Harvard Case - Tethia Lungmeng: Making Stone from Paper
"Tethia Lungmeng: Making Stone from Paper" Harvard business case study is written by Boon Siong Neo, Soon Ang, Gillian Yeo, Cheryl Lim. It deals with the challenges in the field of Strategy. The case study is 13 page(s) long and it was first published on : May 24, 2015
At Fern Fort University, we recommend Tethia Lungmeng pursue a strategic growth strategy focused on disruptive innovation and global expansion, leveraging its core competencies in technology and analytics, manufacturing processes, and environmental sustainability. This strategy should be implemented through a combination of product development, market development, and strategic alliances to establish a sustainable competitive advantage in the rapidly evolving construction materials industry.
2. Background
Tethia Lungmeng is a small but innovative company in Thailand, pioneering the production of eco-friendly, high-performance building materials from recycled paper. Founded by a visionary entrepreneur, Lungmeng aims to revolutionize the construction industry by offering a sustainable alternative to traditional concrete and stone. The company faces challenges in scaling its operations, securing funding, and navigating the competitive landscape.
Main protagonists:
- Tethia Lungmeng: The company's founder, a passionate advocate for sustainable building practices.
- Dr. Somchai: A leading researcher and key figure in developing the innovative paper-based building materials.
- The Lungmeng family: Supporting the company's growth and providing financial resources.
3. Analysis of the Case Study
Industry Analysis:
- Porter's Five Forces:
- Threat of New Entrants: Low due to high barriers to entry, including technology, manufacturing expertise, and regulatory compliance.
- Bargaining Power of Suppliers: Moderate, as raw materials like recycled paper are readily available but subject to price fluctuations.
- Bargaining Power of Buyers: Moderate, as large construction companies have leverage but are increasingly seeking sustainable solutions.
- Threat of Substitutes: High, as traditional concrete and stone remain dominant, but the market is open to innovative alternatives.
- Rivalry Among Existing Competitors: Moderate, with established players like Tethia Lungmeng facing competition from emerging startups and established companies exploring sustainable options.
SWOT Analysis:
Strengths:
- Innovative technology: Patented technology for producing high-performance building materials from recycled paper.
- Environmental sustainability: Strong commitment to sustainability and a unique selling proposition in the market.
- Strong research and development (R&D): Dedicated team of researchers and engineers driving innovation.
- Strong brand reputation: Growing recognition for its eco-friendly and high-quality products.
Weaknesses:
- Limited production capacity: Current production capacity is insufficient to meet growing demand.
- Financial constraints: Limited access to funding for expansion and marketing.
- Lack of brand awareness: Limited marketing efforts and brand recognition outside Thailand.
- Limited distribution network: Difficulty in reaching international markets.
Opportunities:
- Growing demand for sustainable building materials: Increasing awareness of environmental concerns and government regulations.
- Emerging markets: Expanding into new markets with high growth potential, particularly in Asia and developing countries.
- Strategic partnerships: Collaborating with industry leaders and investors to access resources and expertise.
- Technological advancements: Utilizing AI and machine learning to optimize production processes and enhance product development.
Threats:
- Competition from established players: Traditional construction material companies may develop sustainable alternatives.
- Economic downturn: Fluctuations in the construction industry could impact demand for building materials.
- Regulatory changes: Changes in environmental regulations could impact production costs and market access.
- Technological disruption: New technologies could emerge, potentially rendering current technology obsolete.
Value Chain Analysis:
Tethia Lungmeng's value chain consists of:
- Inbound Logistics: Sourcing recycled paper and other raw materials.
- Operations: Manufacturing and processing paper-based building materials.
- Outbound Logistics: Distributing finished products to customers.
- Marketing and Sales: Promoting the company's brand and products.
- Customer Service: Providing technical support and addressing customer needs.
Business Model Innovation:
Tethia Lungmeng's business model is based on disruptive innovation, offering a sustainable and cost-effective alternative to traditional building materials. The company leverages its technology and analytics to optimize production processes, reduce costs, and enhance product performance.
Competitive Advantage:
Tethia Lungmeng's competitive advantage lies in its unique product offering, environmental sustainability, and strong R&D capabilities. The company's disruptive innovation and focus on emerging markets provide further opportunities for growth and differentiation.
4. Recommendations
1. Strategic Growth Strategy:
- Disruptive Innovation: Continue to invest in R&D to develop new and improved paper-based building materials, focusing on cost-effectiveness, performance, and versatility.
- Global Expansion: Target emerging markets with high growth potential in the construction industry, particularly in Asia and developing countries.
- Strategic Alliances: Partner with international construction companies, investors, and technology providers to access resources, expertise, and distribution networks.
2. Product Development:
- Expand product portfolio: Develop a wider range of paper-based building materials, including bricks, tiles, insulation, and prefabricated panels.
- Enhance product performance: Improve the strength, durability, and fire resistance of paper-based materials.
