Case Study Description of Video-Cats: Wireframing and Prototyping
The owners of a wedding videography startup, which offers three levels of services at different price points, are looking to hire someone to design a website prototype for the fledgling business. They believe the website should allow their customers to scroll through the various services included with each package, display standard prices and provide an order/contact form. They are unsure if they expect their customers to access the site using mobile devices as well as computer-based browsers, since they are worried about the cost of the different design approaches required for different screen sizes. This contrived scenario is designed to set the stage for an introductory demonstration of a free visual wireframing and process prototyping tool called justinmind (www.justinmind.com).
Swot Analysis of "Video-Cats: Wireframing and Prototyping" written by Derrick Neufeld includes – strengths weakness that are internal strategic factors of the organization, and opportunities and threats that Wireframing Prototyping facing as an external strategic factors. Some of the topics covered in Video-Cats: Wireframing and Prototyping case study are - Strategic Management Strategies, and Innovation & Entrepreneurship.
Some of the macro environment factors that can be used to understand the Video-Cats: Wireframing and Prototyping casestudy better are - – there is backlash against globalization, technology disruption, increasing government debt because of Covid-19 spendings, increasing transportation and logistics costs, competitive advantages are harder to sustain because of technology dispersion, wage bills are increasing, central banks are concerned over increasing inflation,
increasing inequality as vast percentage of new income is going to the top 1%, increasing commodity prices, etc
Introduction to SWOT Analysis of Video-Cats: Wireframing and Prototyping
SWOT stands for an organization’s Strengths, Weaknesses, Opportunities and Threats . At Oak Spring University , we believe that protagonist in Video-Cats: Wireframing and Prototyping case study can use SWOT analysis as a strategic management tool to assess the current internal strengths and weaknesses of the Wireframing Prototyping, and to figure out the opportunities and threats in the macro environment – technological, environmental, political, economic, social, demographic, etc in which Wireframing Prototyping operates in.
According to Harvard Business Review, 75% of the managers use SWOT analysis for various purposes such as – evaluating current scenario, strategic planning, new venture feasibility, personal growth goals, new market entry, Go To market strategies, portfolio management and strategic trade-off assessment, organizational restructuring, etc.
SWOT Objectives / Importance of SWOT Analysis and SWOT Matrix
SWOT analysis of Video-Cats: Wireframing and Prototyping can be done for the following purposes –
1. Strategic planning using facts provided in Video-Cats: Wireframing and Prototyping case study
2. Improving business portfolio management of Wireframing Prototyping
3. Assessing feasibility of the new initiative in Innovation & Entrepreneurship field.
4. Making a Innovation & Entrepreneurship topic specific business decision
5. Set goals for the organization
6. Organizational restructuring of Wireframing Prototyping
Strengths Video-Cats: Wireframing and Prototyping | Internal Strategic Factors
What are Strengths in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The strengths of Wireframing Prototyping in Video-Cats: Wireframing and Prototyping Harvard Business Review case study are -
Cross disciplinary teams
– Horizontal connected teams at the Wireframing Prototyping are driving operational speed, building greater agility, and keeping the organization nimble to compete with new competitors. It helps are organization to ideate new ideas, and execute them swiftly in the marketplace.
Ability to lead change in Innovation & Entrepreneurship field
– Wireframing Prototyping is one of the leading players in its industry. Over the years it has not only transformed the business landscape in its segment but also across the whole industry. The ability to lead change has enabled Wireframing Prototyping in – penetrating new markets, reaching out to new customers, and providing different value propositions to different customers in the international markets.
Superior customer experience
– The customer experience strategy of Wireframing Prototyping in the segment is based on four key concepts – personalization, simplification of complex needs, prompt response, and continuous engagement.
Highly skilled collaborators
– Wireframing Prototyping has highly efficient outsourcing and offshoring strategy. It has resulted in greater operational flexibility and bringing down the costs in highly price sensitive segment. Secondly the value chain collaborators of the firm in Video-Cats: Wireframing and Prototyping HBR case study have helped the firm to develop new products and bring them quickly to the marketplace.
