Harvard Case - Preparing to Lead: The CEO's Initial Speech
"Preparing to Lead: The CEO's Initial Speech" Harvard business case study is written by H. Irving Grousbeck. It deals with the challenges in the field of Strategy. The case study is 1 page(s) long and it was first published on : Jun 14, 2022
At Fern Fort University, we recommend that Dr. Susannah Evans, the newly appointed CEO, leverage this initial speech as a powerful platform to articulate a clear vision for the future of the university, emphasizing a commitment to innovation, student success, and strategic partnerships. This vision should be infused with a strong sense of purpose, emphasizing the university's role in addressing societal challenges and preparing students for the future.
2. Background
Fern Fort University is a private, liberal arts university facing increasing competition and financial pressure. Dr. Evans, a renowned scholar and administrator, has been appointed CEO to navigate these challenges and chart a new course for the institution. The case study focuses on the preparation for her initial speech to the university community, a critical opportunity to establish her leadership and communicate her vision for the future.
The main protagonists are Dr. Susannah Evans, the new CEO, and the university community, including faculty, staff, students, and alumni.
3. Analysis of the Case Study
This case study presents a unique opportunity to apply various strategic frameworks to analyze Fern Fort University's current situation and identify potential pathways for future success.
SWOT Analysis:
- Strengths: Strong academic reputation, dedicated faculty, diverse student body, established alumni network.
- Weaknesses: Financial constraints, limited endowment, outdated infrastructure, lack of a clear strategic direction.
- Opportunities: Growing demand for online education, increasing focus on STEM fields, potential for strategic partnerships with industry leaders.
- Threats: Increasing competition from other universities, declining enrollment rates, changing student demographics, technological disruption.
Porter's Five Forces:
- Threat of New Entrants: High due to the proliferation of online learning platforms and the ease of establishing new educational institutions.
- Bargaining Power of Buyers (Students): High due to the increasing options available to students and the rising cost of education.
- Bargaining Power of Suppliers (Faculty): Moderate, as universities rely on qualified faculty but face competition from other institutions.
- Threat of Substitutes: High, with online learning platforms and alternative educational models gaining traction.
- Rivalry Among Existing Competitors: Intense, driven by declining enrollment rates and increasing competition for resources.
Value Chain Analysis:
- Primary Activities: Research, teaching, student support services, alumni relations.
- Support Activities: Finance, human resources, IT infrastructure, marketing and communications.
Business Model Innovation:
- Current Business Model: Traditional, tuition-based model with limited focus on innovation and strategic partnerships.
- Potential Innovation: Explore new revenue streams, such as online courses, industry-specific training programs, and research partnerships.
Corporate Governance:
- Current Governance: Traditional board structure with limited focus on strategic direction and innovation.
- Potential Improvement: Enhance board composition with expertise in technology, innovation, and business development.
Strategic Planning:
- Current Planning: Limited strategic planning with a focus on short-term goals.
- Potential Enhancement: Develop a comprehensive strategic plan with a long-term vision, clear objectives, and measurable outcomes.
Market Segmentation:
- Current Segmentation: Traditional segmentation based on academic disciplines.
- Potential Enhancement: Explore niche markets, such as online learners, international students, and professionals seeking upskilling opportunities.
Blue Ocean Strategy:
- Current Strategy: Competing in a crowded red ocean with limited differentiation.
- Potential Strategy: Explore uncontested market space by offering unique educational experiences, such as personalized learning pathways, industry-specific certifications, and entrepreneurship programs.
Disruptive Innovation:
- Current Innovation: Limited focus on disruptive innovation.
- Potential Innovation: Embrace technology to enhance learning experiences, develop innovative teaching methods, and offer flexible learning options.
Balanced Scorecard:
- Current Scorecard: Limited focus on non-financial metrics.
- Potential Enhancement: Develop a balanced scorecard that tracks financial performance, student success, faculty satisfaction, and institutional impact.
Core Competencies:
- Current Competencies: Strong academic reputation, dedicated faculty, diverse student body.
- Potential Enhancement: Develop core competencies in technology, innovation, and strategic partnerships.
Diversification:
- Current Diversification: Limited diversification beyond traditional academic programs.
- Potential Diversification: Explore new revenue streams through online education, industry partnerships, and research grants.
Vertical Integration:
- Current Integration: Limited vertical integration.
- Potential Integration: Develop partnerships with industry leaders to offer internships, research opportunities, and joint degree programs.
Strategic Alliances:
- Current Alliances: Limited strategic alliances.
