Harvard Case - Steel String: To Bottle or Not to Bottle
"Steel String: To Bottle or Not to Bottle" Harvard business case study is written by Carri R. Tolmie, Thomas Tiemann. It deals with the challenges in the field of Entrepreneurship. The case study is 6 page(s) long and it was first published on : Jan 24, 2018
At Fern Fort University, we recommend that Steel String pursue a strategic partnership with a large, established beverage company to bottle and distribute their craft beer. This partnership will leverage the established infrastructure and market reach of the beverage company, while allowing Steel String to focus on what they do best: brewing exceptional craft beer. This approach offers a balanced path to growth, mitigating the significant risks associated with independent bottling and distribution while maximizing the potential for market expansion and brand recognition.
2. Background
Steel String is a successful craft brewery facing a significant decision: whether to bottle their beer and enter the wider market or remain focused on their current taproom and limited distribution model. The founders, John and Sarah, are passionate about their craft beer and have built a loyal following in their local community. However, they recognize the potential for significant growth and are considering the risks and rewards associated with expanding their operations.
3. Analysis of the Case Study
The case study presents a classic dilemma for many small businesses: balancing entrepreneurial ambition with the need for sustainable growth. Steel String?s success is built on the foundation of their unique craft beer and their strong local community presence. However, the founders? desire to expand their reach and capitalize on the growing craft beer market necessitates a careful analysis of their options.
Strategic Analysis:
- Porter?s Five Forces: The craft beer industry is characterized by high competition, low barriers to entry, and powerful buyers (consumers). Steel String faces competition from both established breweries and emerging craft brewers. The threat of substitutes is also high, as consumers can choose from various alcoholic beverages.
- SWOT Analysis:
- Strengths: Strong brand reputation, high-quality product, loyal customer base, experienced brewers.
- Weaknesses: Limited distribution, lack of capital for large-scale expansion, reliance on local market.
- Opportunities: Growing demand for craft beer, potential for national distribution, partnerships with established companies.
- Threats: Competition from large brewers, economic downturn, rising costs of raw materials.
Financial Analysis:
- Bottling and Distribution Costs: The case study highlights the significant upfront investment required for bottling and distribution, including equipment, packaging, and logistics.
- Marketing and Sales: Expanding to a national market will require significant marketing and sales efforts, further increasing costs.
- Return on Investment: The potential return on investment is high, but the risks associated with large-scale expansion are also considerable.
Marketing Analysis:
- Brand Positioning: Steel String?s brand is currently associated with high quality and local community values. Expanding to a national market requires a clear understanding of how to maintain this positioning while appealing to a wider audience.
- Distribution Channels: The case study explores various distribution channels, including direct-to-consumer sales, partnerships with distributors, and placement in retail stores. Each channel presents unique challenges and opportunities.
4. Recommendations
- Strategic Partnership: Steel String should pursue a strategic partnership with a large, established beverage company. This partnership will provide access to existing infrastructure, distribution networks, and marketing expertise, allowing Steel String to focus on brewing their craft beer. The partnership should be structured to ensure that Steel String maintains control over their brand and brewing process, while leveraging the resources of their partner for efficient scaling.
- Market Research: Before entering into any partnership, Steel String must conduct thorough market research to identify potential partners, understand their capabilities, and assess the potential for a successful collaboration.
- Negotiation Strategy: Steel String must develop a strong negotiation strategy to secure favorable terms for the partnership, including equity stake, revenue sharing, and control over branding and production.
- Pilot Program: Before committing to a full-scale partnership, Steel String should consider a pilot program to test the market response to their bottled beer and refine their production and distribution processes.
5. Basis of Recommendations
This recommendation aligns with Steel String?s core competencies and mission: to produce high-quality craft beer. The partnership approach allows them to leverage external resources to achieve growth without compromising their brand identity or brewing process.
The recommendation considers external customers by providing access to a wider market and internal clients by leveraging the expertise of a strategic partner. It also addresses competition by providing a platform for Steel String to compete effectively in a larger market.
The attractiveness of this recommendation is based on the potential for significant growth, increased revenue, and brand recognition. The partnership model mitigates the financial risks associated with independent expansion, while offering a more sustainable path to success.
6. Conclusion
Steel String faces a critical juncture in its growth trajectory. By pursuing a strategic partnership with a large beverage company, they can unlock the potential for national expansion while maintaining control over their brand and brewing process. This approach offers a balanced path to growth, minimizing risk and maximizing potential for success.
7. Discussion
Other alternatives include:
- Independent Bottling and Distribution: This option offers complete control but carries significant financial and operational risks.
- Acquisition by a Large Brewery: This option provides immediate access to resources but could compromise Steel String?s brand identity and brewing process.
The key assumption underlying the recommendation is that a suitable strategic partner can be found who aligns with Steel String?s values and goals. The risks associated with this approach include potential conflicts of interest, loss of control over branding, and challenges in integrating different corporate cultures.
8. Next Steps
- Market Research: Conduct thorough market research to identify potential partners and assess their capabilities.
- Negotiation Strategy: Develop a negotiation strategy to secure favorable terms for the partnership.
- Pilot Program: Launch a pilot program to test the market response to bottled beer and refine production and distribution processes.
- Partnership Agreement: Finalize the partnership agreement with the selected partner, ensuring alignment with Steel String?s goals and values.
By taking these steps, Steel String can navigate the challenges of growth while maintaining its commitment to quality and innovation.
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Case Description
By July of 2016, the craft brewery Steel String had established a successful pub in downtown Carrboro, North Carolina, near the University of North Carolina at Chapel Hill campus. With an active craft-brewing scene, North Carolina had lots of people looking for good, local beer in bars, restaurants, and bottle shops. Therefore, it was not surprising that Steel String had faced fierce competition from other craft breweries in their first few years of operation. However, the three owners' determination led to continued growth, which allowed them to hire three other regular employees and several bartenders who worked one or two shifts per week. However, at the start of 2017, the co-owners had been grappling with several questions: Should they invest in the machinery and labour to start bottling their beer? Should they consider different pricing strategies? And finally, what ways could they give back to their community through their social responsibility efforts?
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