Harvard Case - Agarwal's 420: Challenges of Establishing and Growing a Traditional Business
"Agarwal's 420: Challenges of Establishing and Growing a Traditional Business" Harvard business case study is written by Abhinandan Jain, K Sureka. It deals with the challenges in the field of Marketing. The case study is 27 page(s) long and it was first published on : Mar 15, 2021
At Fern Fort University, we recommend a multi-pronged strategy for Agarwal's 420 to overcome its challenges and achieve sustainable growth. This strategy focuses on leveraging the brand's existing strengths, embracing digital marketing, and expanding its reach through strategic partnerships and innovative product development.
2. Background
Agarwal's 420 is a traditional Indian sweet shop facing challenges in establishing and growing its business. The shop, known for its high-quality sweets, struggles with limited reach, outdated marketing practices, and fierce competition from modern confectionery stores. The case study highlights the owner's desire to expand beyond its local market and attract a broader customer base.
The main protagonists are Mr. Agarwal, the owner, and his son, who are grappling with the need to adapt to changing consumer preferences and market dynamics.
3. Analysis of the Case Study
To analyze Agarwal's 420's situation, we will utilize the SWOT analysis framework:
Strengths:
- High-quality products: Agarwal's 420 is known for its traditional recipes and high-quality ingredients.
- Strong brand reputation: The shop enjoys a positive reputation within its local community.
- Loyal customer base: Existing customers appreciate the authenticity and taste of the sweets.
Weaknesses:
- Limited reach: The shop's customer base is primarily local, hindering growth potential.
- Outdated marketing practices: Traditional marketing methods are ineffective in reaching new customers.
- Lack of online presence: The shop lacks a website and social media presence, limiting its online visibility.
Opportunities:
- Growing demand for Indian sweets: There is a rising demand for traditional Indian sweets, particularly among younger generations.
- Expansion into new markets: Agarwal's 420 can target new markets beyond its local area.
- Leveraging digital marketing: Utilizing online platforms and social media can significantly expand reach and engagement.
Threats:
- Intense competition: Modern confectionery stores offer a wider variety of products and attractive packaging.
- Changing consumer preferences: Younger generations may prefer modern and innovative sweets.
- Economic fluctuations: Economic downturns can negatively impact consumer spending on non-essential items.
4. Recommendations
1. Embrace Digital Marketing:
- Develop a strong online presence: Create a user-friendly website showcasing the shop's history, products, and customer testimonials.
- Utilize social media platforms: Engage with potential customers through Facebook, Instagram, and YouTube, showcasing product offerings, recipes, and behind-the-scenes content.
- Implement targeted advertising campaigns: Utilize social media advertising and search engine marketing (SEM) to reach specific target markets.
- Leverage influencer marketing: Partner with food bloggers and social media influencers to promote Agarwal's 420 products.
2. Expand Product Portfolio and Innovation:
- Introduce new product lines: Develop innovative sweet varieties catering to modern tastes while maintaining traditional quality.
- Offer gift packages and customized orders: Cater to special occasions and corporate gifting needs.
- Explore seasonal and festive offerings: Introduce limited-edition sweets aligned with cultural celebrations.
3. Optimize Pricing Strategy:
- Conduct market research: Analyze competitor pricing and consumer willingness to pay for premium sweets.
- Implement value-based pricing: Highlight the quality and craftsmanship of the products to justify premium pricing.
- Offer loyalty programs and discounts: Encourage repeat purchases and build customer relationships.
4. Strategic Partnerships and Distribution Channels:
- Partner with online food delivery platforms: Increase accessibility and reach through platforms like Swiggy and Zomato.
- Collaborate with local retailers and supermarkets: Expand product distribution through partnerships with established outlets.
- Explore international market opportunities: Partner with distributors or establish online stores to reach global consumers.
5. Enhance Customer Experience:
- Improve store aesthetics and ambiance: Create a welcoming and inviting environment for customers.
- Provide excellent customer service: Train staff to offer personalized recommendations and address customer inquiries effectively.
- Implement a customer relationship management (CRM) system: Collect customer data to personalize marketing messages and track customer preferences.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations focus on leveraging the shop's existing strengths in product quality and brand reputation while adapting to market trends.
- External customers and internal clients: The strategy aims to attract new customers while retaining existing loyal customers through personalized experiences and innovative offerings.
- Competitors: The recommendations address the competitive landscape by emphasizing product innovation, digital marketing, and strategic partnerships.
- Attractiveness: The recommendations are expected to increase brand awareness, customer engagement, and sales revenue.
6. Conclusion
Agarwal's 420 has the potential to thrive in the evolving market by embracing digital marketing, expanding its product portfolio, and leveraging strategic partnerships. By implementing these recommendations, the shop can overcome its challenges, reach new customers, and achieve sustainable growth.
7. Discussion
Alternative strategies not selected include solely focusing on traditional marketing methods, neglecting digital marketing, or avoiding product innovation. These options carry significant risks, including limited reach, declining customer engagement, and falling behind competitors.
Key assumptions include a growing demand for Indian sweets, the effectiveness of digital marketing strategies, and the willingness of customers to pay a premium for high-quality products.
8. Next Steps
The implementation of these recommendations should follow a phased approach:
- Phase 1 (Short-term): Develop a website and social media presence, implement basic digital marketing campaigns, and introduce one or two new product lines.
- Phase 2 (Medium-term): Partner with online food delivery platforms, expand product distribution through local retailers, and implement a customer relationship management system.
- Phase 3 (Long-term): Explore international market opportunities, develop a comprehensive brand strategy, and invest in research and development for innovative products.
By following these steps, Agarwal's 420 can successfully navigate the challenges of establishing and growing a traditional business in a dynamic marketplace.
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Case Description
Agrawal's 420, a cottage industry started in 1962 in Indore, Madhya Pradesh, setup several companies by 2016. Papad business revenues were at INR 70 crores plus. The reasons for setting up the company, its guiding values, facing intensive competitive rivalry, journey of growth, manual manufacturing process, mechanising the process, product portfolio and development, setting up and managing sales distribution system, and challenges of growth to go national are featured here. The case can be used for exploring the factors that impact entrepreneurial motivation to sustain a small business in a highly competitive market, and growing from a small single brand one product local business to a large multi-product multiple brand national one.
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