- Focus on customization: Offer tailored solutions to meet specific customer requirements and project needs.
3. Market Development:
- Target specific market segments: Focus on environmentally conscious architects, developers, and construction companies.
- Develop a strong marketing strategy: Utilize digital marketing channels, trade shows, and industry events to increase brand awareness.
- Build a strong distribution network: Establish partnerships with distributors and retailers to reach international markets.
4. Strategic Alliances:
- Joint ventures: Partner with international construction companies to develop and implement sustainable building projects.
- Technology licensing: License its technology to other companies to expand market reach and generate revenue.
- Research collaborations: Collaborate with universities and research institutions to advance technology and product development.
5. Basis of Recommendations
1. Core Competencies and Consistency with Mission:
The recommendations align with Tethia Lungmeng's core competencies in technology, manufacturing processes, and environmental sustainability. They also support the company's mission to revolutionize the construction industry with sustainable solutions.
2. External Customers and Internal Clients:
The recommendations address the needs of external customers, such as architects, developers, and construction companies, by offering innovative and sustainable building materials. Internal clients, such as employees and investors, will benefit from the company's growth and success.
3. Competitors:
The recommendations aim to differentiate Tethia Lungmeng from its competitors by focusing on disruptive innovation, global expansion, and strategic alliances.
4. Attractiveness ' Quantitative Measures:
While specific financial projections are not provided in the case study, the recommendations are expected to generate positive returns on investment (ROI) through increased sales, market share, and brand recognition.
5. Explicit Assumptions:
The recommendations rely on the following assumptions:
- Continued demand for sustainable building materials: The market for eco-friendly construction solutions will continue to grow.
- Technological advancements: Continued innovation in paper-based building materials will enhance product performance and reduce costs.
- Government support: Governments will continue to promote sustainable building practices through regulations and incentives.
6. Conclusion
By pursuing a strategic growth strategy focused on disruptive innovation, global expansion, and strategic alliances, Tethia Lungmeng can establish a sustainable competitive advantage in the construction materials industry. The company's commitment to environmental sustainability, technological innovation, and customer satisfaction will drive growth and success in the long term.
7. Discussion
Alternatives:
- Focusing solely on the domestic market: This would limit growth potential and expose the company to economic and regulatory risks.
- Merging with a larger construction company: This could provide access to resources and markets but might compromise the company's commitment to sustainability and innovation.
Risks:
- Competition from established players: Traditional construction material companies may develop sustainable alternatives, posing a threat to market share.
- Economic downturn: Fluctuations in the construction industry could impact demand for building materials, affecting sales and profitability.
- Technological disruption: New technologies could emerge, potentially rendering current technology obsolete.
Key Assumptions:
- The market for sustainable building materials will continue to grow.
- Technological advancements will continue to improve the performance and cost-effectiveness of paper-based materials.
- Governments will continue to promote sustainable building practices.
8. Next Steps
Timeline:
- Year 1: Secure funding for expansion, develop new product lines, and establish strategic alliances.
- Year 2: Launch new products in key emerging markets, expand distribution network, and increase marketing efforts.
- Year 3: Further invest in R&D, explore new markets, and solidify partnerships with international construction companies.
Key Milestones:
- Secure funding: Secure $10 million in funding from investors and venture capitalists.
- Launch new products: Introduce three new paper-based building materials to the market.
- Establish strategic alliances: Partner with three international construction companies and two technology providers.
- Increase market share: Achieve a 5% market share in key emerging markets within three years.
By implementing these recommendations and achieving these milestones, Tethia Lungmeng can successfully navigate the competitive landscape and establish itself as a leading player in the sustainable building materials industry.
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Case Description
On 18 Feb 2011, paper made from stone rolled off from a factory in the city of Huaibei, makingTethia Lungmeng Environmental Friendly Products Co. Ltd. (TLM天象龙盟) the first company to produce commercial stone paper in China. TLM's founder and chairman, Kong Ling Fa, (孔令发) gave his visitors his stone paper business card and put one business card into a glass of water. Half an hour into the conversation, he pulled out the card, shook off the water and passed it around. The stone paper business card felt the same as ordinary paper and yet was completely waterproof. Stone paper is paper made from limestone, which is an abundant raw material. Kong felt that he was breaking new ground with this new material, and that it had commercial potential. He believed that stone paper's potential goes beyond replacing traditional paper. How readily would consumers accept it? How should TLM promote the value and potential of stone paper? Which markets should he target? Should TLM focus on China or reach out to more developed countries in the West? What would be the appropriate business model? TLM licensed the technology from Taiwan and had exclusive rights only in Anhui province. Although TLM was the first to produce stone paper commercially, three other companies were in the process of starting up production. How should TLM exploit its first-mover advantage? How should TLM develop the resources and strategic capabilities to ensure success? How could it leverage on the reputation and experience that Kong and TLM had accumulated over the years? Was it sustainable?
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