Harvard Case - mymuesli: New Markets for Customized Breakfast Cereal
"mymuesli: New Markets for Customized Breakfast Cereal" Harvard business case study is written by Marc Fetscherin, Elena Kasper. It deals with the challenges in the field of Entrepreneurship. The case study is 11 page(s) long and it was first published on : Oct 25, 2017
At Fern Fort University, we recommend mymuesli pursue a multi-pronged growth strategy focused on expanding into new international markets, leveraging its existing strengths in customization and online sales, while simultaneously exploring strategic partnerships and potential acquisitions to accelerate its global reach.
2. Background
mymuesli, a German company founded in 2007, has successfully disrupted the breakfast cereal market by offering highly customizable, healthy, and delicious muesli options. The company?s online platform allows customers to choose from a wide range of ingredients and create their own unique blends, catering to individual dietary needs and preferences. mymuesli?s success is driven by its strong brand identity, innovative product offering, and effective online marketing strategies. However, the company now faces the challenge of sustaining its growth trajectory by expanding into new markets and diversifying its revenue streams.
The main protagonists of the case study are the founders and management team of mymuesli, who are grappling with the decision of how to best capitalize on the company?s success and navigate the complexities of international expansion.
3. Analysis of the Case Study
Strategic Analysis:
- Competitive Advantage: mymuesli?s core competitive advantage lies in its unique value proposition of offering highly customizable and healthy breakfast options, coupled with a strong online presence and brand identity.
- Porter?s Five Forces:
- Threat of New Entrants: The breakfast cereal market is relatively mature, but the threat of new entrants remains high due to the low barriers to entry and the potential for online-based competitors.
- Bargaining Power of Buyers: Consumers have a wide range of choices in the breakfast cereal market, giving them significant bargaining power.
- Bargaining Power of Suppliers: mymuesli?s reliance on a network of suppliers for its ingredients creates some dependence, potentially impacting profitability.
- Threat of Substitutes: The breakfast cereal market faces competition from various substitute products, including yogurt, granola bars, and smoothies.
- Competitive Rivalry: The breakfast cereal market is highly competitive, with established players like Kellogg?s and General Mills, as well as emerging brands like Quaker Oats and Nature?s Path.
- SWOT Analysis:
- Strengths: Strong brand identity, innovative product offering, online platform, customer loyalty, efficient supply chain.
- Weaknesses: Limited international presence, potential for brand dilution with expansion, reliance on online sales.
- Opportunities: Expanding into new international markets, developing new product lines, strategic partnerships, acquisitions.
- Threats: Increased competition, changing consumer preferences, economic downturn, regulatory changes.
Financial Analysis:
- Financial Performance: mymuesli has demonstrated strong financial performance, with significant revenue growth and profitability. However, the company needs to carefully manage its cash flow and ensure adequate funding for its expansion plans.
- Capital Budgeting: mymuesli needs to conduct thorough capital budgeting analysis to evaluate the financial viability of its expansion projects, considering factors such as initial investment, operating costs, and expected returns.
- Risk Assessment: mymuesli faces various financial risks, including currency fluctuations, foreign exchange rate volatility, and political instability in emerging markets. The company needs to develop robust risk management strategies to mitigate these risks.
4. Recommendations
1. Targeted International Expansion:
- Focus on Emerging Markets: mymuesli should prioritize expansion into emerging markets with high growth potential and a growing demand for healthy food options. This could include countries like India, China, and Brazil.
- Tailored Product Offerings: The company should adapt its product offerings to cater to the specific tastes and preferences of each target market, considering local dietary habits and cultural sensitivities.
- Strategic Partnerships: mymuesli should explore strategic partnerships with local distributors, retailers, and online platforms to facilitate market entry and build brand awareness.
- Localization: The company should localize its website, marketing materials, and customer service to enhance accessibility and resonate with local consumers.
2. Strategic Acquisitions and Partnerships:
- Acquisition of Complementary Brands: mymuesli should consider acquiring smaller, complementary brands with a strong presence in specific markets or product categories. This can provide access to new customer segments, distribution channels, and expertise.
- Partnerships with Food Retailers: The company should forge partnerships with major food retailers to expand its distribution network and gain access to a wider customer base.
- Joint Ventures: mymuesli should explore joint ventures with local companies to leverage their expertise and market knowledge, reducing the risks associated with independent expansion.
3. Digital Marketing and Innovation:
- Enhanced Online Presence: mymuesli should enhance its online presence by optimizing its website for search engines, developing targeted digital marketing campaigns, and leveraging social media platforms.
- Personalized Marketing: The company should leverage its data analytics capabilities to personalize marketing messages and product recommendations, enhancing customer engagement and loyalty.
