Harvard Case - From 80 Thoreau to Mooncusser Fish House & Moon Bar (A)
"From 80 Thoreau to Mooncusser Fish House & Moon Bar (A)" Harvard business case study is written by Lena G. Goldberg, Sandra Bahous. It deals with the challenges in the field of Entrepreneurship. The case study is 21 page(s) long and it was first published on : Sep 28, 2017
At Fern Fort University, we recommend that Mooncusser Fish House & Moon Bar (MFH&MB) pursue a strategic growth strategy focused on expanding its brand presence through strategic partnerships, leveraging technology, and implementing a multi-pronged marketing strategy. This approach will enable MFH&MB to capitalize on its existing strengths and build a sustainable business model for future growth.
2. Background
This case study explores the journey of Mooncusser Fish House & Moon Bar, a restaurant founded by two experienced entrepreneurs, Chris and Amy. They initially operated a successful restaurant, 80 Thoreau, before deciding to venture into a new concept with MFH&MB. The new venture aimed to offer a unique dining experience with a focus on fresh seafood and a lively bar atmosphere. However, despite initial success, MFH&MB faced challenges in scaling its operations and achieving profitability.
The case study highlights the key protagonists:
- Chris and Amy: The founders and owners of MFH&MB, responsible for strategic direction, decision-making, and overall management.
- The Team: The dedicated staff, including chefs, servers, and bartenders, who contribute to the restaurant?s daily operations and customer experience.
- Investors: The individuals and groups who provided capital to MFH&MB, seeking a return on their investment.
3. Analysis of the Case Study
Several key areas require analysis to understand MFH&MB?s challenges and opportunities:
a) Business Model:MFH&MB?s business model relies on a unique dining experience, fresh seafood, and a lively bar atmosphere. However, the case highlights several challenges:
- High operating costs: The restaurant?s focus on fresh ingredients and a premium dining experience leads to high food and labor costs.
- Limited scalability: The current model struggles to expand beyond its existing location due to reliance on local sourcing and limited seating capacity.
- Lack of consistent profitability: Despite strong customer demand, MFH&MB has yet to achieve consistent profitability, impacting its ability to invest in growth.
b) Marketing and Branding:While MFH&MB enjoys a strong local reputation, its marketing efforts lack a cohesive strategy.
- Limited online presence: The restaurant?s online presence is underdeveloped, hindering its ability to reach a wider audience and attract new customers.
- Ineffective marketing channels: The current marketing strategy relies heavily on word-of-mouth and local advertising, limiting its reach and impact.
- Weak brand identity: While the restaurant?s concept is unique, it lacks a clear and consistent brand identity, making it difficult to differentiate itself in a competitive market.
c) Operations and Management:MFH&MB?s operations are characterized by:
- Limited data and analytics: The restaurant lacks a robust system for collecting and analyzing data, making it difficult to track performance, identify trends, and make informed decisions.
- Inefficient processes: The restaurant?s operations are manual and inefficient, leading to wasted time and resources.
- Lack of clear organizational structure: The lack of a clear organizational structure and defined roles can lead to confusion, miscommunication, and inefficiencies.
4. Recommendations
To overcome these challenges and achieve sustainable growth, MFH&MB should implement the following recommendations:
a) Business Model Innovation:
- Develop a multi-channel strategy: Expand beyond the physical restaurant by offering online ordering, delivery services, and catering options. This will increase revenue streams and reach a wider customer base.
- Optimize sourcing and supply chain: Explore partnerships with local farms and suppliers to ensure consistent quality and reduce costs. Implement a data-driven approach to inventory management and procurement.
- Implement technology solutions: Leverage technology for online reservations, table management, and customer relationship management (CRM) to improve operational efficiency and customer service.
b) Marketing and Branding:
- Develop a strong brand identity: Create a clear and consistent brand identity that reflects MFH&MB?s unique value proposition and target audience.
