Harvard Case - Solome Tibebu: Evaluating Possible Business Models
"Solome Tibebu: Evaluating Possible Business Models" Harvard business case study is written by Laura C. Dunham. It deals with the challenges in the field of Entrepreneurship. The case study is 12 page(s) long and it was first published on : Sep 1, 2018
At Fern Fort University, we recommend that Solome Tibebu pursue a hybrid business model, leveraging the strengths of both the traditional brick-and-mortar retail model and the online e-commerce platform. This approach will allow her to capitalize on the existing customer base and brand recognition while simultaneously expanding into new markets and reaching a wider audience through the internet. This strategy will require a careful balance of investment in both physical infrastructure and digital technology, as well as a robust marketing and branding strategy to effectively communicate the value proposition of her unique product offering.
2. Background
Solome Tibebu, a young entrepreneur with a passion for Ethiopian food and culture, is facing a critical decision regarding the future of her successful restaurant business, "Taste of Ethiopia." She has established a strong reputation for authentic and flavorful cuisine in her local community, but desires to expand her reach and achieve greater growth. The case study explores her options, including staying with the existing brick-and-mortar model, expanding through franchising, or transitioning to an online e-commerce platform focused on delivering ready-to-eat meals.3. Analysis of the Case Study
To evaluate Solome's options, we can apply Porter's Five Forces framework to assess the competitive landscape:1. Threat of New Entrants: The restaurant industry is generally considered to have a moderate threat of new entrants due to the relatively low barriers to entry, such as obtaining permits and licenses. However, Solome?s unique focus on Ethiopian cuisine and her established brand recognition create a competitive advantage.
2. Bargaining Power of Buyers: Customers in the restaurant industry have moderate bargaining power, as they can choose from various options. However, Solome?s loyal customer base and the distinctive nature of her cuisine give her some leverage.
3. Bargaining Power of Suppliers: The bargaining power of suppliers, including food distributors and equipment providers, is moderate. Solome can negotiate favorable terms by diversifying her suppliers and maintaining strong relationships.
4. Threat of Substitute Products: The threat of substitute products is moderate, as customers can opt for other cuisines or home-cooked meals. However, Solome?s focus on providing authentic and high-quality Ethiopian food differentiates her offering.
5. Competitive Rivalry: The restaurant industry is highly competitive, with numerous players vying for customers. Solome?s success depends on her ability to differentiate her offering, build brand loyalty, and effectively market her business.
Financial Analysis: The case study provides limited financial data, making a detailed financial analysis challenging. However, we can consider the potential costs and benefits of each option:
- Brick-and-mortar expansion: This option requires significant capital investment for new locations, staffing, and operational costs. However, it offers the potential for increased revenue and brand recognition.
- Franchising: This option can accelerate growth with lower initial investment, but requires careful franchisee selection and ongoing support.
- E-commerce platform: This option requires investment in technology, logistics, and marketing, but offers the potential for reaching a wider market and achieving greater scalability.
Marketing Analysis: Solome?s current marketing strategy relies on word-of-mouth referrals and local advertising. To expand her reach, she needs to develop a comprehensive marketing plan that includes:
- Online marketing: Utilizing social media, search engine optimization (SEO), and online advertising to target a wider audience.
- Branding: Developing a strong brand identity that communicates the authenticity, quality, and cultural significance of her cuisine.
- Partnerships: Collaborating with local businesses, community organizations, and cultural institutions to promote her brand and reach new customers.
4. Recommendations
Based on the analysis, we recommend Solome adopt a hybrid business model that combines the strengths of both the brick-and-mortar and e-commerce platforms. This approach will allow her to leverage her existing customer base and brand recognition while expanding into new markets and reaching a wider audience.Here?s a breakdown of the recommended strategy:
1. Maintain and Enhance the Existing Brick-and-Mortar Business:
- Focus on Operational Excellence: Invest in improving efficiency and customer service at the existing restaurant.
- Develop a Strong Online Presence: Create a website and social media pages to showcase the restaurant?s offerings, menu, and customer testimonials.
- Implement a Loyalty Program: Reward regular customers with discounts and exclusive offers to foster brand loyalty.
2. Launch an E-commerce Platform for Ready-to-Eat Meals:
- Develop a Minimum Viable Product (MVP): Start with a limited menu of popular dishes and gradually expand based on customer feedback.