Operational resilience
– The operational resilience strategy in the Video-Cats: Wireframing and Prototyping Harvard Business Review case study comprises – understanding the underlying the factors in the industry, building diversified operations across different geographies so that disruption in one part of the world doesn’t impact the overall performance of the firm, and integrating the various business operations and processes through its digital transformation drive.
High brand equity
– Wireframing Prototyping has strong brand awareness and brand recognition among both - the exiting customers and potential new customers. Strong brand equity has enabled Wireframing Prototyping to keep acquiring new customers and building profitable relationship with both the new and loyal customers.
Learning organization
- Wireframing Prototyping is a learning organization. It has inculcated three key characters of learning organization in its processes and operations – exploration, creativity, and expansiveness. The work place at Wireframing Prototyping is open place that encourages instructiveness, ideation, open minded discussions, and creativity. Employees and leaders in Video-Cats: Wireframing and Prototyping Harvard Business Review case study emphasize – knowledge, initiative, and innovation.
Effective Research and Development (R&D)
– Wireframing Prototyping has innovation driven culture where significant part of the revenues are spent on the research and development activities. This has resulted in, as mentioned in case study Video-Cats: Wireframing and Prototyping - staying ahead in the industry in terms of – new product launches, superior customer experience, highly competitive pricing strategies, and great returns to the shareholders.
Ability to recruit top talent
– Wireframing Prototyping is one of the leading recruiters in the industry. Managers in the Video-Cats: Wireframing and Prototyping are in a position to attract the best talent available. The firm has a robust talent identification program that helps in identifying the brightest.
Organizational Resilience of Wireframing Prototyping
– The covid-19 pandemic has put organizational resilience at the centre of everthing that Wireframing Prototyping does. Organizational resilience comprises - Financial Resilience, Operational Resilience, Technological Resilience, Organizational Resilience, Business Model Resilience, and Reputation Resilience.
Digital Transformation in Innovation & Entrepreneurship segment
- digital transformation varies from industry to industry. For Wireframing Prototyping digital transformation journey comprises differing goals based on market maturity, customer technology acceptance, and organizational culture. Wireframing Prototyping has successfully integrated the four key components of digital transformation – digital integration in processes, digital integration in marketing and customer relationship management, digital integration into the value chain, and using technology to explore new products and market opportunities.
Innovation driven organization
– Wireframing Prototyping is one of the most innovative firm in sector. Manager in Video-Cats: Wireframing and Prototyping Harvard Business Review case study can use Clayton Christensen Disruptive Innovation strategies to further increase the scale of innovtions in the organization.
Weaknesses Video-Cats: Wireframing and Prototyping | Internal Strategic Factors
What are Weaknesses in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The weaknesses of Video-Cats: Wireframing and Prototyping are -
Slow to harness new channels of communication
– Even though competitors are using new communication channels such as Instagram, Tiktok, and Snap, Wireframing Prototyping is slow explore the new channels of communication. These new channels of communication mentioned in marketing section of case study Video-Cats: Wireframing and Prototyping can help to provide better information regarding products and services. It can also build an online community to further reach out to potential customers.
Products dominated business model
– Even though Wireframing Prototyping has some of the most successful products in the industry, this business model has made each new product launch extremely critical for continuous financial growth of the organization. firm in the HBR case study - Video-Cats: Wireframing and Prototyping should strive to include more intangible value offerings along with its core products and services.
Low market penetration in new markets
– Outside its home market of Wireframing Prototyping, firm in the HBR case study Video-Cats: Wireframing and Prototyping needs to spend more promotional, marketing, and advertising efforts to penetrate international markets.
Lack of clear differentiation of Wireframing Prototyping products
– To increase the profitability and margins on the products, Wireframing Prototyping needs to provide more differentiated products than what it is currently offering in the marketplace.
