Harvard Case - Cake: Navigating Mortality
"Cake: Navigating Mortality" Harvard business case study is written by Robert Chess, Susan Golden, Jack Strabo. It deals with the challenges in the field of Entrepreneurship. The case study is 21 page(s) long and it was first published on : Mar 7, 2021
At Fern Fort University, we recommend Cake pursue a strategic growth path focused on business model innovation and expansion into new markets. This involves leveraging their existing platform and brand recognition to offer a suite of value-added services catering to a broader customer base. This strategy aims to achieve scalability, sustainable growth, and long-term profitability while maintaining their core values of empowerment and community.
2. Background
Cake is a successful online platform connecting individuals with funeral homes and offering tools for planning and managing end-of-life arrangements. The company faces a critical juncture as it considers its future trajectory. While experiencing strong growth, Cake needs to navigate the delicate balance between maintaining its core values and expanding its reach while addressing the evolving needs of a diverse customer base.
The key protagonists in this case are:
- Sarah, Cake?s CEO, is passionate about the company?s mission and driven to ensure its long-term success.
- The Board of Directors, representing investors and stakeholders, are focused on profitability and sustainable growth.
- The Cake Team, comprised of dedicated individuals, are committed to providing exceptional service and support to customers.
3. Analysis of the Case Study
This case study presents a complex scenario requiring a multi-faceted approach. We can analyze the situation using the following frameworks:
A. Business Model Canvas:
- Value Propositions: Cake currently offers a platform for finding funeral homes, planning services, and managing end-of-life arrangements.
- Customer Segments: Cake caters to a diverse customer base, including individuals, families, and funeral homes.
- Channels: The primary channel is the online platform, but Cake also utilizes partnerships with funeral homes and other relevant organizations.
- Customer Relationships: Cake fosters relationships through its platform, customer support, and community engagement.
- Revenue Streams: Revenue is generated through fees charged to funeral homes and potentially through additional services offered to customers.
- Key Resources: The key resources include the online platform, technology infrastructure, customer service team, and partnerships.
- Key Activities: Cake?s key activities include platform development, marketing, customer service, and partnership management.
- Key Partnerships: Cake leverages partnerships with funeral homes, technology providers, and other relevant organizations.
- Cost Structure: Costs include platform development and maintenance, marketing, customer service, and partnership management.
B. SWOT Analysis:
- Strengths: Strong brand recognition, user-friendly platform, dedicated team, and a clear mission.
- Weaknesses: Limited service offerings beyond basic planning tools, potential for customer churn, and dependence on funeral home partnerships.
- Opportunities: Expanding into new markets, developing additional services, leveraging technology for personalized experiences, and exploring partnerships with other relevant industries.
- Threats: Competition from emerging startups, evolving customer preferences, and potential regulatory changes.
C. Porter?s Five Forces:
- Threat of New Entrants: The threat of new entrants is moderate due to the growing market and the potential for disruption from technology-driven startups.
- Bargaining Power of Buyers: The bargaining power of buyers is moderate as customers have options for planning end-of-life arrangements, but Cake?s platform offers convenience and value.
- Bargaining Power of Suppliers: The bargaining power of suppliers (funeral homes) is moderate as Cake relies on their partnership, but it also provides them with a valuable platform.
- Threat of Substitute Products: The threat of substitute products is moderate as alternative options for planning and managing end-of-life arrangements exist, but Cake?s platform offers a comprehensive and convenient solution.
- Rivalry Among Existing Competitors: The rivalry among existing competitors is moderate as the market is growing, but competition is intensifying with the emergence of new players.
4. Recommendations
Cake should implement the following strategic initiatives to achieve sustainable growth and profitability:
1. Business Model Innovation:
- Expand Service Offerings: Cake should develop a suite of value-added services beyond basic planning tools. This could include:
- Personalized digital legacy services: Offering tools for creating digital wills, sharing memories, and managing online presence after death.
- Financial planning and estate management tools: Integrating with financial institutions to provide guidance on estate planning and asset distribution.
- Grief support and counseling resources: Partnering with therapists and counselors to offer online support and resources for grieving individuals.
- Develop a Subscription-Based Model: Introduce a premium subscription model offering additional features and benefits, including personalized support, access to exclusive content, and priority customer service.
- Leverage Technology for Personalized Experiences: Utilize AI and data analytics to personalize user experiences, provide tailored recommendations, and offer proactive support.
