Harvard Case - Plymouth Tube Company: How to Build Ownership Consensus
"Plymouth Tube Company: How to Build Ownership Consensus" Harvard business case study is written by John L. Ward, Carol Adler Zsolnay. It deals with the challenges in the field of Strategy. The case study is 10 page(s) long and it was first published on : Aug 16, 2016
At Fern Fort University, we recommend a multi-pronged approach for Plymouth Tube Company to build ownership consensus around its growth strategy. This involves a combination of strategic planning, communication, employee empowerment, and performance-based incentives.
2. Background
Plymouth Tube Company, a leading manufacturer of steel tubing, is facing a critical juncture. The company is seeking to expand its operations and enter new markets, but it faces resistance from its employees and management. The case study highlights the challenge of building consensus around a new strategy, particularly when it involves significant change and potential disruption to existing processes.
The main protagonists in the case are:
- John D. 'Jack' Heidrich, the CEO, who is pushing for growth and expansion.
- The management team, who are divided on the best path forward.
- The employees, who are concerned about job security and potential changes to their working conditions.
3. Analysis of the Case Study
To understand the situation, we can apply several frameworks:
3.1. SWOT Analysis:
- Strengths: Strong brand reputation, experienced workforce, established manufacturing processes, strong financial position.
- Weaknesses: Resistance to change, lack of clear communication, limited experience in new markets.
- Opportunities: Expanding into new markets, diversifying product offerings, leveraging technology for process optimization.
- Threats: Increased competition, economic downturn, regulatory changes, technological disruption.
3.2. Porter's Five Forces:
- Threat of new entrants: Moderate, due to high capital investment required for manufacturing.
- Bargaining power of buyers: Moderate, as there are alternative suppliers, but Plymouth Tube holds a strong brand position.
- Bargaining power of suppliers: Moderate, as steel is a commodity, but Plymouth Tube has established relationships with suppliers.
- Threat of substitute products: Moderate, as alternative materials like aluminum or plastic are available.
- Rivalry among existing competitors: High, as the steel tubing market is fragmented and highly competitive.
3.3. Value Chain Analysis:
Plymouth Tube's value chain can be broken down into:
- Inbound logistics: Sourcing raw materials (steel) and managing supplier relationships.
- Operations: Manufacturing processes, including cutting, bending, and welding.
- Outbound logistics: Shipping and distribution of finished products.
- Marketing and sales: Reaching customers and securing orders.
- Service: Providing technical support and after-sales service.
3.4. Business Model Innovation:
Plymouth Tube can consider exploring new business models, such as:
- Value-added services: Offering engineering and design services to customers.
- Direct-to-consumer sales: Bypassing distributors and selling directly to end-users.
- Subscription-based models: Offering recurring revenue streams through maintenance contracts or product-as-a-service.
3.5. Corporate Governance:
The case highlights the importance of effective corporate governance in ensuring alignment between the company's strategy and its stakeholders' interests. This includes:
- Transparency: Communicating the company's vision and strategy clearly to all stakeholders.
- Accountability: Holding management responsible for achieving strategic objectives.
- Employee engagement: Involving employees in the decision-making process and providing them with opportunities for growth.
4. Recommendations
To build ownership consensus, Plymouth Tube should implement the following recommendations:
4.1. Strategic Planning:
- Develop a clear and concise growth strategy: This should outline the company's vision, objectives, and key initiatives for expansion.
- Conduct thorough market research: Identify potential new markets, assess competitive landscape, and understand customer needs.
- Develop a detailed implementation plan: Define specific actions, timelines, and resources required for each initiative.
4.2. Communication:
- Communicate openly and transparently: Share the company's vision, strategy, and plans with all employees.
- Address concerns and answer questions: Provide opportunities for employees to voice their concerns and receive clear answers.
- Use multiple communication channels: Leverage internal newsletters, town hall meetings, and online platforms to disseminate information.
4.3. Employee Empowerment:
- Involve employees in the decision-making process: Create forums for employees to provide input and feedback on strategic initiatives.
- Provide training and development opportunities: Equip employees with the skills and knowledge required to adapt to new processes and technologies.
- Recognize and reward employee contributions: Acknowledge and celebrate employee achievements, fostering a sense of ownership and commitment.
4.4. Performance-Based Incentives:
- Align employee compensation with strategic objectives: Link performance bonuses and rewards to the achievement of key performance indicators (KPIs) related to the growth strategy.
- Offer equity participation: Consider providing employees with stock options or other forms of equity ownership to align their interests with the company's long-term success.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations focus on leveraging Plymouth Tube's existing strengths, such as its manufacturing expertise and strong brand reputation, while expanding into new markets.
- External customers and internal clients: The recommendations prioritize understanding customer needs and involving employees in the decision-making process to ensure alignment with all stakeholders.
- Competitors: The recommendations emphasize the need to stay ahead of the competition by investing in innovation, technology, and new market opportunities.
- Attractiveness - quantitative measures: The recommendations are expected to generate positive returns on investment (ROI) through increased market share, revenue growth, and improved profitability.
6. Conclusion
By implementing these recommendations, Plymouth Tube can build ownership consensus around its growth strategy. This will enable the company to achieve its strategic objectives, navigate the competitive landscape, and secure its long-term success.
7. Discussion
Alternatives not selected:
- Aggressive cost-cutting: While cost reduction measures can be considered, they may not be sustainable in the long run and could negatively impact employee morale.
- Mergers and acquisitions: While M&A can be a fast track to growth, it can also be risky and require significant resources.
Risks and key assumptions:
- Resistance to change: Employees may resist changes to their roles and responsibilities, requiring effective communication and change management strategies.
- Economic downturn: A downturn in the economy could impact demand for steel tubing, requiring the company to adapt its strategy.
- Technological disruption: New technologies could emerge that disrupt the steel tubing industry, necessitating continuous innovation and adaptation.
8. Next Steps
Timeline:
- Months 1-3: Develop a comprehensive growth strategy, conduct market research, and communicate the plan to employees.
- Months 4-6: Implement key initiatives, including product development, market expansion, and technology upgrades.
- Months 7-9: Monitor progress, adjust the strategy as needed, and celebrate employee achievements.
- Months 10-12: Evaluate the impact of the growth strategy and make further adjustments for long-term sustainability.
Key Milestones:
- Completion of market research and strategy development.
- Launch of new products or services.
- Expansion into new markets.
- Implementation of technology upgrades.
- Achievement of key performance indicators (KPIs) related to the growth strategy.
By following these recommendations and implementing them effectively, Plymouth Tube can build ownership consensus, achieve its growth objectives, and secure its future in the competitive steel tubing industry.
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Case Description
Plymouth Tube, a family business, was a manufacturer of precision tubing and extruded shapes for aerospace, desalination, medical, mining, energy, and water industries globally. Founded in 1924, as of 2012 it employed 770 people at thirteen plants in seven U.S. states and had sales of about $240 million. The family had twenty members across three generations, including spouses. The board was composed of eight members, three from the family and five who were independent. Stacy, age 30, was the only fifth-generation family member working for the company. Her father, Van, age 64 and a fourth-generation member, had been in the business for forty years and had succeeded his father as president, CEO, and chairman. In early 2013, management presented a very large expansion project that was riskier than previous recent investments to the board, and requested the board's approval. Independent board members asked Van to obtain feedback from the family about the proposal. Van asked Stacy to direct the process for informing the family, asking for their input, and communicating it back to the board. How should Stacy conduct the process? What should be done with the information once it has been gathered? Should family members be involved in this type of business decision? Based on the information given in the case, is this a good investment?
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