Harvard Case - Narragansett Brewing Company
"Narragansett Brewing Company" Harvard business case study is written by Tom Nicholas, Lindsey Marshall, Charles Miller. It deals with the challenges in the field of Entrepreneurship. The case study is 16 page(s) long and it was first published on : Oct 22, 2010
At Fern Fort University, we recommend Narragansett Brewing Company adopt a multifaceted strategy focused on reinvigorating the brand through targeted marketing, embracing innovation in product development, and leveraging strategic partnerships to achieve sustainable growth. This strategy will capitalize on the brand?s heritage while appealing to a broader audience, ultimately positioning Narragansett for a successful future.
2. Background
Narragansett Brewing Company, a historic New England brewery, faced a challenging situation in the early 2000s. Despite a loyal following, the brand had lost its market share to larger competitors and faced declining sales. The case study focuses on the company?s efforts to revive its fortunes under new ownership, exploring key challenges and opportunities.
The main protagonists are:
- Mark Hellendrung: The new owner of Narragansett, who brought a fresh perspective and entrepreneurial spirit to the company.
- The Narragansett team: A dedicated group of employees committed to reviving the brand and leveraging its legacy.
- The craft beer market: A rapidly growing segment with diverse players and evolving consumer preferences.
3. Analysis of the Case Study
The case study highlights several key factors influencing Narragansett?s situation:
- Brand Legacy: Narragansett boasts a rich history and strong brand recognition, particularly in New England. This presents a valuable asset for leveraging nostalgia and building brand loyalty.
- Changing Consumer Preferences: The craft beer market is dynamic, with consumers seeking variety, innovation, and unique experiences. Narragansett needs to adapt its offerings and marketing to meet these evolving demands.
- Competitive Landscape: The market is crowded with established players and emerging craft breweries, requiring Narragansett to differentiate itself and carve out a niche.
- Limited Resources: As a smaller player, Narragansett faces resource constraints compared to larger competitors, necessitating efficient resource allocation and strategic partnerships.
Framework: We can analyze Narragansett?s situation using Porter?s Five Forces framework:
- Threat of New Entrants: The craft beer market is relatively easy to enter, posing a threat from new competitors.
- Bargaining Power of Buyers: Consumers have a wide selection of beer options, giving them significant bargaining power.
- Threat of Substitute Products: Other alcoholic beverages, such as wine and spirits, present a competitive threat.
- Bargaining Power of Suppliers: Narragansett?s reliance on suppliers for raw materials and packaging gives them some bargaining power.
- Rivalry Among Existing Competitors: The craft beer market is highly competitive, with numerous players vying for market share.
4. Recommendations
To address the challenges and capitalize on opportunities, Narragansett should implement the following recommendations:
1. Reinvent the Brand:
- Target Market Segmentation: Identify and target specific consumer segments, such as millennials seeking craft beer experiences, nostalgia-driven Baby Boomers, and health-conscious consumers.
- Marketing Strategy: Develop a comprehensive marketing strategy that leverages digital platforms, social media, influencer marketing, and targeted advertising to reach the chosen segments.
- Brand Storytelling: Utilize the brand?s rich history and heritage to create compelling narratives that resonate with consumers.
- Event Marketing: Organize events and activations that connect with the target audience and build brand awareness.
2. Embrace Innovation:
- Product Development: Expand beyond traditional lagers and explore new styles and flavors, incorporating seasonal and limited-edition brews to cater to changing consumer tastes.
- Technology and Analytics: Utilize data analytics to track consumer preferences, optimize marketing campaigns, and identify emerging trends in the craft beer market.
- Sustainability: Implement sustainable practices in brewing and packaging, appealing to environmentally conscious consumers.
3. Strategic Partnerships:
- Distribution Partnerships: Expand distribution channels through strategic partnerships with regional distributors and retailers.
- Collaboration with Local Businesses: Collaborate with local restaurants, bars, and food businesses to create unique beer pairings and events.
- Partnerships with Non-Profits: Partner with local non-profit organizations to promote community engagement and social responsibility.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies: Narragansett?s core competency lies in its brand heritage and brewing expertise. The recommendations leverage these strengths while adapting to changing market dynamics.
- External Customers: The recommendations focus on understanding and meeting the needs of the target consumer segments.
- Competitors: The recommendations highlight differentiation strategies to compete effectively against larger players and emerging craft breweries.
- Attractiveness: The recommendations are expected to drive increased sales, market share, and brand awareness, leading to improved financial performance.
6. Conclusion
By embracing innovation, focusing on targeted marketing, and leveraging strategic partnerships, Narragansett can revitalize its brand, attract a broader audience, and achieve sustainable growth in the competitive craft beer market.
7. Discussion
Alternatives:
- Mergers and Acquisitions: Narragansett could consider merging with or acquiring another brewery to expand its operations and portfolio. However, this option carries significant risks and requires careful due diligence.
- Going Public: Going public could provide access to capital for growth, but it also involves regulatory compliance and shareholder pressure.
Risks and Key Assumptions:
- Market Volatility: The craft beer market is dynamic and subject to shifts in consumer preferences.
- Competition: The competitive landscape is intense, and new entrants pose a constant threat.
- Execution: Successful implementation of the recommendations requires effective leadership, strong execution, and a dedicated team.
8. Next Steps
- Market Research: Conduct thorough market research to identify target segments and understand their needs and preferences.
- Marketing Plan Development: Develop a comprehensive marketing plan that outlines strategies for reaching the target audience.
- Product Development: Prioritize product development initiatives based on market research and consumer trends.
- Partnership Exploration: Identify potential partners for distribution, collaboration, and marketing.
- Resource Allocation: Allocate resources effectively to support the implementation of the recommendations.
By taking these steps, Narragansett can position itself for a successful future in the dynamic craft beer market.
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Case Description
Mark Hellendrung, CEO of Narragansett Brewing Company, is deciding whether to partner with a local television station for the upcoming NHL Winter Classic outdoor hockey game between New England's own Boston Bruins and the Philadelphia Flyers at Fenway Park. He had purchased the trademark of the historic New England-based company, Narragansett Beer, four years earlier in 2005. The hockey game offered the company an opportunity to expose millions of potential consumers to their brand. Hellendrung was just one of many local business owners looking to take advantage of the marketing opportunity. The case explores whether investing in a professional sports event represented the right shift in strategy.
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