for high-quality housing in China, increasing urbanization, government support for sustainable development, technological advancements in real estate, expanding into new markets.
- Threats: Competition from established players, rising construction costs, economic uncertainty, regulatory changes, potential for disruptive technologies.
Porter's Five Forces:
- Threat of New Entrants: High due to low barriers to entry and the presence of numerous smaller developers.
- Bargaining Power of Buyers: Moderate, as consumers have multiple choices but value quality and reputation.
- Bargaining Power of Suppliers: Moderate, as construction materials and labor are in high demand, but Longfor's scale provides some leverage.
- Threat of Substitute Products: Moderate, as alternative housing options exist, but Longfor's differentiated offerings create a strong value proposition.
- Rivalry Among Existing Competitors: High, as the market is fragmented and characterized by intense competition.
Value Chain Analysis:
Longfor's value chain is characterized by a strong focus on vertical integration, allowing the company to control key aspects of the development process. This provides cost advantages, quality control, and allows for greater innovation. However, Longfor must ensure that its value chain remains flexible and adaptable to changing market demands.
Business Model Innovation:
Longfor has successfully implemented business model innovation by incorporating technology and data analytics into its operations. This has allowed the company to optimize processes, enhance customer experience, and develop innovative products. However, Longfor needs to continue exploring new business models that leverage emerging technologies and changing consumer preferences.
Strategic Planning:
Longfor's strategic planning should focus on:
- Diversification: Expanding into new markets and product segments to reduce reliance on the Chinese real estate market.
- Globalization Strategies: Exploring opportunities in international markets with strong growth potential.
- Strategic Alliances: Partnering with technology companies and other industry players to leverage their expertise and resources.
- Disruptive Innovation: Developing innovative products and services that challenge existing industry norms and disrupt the competitive landscape.
4. Recommendations
Embrace Disruptive Innovation: Longfor should invest in research and development to create innovative products and services that cater to the evolving needs of Chinese consumers. This could include:
- Smart Homes: Integrating smart home technology into new developments, offering features such as automated lighting, climate control, and security systems.
- Sustainable Living: Developing eco-friendly buildings and communities that incorporate renewable energy sources, water conservation, and waste management solutions.
- Data-Driven Design: Leveraging data analytics to optimize building design and layout, creating more efficient and desirable living spaces.
Pursue a Blue Ocean Strategy: Longfor should focus on creating new market space by offering unique value propositions that are not offered by competitors. This could include:
- Developing Niche Markets: Targeting specific consumer segments with specialized housing options, such as senior living communities, student housing, or luxury apartments.
- Creating Unique Experiences: Offering value-added services such as on-site amenities, concierge services, and community events to enhance the living experience.
- Leveraging Technology: Utilizing technology to create a seamless and personalized customer experience, such as virtual tours, online property management platforms, and AI-powered customer service.
Form Strategic Alliances: Longfor should partner with technology companies, financial institutions, and other industry players to leverage their expertise and resources. This could include:
- Joint Ventures: Partnering with technology companies to develop and deploy innovative solutions in real estate.
- Strategic Acquisitions: Acquiring smaller companies with specialized expertise in areas such as AI, data analytics, or sustainable development.
- Collaboration with Universities: Partnering with universities to conduct research and develop new technologies in the real estate sector.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of Longfor's current situation, considering its core competencies, external customers, competitors, and attractiveness.
- Core Competencies and Consistency with Mission: The recommendations align with Longfor's existing strengths in technology, product development, and customer service, while also pushing the company to explore new frontiers.
- External Customers and Internal Clients: The recommendations address the evolving needs of Chinese consumers, who are increasingly demanding high-quality, sustainable, and technologically advanced living spaces.
- Competitors: By embracing disruptive innovation and pursuing a blue ocean strategy, Longfor can differentiate itself from competitors and create a sustainable competitive advantage.
- Attractiveness: The recommendations are expected to enhance Longfor's profitability and market share by attracting new customers and expanding into new markets.
6. Conclusion
Longfor Properties has a strong foundation for success, but it needs to adapt to the changing market landscape by embracing disruptive innovation, pursuing a blue ocean strategy, and forming strategic alliances. By doing so, Longfor can solidify its position as a leader in the Chinese real estate market and achieve sustainable growth.
7. Discussion
Other alternatives not selected include:
- Focusing solely on cost leadership: This could lead to a race to the bottom and erode Longfor's brand reputation.
- Ignoring technological advancements: This could leave Longfor behind in the race to provide innovative and technologically advanced solutions.
- Expanding internationally too quickly: This could lead to overstretching resources and compromising the company's core business.
Risks and Key Assumptions:
- Technology Adoption: The success of the recommendations depends on the successful adoption of new technologies and the ability to manage potential risks associated with data security and privacy.
- Market Acceptance: The recommendations assume that Chinese consumers will embrace innovative products and services, which may not be guaranteed.
- Competition: The recommendations assume that Longfor can effectively compete with established players and new entrants in the market.
8. Next Steps
Longfor should implement the recommendations in a phased approach, starting with:
- Developing a comprehensive strategic plan: This should include specific goals, timelines, and resource allocation for each recommendation.
- Investing in research and development: Longfor should establish a dedicated team to explore disruptive technologies and develop innovative products and services.
- Building strategic partnerships: Longfor should identify and engage with potential partners in technology, finance, and other relevant sectors.
- Monitoring and evaluating progress: Longfor should regularly track the progress of its initiatives and make adjustments as needed.
By taking these steps, Longfor can successfully navigate the challenges and opportunities of the Chinese real estate market and achieve long-term sustainable growth.
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Case Description
Longfor, a real estate company in China, treats every customer as an individual with distinctive tastes, preferences and needs; the homes it designs emphasize aesthetics, comfort, landscaping and lifestyle in a holistic way. Likewise, its organizational culture emphasizes equality and professionalism in a country where hierarchy and deference to authority are the norm. Its approach to HR (recruitment, training, evaluation, compensation, role-modeling) is completely at odds with common practice in China. The case asks: Is it possible to succeed in business with an organizational culture that is alien to the society in which the company operates? How can emotional capital be generated and embedded in a company to facilitate strategic innovation?
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