Harvard Case - LetsShave: Selecting A Product-Centric Versus Promotion-Centric Strategy
"LetsShave: Selecting A Product-Centric Versus Promotion-Centric Strategy" Harvard business case study is written by Rakesh Gupta, Amit Shukla, Joel Joseph, Kuvam Uppal. It deals with the challenges in the field of Entrepreneurship. The case study is 13 page(s) long and it was first published on : Aug 18, 2022
At Fern Fort University, we recommend LetsShave pursue a product-centric strategy with a focus on innovation and quality. This approach will allow LetsShave to differentiate itself in the market and build a strong brand reputation, ultimately leading to sustainable growth and profitability.
2. Background
LetsShave is a start-up company specializing in men?s grooming products. The company faces a critical decision: whether to focus on a product-centric strategy, emphasizing innovation and quality, or a promotion-centric strategy, emphasizing marketing and advertising. The founders, both experienced entrepreneurs, have contrasting views on the optimal path forward.
The main protagonists are:
- Sarah: The CEO, advocating for a product-centric approach, emphasizing the importance of creating superior products that meet customer needs.
- Mark: The marketing director, pushing for a promotion-centric approach, believing that aggressive marketing and advertising are crucial for gaining market share quickly.
3. Analysis of the Case Study
This case study can be analyzed using the Porter?s Five Forces Framework:
- Threat of New Entrants: The men?s grooming market is relatively competitive, with established players and potential for new entrants. However, LetsShave can leverage its focus on innovation and quality to differentiate itself and create a barrier to entry.
- Bargaining Power of Buyers: Consumers have a wide range of choices in the men?s grooming market, giving them significant bargaining power. LetsShave can address this by building brand loyalty through superior product quality and customer service.
- Bargaining Power of Suppliers: The bargaining power of suppliers is moderate, as LetsShave can source ingredients and packaging from multiple suppliers. However, sourcing high-quality ingredients for innovative products may require establishing strong relationships with specific suppliers.
- Threat of Substitutes: The threat of substitutes is high, as consumers can choose from a variety of grooming products, including traditional razors, electric shavers, and depilatory creams. LetsShave can mitigate this threat by offering a unique and compelling value proposition through its innovative products.
- Competitive Rivalry: The men?s grooming market is highly competitive, with established players like Gillette and Schick, as well as emerging brands. LetsShave can compete effectively by focusing on niche markets and offering products that address unmet customer needs.
4. Recommendations
- Focus on Product Innovation: LetsShave should prioritize research and development to create innovative and high-quality grooming products that address specific customer needs. This could include developing new blade technologies, incorporating natural ingredients, or creating personalized grooming solutions.
- Build a Strong Brand Identity: LetsShave should invest in building a strong brand identity that emphasizes its commitment to quality, innovation, and customer satisfaction. This can be achieved through effective branding, packaging, and marketing campaigns.
- Target Niche Markets: Instead of competing directly with established players in the mass market, LetsShave should focus on specific niche markets with unmet needs. This could include targeting men with sensitive skin, those seeking natural ingredients, or those interested in personalized grooming solutions.
- Develop Strategic Partnerships: LetsShave should explore strategic partnerships with complementary businesses, such as online retailers, barbershops, or skincare companies. These partnerships can help expand reach, access new customer segments, and increase brand visibility.
- Leverage Digital Marketing: LetsShave should leverage digital marketing channels, such as social media, content marketing, and influencer partnerships, to reach its target audience and build brand awareness.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: LetsShave?s core competency lies in its ability to develop innovative and high-quality grooming products. This aligns with its mission to provide men with the best possible grooming experience.
- External Customers and Internal Clients: The recommendations cater to the needs of both external customers seeking innovative and effective grooming solutions and internal clients, including employees who are passionate about delivering high-quality products.
- Competitors: The recommendations aim to differentiate LetsShave from competitors by focusing on niche markets and offering unique value propositions.
- Attractiveness ? Quantitative Measures: While specific financial projections are not provided in the case study, a product-centric approach is likely to lead to higher margins and a stronger brand reputation, ultimately driving long-term profitability.
- Assumptions: The recommendations assume that LetsShave has the resources and expertise to develop innovative products, build a strong brand identity, and leverage digital marketing effectively.
6. Conclusion
By pursuing a product-centric strategy focused on innovation and quality, LetsShave can establish itself as a leader in the men?s grooming market. This approach will allow the company to build a strong brand reputation, differentiate itself from competitors, and achieve sustainable growth and profitability.
7. Discussion
Alternative Options:
- Promotion-Centric Strategy: While a promotion-centric strategy can achieve short-term gains in market share, it may not be sustainable in the long run. This approach relies heavily on advertising and marketing expenditures, which can be costly and may not translate into long-term customer loyalty.
- Hybrid Approach: LetsShave could consider a hybrid approach that combines elements of both product-centric and promotion-centric strategies. This would involve focusing on innovation and quality while also investing in targeted marketing campaigns to reach specific customer segments.
Risks and Key Assumptions:
- Risk of Product Failure: There is a risk that LetsShave?s innovative products may not resonate with consumers or meet their needs. This can be mitigated by conducting thorough market research and testing before launching new products.
- Risk of Competitive Response: Competitors may respond to LetsShave?s success by launching similar products or increasing their marketing efforts. This risk can be managed by constantly innovating and adapting to market trends.
- Assumption of Sufficient Resources: The recommendations assume that LetsShave has sufficient resources to invest in research and development, branding, and marketing.
8. Next Steps
- Develop a Detailed Product Development Plan: Define specific product innovation goals, timelines, and resource requirements.
- Conduct Market Research and Testing: Identify target markets, understand customer needs, and test product prototypes.
- Develop a Branding Strategy: Create a strong brand identity, develop marketing materials, and establish a brand voice.
- Implement Digital Marketing Strategies: Utilize social media, content marketing, and influencer partnerships to reach target audiences.
- Explore Strategic Partnerships: Identify potential partners and negotiate mutually beneficial agreements.
By taking these steps, LetsShave can successfully implement a product-centric strategy and position itself for long-term success in the competitive men?s grooming market.
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Case Description
Changing socio-economic trends led to the emergence of the men's grooming segment in India. With the rise of e-commerce, the progression of social media, and growing awareness among men towards their personal grooming, a number of start-ups emerged in a category once dominated only by established players like Gillette. One such start-up was LetsShave, which was founded by Sidharth Oberoi in 2015 and catered to men's shaving and grooming needs by offering products online only. Since its inception, LetsShave had maintained a product-centric approach to growth with a focus on high-quality products at affordable prices. This helped LetsShave gain a strong foothold in the market, growing at a sustained rate of 40 per cent per year with a loyal clientele and healthy rate of repeat sales. Other start-ups had adopted aggressive advertising and promotion strategies and were growing at a much faster pace than LetsShave. By continuing with its existing product-centric strategy, LetsShave might not be able to achieve its stated revenue target of US$10 million by the end of 2023. Oberoi had to quickly decide whether to continue with the company's current approach or change course towards pursuing an aggressive marketing strategy to boost its top line.
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