Case Study Review from Walden University and The University of Utah

As a business owner, it's essential to understand what it takes to succeed. Studying past successful cases can provide valuable insights. Walden University conducted a case study on business management in well-known companies. We reviewed two articles to see what we could learn from past experiences of successful companies.

In 2008, Apple rebranded itself by dropping "Computer" from its name and shifted its focus to innovation. Today, we can see they were preparing for the future. Their products include iPhones, Macs, iPads, and other accessories. Most would agree that they have set the standard in the tech world.

Another study discussed by Walden University's was how Southwest Airlines created a more personable brand image, which differed significantly from the other carriers that opted to be more traditional. However, Southwest Airlines had to find a way to stand out from the majority. So, they decided to stand against the grain and turn to social media to connect with their market, making them relatable to passengers. They listened and lived by their slogan, "Low fares. Nothing to hide. That's" "TransFarency." Southwest Airlines is creating a unique connection with its customers.

Then there is Coca-Cola in the 1980s. They competed with Pepsi and changed one of their well-known products but failed. However, Coca-Cola realized the importance of staying true to its original formula and diversified its product line, leading to over 500 beverages. Please take note that they began to be innovative.

As documented by The University of Utah, Nike faced challenges in 1998, including stock devaluation and slowing sales growth. But things continued to get worse as fashion started to change. Unfortunately, their reputation was on the line as they were known for paying low wages, mandatory overtime, and unreasonable practices. There were many red flags that change was upon them, especially in 1980, when they lost their spot as the number one athletic shoe company. It was clear that Nike had to turn their performance around. To overcome these obstacles, the company focused on innovation by introducing new products such as Air Jordan, Cross Trainers, and Air Soles, which grew popular. But as sales for Nike and their competitors dropped, they became more attentive to the needs of their customers and went beyond just selling shoes. They built Niketown retail stores worldwide and expanded their market to include women's apparel. Nike's rebranding efforts aimed to meet its customers' evolving needs.   They rebranded their image and created what the target market needed: reliable quality products that meet many of their needs.

• They focused on creating quality and innovative designs with the athlete in mind.
• Nike expanded its product line to include shoes, sports apparel, bags, accessories, and sports equipment.
• Michael Jordan was the brand for Air Jordan, and it would send the intended message that Air Jordan is a high-performance shoe.
• They expanded their market to include women's apparel as they became a growing part of the athletic community.
• They cleaned up their image by creating better products and continuously marketing and advertising their new brand. Their advertising focused on their purpose, the sport, rather than their company. You can see this in the ads with slogans like "Just Do IT" and "I Can."

What does this mean for small businesses?

It simply means a blueprint is left for us to learn from those before us. They did more than survive; they succeeded. They are part of history that has allowed us to learn and improve. The case studies offer valuable lessons for small business owners. They illustrate the importance of proactively addressing potential challenges, focusing on customer needs, and constantly innovating. Businesses are presented with trial and error, and management and their team must be on the lookout for potential problems before they arise. These companies refuse to fail but learn how to become better. As business owners, we must immediately prepare for the unexpected and shift. Southwest, Nike, and Coca-Cola focused on meeting customers' needs rather than the bottom line. They knew it would be profitable if they could deliver what their customers needed and wanted.

Adopt these five successful strategies to achieve successful outcomes

Strategy 1: Establish meaningful connections with successful business thought leaders who can provide valuable insights and guidance as you navigate the challenges of entrepreneurship. Seek a mentor who can help refine your skills and make informed decisions as you build your business.

Strategy 2: Be a proactive problem solver for your customers by deeply understanding their needs and the evolving landscape of your industry. Create products or services with a clear purpose and a well-defined strategy to cater to your customers' requirements, much like how Nike's business thought leaders anticipated their customers' future needs and responded with innovative solutions, such as Niketown retail stores.

Strategy 3: When your initial plans aren't yielding the expected results, focus on delivering solutions that address your company's immediate needs and add significant value to your offerings.

Strategy 4: Develop a comprehensive business plan and regularly review and adapt it as needed. Collaboration with your team in this planning process is crucial to effectively navigating potential changes and challenges.

Strategy 5: Understand that failing to adapt to changing market conditions and customer preferences is a common reason for business failures. When faced with adversity, consider rebranding your business to convey a more compelling message that resonates with your target audience. This can involve revising your business's core identity and refining your communication strategy to better connect with your customers.

References

Nike, Inc. (n.d.). Nike’s history. In Nike’s History. https://home.business.utah.edu/u0030108/nike_case_oct98.pdf