Harvard Case - Memorable Shaadi
"Memorable Shaadi" Harvard business case study is written by Mukesh Sud, Supriya Sharma, Valerie Mendonca. It deals with the challenges in the field of Entrepreneurship. The case study is 15 page(s) long and it was first published on : Nov 6, 2017
At Fern Fort University, we recommend that Memorable Shaadi pursue a growth strategy focused on expanding its online presence and leveraging technology to enhance its services. This strategy should include:
- Developing a robust mobile application to streamline the wedding planning process and provide a seamless user experience.
- Implementing a data-driven approach to personalize services and offer tailored recommendations to customers.
- Expanding into new geographic markets through strategic partnerships and targeted marketing campaigns.
- Investing in a strong brand identity to differentiate Memorable Shaadi from competitors and establish itself as a leading player in the Indian wedding industry.
2. Background
Memorable Shaadi is a successful Indian wedding planning company founded by two entrepreneurs, Amit and Priya. They have built a strong reputation for providing personalized and high-quality services, catering to the diverse needs of their clientele. However, the company faces challenges in scaling its operations and adapting to the evolving needs of the Indian wedding market.
3. Analysis of the Case Study
Strategic Framework: We will analyze the case using Porter?s Five Forces framework to understand the competitive landscape and identify key opportunities for Memorable Shaadi.
- Threat of New Entrants: The wedding planning industry is relatively fragmented, with numerous small-scale players. However, the emergence of online platforms and tech-enabled startups poses a significant threat.
- Bargaining Power of Buyers: Customers have a high degree of bargaining power due to the availability of numerous options and the increasing use of online platforms for price comparison.
- Bargaining Power of Suppliers: Suppliers, such as vendors and service providers, have moderate bargaining power, as Memorable Shaadi can negotiate better rates through its established network.
- Threat of Substitutes: The threat of substitutes is low, as the need for specialized wedding planning services remains high. However, DIY wedding planning tools and online resources are emerging as alternatives.
- Competitive Rivalry: The Indian wedding planning market is highly competitive, with both traditional players and new entrants vying for market share.
Key Opportunities:
- Leveraging Technology: Utilizing technology to enhance services, improve efficiency, and reach a wider customer base.
- Expanding Market Reach: Targeting new geographic markets and customer segments to increase revenue potential.
- Building a Strong Brand: Differentiating Memorable Shaadi from competitors and establishing a strong brand identity.
4. Recommendations
1. Develop a Mobile Application:
- Objective: Streamline the wedding planning process, enhance user experience, and increase customer engagement.
- Implementation: Develop a user-friendly mobile application that allows customers to:
- Browse and book vendors
- Manage budgets and track expenses
- Create personalized wedding checklists
- Communicate with vendors and service providers
- Access real-time updates and notifications
- Timeline: 6-9 months
2. Implement a Data-Driven Approach:
- Objective: Personalize services, offer tailored recommendations, and improve customer satisfaction.
- Implementation: Utilize data analytics to:
- Analyze customer preferences and trends
- Develop targeted marketing campaigns
- Offer personalized recommendations for vendors and services
- Track customer feedback and identify areas for improvement
- Timeline: 3-6 months
3. Expand into New Geographic Markets:
- Objective: Increase market share and reach new customer segments.
- Implementation:
- Strategic Partnerships: Collaborate with local wedding planners and vendors in new markets.
- Targeted Marketing Campaigns: Utilize digital marketing channels and social media to reach potential customers in new regions.
- Franchise Model: Consider franchising the Memorable Shaadi brand to accelerate expansion.
- Timeline: 12-18 months
4. Invest in a Strong Brand Identity:
- Objective: Differentiate Memorable Shaadi from competitors and establish a strong brand reputation.
- Implementation:
- Branding Strategy: Develop a unique brand identity that reflects the company?s values and target audience.
- Marketing and Communication: Implement a consistent marketing strategy across all channels, including online and offline platforms.