- Potential Alliances: Form strategic alliances with technology companies, research institutions, and industry leaders to enhance educational offerings and generate new revenue streams.
Globalization Strategies:
- Current Strategies: Limited focus on international students and partnerships.
- Potential Strategies: Develop a global strategy to attract international students, establish partnerships with international institutions, and offer online programs to a global audience.
Product Differentiation:
- Current Differentiation: Limited differentiation beyond traditional academic programs.
- Potential Differentiation: Offer unique educational experiences, such as personalized learning pathways, industry-specific certifications, and entrepreneurship programs.
Cost Leadership:
- Current Strategy: Limited focus on cost leadership.
- Potential Strategy: Explore cost-effective strategies to enhance efficiency, reduce operational costs, and increase affordability.
Market Penetration:
- Current Strategy: Limited focus on market penetration.
- Potential Strategy: Develop targeted marketing campaigns to attract new students, expand reach to underserved communities, and increase enrollment rates.
Market Development:
- Current Strategy: Limited focus on market development.
- Potential Strategy: Explore new markets, such as online learners, international students, and professionals seeking upskilling opportunities.
Product Development:
- Current Development: Limited focus on product development.
- Potential Development: Develop new programs, courses, and learning experiences that meet the evolving needs of students and employers.
Resource-Based View:
- Current Resources: Strong academic reputation, dedicated faculty, diverse student body.
- Potential Enhancement: Develop a resource-based view to leverage core competencies and create a sustainable competitive advantage.
Dynamic Capabilities:
- Current Capabilities: Limited dynamic capabilities.
- Potential Enhancement: Develop dynamic capabilities to adapt to changing market conditions, embrace innovation, and create new opportunities.
Scenario Planning:
- Current Planning: Limited scenario planning.
- Potential Enhancement: Develop scenario planning to anticipate future trends, assess potential risks, and develop contingency plans.
Stakeholder Analysis:
- Current Analysis: Limited stakeholder analysis.
- Potential Enhancement: Conduct a comprehensive stakeholder analysis to understand the needs and expectations of all stakeholders, including students, faculty, staff, alumni, donors, and the community.
Strategic Positioning:
- Current Positioning: Traditional positioning as a liberal arts university.
- Potential Positioning: Reposition the university as a leader in innovation, technology, and preparing students for the future.
Business Ecosystem:
- Current Ecosystem: Limited focus on developing a business ecosystem.
- Potential Enhancement: Build a robust business ecosystem by fostering partnerships with industry leaders, technology companies, and research institutions.
Game Theory in Strategy:
- Current Application: Limited application of game theory.
- Potential Application: Apply game theory to analyze competitive dynamics, anticipate competitor moves, and develop strategic responses.
Strategic Leadership:
- Current Leadership: Traditional leadership style with limited focus on innovation and strategic direction.
- Potential Leadership: Embrace a strategic leadership style that inspires innovation, fosters collaboration, and drives strategic change.
Change Management:
- Current Management: Limited change management capabilities.
- Potential Enhancement: Develop a robust change management framework to effectively implement strategic initiatives and manage organizational change.
Organizational Culture:
- Current Culture: Traditional academic culture with limited emphasis on innovation and entrepreneurship.
- Potential Enhancement: Foster a culture of innovation, collaboration, and continuous improvement.
Strategic Implementation:
- Current Implementation: Limited focus on strategic implementation.
- Potential Enhancement: Develop a comprehensive strategic implementation plan with clear roles, responsibilities, and timelines.
Benchmarking:
- Current Benchmarking: Limited benchmarking practices.
- Potential Enhancement: Conduct regular benchmarking to compare performance against leading institutions and identify best practices.
Strategic Control:
- Current Control: Limited strategic control mechanisms.
- Potential Enhancement: Implement robust strategic control mechanisms to track progress, monitor performance, and ensure accountability.
PESTEL Analysis:
- Political: Government policies on higher education funding, regulations on online learning, and immigration policies.
- Economic: Economic recession, rising cost of living, and student loan debt.
- Social: Changing demographics, increasing demand for online education, and growing emphasis on STEM fields.
- Technological: Rapid advancements in technology, emergence of new learning platforms, and increasing adoption of artificial intelligence.
- Environmental: Sustainability concerns, climate change, and the need for environmentally responsible practices.
- Legal: Regulations on data privacy, intellectual property rights, and employment law.
Industry Lifecycle:
- Current Stage: Mature stage with declining enrollment rates and increasing competition.
- Potential Strategies: Focus on innovation, differentiation, and strategic partnerships to maintain relevance and growth.
Strategic Groups:
- Current Group: Traditional liberal arts universities.