2. Market Expansion:
- Target New Customer Segments: Expand beyond individual users to include:
- Corporate clients: Offering group plans for employee benefits and end-of-life planning.
- Healthcare providers: Partnering with hospitals and hospices to integrate Cake?s services into their care plans.
- Financial institutions: Collaborating with banks and insurance companies to offer end-of-life planning as part of their financial services.
- Enter New Geographic Markets: Expand into international markets with high growth potential, adapting the platform and services to meet local cultural and regulatory requirements.
3. Strategic Partnerships:
- Strengthen Existing Partnerships: Cultivate deeper relationships with funeral homes, offering them access to marketing tools, customer insights, and technology integration.
- Forge New Partnerships: Explore partnerships with organizations in related industries, such as:
- Technology companies: Integrating with platforms offering digital wills, online estate planning, and virtual memorial services.
- Non-profit organizations: Collaborating with grief support groups, hospice care providers, and end-of-life advocacy organizations.
- Explore Strategic Acquisitions: Consider acquiring complementary businesses to expand service offerings and enter new markets.
4. Focus on Customer Experience:
- Enhance Customer Support: Invest in a robust customer support system, offering 24/7 availability, multilingual support, and personalized assistance.
- Build a Strong Community: Foster a supportive community through online forums, social media groups, and events, connecting individuals facing similar experiences.
- Prioritize Transparency and Trust: Maintain transparency in pricing, service offerings, and data privacy, building trust with customers.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The proposed initiatives align with Cake?s core competencies in technology, customer service, and community building. They also reinforce the company?s mission of empowering individuals and families to navigate end-of-life arrangements with dignity and respect.
- External Customers and Internal Clients: The recommendations address the needs of a diverse customer base, including individuals, families, funeral homes, and other relevant stakeholders. They also prioritize the well-being and satisfaction of Cake?s internal team.
- Competitors: The proposed initiatives aim to differentiate Cake from competitors by offering a more comprehensive suite of services, leveraging technology for personalized experiences, and expanding into new markets.
- Attractiveness ? Quantitative Measures: The recommendations are expected to drive revenue growth, increase customer acquisition, and improve profitability. While specific financial projections are beyond the scope of this analysis, the proposed strategies are likely to generate a positive return on investment.
- Assumptions: The recommendations are based on the assumption that the market for end-of-life planning services will continue to grow, driven by demographic trends, technological advancements, and changing societal attitudes.
6. Conclusion
Cake has a unique opportunity to become a leading provider of end-of-life planning services by embracing innovation, expanding its market reach, and prioritizing customer experience. By implementing the recommended strategies, Cake can achieve sustainable growth, profitability, and a lasting impact on the lives of individuals and families facing end-of-life transitions.
7. Discussion
Alternatives:
- Maintaining the Status Quo: This option carries the risk of falling behind competitors and losing market share.
- Focusing Solely on Market Expansion: This approach could lead to unsustainable growth and strain on resources.
- Acquiring a Competitor: While this could provide immediate market share, it carries significant financial and operational risks.
Risks:
- Competition: The emergence of new competitors could disrupt the market.
- Technology: Rapid technological advancements could render Cake?s platform obsolete.
- Regulation: Changes in regulations could impact the company?s operations.
Key Assumptions:
- The market for end-of-life planning services will continue to grow.
- Customers will be receptive to new services and technologies.
- Cake can successfully execute its strategic initiatives.
8. Next Steps
- Develop a detailed business plan: This should include financial projections, market analysis, and implementation timelines.
- Secure funding: Cake may need to secure additional funding to support its growth initiatives.
- Build a strong team: Invest in hiring and developing talent to support the company?s expansion.
- Develop a robust marketing strategy: Promote the new services and target new customer segments.
- Monitor and adapt: Continuously monitor market trends, customer feedback, and competitor activity, making adjustments as needed.
By taking these steps, Cake can navigate the challenges and opportunities of the evolving end-of-life planning market, achieving sustainable growth and fulfilling its mission of empowering individuals and families during a difficult time.
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Case Description
This case follows the story of Suelin Chen in her career as the founder of Cake, a digital platform that provided "one-stop access" to a wide range of advance care and end-of-life planning products and services. The case highlights the societal, technological, and cultural trends that led to innovation in end-of-life planning. Chen debates which users to target and whether to utilize a B2B or B2C business model to do so.
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