- Product Innovation: mymuesli should continue to invest in product innovation, developing new flavors, ingredients, and product formats to stay ahead of the competition and meet evolving consumer preferences.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of mymuesli?s competitive advantage, market dynamics, financial performance, and growth potential. The recommendations align with the company?s core competencies in customization, online sales, and brand building, while also addressing the challenges of international expansion and market diversification.
1. Core Competencies and Consistency with Mission: The recommendations leverage mymuesli?s core competencies in customization, online sales, and brand building, while remaining consistent with the company?s mission of providing healthy and delicious breakfast options.
2. External Customers and Internal Clients: The recommendations prioritize customer satisfaction by offering tailored product offerings, enhanced online experiences, and expanded distribution channels. They also consider the needs of internal stakeholders, such as employees and investors, by ensuring sustainable growth and profitability.
3. Competitors: The recommendations address the competitive landscape by focusing on differentiation, market expansion, and strategic partnerships. mymuesli can effectively compete by leveraging its unique value proposition and adapting to evolving consumer preferences.
4. Attractiveness ? Quantitative Measures: The recommendations are based on quantitative measures such as market size, growth potential, and return on investment. The company should conduct thorough financial analysis to assess the profitability of its expansion plans and ensure that the investments align with its overall financial strategy.
5. Explicit Assumptions: The recommendations are based on the assumption that mymuesli can effectively manage the risks associated with international expansion, including currency fluctuations, political instability, and cultural differences. The company should conduct due diligence and develop appropriate risk mitigation strategies to address these challenges.
6. Conclusion
mymuesli has a significant opportunity to expand its global reach and become a leading player in the breakfast cereal market. By pursuing a multi-pronged growth strategy that combines targeted international expansion, strategic acquisitions and partnerships, and continuous innovation, the company can capitalize on its strengths and navigate the challenges of the global marketplace.
7. Discussion
Alternative Options:
- Organic Growth: mymuesli could focus on organic growth by gradually expanding its online presence and distribution network in existing markets. This approach would be less risky but may also result in slower growth.
- Licensing Agreements: The company could consider licensing its brand and technology to other companies in international markets. This would allow mymuesli to expand its reach without incurring significant investment costs, but it could also lead to brand dilution.
Risks and Key Assumptions:
- Currency Fluctuations: mymuesli?s financial performance could be impacted by currency fluctuations in international markets. The company should implement hedging strategies to mitigate these risks.
- Cultural Differences: Adapting to local tastes and preferences in different markets could be challenging. mymuesli should conduct thorough market research and engage with local partners to ensure successful product launches.
- Competition: The breakfast cereal market is highly competitive, and mymuesli will face challenges from established players and new entrants. The company should focus on differentiation and innovation to maintain its competitive edge.
Options Grid:
| Option | Advantages | Disadvantages | Risk |
|---|---|---|---|
| Targeted International Expansion | High growth potential, access to new markets | Requires significant investment, potential for cultural challenges | Currency fluctuations, political instability |
| Strategic Acquisitions and Partnerships | Faster market entry, access to new customers and expertise | Potential for integration challenges, risk of cultural clashes | Acquisition costs, integration risks |
| Organic Growth | Lower risk, gradual expansion | Slower growth, limited reach | Competition, market saturation |
| Licensing Agreements | Lower investment costs, faster market entry | Potential for brand dilution, loss of control | Brand damage, lack of control over product quality |
8. Next Steps
Timeline with Key Milestones:
- Year 1: Conduct thorough market research and identify target markets for international expansion. Develop a detailed expansion plan, including financial projections, marketing strategies, and risk mitigation strategies.
- Year 2: Establish partnerships with local distributors and retailers in target markets. Launch initial product offerings and build brand awareness through targeted marketing campaigns.
- Year 3: Evaluate the success of the expansion strategy and adjust plans as needed. Explore opportunities for acquisitions and partnerships to accelerate growth.
- Year 4: Expand product offerings and distribution channels in target markets. Continue to invest in innovation and digital marketing to maintain a competitive edge.
By following these recommendations and implementing a well-defined expansion strategy, mymuesli can successfully navigate the challenges of international expansion and achieve sustainable growth in the global breakfast cereal market.
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Case Description
In 2017, the German company mymuesli GmbH (mymuesli) was operating in six European countries. Having begun to successfully distribute its customizable organic breakfast cereals online, mymuesli built on its growing popularity by opening stores in various cities across Germany, Austria, Switzerland, the Netherlands, and Sweden, where the most popular versions of the product were sold. The relatively young company differentiated itself with its customizable, premium organic products, and relied on its strengths to adapt to lifestyle and health trends. After a conversation in early 2017 with fellow hotel guests hailing from different European countries, the three founders of mymuesli were convinced that entering new countries might be a promising option for the company's future growth. They began to analyze the maturing industry and its impacts on the company's growth plans.
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