Harvard Case - St. Thomas Elevated Park: A Step Into the Unknown
"St. Thomas Elevated Park: A Step Into the Unknown" Harvard business case study is written by Julie Gosse, Mano Majumdar. It deals with the challenges in the field of Strategy. The case study is 9 page(s) long and it was first published on : Aug 10, 2020
At Fern Fort University, we recommend that St. Thomas Elevated Park (STEP) pursue a two-pronged strategy to achieve sustainable growth and solidify its position as a leading eco-tourism destination. Firstly, STEP should leverage its unique value proposition of providing a sustainable and immersive experience by focusing on product development and market expansion. Secondly, STEP should actively explore strategic partnerships and strategic alliances to enhance its brand visibility, attract new customer segments, and tap into new markets.
2. Background
St. Thomas Elevated Park (STEP) is a unique eco-tourism venture in the Virgin Islands, offering visitors a chance to experience the island's natural beauty from a new perspective. The park boasts a 1,000-foot long elevated walkway through the rainforest canopy, providing stunning views and an immersive experience. STEP faces challenges in attracting a wider audience, particularly during the off-season, and needs to develop a comprehensive strategy to ensure long-term sustainability.
3. Analysis of the Case Study
A. SWOT Analysis:
Strengths:
- Unique Value Proposition: STEP offers a distinct and memorable experience, combining nature, adventure, and sustainability.
- Strong Brand Identity: STEP has established itself as a leader in eco-tourism, attracting environmentally conscious travelers.
- Location Advantage: St. Thomas is a popular tourist destination with a well-developed tourism infrastructure.
- Strong Community Support: STEP has fostered positive relationships with local communities and stakeholders.
Weaknesses:
- Limited Marketing Reach: STEP's marketing efforts are primarily focused on local channels, limiting its reach to a wider audience.
- Seasonality: Tourist arrivals are heavily concentrated during peak season, leading to inconsistent revenue streams.
- Limited Product Offerings: STEP currently offers a single attraction, limiting its appeal to diverse customer segments.
- Financial Constraints: STEP has limited resources for expansion and marketing initiatives.
Opportunities:
- Expand Product Offerings: Introduce new attractions and activities to cater to diverse interests and demographics.
- Develop Partnerships: Collaborate with local businesses, tour operators, and airlines to increase visibility and reach.
- Leverage Technology: Utilize digital marketing and social media to reach a wider audience and enhance customer engagement.
- Focus on Sustainability: Promote STEP's environmental commitment and attract eco-conscious travelers.
Threats:
- Competition: The tourism industry is highly competitive, with numerous attractions vying for visitor attention.
- Economic Fluctuations: Global economic conditions can impact travel spending and affect visitor numbers.
- Environmental Concerns: Climate change and natural disasters can pose risks to the park's operations.
- Regulatory Changes: Government policies and regulations can impact the tourism industry and STEP's operations.
B. Porter's Five Forces:
- Threat of New Entrants: Moderate, as setting up a similar attraction requires significant investment and expertise.
- Bargaining Power of Buyers: Moderate, as tourists have multiple options for attractions and can influence pricing.
- Threat of Substitutes: Moderate, as other tourist activities and destinations offer alternative experiences.
- Bargaining Power of Suppliers: Low, as STEP has access to a wide range of suppliers for materials and services.
- Rivalry Among Existing Competitors: High, as the tourism industry is characterized by intense competition.
C. Value Chain Analysis:
STEP's value chain consists of the following primary activities:
- Inbound Logistics: Procurement of materials and supplies for park operations.
- Operations: Maintaining and operating the elevated walkway and other attractions.
- Outbound Logistics: Providing transportation and access to the park for visitors.
- Marketing & Sales: Promoting STEP through various channels and generating bookings.
- Service: Providing a memorable and engaging experience for visitors.
D. Business Model Innovation:
STEP can explore business model innovation by:
- Value Proposition Expansion: Offering a wider range of experiences, such as guided tours, educational programs, and cultural events.
- Pricing Strategy: Implementing dynamic pricing based on seasonality and demand, offering discounts for group bookings and multi-day passes.
- Customer Segmentation: Targeting specific customer segments, such as families, adventure seekers, and eco-conscious travelers.
- Partnerships & Alliances: Collaborating with airlines, hotels, and tour operators to create bundled packages and increase reach.
4. Recommendations
1. Product Development & Market Expansion:
- Expand Product Offerings: Introduce new attractions and activities, such as zip lines, canopy walks, and nature trails, to cater to diverse interests and demographics.
- Develop Educational Programs: Offer guided tours and workshops focusing on the island's flora, fauna, and cultural heritage.
- Seasonal Events: Organize special events and festivals during the off-season to attract visitors and boost revenue.
