Harvard Case - Bakeys Cutlery: An Innovative Sustainable Product
"Bakeys Cutlery: An Innovative Sustainable Product" Harvard business case study is written by Rambalak Yadav, Pallavi Pandey. It deals with the challenges in the field of Marketing. The case study is 7 page(s) long and it was first published on : Apr 13, 2018
At Fern Fort University, we recommend Bakeys pursue a multi-pronged growth strategy focused on expanding market reach, enhancing brand awareness, and optimizing product development to solidify its position as a leader in sustainable cutlery. This strategy will involve leveraging digital marketing, strategic partnerships, and product diversification, while maintaining a strong commitment to corporate social responsibility and environmental sustainability.
2. Background
Bakeys is a start-up company founded by Vaishali Patel, aiming to revolutionize the cutlery industry with its innovative, edible cutlery made from wheat flour. This eco-friendly alternative addresses the growing concern about plastic pollution and offers a unique solution for disposable cutlery. The case study explores the challenges Bakeys faces in scaling its business, including limited resources, competition from established players, and the need to build brand awareness and consumer trust.
3. Analysis of the Case Study
SWOT Analysis:
Strengths:
- Unique and innovative product: Bakeys' edible cutlery offers a compelling solution to plastic pollution, appealing to environmentally conscious consumers.
- Strong social impact: The product aligns with growing concerns about sustainability and promotes a circular economy.
- Potential for global reach: The product has universal appeal and can be marketed across different cultures and regions.
Weaknesses:
- Limited resources: Bakeys is a start-up with limited funding and infrastructure, restricting its ability to scale operations quickly.
- Lack of brand awareness: The product is relatively new and requires significant marketing investment to reach wider audiences.
- Production capacity constraints: The current manufacturing process may not be able to meet increasing demand.
Opportunities:
- Growing demand for sustainable products: The market for eco-friendly alternatives is expanding rapidly, creating significant growth potential for Bakeys.
- Partnerships with food businesses: Collaborating with restaurants, cafes, and catering services can provide access to a large customer base.
- Expansion into new markets: Bakeys can explore international markets with high demand for sustainable solutions.
Threats:
- Competition from established players: Existing cutlery manufacturers may introduce their own sustainable alternatives, posing a threat to Bakeys' market share.
- Consumer skepticism: Some consumers may be hesitant to adopt a new product, requiring Bakeys to build trust and overcome potential resistance.
- Fluctuations in raw material prices: The cost of wheat flour can impact Bakeys' profitability, requiring a robust pricing strategy.
PESTEL Analysis:
- Political: Government regulations and incentives for sustainable products can positively impact Bakeys' growth.
- Economic: Economic conditions can influence consumer spending on eco-friendly products.
- Social: Growing awareness of environmental issues and consumer preference for sustainable options create a favorable market for Bakeys.
- Technological: Advancements in food technology and manufacturing processes can enhance Bakeys' production efficiency.
- Environmental: The increasing focus on reducing plastic waste provides a strong impetus for Bakeys' product.
- Legal: Regulations regarding food safety and labeling are crucial for Bakeys' product development and market entry.
Marketing Analysis:
- Target Market: Bakeys' primary target market consists of environmentally conscious consumers, including millennials, Gen Z, and health-conscious individuals.
- Segmentation: Bakeys can segment its target market based on demographics, psychographics, and purchase behavior.
- Positioning: Bakeys should position its product as a sustainable and innovative alternative to traditional plastic cutlery, emphasizing its eco-friendly benefits and unique selling proposition.
Competitive Analysis:
Bakeys faces competition from both established cutlery manufacturers and other sustainable cutlery alternatives. Key competitors include:
- Traditional cutlery manufacturers: These companies may introduce their own sustainable options, posing a threat to Bakeys' market share.
- Biodegradable cutlery manufacturers: Companies offering cutlery made from materials like cornstarch or bamboo present a direct competitive threat.
- Reusable cutlery initiatives: The growing trend of reusable cutlery sets and initiatives promoting reusable options can impact Bakeys' market penetration.
Financial Analysis:
Bakeys needs to carefully analyze its cost structure, pricing strategy, and potential revenue streams to ensure long-term sustainability. Key financial considerations include:
- Production costs: The cost of raw materials, manufacturing, and packaging will significantly impact Bakeys' profitability.
