Harvard Case - Developing Build Blox as an Entrepreneurial Venture
"Developing Build Blox as an Entrepreneurial Venture" Harvard business case study is written by J. Robert Mitchell, Melissa Stolarz. It deals with the challenges in the field of General Management. The case study is 8 page(s) long and it was first published on : Apr 5, 2016
At Fern Fort University, we recommend a strategic approach for Build Blox to leverage its innovative product and entrepreneurial spirit to achieve sustainable growth and market leadership. This strategy will focus on building a strong brand identity, expanding into new markets, and establishing a robust supply chain while prioritizing ethical practices and environmental sustainability.
2. Background
The case study focuses on Build Blox, a company founded by two college students, David and John, who developed a unique, eco-friendly building block system. The product, made from recycled plastic, is designed to be durable, versatile, and appealing to both children and adults. The company currently operates on a small scale, selling its product primarily through online channels and local craft fairs.
3. Analysis of the Case Study
This case study presents a compelling opportunity for Build Blox to transition from a small-scale startup to a thriving, sustainable enterprise. We can analyze the company's situation using a combination of frameworks:
a) SWOT Analysis:
- Strengths:
- Innovative, eco-friendly product with a strong competitive advantage.
- Passionate and entrepreneurial founders with a strong understanding of the market.
- Potential for scalability and expansion into new markets.
- Strong brand potential due to its unique value proposition.
- Weaknesses:
- Limited resources and funding.
- Lack of established manufacturing and distribution infrastructure.
- Limited marketing and sales reach.
- Dependence on online sales and local events.
- Opportunities:
- Growing demand for sustainable and educational toys.
- Potential for expansion into international markets.
- Partnerships with retailers and educational institutions.
- Development of new product lines and accessories.
- Threats:
- Competition from established toy manufacturers.
- Potential for negative publicity regarding product safety or environmental impact.
- Economic downturns affecting consumer spending.
- Fluctuations in the cost of raw materials.
b) Porter's Five Forces:
- Threat of New Entrants: Moderate. The barrier to entry is relatively low due to the simplicity of the product design, but establishing a strong brand and distribution network will be challenging.
- Bargaining Power of Buyers: High. Consumers have many choices in the toy market, and they can easily switch to competitors if Build Blox doesn't meet their needs.
- Bargaining Power of Suppliers: Moderate. The company relies on suppliers for recycled plastic, which could be subject to price fluctuations and availability issues.
- Threat of Substitute Products: High. There are numerous alternative building toys available, including traditional plastic blocks, wooden blocks, and digital games.
- Competitive Rivalry: High. The toy industry is highly competitive, with established players like LEGO and other emerging sustainable brands.
c) Balanced Scorecard:
- Financial: Increase revenue, improve profitability, secure funding, manage cash flow.
- Customer: Build brand loyalty, expand customer base, enhance customer experience, provide excellent customer service.
- Internal Processes: Optimize manufacturing processes, streamline operations, improve supply chain efficiency, enhance product quality.
- Learning and Growth: Develop innovative products, invest in employee training, foster a culture of innovation, build a strong brand identity.
4. Recommendations
To achieve sustainable growth and market leadership, Build Blox should implement the following recommendations:
a) Strategic Planning and Growth Strategy:
- Develop a comprehensive business plan: This plan should outline the company's vision, mission, goals, and strategies for achieving them. It should include detailed financial projections, market analysis, and competitive analysis.
- Define target markets: Identify specific customer segments that are most likely to be interested in Build Blox products. This could include families, educators, and environmentally conscious consumers.
- Develop a multi-channel marketing strategy: Leverage online channels (e.g., social media, e-commerce, influencer marketing), traditional marketing (e.g., print ads, television commercials), and partnerships with retailers and educational institutions.
- Expand into new markets: Explore international markets with a strong demand for sustainable toys. This could involve establishing partnerships with distributors or setting up local operations.
- Develop new product lines: Expand the product portfolio to cater to different age groups and interests. This could include larger sets, themed sets, or accessories.
b) Operations and Supply Chain Management:
- Establish a robust manufacturing process: Optimize production efficiency, ensure consistent product quality, and minimize waste. Consider implementing lean manufacturing principles and Six Sigma methodologies.
- Develop a reliable supply chain: Secure reliable sources of recycled plastic, establish efficient logistics and warehousing systems, and implement quality control measures throughout the supply chain.