- Market Segmentation: Target specific customer segments, such as families, adventure seekers, and eco-conscious travelers, with tailored marketing campaigns.
- Digital Marketing: Leverage social media, online advertising, and content marketing to reach a wider audience and enhance online visibility.
- Partnerships with Local Businesses: Collaborate with restaurants, hotels, and tour operators to create bundled packages and cross-promote services.
2. Strategic Alliances & Partnerships:
- Strategic Alliances with Airlines: Negotiate partnerships with airlines to offer bundled packages and promote STEP to passengers.
- Partnerships with Travel Agencies: Work with travel agencies to include STEP in their itineraries and promote it to potential customers.
- Joint Marketing Campaigns: Collaborate with other tourist attractions and businesses on joint marketing initiatives to reach a broader audience.
- Partnerships with NGOs: Collaborate with environmental organizations to promote STEP's sustainability initiatives and attract eco-conscious travelers.
3. Sustainability & Corporate Social Responsibility:
- Enhance Environmental Sustainability: Implement green initiatives, such as reducing waste, using renewable energy, and promoting eco-friendly practices.
- Community Engagement: Partner with local communities and support local businesses to foster a sense of ownership and pride.
- Employee Training: Invest in employee training on sustainability practices and customer service to enhance the visitor experience.
- Transparency & Accountability: Publish sustainability reports and communicate STEP's environmental commitment to stakeholders.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of STEP's strengths, weaknesses, opportunities, and threats, as well as the competitive landscape and industry trends. They are aligned with STEP's mission to provide a unique and sustainable eco-tourism experience while fostering community engagement and environmental responsibility.
1. Core Competencies & Consistency with Mission: The recommendations are consistent with STEP's core competencies in providing a unique and memorable experience, leveraging its location advantage, and promoting environmental sustainability.
2. External Customers & Internal Clients: The recommendations consider the needs and preferences of diverse customer segments, including families, adventure seekers, and eco-conscious travelers, while also ensuring employee satisfaction and engagement.
3. Competitors: The recommendations address the competitive landscape by differentiating STEP through its unique value proposition, expanding its product offerings, and leveraging strategic partnerships.
4. Attractiveness ' Quantitative Measures: While specific financial projections are not provided, the recommendations are expected to generate increased revenue and profitability through enhanced marketing reach, expanded product offerings, and strategic partnerships.
5. Assumptions: The recommendations are based on the assumption that STEP has the resources and capacity to implement the proposed initiatives and that the tourism industry will continue to grow in the coming years.
6. Conclusion
By implementing these recommendations, STEP can achieve sustainable growth, expand its reach to a wider audience, and solidify its position as a leading eco-tourism destination. The focus on product development, market expansion, and strategic partnerships will enable STEP to capitalize on its unique value proposition and thrive in the competitive tourism industry.
7. Discussion
Alternative Options:
- Mergers & Acquisitions: STEP could consider acquiring or merging with other tourism businesses to expand its reach and product offerings. However, this option requires significant financial resources and may not be feasible in the short term.
- Vertical Integration: STEP could vertically integrate by developing its own tour operator services or accommodation facilities. However, this would require significant investment and expertise in new areas.
Risks & Key Assumptions:
- Economic Downturn: A global economic downturn could impact travel spending and affect visitor numbers.
- Competition: The tourism industry is highly competitive, and new entrants or existing competitors could pose a threat.
- Environmental Concerns: Climate change and natural disasters could pose risks to STEP's operations and impact visitor numbers.
- Regulatory Changes: Government policies and regulations could impact the tourism industry and STEP's operations.
8. Next Steps
Timeline:
- Year 1: Implement the product development and market expansion initiatives, including new attractions, educational programs, and digital marketing campaigns.
- Year 2: Focus on developing strategic partnerships with airlines, travel agencies, and local businesses.
- Year 3: Continue to enhance sustainability initiatives, promote corporate social responsibility, and evaluate the effectiveness of the implemented strategies.
Key Milestones:
- Launch of new attractions and activities
- Development of educational programs
- Implementation of digital marketing campaigns
- Establishment of strategic partnerships
- Completion of sustainability initiatives
By following these recommendations and taking proactive steps to address potential risks, STEP can secure its future as a thriving eco-tourism destination and contribute to the sustainable development of the Virgin Islands.
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Case Description
In 2019, the president of On Track St. Thomas (OTST), was considering the future of St. Thomas Elevated Park, a public park built on an abandoned railway bridge and now under the care of OTST. The park was built after much lobbying and community fundraising, and a decision had to be made on its future. What was going to happen to the park? Who would take responsibility for it? The president's options were to recommend a gift of it to the city of St. Thomas, create a paid membership for members of the community, or attract corporate sponsors.
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