- Potential Strategies: Explore new strategic groups, such as technology-focused universities, online learning platforms, and research institutions.
Value Proposition:
- Current Proposition: Traditional value proposition of providing a liberal arts education.
- Potential Enhancement: Develop a compelling value proposition that highlights innovation, technology, and career readiness.
Business Portfolio Analysis:
- Current Portfolio: Limited focus on strategic portfolio analysis.
- Potential Enhancement: Conduct a business portfolio analysis to assess the performance of existing programs, identify opportunities for growth, and allocate resources effectively.
BCG Matrix:
- Current Matrix: Limited use of the BCG matrix.
- Potential Application: Use the BCG matrix to analyze the performance of existing programs and identify opportunities for investment and divestment.
Ansoff Matrix:
- Current Matrix: Limited use of the Ansoff matrix.
- Potential Application: Use the Ansoff matrix to develop growth strategies based on market penetration, market development, product development, and diversification.
Strategic Intent:
- Current Intent: Limited strategic intent.
- Potential Enhancement: Develop a clear strategic intent that articulates the university's ambition and commitment to innovation, student success, and societal impact.
Sustainable Competitive Advantage:
- Current Advantage: Limited sustainable competitive advantage.
- Potential Enhancement: Develop a sustainable competitive advantage through innovation, technology, and strategic partnerships.
Strategic Flexibility:
- Current Flexibility: Limited strategic flexibility.
- Potential Enhancement: Foster a culture of strategic flexibility to adapt to changing market conditions and seize new opportunities.
Corporate Social Responsibility:
- Current Responsibility: Limited focus on corporate social responsibility.
- Potential Enhancement: Embrace corporate social responsibility by addressing societal challenges, promoting diversity and inclusion, and engaging in ethical business practices.
Digital Transformation Strategy:
- Current Strategy: Limited digital transformation strategy.
- Potential Enhancement: Develop a comprehensive digital transformation strategy to leverage technology to enhance learning experiences, improve efficiency, and create new opportunities.
Strategic Foresight:
- Current Foresight: Limited strategic foresight.
- Potential Enhancement: Develop a strategic foresight capability to anticipate future trends, assess potential risks, and develop proactive strategies.
4. Recommendations
1. Articulate a Clear Vision: Dr. Evans should use her initial speech to articulate a clear and inspiring vision for the future of Fern Fort University. This vision should be grounded in the university's core values, but also embrace innovation, technology, and the evolving needs of students and employers.
2. Focus on Student Success: The speech should emphasize the university's commitment to student success, both academically and professionally. This could include highlighting initiatives to enhance learning experiences, provide career support, and foster entrepreneurial thinking.
3. Embrace Technology and Innovation: Dr. Evans should showcase the university's commitment to embracing technology and innovation. This could involve discussing plans to develop new online programs, invest in cutting-edge research, and partner with technology companies.
4. Build Strategic Partnerships: The speech should emphasize the importance of building strategic partnerships with industry leaders, research institutions, and technology companies. This could involve highlighting existing partnerships and outlining plans for future collaborations.
5. Communicate a Sense of Purpose: Dr. Evans should communicate a strong sense of purpose, emphasizing the university's role in addressing societal challenges and preparing students for the future. This could involve highlighting initiatives to promote diversity and inclusion, support environmental sustainability, and contribute to economic development.
6. Foster a Culture of Innovation: The speech should inspire a culture of innovation and entrepreneurship within the university community. This could involve encouraging faculty to develop new teaching methods, supporting student startups, and fostering collaboration between academics and industry professionals.
7. Engage with the Community: Dr. Evans should emphasize the importance of engaging with the broader community, including alumni, donors, and local businesses. This could involve highlighting initiatives to build relationships with these stakeholders and leverage their support for the university's strategic goals.
8. Develop a Comprehensive Strategic Plan: Following the initial speech, Dr. Evans should work with key stakeholders to develop a comprehensive strategic plan that outlines the university's vision, goals, and strategies for achieving success. This plan should be based on a thorough analysis of the university's strengths, weaknesses, opportunities, and threats, as well as the evolving needs of students, employers, and the broader community.
9. Implement a Balanced Scorecard: To track progress and measure performance, Dr. Evans should implement a balanced scorecard that includes both financial and non-financial metrics. This scorecard should track key performance indicators related to student success, faculty satisfaction, research output, and institutional impact.
10. Foster a Culture of Continuous Improvement: Dr. Evans should encourage a culture of continuous improvement throughout the university. This could involve implementing regular benchmarking practices, conducting periodic reviews of the strategic plan, and fostering a culture of open communication and feedback.
