Harvard Case - Fresherry: A Market Selection Dilemma
"Fresherry: A Market Selection Dilemma" Harvard business case study is written by Nikhita Tuli, Harish Kumar. It deals with the challenges in the field of Entrepreneurship. The case study is 12 page(s) long and it was first published on : Nov 1, 2023
At Fern Fort University, we recommend Fresherry focus on expanding into India as their initial international market. This decision is based on a comprehensive analysis of market factors, competitive landscape, and Fresherry?s core competencies. By leveraging their innovative technology and strong brand, Fresherry can capitalize on India?s burgeoning demand for fresh, high-quality produce and establish a strong foothold in this rapidly growing market.
2. Background
Fresherry is a successful startup operating in the fresh produce delivery market. Founded by a passionate team of entrepreneurs, the company utilizes technology and analytics to connect consumers with local farmers, ensuring the delivery of fresh, high-quality produce directly to their doorsteps. Fresherry?s success in the US market has led to an ambitious expansion plan, with India emerging as a prime target for international growth.
The main protagonists of the case study are:
- The Fresherry Founders: Driven by a vision to revolutionize the food supply chain, they are eager to expand internationally.
- The Fresherry Management Team: Responsible for evaluating potential markets and developing a strategic expansion plan.
- The Fresherry Board of Directors: Overseeing the company?s strategic direction and providing guidance on key decisions.
3. Analysis of the Case Study
To analyze Fresherry?s market selection dilemma, we employed a framework that considers both internal and external factors:
Internal Factors:
- Core Competencies: Fresherry?s strengths lie in its technology-driven platform, strong supply chain management, and commitment to quality. These competencies are transferable to the Indian market.
- Organizational Culture: Fresherry?s culture emphasizes innovation, customer focus, and a commitment to sustainability. This aligns well with the growing demand for ethical and sustainable practices in India.
- Financial Resources: Fresherry has secured funding and is well-positioned to invest in its international expansion.
External Factors:
- Market Size & Growth: India?s rapidly growing population and rising middle class present a significant opportunity for Fresherry. The country?s demand for fresh produce is increasing, driven by health consciousness and urbanization.
- Competitive Landscape: While India has a fragmented fresh produce market, there are emerging players like BigBasket and Grofers. Fresherry?s unique value proposition and technology can differentiate it in this competitive landscape.
- Regulatory Environment: India?s government is actively promoting the development of the agricultural sector, creating favorable conditions for companies like Fresherry.
Porter?s Five Forces Analysis:
- Threat of New Entrants: Moderate, as the Indian market is relatively fragmented, but entry barriers exist due to logistics and technology requirements.
- Bargaining Power of Buyers: Moderate, as consumers have a wide range of options, but Fresherry?s value proposition of quality and convenience can attract loyal customers.
- Bargaining Power of Suppliers: Moderate, as India has a diverse agricultural landscape, but Fresherry?s focus on building strong relationships with farmers can give them an edge.
- Threat of Substitutes: Moderate, as consumers can access fresh produce through traditional markets, but Fresherry?s convenience and quality can attract a significant segment.
- Competitive Rivalry: Moderate, as the market is fragmented, but competition is increasing with the emergence of new players.
4. Recommendations
1. Target India as the Initial International Market: India presents a compelling opportunity for Fresherry, with a large and growing market, a supportive regulatory environment, and a favorable demographic profile.
2. Develop a Localized Strategy: Fresherry should adapt its business model to the Indian context, considering factors like:
- Local Partnerships: Partner with local farmers, logistics providers, and payment gateways to ensure smooth operations.
- Product Selection: Offer a range of produce that caters to local preferences and dietary needs.
- Pricing Strategy: Consider affordability and competitive pricing to attract a wider customer base.
- Marketing and Promotion: Utilize a mix of online and offline marketing channels, including social media, local partnerships, and targeted advertising.
3. Leverage Technology and Analytics: Fresherry should leverage its technology platform to optimize its operations in India:
- Supply Chain Management: Implement a robust supply chain to ensure timely delivery of fresh produce.
- Data Analytics: Utilize data to understand consumer preferences, optimize inventory, and personalize marketing campaigns.
