Harvard Case - Urban Axes: First Mover in US Experiential Entertainment
"Urban Axes: First Mover in US Experiential Entertainment" Harvard business case study is written by Marilyn Anthony, Shreshthi Mehta. It deals with the challenges in the field of Strategy. The case study is 10 page(s) long and it was first published on : Mar 12, 2021
At Fern Fort University, we recommend Urban Axes pursue a strategic growth plan focused on disruptive innovation and global expansion through a combination of organic growth, strategic alliances, and acquisitions. This strategy leverages Urban Axes' core competencies in experiential entertainment, technology, and customer experience to create a sustainable competitive advantage in the rapidly evolving entertainment industry.
2. Background
Urban Axes is a rapidly growing company in the experiential entertainment industry, offering a unique blend of axe throwing, social experiences, and hospitality. The company has established itself as a first mover in the US market, capitalizing on the growing popularity of axe throwing and the demand for unique social experiences. However, Urban Axes faces challenges related to competition, scaling operations, and maintaining its innovative edge.
The main protagonists in the case study are:
- Matt Bays, the founder and CEO of Urban Axes, who is passionate about creating a unique and engaging experience for customers.
- The Urban Axes team, comprised of dedicated employees who are committed to delivering exceptional customer service and driving the company's growth.
- Potential investors, who are interested in supporting Urban Axes' expansion plans and achieving a strong return on investment.
3. Analysis of the Case Study
To effectively analyze Urban Axes' situation, we can utilize several frameworks:
a) Porter's Five Forces:
- Threat of New Entrants: High - The industry is relatively easy to enter, with low barriers to entry, attracting numerous competitors.
- Bargaining Power of Buyers: Moderate - Customers have a moderate degree of bargaining power, as they can choose from various entertainment options.
- Bargaining Power of Suppliers: Low - Suppliers of equipment and services have limited bargaining power due to the availability of multiple vendors.
- Threat of Substitute Products: High - Customers can easily choose alternative entertainment options, such as bowling, escape rooms, or traditional bars.
- Rivalry Among Existing Competitors: High - The industry is characterized by intense competition, with numerous players vying for market share.
b) SWOT Analysis:
- Strengths:
- First-mover advantage in the US market
- Unique and engaging experience
- Strong brand recognition and positive customer reviews
- Experienced and passionate team
- Innovative approach to technology and customer experience
- Weaknesses:
- Limited geographic reach
- Potential for operational challenges with rapid growth
- Dependence on a single product offering
- Vulnerability to economic downturns
- Opportunities:
- Growing demand for experiential entertainment
- Expansion into new markets, both domestically and internationally
- Diversification into complementary products and services
- Development of new technologies to enhance the customer experience
- Threats:
- Increasing competition from established and emerging players
- Potential for regulatory changes impacting the industry
- Economic downturns affecting consumer spending
- Negative publicity or safety concerns
c) Value Chain Analysis:
Urban Axes' value chain can be broken down into the following primary activities:
- Inbound Logistics: Procurement of equipment, supplies, and materials.
- Operations: Setting up and maintaining axe throwing lanes, providing customer service, and managing events.
- Outbound Logistics: Delivering customer experiences and managing customer feedback.
- Marketing and Sales: Promoting the brand, attracting customers, and generating revenue.
- Service: Providing exceptional customer service and creating memorable experiences.
d) Business Model Innovation:
Urban Axes can leverage business model innovation to create a sustainable competitive advantage. This includes:
- Value Proposition: Offering a unique and engaging experience that combines axe throwing, social interaction, and hospitality.
- Customer Segments: Targeting a diverse customer base, including individuals, groups, and corporate clients.
- Channels: Utilizing online platforms, social media, and traditional marketing channels to reach potential customers.
- Customer Relationships: Building strong relationships with customers through personalized service, loyalty programs, and community engagement.
- Revenue Streams: Generating revenue through venue rentals, event bookings, food and beverage sales, and merchandise.
4. Recommendations
Based on the analysis, we recommend the following strategic initiatives for Urban Axes:
a) Disruptive Innovation:
- Develop new products and services: Urban Axes should explore new offerings that expand beyond axe throwing, such as archery, virtual reality experiences, or escape rooms. This diversification can attract a wider customer base and mitigate risks associated with a single product.
- Embrace technology: Investing in technology can enhance the customer experience, streamline operations, and improve data analytics. This includes implementing online booking systems, mobile apps, and data-driven marketing strategies.