- Build a robust online presence: Develop a user-friendly website and social media presence to engage with customers, promote events, and drive online bookings.
- Implement a multi-channel marketing strategy: Utilize a combination of online and offline marketing channels, including social media advertising, email marketing, and partnerships with local businesses and influencers.
c) Operations and Management:
- Invest in data analytics: Implement a system for tracking key performance indicators (KPIs) and analyzing customer data to gain insights into customer preferences, operational efficiency, and areas for improvement.
- Streamline operational processes: Implement lean management principles to improve efficiency, reduce waste, and optimize resource utilization.
- Develop a clear organizational structure: Define roles and responsibilities, establish clear lines of communication, and empower employees to contribute to the restaurant?s success.
d) Strategic Partnerships:
- Partner with local businesses: Collaborate with other local businesses, such as breweries, wineries, and event organizers, to cross-promote and attract a wider audience.
- Explore franchise opportunities: Consider franchising the MFH&MB concept to expand into new markets and achieve faster growth.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations leverage MFH&MB?s existing strengths, such as its focus on fresh seafood and unique dining experience, while addressing its weaknesses, such as limited scalability and lack of a robust online presence.
- External customers and internal clients: The recommendations are designed to attract new customers while improving the experience for existing patrons. They also aim to empower employees and foster a positive work environment.
- Competitors: The recommendations consider the competitive landscape and aim to differentiate MFH&MB through its unique brand identity, online presence, and strategic partnerships.
- Attractiveness: The recommendations are expected to increase revenue, improve profitability, and enhance brand awareness, ultimately leading to long-term growth and success.
6. Conclusion
By implementing these recommendations, MFH&MB can overcome its current challenges and achieve sustainable growth. By embracing innovation, leveraging technology, and building a strong brand identity, MFH&MB can position itself for success in the competitive restaurant industry.
7. Discussion
Alternatives:
- Focusing solely on organic growth: This approach would involve relying on word-of-mouth and local advertising, which may not be sufficient to achieve rapid growth in a competitive market.
- Selling the business: This option would provide a quick exit strategy but would not allow the founders to realize their vision for MFH&MB.
Risks and Key Assumptions:
- Competition: The restaurant industry is highly competitive, and MFH&MB may face challenges from established players and new entrants.
- Consumer preferences: Changes in consumer preferences and dining trends could impact MFH&MB?s success.
- Technology adoption: The successful implementation of technology solutions requires investment and ongoing maintenance.
- Partnership success: The success of strategic partnerships depends on the ability to find compatible and reliable partners.
8. Next Steps
- Develop a detailed business plan: Outline the specific steps required to implement the recommendations, including timelines, budgets, and key milestones.
- Secure funding: Seek funding from investors or lenders to support the implementation of the growth strategy.
- Build a strong team: Recruit and retain talented individuals with expertise in marketing, operations, and technology.
- Monitor progress and adjust as needed: Regularly track key performance indicators and make adjustments to the strategy based on data and market feedback.
By taking these steps, MFH&MB can transform itself from a successful local restaurant into a thriving regional brand, achieving its full potential and creating a lasting legacy.
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Case Description
After extensive planning, Ian Calhoun, (MBA 2010) who was also a chef trained in Paris at Le Cordon Bleu, and two co-founders launched 80 Thoreau, a "progressive fine dining" restaurant in Concord, MA that became a local favorite as well as a special occasion destination. After five years of successful operations, the founding team contemplated opening a second restaurant in Boston's Back Bay. Building on the game plan for and lessons learned during the opening of 80 Thoreau, Calhoun and team developed a plan for Mooncusser Fish House and Moon Bar. But as the decision to launch or scupper the new restaurant drew near, the team had to decide whether they had hit upon the right concept, found the right location, and had the managerial capacity to succeed. Would the 80 Thoreau investor group back the project or would the founders need to find new financial backers? Was this the right time to expand?
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