Problem Solution: Harrison-Keyes Inc.
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Running head: PROBLEM SOLUTION: HARRISON-KEYES INC.
Problem Solution: Harrison-Keyes Inc.
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University of Phoenix
Problem Solution: Harrison-Keyes Inc.
Problem-solving and decision-making are basic components of daily business interactions. When delving into the process of decision-making today, major decision makers within a firm must possess a sound decision-making methodology. Over time, top managers have discovered that traditional decision-making processes may lack vital elements of critical thinking for effective and timely decision-making. Therefore, effective business leaders have adopted increasingly thorough and aggressive approaches to outlining alternatives, evaluating those defined alternatives, defining solutions, and assessing risk associated with the defined solutions.
Harrison-Keyes, Inc. is a century-old company that specializes in publishing scientific, technical and business books and journals, professional and consumer books, textbooks, and other educational materials for all levels of study. During that century, Harrison-Keyes has shifted its focus from publishing the works of well-established authors to publishing business, scientific, and technical materials. In the process, Harrison-Keyes has established itself as prominent company in the publishing industry; however, recently increased competition has caused profits to decrease, a new CEO to be hired, and the adoption of a new strategic approach. This new, wide-ranging strategy focused on e-publishing, promises to impact many groups associated with the organization. The effects may not be all positive, but the ultimate goal of the strategy is to improve the organization. Senior leadership’s new strategy also has its ethical implications as well. This paper describes Harrison-Keyes’ current challenges, putting them through the 9-step problem solving model outlining alternatives, evaluating those defined alternatives, defining solutions, and assessing risks associated with the defined solutions with the ultimate goal of implementing a solution plan that will guide the company through this challenging phase toward market leadership and improved profitability.
Describe the Situation
Over the course of a century, Harrison-Keyes claimed a substantial share of the publishing market by responding to customer demands as evidenced by its shift to publishing scholarly and business information in the mid-1950s. In recent years, however, the entire industry has begun facing difficulties. Low-cost retail superstores are competing at higher levels than ever before, distribution channels are consolidating, and discounters are cutting into profits. In response to these challenges, Harrison-Keyes’ Board of Directors has hired a new CEO, Meg P. McGill, who has developed a new strategy for the company centered on e-book publishing. Her strategy entails producing digital versions of printed books and other works of the company’s current authors.
Despite the best efforts of the entire organization to implement McGill’s e-publishing strategy, initial results have been less than stellar. Quite a few issues have arisen that indicate that Harrison-Keyes was not adequately prepared for its venture into e-publishing. In response, the Harrison-Keyes Board of Directors elected to fire CEO Meg McGill and hire William Guardo as her replacement. Mr. Guardo is in favor of more traditional publishing methods and is not a huge proponent of e-publishing; however, he is willing to give e-publishing a chance if the company can deal with certain issues that concern him.
Issue and Opportunity Identification
Harrison-Keys long history of success is in jeopardy as the company risks losing not only its reputation but also its market share to other publishing companies. The newly appointed CEO, William Guardo, does not like the idea of the online store begun by the previous CEO. In fact, he has given the leadership team 30 days to accomplish the implementation plan or he will relocate funds and resources into other projects. Guardo has over 30 years of experience in the publication business; however, he has very little experience in the high-tech arena putting the new store out of his comfort zone and knowledge base. However, Guardo does bring Harrison-Keyes the opportunity to use his extensive expertise and vast list of contacts to effectively apply to the e-store project.
Jan Peters, Senior Vice President is eager to be promoted and this is the perfect opportunity for her to do so by helping the new CEO learn all the aspects