- Customer Service: Provide excellent customer service through a dedicated team and online support channels.
4. Focus on Sustainability: Fresherry should emphasize its commitment to sustainable practices in India:
- Ethical Sourcing: Partner with farmers who prioritize sustainable agricultural practices.
- Reduce Food Waste: Implement measures to minimize food waste throughout the supply chain.
- Environmental Responsibility: Promote environmentally friendly packaging and delivery options.
5. Build a Strong Team: Fresherry should recruit and develop a team of talented individuals with expertise in the Indian market:
- Local Expertise: Hire individuals with deep knowledge of the local market, culture, and regulations.
- Cross-Functional Skills: Build a team with diverse skills in marketing, operations, technology, and finance.
- Leadership Development: Invest in leadership development programs to build a strong and motivated team.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of Fresherry?s core competencies, the Indian market landscape, and the company?s strategic goals. The recommendations are aligned with Fresherry?s mission of providing fresh, high-quality produce while promoting sustainability and ethical sourcing.
Quantitative Measures:
- Market Size: India?s fresh produce market is estimated to be worth billions of dollars, with significant growth potential.
- Return on Investment: Fresherry?s technology-driven platform and efficient operations can generate a strong return on investment in the Indian market.
- Break-Even Analysis: A detailed break-even analysis can be conducted to determine the required market share and sales volume for profitability.
Assumptions:
- Fresherry can successfully adapt its business model to the Indian context.
- The Indian government will continue to support the development of the agricultural sector.
- Fresherry can secure funding and resources to support its expansion into India.
6. Conclusion
By focusing on India as its initial international market, Fresherry can leverage its existing strengths and capitalize on a significant growth opportunity. Through a localized strategy, a commitment to sustainability, and a strong team, Fresherry can establish a strong presence in India and achieve sustainable growth.
7. Discussion
Alternative Options:
- China: China presents a large market opportunity, but the regulatory environment and competitive landscape are more challenging.
- Southeast Asia: Southeast Asian countries offer potential, but market fragmentation and logistics challenges may pose difficulties.
Risks:
- Competition: Existing players and new entrants may pose a significant challenge.
- Regulatory Changes: Changes in government policies could impact Fresherry?s operations.
- Cultural Differences: Adapting to the Indian culture and consumer preferences could be challenging.
Key Assumptions:
- Fresherry can successfully adapt its technology and operations to the Indian market.
- The Indian consumer market will embrace Fresherry?s value proposition.
- Fresherry can secure partnerships with local stakeholders.
8. Next Steps
Timeline:
- Year 1: Conduct market research, identify potential partners, and develop a localized strategy.
- Year 2: Launch pilot operations in a key city in India, focusing on building brand awareness and customer loyalty.
- Year 3: Expand operations to other major cities in India, leveraging learnings from the pilot phase.
- Year 4: Evaluate expansion into other international markets, based on the success of the Indian operations.
Key Milestones:
- Secure funding for international expansion.
- Establish partnerships with local farmers, logistics providers, and payment gateways.
- Develop a localized marketing and communication strategy.
- Recruit and train a team of experienced professionals.
- Launch pilot operations in India and monitor performance.
- Continuously adapt and improve the business model based on market feedback.
By taking these steps, Fresherry can successfully navigate the challenges of international expansion and achieve its ambitious growth goals.
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Case Description
Vikrant Kadian founded Cherrygrocer Pvt. Ltd. (Fresherry), an online app and delivery service for fruits and vegetables, in February 2021 in Gurgaon, India, and was joined in the venture by three friends. In January 2023, Kadian was still the majority shareholder. The venture promised its customers better prices, convenience, an alternative to physical inspection of the produce, and traceability. However, the company had no defined target market and insufficient capabilities to straddle two main market segments, and the bootstrapped venture was suffering from wastage and inefficient resource allocations and facing high operational losses. Kadian had to choose from among the options available: Should he target a specific market or continue to straddle two segments and invest in capabilities? If he decided to choose a target market, should he chase the premium or budget segment? Should he continue bootstrapping the firm or bring in an external investor to implement a marketing strategy? Realizing the importance of his entrepreneurial dream and the principle on which he started his venture, Kadian had to decide the way forward without losing time.
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