- Pricing strategy: Bakeys needs to strike a balance between affordability and profitability, considering the perceived value of its product.
- Distribution costs: The cost of transporting and distributing the product will impact its overall cost structure.
4. Recommendations
1. Expand Market Reach:
- Target new market segments: Explore opportunities in the food service industry, catering services, and food delivery platforms.
- Diversify product offerings: Introduce new flavors, sizes, and designs to cater to diverse consumer preferences.
- Explore international markets: Identify countries with strong demand for sustainable products and establish partnerships for distribution.
2. Enhance Brand Awareness:
- Develop a comprehensive marketing strategy: Utilize a mix of digital marketing, social media campaigns, influencer marketing, and public relations to build brand awareness.
- Create compelling content: Share stories about the environmental impact of Bakeys' product and highlight its benefits to consumers.
- Partner with non-profit organizations: Collaborate with environmental organizations to raise awareness and promote Bakeys' mission.
3. Optimize Product Development:
- Improve production efficiency: Invest in technology and automation to increase production capacity and reduce costs.
- Develop new product lines: Explore alternative materials and manufacturing processes to expand product offerings.
- Focus on product innovation: Continuously research and develop new features and functionalities to stay ahead of the competition.
4. Strengthen Corporate Social Responsibility:
- Promote transparency and sustainability: Clearly communicate Bakeys' commitment to environmental sustainability and social responsibility.
- Support local communities: Source ingredients locally and create job opportunities in the communities where Bakeys operates.
- Partner with ethical suppliers: Ensure that all raw materials and manufacturing processes adhere to ethical and sustainable practices.
5. Leverage Technology and Analytics:
- Implement a robust CRM system: Track customer interactions, preferences, and feedback to personalize marketing efforts and enhance customer experience.
- Utilize data analytics: Analyze market trends, consumer behavior, and competitor activity to inform decision-making and optimize marketing campaigns.
- Embrace digital marketing tools: Utilize social media marketing, search engine optimization (SEO), and paid advertising to reach target audiences.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of Bakeys' internal and external environments, taking into account its strengths, weaknesses, opportunities, and threats. They are aligned with Bakeys' mission to promote sustainability and provide a viable alternative to plastic cutlery. The recommendations also consider the evolving consumer landscape, the growing demand for sustainable products, and the need for a strong brand presence to compete effectively in the market.
6. Conclusion
Bakeys has a unique opportunity to become a leading player in the sustainable cutlery market. By focusing on market expansion, brand building, product innovation, and corporate social responsibility, Bakeys can solidify its position as a trusted and respected brand. The company's commitment to sustainability and its innovative product will resonate with environmentally conscious consumers, driving long-term growth and success.
7. Discussion
Alternatives Not Selected:
- Focusing solely on organic growth: This approach would be slower and riskier, as it relies heavily on word-of-mouth marketing and limited resources.
- Licensing the technology: While this could generate revenue, it would limit Bakeys' control over its product and brand.
- Acquiring an existing cutlery manufacturer: This would require significant capital investment and may not be feasible for a start-up.
Risks and Key Assumptions:
- Consumer acceptance: The success of Bakeys depends on consumer acceptance of its product.
- Competition: Existing cutlery manufacturers may introduce their own sustainable alternatives, posing a threat to Bakeys' market share.
- Raw material costs: Fluctuations in wheat flour prices could impact Bakeys' profitability.
8. Next Steps
- Develop a detailed marketing plan: Outline specific marketing strategies, channels, and budgets.
- Secure funding: Seek investment to support product development, marketing, and expansion.
- Establish partnerships: Collaborate with food businesses, environmental organizations, and distributors.
- Monitor market trends: Continuously analyze market data and adjust strategies as needed.
- Focus on customer feedback: Gather feedback from customers to improve product quality and enhance customer experience.
By taking these steps, Bakeys can effectively navigate the challenges and opportunities ahead, achieving its goal of becoming a leading player in the sustainable cutlery market.
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Case Description
Bakeys Cutlery was launched in India in 2010, after the founder had spent years researching how edible cutlery could counteract the damaging effects of plastics on our health and the environment. In 2017, the challenges the founder faced in the domestic market included the high prices of the cutlery, compared with plastic cutlery, and low environmental awareness. Response to the company was positive in international markets, but how could the founder become successful in his home country?
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