Compensation and incentives
– The revenue per employee as mentioned in the HBR case study Video-Cats: Wireframing and Prototyping, is just above the industry average. Wireframing Prototyping needs to redesign the compensation structure and incentives to increase the revenue per employees. Some of the steps that it can take are – hiring more specialists on project basis, etc.
Increasing silos among functional specialists
– The organizational structure of Wireframing Prototyping is dominated by functional specialists. It is not different from other players in the Innovation & Entrepreneurship segment. Wireframing Prototyping needs to de-silo the office environment to harness the true potential of its workforce. Secondly the de-silo will also help Wireframing Prototyping to focus more on services rather than just following the product oriented approach.
Aligning sales with marketing
– It come across in the case study Video-Cats: Wireframing and Prototyping that the firm needs to have more collaboration between its sales team and marketing team. Sales professionals in the industry have deep experience in developing customer relationships. Marketing department in the case Video-Cats: Wireframing and Prototyping can leverage the sales team experience to cultivate customer relationships as Wireframing Prototyping is planning to shift buying processes online.
Capital Spending Reduction
– Even during the low interest decade, Wireframing Prototyping has not been able to do capital spending to the tune of the competition. This has resulted into fewer innovations and company facing stiff competition from both existing competitors and new entrants who are disrupting the industry using digital technology.
High cash cycle compare to competitors
Wireframing Prototyping has a high cash cycle compare to other players in the industry. It needs to shorten the cash cycle by 12% to be more competitive in the marketplace, reduce inventory costs, and be more profitable.
Workers concerns about automation
– As automation is fast increasing in the segment, Wireframing Prototyping needs to come up with a strategy to reduce the workers concern regarding automation. Without a clear strategy, it could lead to disruption and uncertainty within the organization.
Ability to respond to the competition
– As the decision making is very deliberative, highlighted in the case study Video-Cats: Wireframing and Prototyping, in the dynamic environment Wireframing Prototyping has struggled to respond to the nimble upstart competition. Wireframing Prototyping has reasonably good record with similar level competitors but it has struggled with new entrants taking away niches of its business.
Opportunities Video-Cats: Wireframing and Prototyping | External Strategic Factors
What are Opportunities in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The opportunities highlighted in the Harvard Business Review case study Video-Cats: Wireframing and Prototyping are -
Loyalty marketing
– Wireframing Prototyping has focused on building a highly responsive customer relationship management platform. This platform is built on in-house data and driven by analytics and artificial intelligence. The customer analytics can help the organization to fine tune its loyalty marketing efforts, increase the wallet share of the organization, reduce wastage on mainstream advertising spending, build better pricing strategies using personalization, etc.
Building a culture of innovation
– managers at Wireframing Prototyping can make experimentation a productive activity and build a culture of innovation using approaches such as – mining transaction data, A/B testing of websites and selling platforms, engaging potential customers over various needs, and building on small ideas in the Innovation & Entrepreneurship segment.
Use of Bitcoin and other crypto currencies for transactions
– The popularity of Bitcoin and other crypto currencies as asset class and medium of transaction has opened new opportunities for Wireframing Prototyping in the consumer business. Now Wireframing Prototyping can target international markets with far fewer capital restrictions requirements than the existing system.
Buying journey improvements
– Wireframing Prototyping can improve the customer journey of consumers in the industry by using analytics and artificial intelligence. Video-Cats: Wireframing and Prototyping suggest that firm can provide automated chats to help consumers solve their own problems, provide online suggestions to get maximum out of the products and services, and help consumers to build a community where they can interact with each other to develop new features and uses.
Using analytics as competitive advantage
– Wireframing Prototyping has spent a significant amount of money and effort to integrate analytics and machine learning into its operations in the sector. This continuous investment in analytics has enabled, as illustrated in the Harvard case study Video-Cats: Wireframing and Prototyping - to build a competitive advantage using analytics. The analytics driven competitive advantage can help Wireframing Prototyping to build faster Go To Market strategies, better consumer insights, developing relevant product features, and building a highly efficient supply chain.
