Harvard Case - Mountjoy Sparkling: Creating a Buzz in the Cannabis-Infused Beverage Business
"Mountjoy Sparkling: Creating a Buzz in the Cannabis-Infused Beverage Business" Harvard business case study is written by Allen H. Kupetz. It deals with the challenges in the field of Entrepreneurship. The case study is 7 page(s) long and it was first published on : Jan 18, 2018
At Fern Fort University, we recommend Mountjoy Sparkling pursue a strategic growth path focused on disruptive innovation within the cannabis-infused beverage market. This strategy involves leveraging their existing brand equity, expanding product offerings, and strategically targeting specific market segments. By focusing on product development, marketing, and strategic partnerships, Mountjoy can solidify its position as a leader in the rapidly evolving cannabis-infused beverage industry.
2. Background
Mountjoy Sparkling, a startup founded by experienced entrepreneurs, is poised to capitalize on the burgeoning cannabis-infused beverage market. The company offers a range of sparkling beverages infused with THC and CBD, targeting a discerning audience seeking both relaxation and social experiences. The case study highlights Mountjoy?s initial success, including securing funding from angel investors and venture capital, and the challenges they face in scaling their business.
The main protagonists are the founders, who are passionate about the cannabis industry and committed to building a successful brand. They are facing the critical decision of how to navigate the rapidly evolving market, secure additional funding, and expand their operations while maintaining their brand identity.
3. Analysis of the Case Study
To analyze Mountjoy?s situation, we can utilize the Porter?s Five Forces framework to understand the competitive landscape:
- Threat of New Entrants: High. The cannabis-infused beverage market is attracting numerous startups, increasing competition.
- Bargaining Power of Buyers: Moderate. Consumers have a wide range of options, but brand loyalty and product differentiation can influence purchasing decisions.
- Bargaining Power of Suppliers: Moderate. The supply chain for cannabis-infused beverages is still developing, with potential for both competition and collaboration among suppliers.
- Threat of Substitute Products: High. Consumers can choose from various non-cannabis beverages, including alcoholic and non-alcoholic options, posing a significant threat.
- Competitive Rivalry: High. The market is fragmented, with established players and new entrants vying for market share.
Mountjoy?s competitive advantage lies in its focus on quality ingredients, unique flavor profiles, and a brand image that resonates with health-conscious consumers. However, they need to address the following challenges:
- Scaling Production: Meeting increasing demand while maintaining product quality and consistency.
- Distribution and Logistics: Expanding distribution channels to reach wider markets.
- Marketing and Branding: Effectively communicating their brand message and differentiating themselves from competitors.
- Regulatory Landscape: Navigating complex and evolving regulations in the cannabis industry.
4. Recommendations
Product Development:
- Expand product lines: Introduce new flavors, THC/CBD ratios, and functional ingredients to cater to diverse consumer preferences.
- Develop innovative formats: Explore options like ready-to-drink cocktails, infused teas, and healthier alternatives like sparkling water with CBD.
- Focus on quality: Maintain high standards for ingredients and production processes to ensure consistent product quality.
Marketing and Branding:
- Target specific market segments: Identify niche markets like health-conscious consumers, social drinkers, and those seeking relaxation.
- Leverage digital marketing: Utilize social media, influencer marketing, and targeted advertising to reach their target audience.
- Build a strong brand identity: Emphasize their commitment to quality, sustainability, and responsible consumption.
Strategic Partnerships:
- Collaborate with retailers: Secure distribution agreements with established retailers specializing in cannabis products.
- Partner with influencers: Engage with social media influencers to promote their brand and reach a wider audience.
- Explore joint ventures: Collaborate with other cannabis companies to expand their product offerings and reach new markets.
Financial Strategy:
- Secure additional funding: Explore options like venture capital, private equity, or debt financing to support growth initiatives.
- Manage cash flow: Implement efficient financial management practices to ensure sustainable growth.
- Consider an IPO: Explore going public in the future to access a wider pool of capital and enhance brand visibility.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies: Mountjoy?s core competencies lie in product development, marketing, and brand building. The recommendations leverage these strengths to drive growth.
- External Customers: The recommendations focus on understanding and catering to the needs and preferences of their target market segments.
- Competitors: The recommendations address the competitive landscape by emphasizing product differentiation, strategic partnerships, and innovative marketing strategies.
- Attractiveness: The recommendations are expected to increase market share, revenue, and profitability, leading to a strong return on investment.
6. Conclusion
Mountjoy Sparkling has the potential to become a leader in the cannabis-infused beverage market. By focusing on product development, marketing, and strategic partnerships, they can capitalize on the growing demand for cannabis-infused beverages and achieve sustainable growth.
7. Discussion
Alternative strategies include focusing solely on organic growth, pursuing a more conservative approach to product development, or prioritizing cost optimization over expansion. However, these options may limit Mountjoy?s ability to compete effectively in a rapidly evolving market.
The recommendations involve inherent risks, such as regulatory changes, competition, and consumer demand fluctuations. However, by carefully managing these risks and adapting to changing market conditions, Mountjoy can mitigate potential challenges and achieve long-term success.
8. Next Steps
- Develop a detailed business plan: Outline specific product development plans, marketing strategies, and financial projections.
- Secure additional funding: Initiate discussions with potential investors and secure necessary capital for growth initiatives.
- Expand distribution channels: Secure agreements with retailers and distributors to expand market reach.
- Implement marketing campaigns: Launch targeted marketing campaigns to reach their target audience and build brand awareness.
- Monitor market trends: Continuously monitor the cannabis-infused beverage market and adapt their strategies accordingly.
By taking these steps, Mountjoy Sparkling can solidify its position as a leading player in the cannabis-infused beverage market and achieve its ambitious growth goals.
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Case Description
In the summer of 2017, with over half of the United States and a growing number of other countries allowing the use of either medical or recreational marijuana, Mountjoy Sparkling was entering a huge market. Its product, sparkling water infused with marijuana, was targeting consumers who did not like to smoke and wished to avoid the generally high level of sugar in most marijuana edibles. The company faced all of the operational challenges of a start-up, while navigating the legal, financial, and logistical obstacles unique to the marijuana industry. The founder was seeing demand increase. He was seeking venture capital to fund the growth necessary to get big enough fast enough to survive in a market with many competitors and constantly changing regulatory frameworks. He needed to make at least five strategic decisions in terms of product mix, market selection, and distribution.
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