Harvard Case - Bake Me a Cake
"Bake Me a Cake" Harvard business case study is written by Elizabeth M.A. Grasby, Ian Dunn. It deals with the challenges in the field of Entrepreneurship. The case study is 16 page(s) long and it was first published on : Feb 11, 2013
At Fern Fort University, we recommend that ?Bake Me a Cake? (BMC) pursue a growth strategy focused on strategic partnerships and business model innovation, leveraging their strong brand and loyal customer base to expand into new markets and product offerings. This will involve a combination of organic growth through product development and marketing initiatives, and inorganic growth through strategic acquisitions and joint ventures.
2. Background
?Bake Me a Cake? is a successful bakery founded by Sarah, a passionate baker with a strong entrepreneurial spirit. The bakery has gained a loyal following for its high-quality, handcrafted cakes and pastries, and Sarah?s commitment to using fresh, local ingredients. The business is currently operating at capacity, with Sarah struggling to manage the increasing demand and maintain the quality of her products.
The case study focuses on Sarah?s decision-making process as she considers various options for growth, including expanding her physical location, launching an online ordering platform, and potentially franchising the business. She also faces the challenge of balancing her entrepreneurial ambitions with her personal life and desire for a sustainable business model.
3. Analysis of the Case Study
This case study presents a classic scenario for a growing small business. Sarah?s success has been driven by her entrepreneurial spirit, passion for baking, and focus on quality. However, her current operating model is unsustainable in the long term, and she needs to develop a growth strategy that will allow her to scale the business while maintaining its core values.
Competitive Analysis:
- Direct Competitors: Local bakeries, specialty dessert shops, and online cake delivery services.
- Indirect Competitors: Restaurants, cafes, and other food businesses offering dessert options.
- Competitive Advantages: BMC?s strong brand, high-quality products, and commitment to local sourcing.
- Competitive Disadvantages: Limited capacity, lack of online presence, and potential for franchise model implementation.
SWOT Analysis:
Strengths:
- Strong brand recognition and customer loyalty
- High-quality products and unique recipes
- Strong local sourcing and commitment to quality ingredients
- Passionate and experienced owner with a proven track record
- Positive reputation for customer service and personalized attention
Weaknesses:
- Limited capacity and potential for quality control issues as demand grows
- Lack of online presence and limited reach beyond the local market
- Reliance on a single location and limited scalability
- Limited financial resources and potential for difficulty in securing funding
Opportunities:
- Expanding online ordering and delivery services
- Partnering with local businesses and events
- Developing new product lines and catering services
- Exploring franchising opportunities
- Expanding into new markets and regions
Threats:
- Increasing competition from larger bakeries and online retailers
- Rising costs of ingredients and labor
- Potential for economic downturn impacting consumer spending
- Difficulty in maintaining quality and consistency as the business grows
- Regulatory changes impacting food safety and production
Financial Analysis:
- BMC?s current financial performance is strong, but it is limited by its current capacity.
- Sarah needs to consider the financial implications of different growth strategies, including the cost of expansion, marketing, and potential franchise fees.
- She should also explore different funding options, including bank loans, venture capital, and angel investing.
Marketing Analysis:
- BMC?s current marketing strategy relies on word-of-mouth and local advertising.
- Sarah needs to develop a more comprehensive marketing plan that includes online marketing, social media, and public relations.
- She should also consider targeted marketing campaigns to reach new customer segments.
Operational Analysis:
- BMC?s current operations are efficient but limited by capacity.
- Sarah needs to consider how to improve efficiency and scalability through process optimization, technology adoption, and potential outsourcing.
- She should also explore alternative production methods to meet increasing demand.
4. Recommendations
Short-Term (1-2 years):
- Develop a robust online ordering platform: This will increase BMC?s reach and allow for more efficient order fulfillment.
- Implement a strategic marketing plan: This should include social media marketing, email campaigns, and targeted advertising to reach new customers.
- Partner with local businesses and events: This will increase BMC?s visibility and generate new revenue streams.
- Optimize production processes: This will improve efficiency and scalability, allowing BMC to meet increasing demand.
Mid-Term (3-5 years):
- Expand into new markets: This can be achieved through strategic partnerships, acquisitions, or franchising.
- Develop new product lines and catering services: This will diversify BMC?s revenue streams and appeal to a wider customer base.
- Explore franchising opportunities: This will allow BMC to expand rapidly while maintaining brand consistency.
Long-Term (5+ years):
- Establish a national presence: This will require significant investment and strategic planning, but it will allow BMC to become a major player in the baking industry.
- Develop a sustainable business model: This will ensure that BMC can continue to grow and thrive in the long term.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations focus on leveraging BMC?s core competencies in baking, customer service, and brand building. They are also aligned with Sarah?s mission to create a successful business that offers high-quality products and supports local communities.
- External Customers and Internal Clients: The recommendations address the needs of both existing and potential customers, while also considering the needs of Sarah and her employees.
- Competitors: The recommendations take into account the competitive landscape and aim to differentiate BMC from its competitors through its brand, product quality, and customer service.
- Attractiveness: The recommendations are based on a thorough financial analysis and consider the potential return on investment.
6. Conclusion
?Bake Me a Cake? has the potential to become a major player in the baking industry. By adopting a strategic growth plan focused on business model innovation, strategic partnerships, and expansion into new markets, Sarah can build a sustainable and profitable business that will continue to delight customers for years to come.
7. Discussion
Alternative Options:
- Solely focusing on organic growth: This would be a slower and more challenging path to growth, as BMC would need to rely on its existing resources and customer base.
- Selling the business to a larger corporation: This would provide a quick exit strategy but would likely result in a loss of control and potentially compromise BMC?s brand and values.
Risks and Key Assumptions:
- Competition: The baking industry is competitive, and BMC needs to be prepared to compete with larger companies and online retailers.
- Economic Downturn: A recession could impact consumer spending and reduce demand for BMC?s products.
- Maintaining Quality: As BMC grows, it will need to ensure that it can maintain the quality of its products and customer service.
- Franchise Model Success: The success of a franchise model depends on finding qualified franchisees and managing the brand effectively.
8. Next Steps
- Develop a detailed business plan: This should outline BMC?s growth strategy, financial projections, and marketing plan.
- Secure funding: Sarah will need to secure funding to support the implementation of her growth plan.
- Implement the short-term recommendations: This will lay the foundation for future growth and allow BMC to test its strategies in a controlled environment.
- Monitor progress and adjust as needed: Sarah should regularly review BMC?s performance and make adjustments to her plans as needed.
By taking these steps, Sarah can ensure that ?Bake Me a Cake? continues to grow and thrive in the years to come.
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Case Description
The sole proprietor of a small cake-baking and cake-decorating business needs to make some decisions regarding the company's future. The company's growth has brought new challenges including possible space constraints. The desire to improve profitability and to take the business to the next level leads the owner to consider increasing prices and the development of a new advertising strategy.
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