Harvard Case - Walker & Company
"Walker & Company" Harvard business case study is written by Jeff Chambers, Matthew Saucedo. It deals with the challenges in the field of Entrepreneurship. The case study is 12 page(s) long and it was first published on : Oct 20, 2016
At Fern Fort University, we recommend that Walker & Company pursue a strategic growth plan focused on leveraging its strong brand equity and innovative product offerings to expand into new market segments and international markets. This strategy involves a multi-pronged approach encompassing product development, marketing, partnerships, and a strategic shift towards a digital-first model.
2. Background
Walker & Company, founded by Tristan Walker, is a successful startup specializing in personal care products for people of color. The company initially focused on men?s grooming products but has since expanded into a broader range of products for both men and women. Walker & Company has experienced significant growth through a combination of strong brand building, innovative product development, and a direct-to-consumer marketing strategy. However, the company faces challenges in maintaining its growth trajectory and navigating the complexities of scaling its business.
The main protagonists in this case are Tristan Walker, the founder and CEO, and his team, who are tasked with developing a strategy to ensure the company?s continued success.
3. Analysis of the Case Study
We can analyze Walker & Company?s situation using the following frameworks:
a) Porter?s Five Forces:
- Threat of New Entrants: High, as the personal care market is relatively easy to enter, with low barriers to entry.
- Bargaining Power of Buyers: Moderate, as consumers have a wide range of choices and can easily switch brands.
- Bargaining Power of Suppliers: Low, as raw materials for personal care products are widely available.
- Threat of Substitute Products: High, as consumers can choose from a wide variety of alternative products, including natural and organic options.
- Competitive Rivalry: High, as the personal care market is highly competitive, with established players like Procter & Gamble and Unilever, as well as emerging brands like SheaMoisture.
b) SWOT Analysis:
- Strengths: Strong brand equity, innovative product offerings, direct-to-consumer marketing strategy, strong customer loyalty.
- Weaknesses: Limited product portfolio, reliance on a single channel (e.g., online), lack of international presence, potential for brand dilution.
- Opportunities: Expanding into new market segments, entering international markets, developing new product lines, leveraging technology for personalized experiences.
- Threats: Increasing competition, changing consumer preferences, economic downturn, regulatory challenges.
c) Ansoff Matrix:
- Market Penetration: Expanding existing product lines to existing customer segments.
- Market Development: Entering new geographic markets with existing products.
- Product Development: Developing new products for existing customer segments.
- Diversification: Entering new markets with new products.
4. Recommendations
1. Expand Product Portfolio:
- Develop new product lines targeting specific needs within the existing customer base (e.g., hair care, skincare, body care).
- Leverage technology and analytics to identify emerging trends and unmet needs in the market.
- Partner with influencers and beauty experts to develop and validate new product concepts.
2. Expand into International Markets:
- Identify target markets with high growth potential and a strong demand for products catering to people of color.
- Conduct thorough market research to understand local preferences and regulations.
- Establish strategic partnerships with local distributors and retailers to facilitate market entry.
3. Embrace a Digital-First Model:
- Invest in website and mobile app development to provide seamless online shopping experiences.
- Leverage social media marketing and influencer collaborations to reach a wider audience.
- Implement personalized marketing strategies based on customer data and preferences.
4. Build Strategic Partnerships:
- Collaborate with retailers, influencers, and other companies to expand reach and access new customer segments.
- Explore partnerships with organizations focused on diversity and inclusion to enhance brand image and build trust.
- Leverage partnerships to develop co-branded products and marketing campaigns.
5. Prioritize Sustainability and Social Responsibility:
- Implement environmentally friendly practices in manufacturing and packaging.
- Support social causes aligned with the company?s values and target audience.
- Communicate sustainability initiatives transparently to build brand loyalty and attract socially conscious consumers.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: Walker & Company?s core competencies lie in its strong brand equity, innovative product development, and direct-to-consumer marketing expertise. These recommendations leverage these strengths to drive growth while remaining consistent with the company?s mission to provide high-quality products for people of color.
- External Customers and Internal Clients: The recommendations address the needs of both external customers seeking diverse and inclusive beauty products and internal clients (employees) who desire a company that prioritizes sustainability and social responsibility.
- Competitors: The recommendations aim to differentiate Walker & Company from its competitors by focusing on niche market segments, leveraging technology, and building strategic partnerships.
- Attractiveness: The recommendations are expected to lead to increased revenue, market share, and profitability. The digital-first strategy, for example, can improve efficiency and reduce marketing costs while reaching a wider audience.
6. Conclusion
By implementing these recommendations, Walker & Company can achieve sustainable growth, expand its market reach, and solidify its position as a leading brand in the personal care industry. The company?s focus on innovation, inclusivity, and sustainability will resonate with consumers and drive long-term success.
7. Discussion
Alternatives:
- Acquisition: Walker & Company could pursue acquisitions of existing brands in complementary market segments. However, this strategy carries risks associated with integration challenges and potential brand dilution.
- Licensing: Walker & Company could license its brand and products to other companies, potentially leading to faster market expansion. However, this approach could limit control over product quality and brand image.
Risks and Key Assumptions:
- Competition: The personal care market is highly competitive, and new entrants may emerge, posing a threat to Walker & Company?s market share.
- Consumer Preferences: Consumer preferences are constantly evolving, and Walker & Company needs to remain agile and responsive to changing trends.
- Technology: The company needs to invest in technology and analytics to maintain a competitive edge and personalize customer experiences.
8. Next Steps
- Develop a detailed business plan: Outline specific objectives, timelines, and resource requirements for each recommendation.
- Conduct market research: Gather data on target markets, consumer preferences, and competitive landscape.
- Develop a digital marketing strategy: Define online marketing channels, content strategy, and customer engagement tactics.
- Build a strong team: Recruit and retain talented individuals with expertise in product development, marketing, and international business.
- Monitor progress and adjust strategies: Regularly track key performance indicators (KPIs) and make necessary adjustments to ensure success.
By following these recommendations and taking a proactive approach to managing risks, Walker & Company can achieve its ambitious goals and become a leading force in the global personal care industry.
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Case Description
Walker & Company follows Tristan Walker, the GSB alumnus and Silicon Valley entrepreneur, as he searches for an idea around which to start a business. After a period of sifting through ideas and performing diligence on opportunities ranging from hair weaves for African American women to starting a bank, Walker found his calling-starting a consumer packaged goods (CPG) company for people of color. But this is where his journey only begins. From here, the case follows Walker as he leads the company through a series of growth stages, including setting up his board of directors and making key executive hires.
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