Harvard Case - Average is Beautiful: An Opportunity Worth Pursuing?
"Average is Beautiful: An Opportunity Worth Pursuing?" Harvard business case study is written by Heidi M.J. Bertels, Michael S. Lehman. It deals with the challenges in the field of Entrepreneurship. The case study is 13 page(s) long and it was first published on : Jan 1, 2017
At Fern Fort University, we recommend that Average Joe's pursue a strategic growth strategy focused on expanding its presence in the emerging markets of Asia and Latin America. This expansion should be fueled by a combination of organic growth through targeted marketing and product development, as well as strategic acquisitions of smaller, local competitors. This approach will leverage Average Joe's existing strengths in value-oriented pricing, strong brand recognition, and operational efficiency while mitigating potential risks through a phased, data-driven approach.
2. Background
Average Joe?s is a successful mid-market clothing retailer operating in the United States. Despite facing challenges from fast fashion competitors and the rise of online shopping, Average Joe?s has maintained a loyal customer base by offering a wide range of affordable, high-quality clothing. The company is considering expanding its operations internationally, particularly to emerging markets where there is a growing demand for affordable clothing and a large untapped customer base.
The main protagonists of the case study are:
- John Smith: The CEO of Average Joe?s, who is considering a strategic shift for the company?s future growth.
- Sarah Jones: The Chief Financial Officer, responsible for assessing the financial viability of international expansion.
- David Lee: The Head of Marketing, tasked with developing a strategy to reach new customers in emerging markets.
3. Analysis of the Case Study
The case study presents Average Joe?s with a strategic dilemma: how to maintain its competitive edge in a rapidly changing retail landscape. We can analyze the situation using a framework that considers both internal and external factors:
Internal Factors:
- Strengths: Strong brand recognition, value-oriented pricing, efficient operations, loyal customer base.
- Weaknesses: Limited international experience, potential for cultural misunderstandings, reliance on traditional retail model.
External Factors:
- Opportunities: Growing demand for affordable clothing in emerging markets, potential for acquisitions, technological advancements in e-commerce.
- Threats: Competition from fast fashion brands, fluctuating currency exchange rates, political instability in emerging markets.
Financial Analysis:
- Profitability: Average Joe?s has a solid track record of profitability, but international expansion will require significant capital investment.
- Cash flow: The company has strong cash flow, which can be leveraged for expansion and acquisitions.
- Capital structure: Average Joe?s has a conservative capital structure, but may need to consider debt financing for international expansion.
Risk Assessment:
- Economic risk: Fluctuations in currency exchange rates and economic instability in emerging markets.
- Operational risk: Challenges in establishing a supply chain and distribution network in new markets.
- Cultural risk: Misunderstandings and difficulties in adapting products and marketing strategies to local cultures.
4. Recommendations
To successfully expand into emerging markets, Average Joe?s should adopt a phased approach, focusing on:
Phase 1: Market Research and Entry Strategy:
- Conduct thorough market research: Identify specific emerging markets with high growth potential and a strong demand for affordable clothing.
- Develop a targeted entry strategy: Choose a specific market segment and tailor products and marketing campaigns to local preferences.
- Explore partnership opportunities: Consider joint ventures or strategic alliances with local businesses to leverage their knowledge of the market.
Phase 2: Organic Growth and Acquisitions:
- Invest in marketing and product development: Develop targeted marketing campaigns to reach new customers and adapt products to local tastes.
- Build a strong online presence: Invest in e-commerce platforms to expand reach and provide a convenient shopping experience.
- Consider strategic acquisitions: Acquire smaller, local competitors to accelerate market penetration and gain access to existing customer base and infrastructure.
Phase 3: Expansion and Optimization:
- Continuously monitor performance: Track key metrics such as sales, profitability, and customer satisfaction.
- Adjust strategies as needed: Adapt marketing campaigns, product offerings, and pricing strategies based on market feedback.
- Seek opportunities for cost optimization: Leverage economies of scale and technology to improve efficiency and profitability.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: Average Joe?s core competencies in value-oriented pricing, strong brand recognition, and efficient operations are transferable to emerging markets.
- External customers and internal clients: The recommendations focus on meeting the needs of both existing and potential customers in emerging markets while ensuring internal stakeholders are aligned with the expansion strategy.
- Competitors: The recommendations consider the competitive landscape in emerging markets and aim to differentiate Average Joe?s from its competitors.
- Attractiveness ? quantitative measures: The recommendations are based on a thorough financial analysis, including profitability projections, cash flow forecasts, and return on investment (ROI) calculations.
- Assumptions: The recommendations are based on the assumption that Average Joe?s can successfully navigate the challenges of operating in new markets and adapt its business model to local conditions.
6. Conclusion
By pursuing a strategic growth strategy focused on emerging markets, Average Joe?s can unlock significant opportunities for growth and profitability. The company?s strong brand recognition, value-oriented pricing, and efficient operations provide a solid foundation for success. However, it is crucial to approach expansion with a phased, data-driven approach, carefully managing risks and adapting to local market conditions.
7. Discussion
Other alternatives not selected include:
- Focusing solely on organic growth: This approach would be slower and more challenging in emerging markets with established competitors.
- Acquiring a large, established retailer: This would be a high-risk, high-reward strategy with significant financial and operational challenges.
Key risks and assumptions:
- Political instability: Average Joe?s must carefully assess the political and economic climate in target markets.
- Currency fluctuations: The company needs to develop strategies to mitigate the impact of currency exchange rate fluctuations.
- Cultural differences: Average Joe?s must adapt its products and marketing strategies to local preferences and cultural norms.
8. Next Steps
To implement the recommendations, Average Joe?s should take the following steps:
- Phase 1 (Year 1): Conduct market research, develop entry strategy, and explore partnership opportunities.
- Phase 2 (Year 2-3): Launch initial operations in selected markets, invest in marketing and product development, and consider strategic acquisitions.
- Phase 3 (Year 4+): Expand operations, optimize performance, and seek opportunities for further growth.
By taking a strategic and measured approach, Average Joe?s can successfully navigate the challenges and opportunities of international expansion, achieving sustainable growth and profitability in the years to come.
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Case Description
Nickolay Lamm, a recent university graduate, has been interested in entrepreneurship since his childhood. After running two small start-ups as a teen, graduating with a marketing degree and being laid off from his first traditional job, he finds himself working as a freelance designer. His focus is on creating original visual representations of data that go viral. Nickolay's speculative illustration of a fashion doll based on the proportions of an average 19-year old American woman (referred to as "Normal Barbie" by online media) creates considerable market buzz. His "average is beautiful" doll concept is widely covered in online media channels including the Huffington Post, BBC Radio, Cosmopolitan, CNN, Good Morning America, MSN and Smithsonian. When Nickolay starts to receive requests from parents asking where they can purchase an actual physical "average" doll based on his visual representation, he asks himself a question: "Is this the entrepreneurial opportunity for which I've been waiting?" In the end, Nickolay has a decision to make: 1) explore the feasibility of a partnership with Mattel, Hasbro or another established player 2) launch his own company, either with business partners or by himself; or 3) wait for a better entrepreneurial opportunity to emerge...
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