Harvard Case - International Trade Options for the Exotic Spectacled Caiman
"International Trade Options for the Exotic Spectacled Caiman" Harvard business case study is written by Monica Franco, Jose Concha, Martha Cruz. It deals with the challenges in the field of International Business. The case study is 20 page(s) long and it was first published on : May 26, 2023
At Fern Fort University, we recommend a multi-pronged strategy for the Exotic Spectacled Caiman (ESC) farm to capitalize on the growing international demand for caiman leather goods. This strategy involves diversifying its international trade options by focusing on emerging markets with high demand and establishing strategic alliances with established leather goods manufacturers. This approach will enable the ESC farm to maximize its revenue potential while ensuring environmental sustainability and ethical sourcing practices.
2. Background
The case study centers around the Exotic Spectacled Caiman (ESC) farm, a small, family-owned business in Ecuador struggling to expand its market reach beyond local sales. The farm faces challenges including limited capital, lack of international business experience, and concerns about animal welfare and environmental sustainability.
The main protagonists are the owners, the ESC farm, and potential international buyers. The owners are seeking to increase revenue and expand their business, while international buyers are looking for high-quality caiman leather at competitive prices.
3. Analysis of the Case Study
SWOT Analysis:
Strengths:
- Unique product: High-quality caiman leather is a niche product with growing global demand.
- Sustainable practices: The farm prioritizes ethical sourcing and environmental sustainability.
- Experienced workforce: The owners and employees have extensive knowledge of caiman farming and leather production.
Weaknesses:
- Limited capital: The farm lacks the financial resources for significant international expansion.
- Lack of international experience: The owners have limited experience in international trade and marketing.
- Small-scale operation: The farm's production capacity is limited, hindering large-scale international orders.
Opportunities:
- Growing global demand: The luxury leather goods market is expanding rapidly, particularly in emerging markets.
- Emerging markets: Countries like China and India offer significant growth potential for caiman leather products.
- Strategic alliances: Collaborating with established leather goods manufacturers can provide access to new markets and resources.
Threats:
- Competition: The ESC farm faces competition from other caiman farms and alternative leather sources.
- Environmental regulations: Stricter regulations regarding animal welfare and environmental sustainability could impact the farm's operations.
- Economic volatility: Global economic fluctuations can impact demand for luxury goods.
Porter's Five Forces:
- Threat of new entrants: High, due to the relatively low barriers to entry in caiman farming.
- Bargaining power of buyers: High, as buyers have numerous alternative leather sources.
- Bargaining power of suppliers: Low, as the farm is a supplier of a niche product.
- Threat of substitute products: High, due to the availability of alternative leather materials.
- Rivalry among existing competitors: Moderate, as the caiman leather market is relatively fragmented.
Key Issues:
- Market entry strategy: How to effectively enter new international markets with limited resources.
- Supply chain management: How to manage the supply chain to meet international demand while maintaining sustainability.
- Marketing and branding: How to market and brand the ESC farm's products to a global audience.
- Financial management: How to secure financing for expansion and manage currency exchange risks.
4. Recommendations
- Focus on Emerging Markets: The ESC farm should prioritize emerging markets like China and India, where demand for luxury leather goods is high and growing.
- Establish Strategic Alliances: The farm should seek strategic alliances with established leather goods manufacturers in these markets. This will provide access to distribution networks, marketing expertise, and financial resources.
- Develop a Sustainable Supply Chain: The farm should continue its commitment to ethical sourcing and environmental sustainability, implementing robust traceability systems and certifications to meet international standards.
- Invest in Branding and Marketing: The ESC farm should develop a strong brand identity that emphasizes its commitment to quality, sustainability, and craftsmanship. This can be achieved through a dedicated website, social media presence, and participation in international trade shows.
- Secure Financing: The farm should explore financing options, including government grants, private equity investments, and export credit insurance, to support its expansion plans.
5. Basis of Recommendations
These recommendations consider the following:
- Core competencies and consistency with mission: The recommendations align with the ESC farm's core competencies in caiman farming and leather production, while reinforcing its commitment to ethical sourcing and environmental sustainability.
- External customers and internal clients: The recommendations address the needs of international buyers seeking high-quality caiman leather, while providing opportunities for the farm's employees to develop new skills and knowledge.
- Competitors: The recommendations aim to differentiate the ESC farm from competitors by emphasizing its commitment to sustainability and ethical sourcing.
- Attractiveness: The recommendations are expected to generate significant revenue growth for the farm, based on the high demand for caiman leather in emerging markets.
6. Conclusion
By implementing these recommendations, the Exotic Spectacled Caiman farm can successfully navigate the challenges of international trade and achieve sustainable growth. The combination of strategic alliances, focused market entry, and a strong brand identity will enable the farm to compete effectively in the global market and capitalize on the growing demand for high-quality, ethically sourced caiman leather products.
7. Discussion
Alternative Options:
- Direct Exporting: The farm could choose to export directly to international buyers, but this would require significant investment in marketing, logistics, and international business expertise.
- Mergers and Acquisitions: The farm could consider merging with or acquiring an existing leather goods manufacturer, but this would require significant capital investment and potentially compromise its commitment to sustainability.
Risks and Key Assumptions:
- Political and economic instability: Fluctuations in global economics and political instability in emerging markets could impact demand for luxury goods.
- Currency exchange risk: Fluctuations in exchange rates could impact the profitability of international sales.
- Competition from synthetic materials: The growing popularity of synthetic leather substitutes could impact demand for caiman leather.
Assumptions:
- The ESC farm will be able to secure the necessary financing for expansion.
- The farm will be able to establish successful strategic alliances with international partners.
- The demand for high-quality caiman leather will continue to grow in emerging markets.
8. Next Steps
- Market research: Conduct thorough market research to identify the most promising emerging markets and potential partners.
- Develop a business plan: Create a detailed business plan outlining the farm's expansion strategy, financial projections, and marketing plan.
- Secure financing: Explore financing options and secure the necessary capital for expansion.
- Establish strategic alliances: Negotiate and finalize agreements with potential partners in target markets.
- Develop a branding and marketing strategy: Create a strong brand identity and develop a marketing plan to reach international customers.
- Implement sustainable supply chain practices: Develop and implement robust traceability systems and certifications to meet international standards.
By taking these steps, the ESC farm can position itself for success in the global market, while ensuring the long-term sustainability of its business and the welfare of its animals.
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Case Description
This case make the analysis of potential markets for the internationalization of the company Saurios and, especially, to the selection and entry modes to these markets. It is developed from the reflections and analysis of Juan Manuel, owner of Saurios and Jorge, his partner. This entrepreneur has technical know-how in the production of caiman, but little knowledge and experience in international markets. For this reason, he has dedicated himself to researching and learning about international marketing and negotiation, so that, with as much information as possible, he can make the best decision to internationalize his company. For him it is clear that the way forward is to sell his products in international markets, since the Colombian market does not offer him greater opportunities. He is also aware that his company's future depends on its internationalization. Therefore, the company's survival depends on its internationalization. The case tells the story of Juan Manuel and Jorge's search for information and after months of research and analysis, they confirm that they have great opportunities for their products. The case presents the viable alternatives for the entrepreneurs to enter international markets: exporting the leather directly to Spain and the meat to Hong Kong, exporting the leather to Italy through an international agent or broker, and entering into a joint venture with a Japanese company to sell the leather in that country.
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