Harvard Case - Skip Breitbach Feed & Seed: Pretty Soon?
"Skip Breitbach Feed & Seed: Pretty Soon?" Harvard business case study is written by Terry M. McGovern, Janis L. Gogan. It deals with the challenges in the field of General Management. The case study is 13 page(s) long and it was first published on : Jan 1, 2019
At Fern Fort University, we recommend Skip Breitbach Feed & Seed adopt a strategic growth plan focused on digital transformation, expansion into new markets, and strengthening its brand. This plan will leverage Skip's existing strengths in customer service and community engagement while adapting to the changing landscape of the agricultural industry.
2. Background
Skip Breitbach Feed & Seed is a family-owned business serving the agricultural needs of the local community for over 50 years. The business is facing challenges due to changing customer demographics, increased competition from larger retailers, and the emergence of online platforms for agricultural supplies. Skip, the owner, is considering various options for the future of the business, including selling the business, closing the store, or continuing to operate with some changes.
The main protagonists in this case study are Skip Breitbach, the owner, and his son, Matt, who represents the next generation of leadership. The case highlights the generational divide in their perspectives on the future of the business, with Skip valuing tradition and community while Matt embraces innovation and growth.
3. Analysis of the Case Study
SWOT Analysis:
Strengths:
- Strong customer relationships and community reputation
- Experienced and knowledgeable staff
- Well-established supply chain and inventory management
- Strong brand recognition in the local market
Weaknesses:
- Limited online presence and e-commerce capabilities
- Lack of marketing and advertising efforts
- Reliance on traditional business practices
- Potential for limited growth due to local market focus
Opportunities:
- Expanding into new markets through online sales and partnerships
- Developing new product offerings and services
- Implementing technology to improve efficiency and customer experience
- Leveraging social media and digital marketing to reach new customers
Threats:
- Increased competition from larger retailers and online platforms
- Changing customer demographics and preferences
- Economic fluctuations and agricultural market volatility
- Potential for disruptions in supply chain due to global events
Porter's Five Forces:
- Threat of New Entrants: Moderate - Online platforms and larger retailers can easily enter the market.
- Bargaining Power of Buyers: Moderate - Customers have options for purchasing agricultural supplies online and from larger retailers.
- Bargaining Power of Suppliers: Low - Skip has established relationships with suppliers and can negotiate favorable terms.
- Threat of Substitute Products: High - Online platforms and larger retailers offer a wide range of substitute products.
- Rivalry Among Existing Competitors: High - The agricultural supply market is competitive, with both local and national players.
Key Performance Indicators (KPIs):
- Sales growth
- Customer satisfaction
- Website traffic and online sales
- Social media engagement
- Employee retention
4. Recommendations
1. Digital Transformation:
- Develop a comprehensive e-commerce platform: Implement a user-friendly online store with secure payment options and a robust inventory management system.
- Invest in digital marketing and advertising: Utilize social media platforms, search engine optimization (SEO), and targeted online advertising to reach new customers and build brand awareness.
- Implement a customer relationship management (CRM) system: Track customer interactions, preferences, and purchase history to personalize marketing efforts and improve customer service.
2. Market Expansion:
- Explore partnerships with online retailers: Leverage existing supply chain and inventory management capabilities to sell products through national online platforms.
- Target new geographic markets: Identify underserved communities with potential for growth and expand online presence to reach new customers.
- Develop new product offerings: Introduce specialty products and services catering to specific customer needs and market trends.
3. Brand Strengthening:
- Modernize brand identity: Refresh logo, website, and marketing materials to appeal to a wider audience and reflect the business's commitment to innovation.
- Focus on community engagement: Continue to participate in local events, sponsor community initiatives, and build relationships with local farmers and ranchers.
- Highlight Skip's legacy and expertise: Communicate the company's history, values, and commitment to quality to differentiate from competitors.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations leverage Skip's existing strengths in customer service, community engagement, and supply chain management while adapting to the changing market landscape.
- External customers and internal clients: The recommendations address the needs of both existing and new customers while empowering employees with the tools and resources to succeed.
- Competitors: The recommendations differentiate Skip from competitors by leveraging its unique brand identity, customer relationships, and local expertise.
- Attractiveness: The recommendations are expected to lead to increased sales, customer satisfaction, and profitability, making the business more attractive to potential investors and buyers.
6. Conclusion
Skip Breitbach Feed & Seed has a strong foundation built on customer loyalty and community engagement. By embracing digital transformation, expanding into new markets, and strengthening its brand, the business can thrive in the evolving agricultural industry. This strategy will ensure the long-term sustainability of the business while honoring Skip's legacy and preparing for the future.
7. Discussion
Alternatives:
- Selling the business: This option would provide immediate financial gain but could result in the loss of Skip's legacy and the company's local identity.
- Closing the store: This option would be the simplest but would eliminate the business and its contribution to the community.
Risks:
- Digital transformation costs: Implementing new technology and digital platforms can be expensive.
- Market competition: Expanding into new markets could lead to increased competition.
- Customer acceptance: Adapting to new technologies and online platforms may require a change in customer behavior.
Key Assumptions:
- The agricultural industry will continue to grow and evolve.
- Online platforms will become increasingly important for agricultural supply sales.
- Customers are willing to embrace new technologies and online shopping experiences.
8. Next Steps
- Develop a detailed implementation plan: Outline specific actions, timelines, and resources for each recommendation.
- Invest in technology and training: Acquire necessary software, hardware, and training for employees to support digital transformation.
- Conduct market research: Identify potential new markets and develop targeted marketing strategies.
- Build partnerships: Establish relationships with online retailers and other industry players.
- Communicate with customers: Inform customers about changes and new offerings through website updates, social media, and email marketing.
By implementing these recommendations, Skip Breitbach Feed & Seed can position itself for continued success in the evolving agricultural industry. This strategic approach will ensure the business remains relevant, competitive, and sustainable for generations to come.
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Case Description
In fall 2018, the 64-year-old owner of a small 5th-generation family business in rural Iowa has not begun succession or retirement planning. His older daughter asks to talk with him about possibly taking over the store someday; Skip defers this talk until after the busy harvest season. A few days later "Big Ag Feeds" (disguised) offers to buy his business; they want an answer by year-end. Skip discusses the offer with his wife. If he accepts it, ownership would transfer to Big Ag in four years, ending the family business legacy. Skip always assumed he would keep the business in the family, yet now he considers this option and three others: 1) Counter-propose to transfer ownership to Big Ag in one year ("clean break" to retirement). 2) Groom his daughter to succeed him as owner/manager; 3) Hire an outside manager to run the store (retain ownership). Seeing that times are changing (huge agribusinesses are replacing small farms, with repercussions for his business; emerging technologies and new government regulations bring other opportunities and threats) Skip believes the next owner/manager will face a tougher road than the rough road he traveled in his career journey.
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