5. Basis of Recommendations
These recommendations are based on a comprehensive analysis of the case study, considering:
- Core competencies and consistency with mission: The recommendations align with Fern Fort University's core competencies in academic excellence, faculty expertise, and student diversity. They also support the university's mission to provide a transformative education that prepares students for success in a rapidly changing world.
- External customers and internal clients: The recommendations address the needs of external customers, including students, employers, and the broader community. They also consider the needs of internal clients, including faculty, staff, and alumni.
- Competitors: The recommendations are designed to help Fern Fort University differentiate itself from competitors and create a sustainable competitive advantage.
- Attractiveness ' quantitative measures if applicable (e.g., NPV, ROI, break-even, payback): While it's difficult to quantify the impact of these recommendations in terms of financial metrics, they are expected to enhance the university's long-term financial sustainability by increasing enrollment, attracting research funding, and fostering innovative partnerships.
- Explicitly stated assumptions (e.g., needs, technology trends): The recommendations are based on the assumption that the university is willing to embrace innovation, invest in technology, and build strategic partnerships. They also assume that the university community is receptive to change and committed to achieving the university's strategic goals.
6. Conclusion
Dr. Susannah Evans has a unique opportunity to lead Fern Fort University into a new era of success. By articulating a clear vision, embracing innovation, building strategic partnerships, and fostering a culture of continuous improvement, she can position the university for long-term growth and impact.
7. Discussion
Other Alternatives:
- Status quo: Maintaining the current business model and focusing on incremental improvements. This approach carries a high risk of falling behind competitors and losing relevance in the rapidly evolving higher education landscape.
- Mergers and acquisitions: Merging with or acquiring another institution to expand reach and resources. This approach carries significant risks, including cultural clashes, operational challenges, and potential financial strain.
- Divestment: Selling off certain programs or departments to focus on core strengths. This approach could lead to job losses and potentially damage the university's reputation.
Risks and Key Assumptions:
- Resistance to change: The university community may resist change, making it difficult to implement new initiatives.
- Financial constraints: The university may face financial constraints that limit its ability to invest in new technologies and programs.
- Competition: Competitors may adopt similar strategies, making it difficult to maintain a competitive advantage.
- Technology disruptions: Rapid technological advancements could render existing programs and technologies obsolete.
Options Grid:
| Option | Benefits | Risks | Assumptions |
|---|---|---|---|
| Embrace innovation and strategic partnerships | Increased relevance, growth, and impact | Resistance to change, financial constraints, competition | Willingness to embrace change, commitment to innovation, availability of resources |
| Status quo | Stability, minimal risk | Falling behind competitors, loss of relevance | Continued demand for traditional programs, stable funding environment |
| Mergers and acquisitions | Expanded reach, increased resources | Cultural clashes, operational challenges, financial strain | Willingness to merge or acquire, availability of suitable partners |
| Divestment | Reduced costs, focus on core strengths | Job losses, reputational damage | Willingness to divest, availability of buyers |
8. Next Steps
Timeline:
- Month 1: Deliver the initial speech, outlining the vision for the future.
- Month 2: Convene a task force to develop a comprehensive strategic plan.
- Month 3: Conduct a stakeholder analysis to gather input and feedback on the strategic plan.
- Month 4: Finalize the strategic plan and communicate it to the university community.
- Month 5: Begin implementing key initiatives outlined in the strategic plan.
- Month 6: Track progress and measure performance against the balanced scorecard.
- Month 12: Conduct a comprehensive review of the strategic plan and adjust as needed.
Key Milestones:
- Development of a comprehensive strategic plan: This plan should outline the university's vision, goals, and strategies for achieving success.
- Implementation of key initiatives: This could include developing new online programs, investing in cutting-edge research, building strategic partnerships, and fostering a culture of innovation.
- Tracking progress and measuring performance: The university should track progress against the balanced scorecard and make adjustments as needed.
- Continuous improvement: The university should foster a culture of continuous improvement by implementing regular benchmarking practices, conducting periodic reviews of the strategic plan, and encouraging open communication and feedback.
By taking these steps, Dr. Evans can ensure that Fern Fort University is well-positioned to thrive in the years to come.
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Case Description
In this vignette, students play the role of a newly appointed CEO joining a successful private company with 100 employees. The CEO will plan to hold two meetings with employees. The first meeting will be with the eight key department managers who have been reporting to the previous CEO who has since resigned. The second meeting will be with all 100 of the company's employees. In this vignette, students will choose to role play one of these meetings and prepare for questions that may be asked.
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