- Create a unique brand identity: Urban Axes should focus on building a strong brand identity that differentiates it from competitors. This can be achieved through creative marketing campaigns, unique venue design, and a strong emphasis on customer service.
b) Global Expansion:
- Strategic alliances: Partnering with local businesses and entertainment venues in target markets can facilitate market entry and reduce risks. This can include joint ventures, licensing agreements, or franchise models.
- Acquisitions: Acquiring existing businesses in target markets can provide immediate access to infrastructure, customer base, and market knowledge. This strategy requires careful due diligence and integration planning.
- Organic growth: Opening new locations in strategic markets can be a gradual and controlled approach to expansion. This requires careful market research, site selection, and operational planning.
c) Strategic Partnerships:
- Collaborate with technology companies: Partnering with tech companies can provide access to cutting-edge technology, data analytics, and marketing expertise. This can include collaborations on mobile app development, data-driven marketing campaigns, and customer experience optimization.
- Engage with corporate clients: Partnering with corporations can generate significant revenue through team-building events, corporate outings, and product launches. This requires developing customized packages and building strong relationships with corporate clients.
- Collaborate with local communities: Engaging with local communities through sponsorships, charity events, and community outreach programs can enhance brand image, generate goodwill, and attract new customers.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies: Urban Axes' core competencies in experiential entertainment, technology, and customer experience are leveraged to create a sustainable competitive advantage.
- External customers and internal clients: The recommendations address the needs of both external customers and internal clients, ensuring a positive customer experience and a motivated workforce.
- Competitors: The recommendations aim to differentiate Urban Axes from competitors through disruptive innovation, global expansion, and strategic partnerships.
- Attractiveness: The recommendations are expected to generate significant growth and profitability, with a strong return on investment.
6. Conclusion
Urban Axes has the potential to become a global leader in the experiential entertainment industry. By embracing disruptive innovation, pursuing global expansion, and forging strategic partnerships, Urban Axes can create a sustainable competitive advantage and achieve long-term success.
7. Discussion
Other alternatives not selected include:
- Focusing solely on organic growth: This approach may be slower and more challenging in a competitive market.
- Licensing the brand: This could lead to inconsistent brand experiences and potential damage to the Urban Axes brand.
- Merging with a competitor: This could lead to integration challenges and potential loss of brand identity.
The key risks associated with the recommended strategy include:
- Competition: The industry is highly competitive, and new entrants may pose a significant challenge.
- Economic downturns: Economic fluctuations can impact consumer spending and affect the demand for entertainment experiences.
- Operational challenges: Rapid expansion can lead to operational inefficiencies and difficulties in maintaining quality.
The key assumptions underlying the recommendations include:
- Continued growth in the experiential entertainment market: The demand for unique and engaging experiences is expected to continue growing.
- Successful implementation of disruptive innovations: The new products and services will be well-received by customers and generate significant revenue.
- Effective management of global expansion: The expansion strategy will be executed efficiently and effectively, leveraging strategic alliances and acquisitions.
8. Next Steps
To implement the recommended strategy, Urban Axes should take the following steps:
- Develop a detailed strategic plan: This plan should outline the specific objectives, initiatives, timelines, and resources required for successful implementation.
- Conduct thorough market research: Identify target markets, analyze competitor landscape, and assess the potential for growth in each region.
- Develop a robust financial model: Project revenue, expenses, and profitability for each expansion initiative, ensuring a strong return on investment.
- Build a strong management team: Recruit and retain experienced professionals with expertise in global expansion, disruptive innovation, and strategic partnerships.
- Monitor progress and adjust the strategy as needed: Regularly assess the effectiveness of the strategy and make adjustments to ensure optimal performance.
By following these steps, Urban Axes can position itself for long-term success in the rapidly evolving entertainment industry.
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Case Description
Urban Axes introduced the Canadian indoor sport of axe throwing to the US market, beginning with one location in Philadelphia, Pennsylvania, in 2016. Although Urban Axes was started as a "side hustle" by four friends with corporate jobs, it soon became apparent that the concept could be both popular and profitable. The partners quickly decided to become fully involved in the business to maximize its potential. This case features a woman protagonist as chief financial officer and the originator of the business plan. It is a novel, contemporary example of the first-mover principle, highlighting the risks and rewards of creating a new line of business in a competitive and volatile industry-in this case, the indoor or experiential entertainment industry.
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