- Explore outsourcing and offshoring: Consider outsourcing manufacturing or distribution to reduce costs and increase scalability.
c) Marketing and Brand Management:
- Develop a strong brand identity: Create a unique brand name, logo, and messaging that resonates with target customers. Emphasize the product's sustainability, educational value, and playability.
- Implement a comprehensive marketing campaign: Use a mix of online and offline marketing channels to reach target customers. This could include social media marketing, content marketing, public relations, and influencer marketing.
- Build a strong online presence: Develop a user-friendly website with clear product descriptions, high-quality images, and engaging content. Utilize e-commerce platforms to facilitate online sales.
- Partner with retailers and educational institutions: Secure distribution channels through partnerships with toy stores, online retailers, schools, and educational organizations.
d) Corporate Social Responsibility and Environmental Sustainability:
- Prioritize ethical practices: Ensure fair labor practices, responsible sourcing of materials, and transparent business operations.
- Promote environmental sustainability: Invest in renewable energy sources, reduce waste and emissions, and implement sustainable packaging solutions.
- Engage in community outreach: Support local schools, environmental organizations, and other initiatives that align with the company's values.
e) Financial Management and Funding:
- Develop a sound financial plan: Forecast revenue, expenses, and profitability. Secure funding through angel investors, venture capitalists, or other sources.
- Manage cash flow effectively: Optimize inventory management, ensure timely payments from customers, and manage expenses carefully.
- Consider strategic partnerships: Explore partnerships with companies that can provide financial support, access to new markets, or other resources.
f) Organizational Structure and Leadership:
- Establish a clear organizational structure: Define roles and responsibilities, establish reporting lines, and create a culture of collaboration and accountability.
- Develop a strong leadership team: Recruit talented individuals with experience in manufacturing, marketing, finance, and operations.
- Foster a culture of innovation: Encourage creativity, experimentation, and continuous improvement.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of Build Blox's strengths, weaknesses, opportunities, and threats. They are designed to address the company's key challenges, leverage its competitive advantages, and position it for sustainable growth.
- Core Competencies and Consistency with Mission: The recommendations align with Build Blox's core competencies in product innovation, sustainability, and entrepreneurship. They also support the company's mission to provide high-quality, eco-friendly building toys that inspire creativity and learning.
- External Customers and Internal Clients: The recommendations focus on meeting the needs of external customers (families, educators, environmentally conscious consumers) and internal clients (employees, investors).
- Competitors: The recommendations are designed to differentiate Build Blox from its competitors by emphasizing its unique value proposition (sustainability, educational value, and playability).
- Attractiveness: The recommendations are expected to generate a positive return on investment (ROI) and contribute to the company's long-term profitability.
6. Conclusion
By implementing these recommendations, Build Blox can transform itself from a small startup into a successful and sustainable enterprise. The company has the potential to become a leader in the growing market for eco-friendly toys and to make a positive impact on the environment and society.
7. Discussion
Alternatives not selected:
- Focusing solely on online sales: This approach would limit the company's reach and potential for growth.
- Ignoring environmental sustainability: This would damage the company's reputation and alienate environmentally conscious consumers.
- Failing to invest in marketing and brand building: This would make it difficult to compete with established toy manufacturers.
Risks and Key Assumptions:
- Competition: The toy industry is highly competitive, and Build Blox may face challenges from established players and new entrants.
- Economic downturns: Consumer spending on toys can be affected by economic conditions.
- Raw material costs: Fluctuations in the cost of recycled plastic could impact profitability.
- Product safety: Ensuring product safety is crucial to avoid negative publicity and legal issues.
8. Next Steps
- Develop a detailed business plan: This should be completed within 3 months.
- Secure funding: Start fundraising efforts within 6 months.
- Establish a manufacturing process: Begin production within 9 months.
- Launch marketing campaign: Start marketing efforts within 12 months.
- Expand into new markets: Begin exploring international markets within 18 months.
By taking these steps, Build Blox can successfully navigate the challenges of the toy industry and achieve its goals of sustainable growth and market leadership.
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Case Description
The case, set in 2012 and 2013, follows two students enrolled in a business accelerator program who experience the uncertainty of creating an idea from an interesting "sandbox," or broad problem space, (in this case, the construction industry) and then developing it into an innovative idea for a new business. The two students elicit a broad range of feedback from individuals in the construction industry and use that feedback to develop their venture idea. The case is process-focused in that there is not one "right" answer in terms of how the students should proceed with developing their idea. Instead, the case provides an opportunity to practise making decisions based on external feedback.
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