- Partner with a Delivery Service: Utilize existing delivery platforms to ensure efficient and reliable delivery to customers.
- Focus on Packaging and Presentation: Invest in attractive and sustainable packaging that reflects the brand?s quality and authenticity.
3. Invest in Technology and Analytics:
- Implement a Point-of-Sale (POS) System: Streamline ordering and payment processes, gather customer data, and improve operational efficiency.
- Utilize Data Analytics: Track customer preferences, sales trends, and market demand to inform product development and marketing strategies.
4. Develop a Robust Marketing Strategy:
- Target Specific Market Segments: Identify potential customer groups based on demographics, interests, and online behavior.
- Leverage Social Media Marketing: Create engaging content, run targeted advertising campaigns, and collaborate with food bloggers and influencers.
- Partner with Local Businesses: Collaborate with food retailers, grocery stores, and cultural organizations to expand reach and promote cross-selling opportunities.
5. Build a Strong Team:
- Hire Experienced Professionals: Recruit individuals with expertise in food preparation, logistics, marketing, and technology.
- Foster a Culture of Innovation: Encourage creativity and continuous improvement to adapt to changing market demands.
5. Basis of Recommendations
This recommendation considers the following factors:- Core Competencies and Consistency with Mission: Solome?s core competency lies in her ability to prepare authentic and flavorful Ethiopian cuisine. The hybrid model allows her to leverage this expertise while expanding her reach and increasing revenue.
- External Customers and Internal Clients: The hybrid model caters to both existing customers who value the in-restaurant experience and new customers who prefer the convenience of online ordering and delivery.
- Competitors: The hybrid model differentiates Solome from competitors who focus solely on brick-and-mortar or online platforms.
- Attractiveness: While a detailed financial analysis is not possible with the limited data provided, the hybrid model offers the potential for significant growth and profitability by leveraging both online and offline channels.
6. Conclusion
By adopting a hybrid business model, Solome can capitalize on the strengths of both traditional and digital channels, expand her reach, and achieve sustainable growth for "Taste of Ethiopia." This approach requires a strategic blend of investment in physical infrastructure, digital technology, and marketing efforts, but offers a compelling path to success in the competitive food industry.7. Discussion
Alternatives not selected:
- Purely Brick-and-Mortar Expansion: This option carries higher financial risk and limited scalability.
- Franchising: This option requires careful franchisee selection and ongoing support, which can be challenging for a young entrepreneur.
- Purely E-commerce Platform: This option requires significant investment in technology, logistics, and marketing, and may not leverage Solome?s existing customer base and brand recognition.
Risks and Key Assumptions:
- Competition: The food industry is highly competitive, and Solome will need to differentiate her offering and effectively market her brand to attract customers.
- Technology: The success of the e-commerce platform depends on reliable technology, efficient logistics, and a user-friendly online experience.
- Customer Acceptance: Customers need to be receptive to the idea of ordering ready-to-eat Ethiopian meals online.
8. Next Steps
- Develop a Detailed Business Plan: Outline the specific steps, timelines, and resources required to implement the hybrid model.
- Secure Funding: Seek investment from angel investors, venture capitalists, or crowdfunding platforms to support the expansion.
- Build a Strong Team: Recruit experienced professionals in food preparation, logistics, marketing, and technology.
- Launch the E-commerce Platform: Develop a minimum viable product (MVP) and test the market with a limited menu.
- Monitor Performance and Adapt: Continuously track key metrics, gather customer feedback, and make adjustments to optimize the business model.
By taking these steps, Solome can successfully implement the hybrid business model and achieve her goals of expanding ?Taste of Ethiopia? and sharing her passion for Ethiopian food with a wider audience.
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Case Description
A young, college-aged entrepreneur seeks to launch a business around a set of interactive video games she has designed to help teens experiencing severe anxiety. She considers three possible business models, each of which targets a different customer segment with distinct value propositions, while remaining true to her vision of supporting teens with anxiety disorders. After doing basic research on each, she feels unsure which business model to pursue, and what her next steps should be. The case allows students to examine the process through which entrepreneurs develop and evaluate business models, while also highlighting a critical problem for many start up entrepreneurs - the need for focus. As students determine their recommendations for next steps, they come to understand the importance of the kind of disciplined research entrepreneurs must undertake to test the hypotheses embedded within their incipient business models.
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