- Customer Service Excellence: Provide exceptional customer service to build brand loyalty.
- Timeline: 6-12 months
5. Basis of Recommendations
Core Competencies and Consistency with Mission:
- Leveraging technology aligns with Memorable Shaadi?s commitment to innovation and providing efficient services.
- Expanding market reach supports the company?s goal of becoming a leading player in the Indian wedding industry.
- Building a strong brand reinforces Memorable Shaadi?s reputation for quality and customer satisfaction.
External Customers and Internal Clients:
- Mobile application addresses the need for a convenient and user-friendly platform for wedding planning.
- Data-driven approach provides personalized services and tailored recommendations, enhancing customer experience.
- Geographic expansion caters to the growing demand for wedding planning services across India.
Competitors:
- Developing a mobile application differentiates Memorable Shaadi from traditional players and positions them as a tech-savvy leader.
- Implementing a data-driven approach provides a competitive edge by offering personalized services and insights.
- Expanding into new markets allows Memorable Shaadi to capitalize on untapped opportunities and gain a foothold in new regions.
Attractiveness:
- Increased market share and revenue potential through geographic expansion and technology adoption.
- Enhanced customer satisfaction and loyalty through personalized services and a seamless user experience.
- Stronger brand reputation and market leadership through a differentiated brand identity and innovative offerings.
Assumptions:
- The Indian wedding market will continue to grow and evolve.
- Consumers will embrace technology and online platforms for wedding planning.
- Memorable Shaadi can successfully implement its growth strategy and overcome potential challenges.
6. Conclusion
Memorable Shaadi has the potential to become a leading player in the Indian wedding industry by embracing technology, expanding its market reach, and building a strong brand identity. By implementing the recommendations outlined above, the company can capitalize on the growing market demand and achieve sustained business growth.
7. Discussion
Alternatives:
- Focusing solely on traditional wedding planning services: This approach would limit Memorable Shaadi?s growth potential and leave them vulnerable to competition from tech-enabled startups.
- Acquiring existing wedding planning companies: This strategy could be expensive and risky, and may not guarantee success.
Risks:
- Technology adoption: The company may face challenges in developing and implementing a successful mobile application.
- Market competition: New entrants and existing players may pose a significant challenge to Memorable Shaadi?s growth.
- Financial resources: The company may need to secure additional funding to support its expansion plans.
Key Assumptions:
- The Indian wedding market will continue to grow at a significant pace.
- Consumers will be receptive to Memorable Shaadi?s technology-driven approach.
- The company will be able to manage its growth effectively and maintain its quality of service.
8. Next Steps
Timeline:
- Year 1: Develop and launch the mobile application, implement data analytics, and expand into one new geographic market.
- Year 2: Refine the mobile application based on user feedback, expand into two additional markets, and invest in branding and marketing efforts.
- Year 3: Consolidate operations in all markets, explore potential acquisitions or strategic partnerships, and focus on building a sustainable business model.
Key Milestones:
- Launch of mobile application: Q2 2024
- Expansion into first new market: Q4 2024
- Completion of branding and marketing strategy: Q1 2025
- Launch of new marketing campaigns: Q2 2025
By implementing these recommendations and adhering to the outlined timeline, Memorable Shaadi can position itself for significant growth and success in the dynamic Indian wedding market.
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Case Description
Ujwal Kalra founded Memorable Shaadi in 2014 while awaiting admission to the Indian Institute of Management Ahmedabad. The startup offered services connecting clients and vendors in the Indian wedding industry. The case elaborates Ujwal's journey as an entrepreneur and the choices he made including hiring a co-founder and working remotely while pursuing an MBA. Ujwal now faces a dilemma: should he accept a plush consulting job through campus placement or go back and scale the firm? Memorable Shaadi highlights the classic dilemma facing entrepreneurs and the choices they need to exercise at different phases of their venture.
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