Harvard Case - Growing Skoah
"Growing Skoah" Harvard business case study is written by Emily R. McComb, Emily Williams. It deals with the challenges in the field of Finance. The case study is 17 page(s) long and it was first published on : Feb 21, 2020
At Fern Fort University, we recommend that Skoah pursue a growth strategy focused on international expansion through a combination of franchising and strategic partnerships. This strategy will leverage Skoah's existing strong brand and product offerings while minimizing financial risk and maximizing profitability.
2. Background
Skoah is a successful Finnish skincare company with a strong brand identity and a loyal customer base. The company faces a challenge: how to maintain its growth trajectory while navigating the complexities of a global market. The case study focuses on the company's founder, P'ivi, and her decision-making process as she considers various options for expanding Skoah's reach.
3. Analysis of the Case Study
We can analyze Skoah's situation through the lens of a growth strategy framework, considering both internal and external factors:
Internal Factors:
- Strong Brand: Skoah enjoys a strong brand reputation for its natural and effective skincare products, which is a key asset for international expansion.
- Proven Business Model: Skoah's existing business model, focused on retail stores and a strong online presence, is adaptable to different markets.
- Limited Resources: Skoah is a relatively small company with limited financial resources, which restricts its options for rapid expansion.
External Factors:
- Global Demand for Natural Skincare: The global market for natural and organic skincare products is growing rapidly, presenting an opportunity for Skoah.
- Competitive Landscape: The skincare market is highly competitive, with established players and emerging brands. Skoah needs to differentiate itself to succeed.
- Economic Uncertainty: Global economic conditions and potential trade barriers pose risks to international expansion.
Financial Analysis:
- Profitability: Skoah exhibits strong profitability, with a high gross margin and a solid track record of financial performance.
- Cash Flow: Skoah generates consistent cash flow, which is crucial for funding expansion.
- Capital Structure: The company's current capital structure, with a focus on equity financing, provides flexibility for future growth.
4. Recommendations
1. International Expansion through Franchising:
- Target Markets: Skoah should prioritize countries with a strong demand for natural skincare products, a favorable regulatory environment, and a potential for significant growth.
- Franchise Model: Skoah should develop a comprehensive franchise model that includes:
- Brand Standards: Maintaining consistent quality and brand identity across all franchises.
- Training and Support: Providing comprehensive training and ongoing support to franchisees.
- Marketing and Advertising: Developing a coordinated marketing strategy for all franchises.
- Selection Process: Skoah should carefully select franchisees who share its values and have a proven track record of success in the retail industry.
2. Strategic Partnerships:
- Joint Ventures: Skoah can explore joint ventures with established local companies in target markets. This approach allows Skoah to leverage local expertise and resources while minimizing financial risk.
- Distribution Partnerships: Skoah can partner with online retailers and distributors to expand its reach in new markets.
- Cross-Promotions: Skoah can collaborate with complementary brands in the beauty and wellness industries to reach new audiences.
3. Continued Investment in Technology and Analytics:
- E-commerce Platform: Skoah should continue to invest in its e-commerce platform to enhance customer experience and expand its online presence.
- Data Analytics: Skoah should leverage data analytics to gain insights into customer behavior, market trends, and competitor activities. This will help inform its marketing and product development strategies.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies: Skoah's core competencies lie in its brand, product development, and retail operations. Franchising and strategic partnerships leverage these strengths.
- External Customers: The recommendations address the growing global demand for natural skincare products and the need to reach new customer segments.
- Competitors: The recommendations aim to differentiate Skoah from competitors by focusing on niche markets and leveraging strategic partnerships.
- Attractiveness: The proposed strategy is financially attractive, offering potential for significant growth and profitability while minimizing risk.
6. Conclusion
By pursuing a strategic combination of franchising and strategic partnerships, Skoah can achieve sustainable growth in the international market. This approach allows the company to leverage its existing strengths, minimize financial risk, and capitalize on the growing global demand for natural skincare products.
7. Discussion
Alternatives:
- Direct Expansion: Skoah could choose to open its own stores in new markets. However, this approach requires significant financial resources and carries a higher risk of failure.
- Acquisition: Skoah could consider acquiring existing skincare companies in target markets. This option requires significant capital investment and may not be feasible given Skoah's current financial resources.
Risks:
- Franchisee Performance: Skoah needs to carefully select and manage its franchisees to ensure consistent quality and brand adherence.
- Cultural Differences: Skoah needs to adapt its marketing and product offerings to the specific cultural preferences of each target market.
- Economic Volatility: Global economic conditions and potential trade barriers pose risks to international expansion.
Key Assumptions:
- The global market for natural skincare products will continue to grow.
- Skoah can successfully develop and implement a robust franchise model.
- Skoah can identify and secure strategic partnerships with reputable companies in target markets.
8. Next Steps
- Market Research: Conduct thorough market research to identify potential target markets and assess the competitive landscape.
- Franchise Model Development: Develop a comprehensive franchise model that includes detailed guidelines, training programs, and marketing support.
- Partner Identification: Identify and evaluate potential partners for joint ventures and distribution agreements.
- Pilot Program: Launch a pilot franchise program in a selected target market to test the model and gather feedback.
- Expansion Strategy: Based on the pilot program results, develop a phased expansion strategy for entering new markets.
By following these steps, Skoah can successfully navigate the complexities of international expansion and achieve its growth objectives.
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