Low interest rates
– Even though inflation is raising its head in most developed economies, Wireframing Prototyping can still utilize the low interest rates to borrow money for capital investment. Secondly it can also use the increase of government spending in infrastructure projects to get new business.
Manufacturing automation
– Wireframing Prototyping can use the latest technology developments to improve its manufacturing and designing process in Innovation & Entrepreneurship segment. It can use CAD and 3D printing to build a quick prototype and pilot testing products. It can leverage automation using machine learning and artificial intelligence to do faster production at lowers costs, and it can leverage the growth in satellite and tracking technologies to improve inventory management, transportation, and shipping.
Leveraging digital technologies
– Wireframing Prototyping can leverage digital technologies such as artificial intelligence and machine learning to automate the production process, customer analytics to get better insights into consumer behavior, realtime digital dashboards to get better sales tracking, logistics and transportation, product tracking, etc.
Developing new processes and practices
– Wireframing Prototyping can develop new processes and procedures in Innovation & Entrepreneurship industry using technology such as automation using artificial intelligence, real time transportation and products tracking, 3D modeling for concept development and new products pilot testing etc.
Identify volunteer opportunities
– Covid-19 has impacted working population in two ways – it has led to people soul searching about their professional choices, resulting in mass resignation. Secondly it has encouraged people to do things that they are passionate about. This has opened opportunities for businesses to build volunteer oriented socially driven projects. Wireframing Prototyping can explore opportunities that can attract volunteers and are consistent with its mission and vision.
Redefining models of collaboration and team work
– As explained in the weaknesses section, Wireframing Prototyping is facing challenges because of the dominance of functional experts in the organization. Video-Cats: Wireframing and Prototyping case study suggests that firm can utilize new technology to build more coordinated teams and streamline operations and communications using tools such as CAD, Zoom, etc.
Better consumer reach
– The expansion of the 5G network will help Wireframing Prototyping to increase its market reach. Wireframing Prototyping will be able to reach out to new customers. Secondly 5G will also provide technology framework to build new tools and products that can help more immersive consumer experience and faster consumer journey.
Harnessing reconfiguration of the global supply chains
– As the trade war between US and China heats up in the coming years, Wireframing Prototyping can build a diversified supply chain model across various countries in - South East Asia, India, and other parts of the world. This reconfiguration of global supply chain can help, as suggested in case study, Video-Cats: Wireframing and Prototyping, to buy more products closer to the markets, and it can leverage its size and influence to get better deal from the local markets.
Threats Video-Cats: Wireframing and Prototyping External Strategic Factors
What are Threats in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The threats mentioned in the HBR case study Video-Cats: Wireframing and Prototyping are -
Environmental challenges
– Wireframing Prototyping needs to have a robust strategy against the disruptions arising from climate change and energy requirements. EU has identified it as key priority area and spending 30% of its 880 billion Euros European post Covid-19 recovery funds on green technology. Wireframing Prototyping can take advantage of this fund but it will also bring new competitors in the Innovation & Entrepreneurship industry.
Stagnating economy with rate increase
– Wireframing Prototyping can face lack of demand in the market place because of Fed actions to reduce inflation. This can lead to sluggish growth in the economy, lower demands, lower investments, higher borrowing costs, and consolidation in the field.
Technology acceleration in Forth Industrial Revolution
– Wireframing Prototyping has witnessed rapid integration of technology during Covid-19 in the Innovation & Entrepreneurship industry. As one of the leading players in the industry, Wireframing Prototyping needs to keep up with the evolution of technology in the Innovation & Entrepreneurship sector. According to Mckinsey study top managers believe that the adoption of technology in operations, communications is 20-25 times faster than what they planned in the beginning of 2019.
Capital market disruption
– During the Covid-19, Dow Jones has touched record high. The valuations of a number of companies are way beyond their existing business model potential. This can lead to capital market correction which can put a number of suppliers, collaborators, value chain partners in great financial difficulty. It will directly impact the business of Wireframing Prototyping.
