Harvard Case - Amanda and Kristen: Mented Cosmetics
"Amanda and Kristen: Mented Cosmetics" Harvard business case study is written by Steven Rogers, Jeffrey J. Bussgang, Alterrell Mills. It deals with the challenges in the field of Entrepreneurship. The case study is 25 page(s) long and it was first published on : Jul 21, 2020
At Fern Fort University, we recommend that Amanda and Kristen focus on a multi-pronged growth strategy for Mented Cosmetics, leveraging their existing strengths in entrepreneurial management, disruptive innovation, and digital marketing. This strategy should prioritize product development, market expansion, and building a strong brand identity while ensuring financial sustainability and operational efficiency.
2. Background
This case study focuses on Amanda Johnson and Kristen Hazelton, the founders of Mented Cosmetics, a startup company specializing in nude lipsticks for women of color. The company faced the challenge of scaling their business while maintaining their core values of inclusivity and quality. They needed to navigate the complexities of entrepreneurial financing, product development, and marketing in a competitive beauty industry.
3. Analysis of the Case Study
The case study highlights several key areas for analysis:
- Market Opportunity: The beauty industry, particularly the nude lipstick segment, is a large and growing market. Mented Cosmetics has identified a significant unmet need for diverse shades, creating a disruptive innovation in a traditionally homogenous market.
- Product Development: The company?s focus on high-quality, inclusive products has been a key driver of its success. However, expanding the product line requires careful consideration of product development processes, manufacturing capabilities, and supply chain management.
- Marketing and Branding: Mented Cosmetics has effectively leveraged social media marketing and digital advertising to reach its target audience. However, scaling these efforts requires a more sophisticated marketing strategy and investment in technology and analytics.
- Financial Sustainability: The company needs to secure financing to support its growth plans. This could involve venture capital, angel investing, or crowdfunding.
- Organizational Structure: As the company grows, Amanda and Kristen need to consider how to effectively manage their team and delegate responsibilities. This requires a clear organizational structure and leadership development.
4. Recommendations
Short-Term (12-18 Months):
- Product Line Expansion: Introduce new shades and product categories within the nude lipstick segment, focusing on market research and customer feedback to ensure product-market fit.
- Strategic Partnerships: Collaborate with influencers, retailers, and other brands in the beauty industry to expand reach and build brand awareness.
- Marketing and Branding: Develop a comprehensive digital marketing strategy incorporating influencer marketing, targeted advertising, and content marketing. Invest in technology and analytics to track campaign performance and optimize ROI.
- Financial Management: Secure a funding round to support product development, marketing, and expansion. Explore options like venture capital, angel investing, or crowdfunding.
- Organizational Development: Build a strong leadership team by hiring experienced individuals in marketing, operations, and finance. Implement clear organizational structures and performance management systems.
Long-Term (2-3 Years):
- International Expansion: Explore opportunities to expand into new markets, particularly in emerging economies with a growing demand for beauty products.
- E-commerce Platform Enhancement: Invest in upgrading the company?s website and mobile app to improve user experience, expand product offerings, and facilitate international sales.
- Sustainability Initiatives: Implement environmentally sustainable practices throughout the supply chain, from sourcing ingredients to packaging.
- Corporate Social Responsibility: Develop a program that supports women of color in the beauty industry through education, mentorship, and scholarships.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies: Mented Cosmetics has a strong foundation in entrepreneurial management, disruptive innovation, and digital marketing. These strengths should be leveraged to drive future growth.
- External Customers: The company?s target market is women of color, a diverse and growing segment with a strong demand for inclusive beauty products.
- Competitors: The beauty industry is highly competitive, but Mented Cosmetics has a unique position as a brand focused on inclusivity and quality.
- Attractiveness: The company?s current market share, strong brand identity, and potential for growth make it an attractive investment for investors.
- Assumptions: This strategy assumes that Mented Cosmetics can maintain its commitment to quality and inclusivity while scaling its operations. It also assumes that the company can successfully navigate the challenges of international expansion and financial management.
6. Conclusion
Mented Cosmetics has the potential to become a leading player in the beauty industry by leveraging its strengths in disruptive innovation, digital marketing, and entrepreneurial management. By focusing on product development, market expansion, and building a strong brand identity, the company can achieve sustainable growth and create a lasting impact on the beauty industry.
7. Discussion
Alternative strategies could include:
- Mergers and Acquisitions: Acquiring smaller, complementary brands could provide access to new markets and product lines. However, this approach carries significant financial and operational risks.
- Licensing Agreements: Licensing the Mented Cosmetics brand to other companies could generate revenue without requiring significant investment. However, this could dilute the brand?s identity and limit control over product quality.
Key risks and assumptions include:
- Competition: The beauty industry is highly competitive, and new entrants could challenge Mented Cosmetics? market share.
- Consumer Preferences: Consumer tastes and preferences are constantly evolving, and the company needs to adapt its products and marketing strategies accordingly.
- Financial Management: Securing adequate funding and managing cash flow effectively are critical for the company?s success.
8. Next Steps
- Develop a detailed business plan: Outline the company?s short-term and long-term goals, including specific financial targets, marketing strategies, and product development plans.
- Secure funding: Initiate discussions with potential investors, including venture capitalists, angel investors, and crowdfunding platforms.
- Hire key personnel: Recruit experienced individuals in marketing, operations, and finance to support the company?s growth.
- Implement marketing campaigns: Launch targeted digital marketing campaigns to reach new customers and build brand awareness.
- Monitor performance: Track key metrics, such as sales, website traffic, and customer feedback, to evaluate the effectiveness of the growth strategy.
By taking these steps, Amanda and Kristen can position Mented Cosmetics for continued success and solidify its place as a leading force in the inclusive beauty movement.
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Case Description
The co-founders (Black HBS alumnae) of an e-commerce beauty startup explore the unmet needs within the beauty industry. This case study examines the entrepreneurial opportunities that come from identifying an underserved market, specifically within the Black community and the best startup financing approach to pursue those opportunities. Students learn approaches to product ideation/innovation, marketing strategies for the social media age and launching a startup for a targeted audience. Students learn to analyze macro and micro economic data of an industry, synthesize consumer demographics and purchase behavior data, and create projected unit economics as well as pro forma financial documents to determine the potential economic opportunity that is unmet in a market and the requisite fundraising to launch a new business. At the time of the case, Mented co-founders went on to become the 15th and 16th African-American women to raise over $1 million in startup funding.
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