Shortening product life cycle
– it is one of the major threat that Wireframing Prototyping is facing in Innovation & Entrepreneurship sector. It can lead to higher research and development costs, higher marketing expenses, lower customer loyalty, etc.
High dependence on third party suppliers
– Wireframing Prototyping high dependence on third party suppliers can disrupt its processes and delivery mechanism. For example -the current troubles of car makers because of chip shortage is because the chip companies started producing chips for electronic companies rather than car manufacturers.
Barriers of entry lowering
– As technology is more democratized, the barriers to entry in the industry are lowering. It can presents Wireframing Prototyping with greater competitive threats in the near to medium future. Secondly it will also put downward pressure on pricing throughout the sector.
High level of anxiety and lack of motivation
– the Great Resignation in United States is the sign of broader dissatisfaction among the workforce in United States. Wireframing Prototyping needs to understand the core reasons impacting the Innovation & Entrepreneurship industry. This will help it in building a better workplace.
Increasing international competition and downward pressure on margins
– Apart from technology driven competitive advantage dilution, Wireframing Prototyping can face downward pressure on margins from increasing competition from international players. The international players have stable revenue in their home market and can use those resources to penetrate prominent markets illustrated in HBR case study Video-Cats: Wireframing and Prototyping .
Aging population
– As the populations of most advanced economies are aging, it will lead to high social security costs, higher savings among population, and lower demand for goods and services in the economy. The household savings in US, France, UK, Germany, and Japan are growing faster than predicted because of uncertainty caused by pandemic.
New competition
– After the dotcom bust of 2001, financial crisis of 2008-09, the business formation in US economy had declined. But in 2020 alone, there are more than 1.5 million new business applications in United States. This can lead to greater competition for Wireframing Prototyping in the Innovation & Entrepreneurship sector and impact the bottomline of the organization.
Technology disruption because of hacks, piracy etc
– The colonial pipeline illustrated, how vulnerable modern organization are to international hackers, miscreants, and disruptors. The cyber security interruption, data leaks, etc can seriously jeopardize the future growth of the organization.
Consumer confidence and its impact on Wireframing Prototyping demand
– There is a high probability of declining consumer confidence, given – high inflammation rate, rise of gig economy, lower job stability, increasing cost of living, higher interest rates, and aging demography. All the factors contribute to people saving higher rate of their income, resulting in lower consumer demand in the industry and other sectors.
Weighted SWOT Analysis of Video-Cats: Wireframing and Prototyping Template, Example
Not all factors mentioned under the Strengths, Weakness, Opportunities, and Threats quadrants in the SWOT Analysis are equal. Managers in the HBR case study Video-Cats: Wireframing and Prototyping needs to zero down on the relative importance of each factor mentioned in the Strengths, Weakness, Opportunities, and Threats quadrants.
We can provide the relative importance to each factor by assigning relative weights. Weighted SWOT analysis process is a three stage process –
First stage for doing weighted SWOT analysis of the case study Video-Cats: Wireframing and Prototyping is to rank the strengths and weaknesses of the organization. This will help you to assess the most important strengths and weaknesses of the firm and which one of the strengths and weaknesses mentioned in the initial lists are marginal and can be left out.
Second stage for conducting weighted SWOT analysis of the Harvard case study Video-Cats: Wireframing and Prototyping is to give probabilities to the external strategic factors thus better understanding the opportunities and threats arising out of macro environment changes and developments.
Third stage of constructing weighted SWOT analysis of Video-Cats: Wireframing and Prototyping is to provide strategic recommendations includes – joining likelihood of external strategic factors such as opportunities and threats to the internal strategic factors – strengths and weaknesses. You should start with external factors as they will provide the direction of the overall industry. Secondly by joining probabilities with internal strategic factors can help the company not only strategic fit but also the most probably strategic trade-off that Wireframing Prototyping needs to make to build a sustainable competitive advantage.