Harvard Case - By-the-Sea Biscuit Company: A Decision in New Venture Analysis
"By-the-Sea Biscuit Company: A Decision in New Venture Analysis" Harvard business case study is written by Sherry Finney. It deals with the challenges in the field of Marketing. The case study is 14 page(s) long and it was first published on : Jun 5, 2015
At Fern Fort University, we recommend that By-the-Sea Biscuit Company proceed with the development and launch of the new 'Healthier Bites' line of biscuits. This decision is based on a thorough analysis of the company's current market position, the potential of the health-conscious biscuit market, and the company's ability to leverage its existing strengths to achieve success in this new venture.
2. Background
By-the-Sea Biscuit Company is a family-owned business specializing in traditional, high-quality biscuits. They have a loyal customer base and a strong reputation for quality. However, the company faces increasing competition from larger, more diversified food companies, and the traditional biscuit market is experiencing slow growth. The company's owner, Sarah, is considering expanding into the growing market for healthier, lower-sugar biscuits. This decision is driven by a desire to diversify the company's product offerings, attract new customers, and ensure long-term growth.
3. Analysis of the Case Study
SWOT Analysis:
Strengths:
- Strong brand reputation: By-the-Sea Biscuits are known for their quality and traditional flavor.
- Loyal customer base: The company enjoys a strong following among consumers who appreciate its traditional products.
- Experienced management team: Sarah and her team have a deep understanding of the biscuit market and the company's operations.
- Flexible manufacturing capabilities: The company can adapt its production processes to accommodate new product lines.
Weaknesses:
- Limited marketing resources: The company has a small marketing budget and limited experience with digital marketing.
- Lack of expertise in health-focused products: The company lacks experience in developing and marketing healthier food products.
- Potential for cannibalization: The new line could compete with the company's existing products, potentially reducing sales.
Opportunities:
- Growing demand for healthier food options: Consumers are increasingly seeking healthier alternatives to traditional snacks.
- Emerging trends in natural and organic ingredients: The demand for natural and organic foods is on the rise.
- Potential for online sales: The company can leverage e-commerce platforms to reach a wider audience.
Threats:
- Increased competition: The health-conscious biscuit market is becoming increasingly crowded.
- Changing consumer preferences: Consumer tastes are constantly evolving, and the company needs to adapt to these changes.
- Economic uncertainty: Economic downturns can impact consumer spending on non-essential products.
Market Segmentation, Targeting, and Positioning:
- Segmentation: The target market for the new line will be health-conscious consumers, including those looking for lower-sugar options, gluten-free products, and natural ingredients.
- Targeting: The company will focus its marketing efforts on reaching these consumers through targeted advertising, social media campaigns, and partnerships with health-focused retailers.
- Positioning: The 'Healthier Bites' line will be positioned as a premium, high-quality alternative to traditional biscuits, emphasizing its natural ingredients, lower sugar content, and delicious taste.
Financial Analysis:
- Cost analysis: The company needs to carefully assess the costs associated with developing, manufacturing, and marketing the new line. This includes raw material costs, packaging, marketing expenses, and distribution costs.
- Pricing strategy: The company needs to determine a competitive pricing strategy that balances profitability with consumer demand.
- Sales projections: The company needs to develop realistic sales projections based on market research and competitive analysis.
- Return on investment (ROI): The company needs to calculate the potential ROI of the new venture to ensure it aligns with its financial goals.
4. Recommendations
Product Development and Launch:
- Develop a range of healthier biscuit options: This should include lower-sugar, gluten-free, and natural ingredient options to cater to the diverse needs of the target market.
- Focus on taste and texture: The biscuits should be delicious and satisfying, even with the reduced sugar content.
- Invest in product testing and feedback: Conduct consumer testing to ensure the new products meet the expectations of the target market.
- Develop a clear brand identity for the 'Healthier Bites' line: This should be distinct from the company's existing brand but still reflect its commitment to quality and craftsmanship.
Marketing Strategy:
- Develop a targeted marketing campaign: This should focus on reaching health-conscious consumers through digital advertising, social media marketing, and influencer partnerships.
- Emphasize the health benefits of the new line: Highlight the lower sugar content, natural ingredients, and other health benefits of the biscuits.
- Collaborate with health-focused retailers: Partner with stores that cater to health-conscious consumers, such as natural food stores and grocery stores with dedicated health food sections.
- Leverage online sales channels: Utilize e-commerce platforms to reach a wider audience and offer convenient online ordering.
Operational Considerations:
- Ensure efficient manufacturing processes: The company needs to optimize its manufacturing processes to accommodate the new line without compromising quality or efficiency.
- Develop a robust supply chain: The company needs to establish a reliable supply chain for the new ingredients and packaging materials.
- Invest in technology and analytics: Utilize data analytics to track sales, customer behavior, and marketing campaign performance.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of the company's strengths, weaknesses, opportunities, and threats, as well as the potential of the health-conscious biscuit market. The recommendations are consistent with the company's mission to provide high-quality biscuits while also catering to the evolving needs of consumers. They are also aligned with the company's core competencies in biscuit production and its ability to adapt to new market trends.
The recommendations consider the needs of both external customers and internal clients. The new line is designed to meet the needs of health-conscious consumers while also providing the company with a new revenue stream and growth opportunity.
The recommendations also consider the competitive landscape. The company needs to differentiate its 'Healthier Bites' line from existing competitors by focusing on its unique brand identity, high-quality ingredients, and delicious taste.
Finally, the recommendations are based on a realistic assessment of the company's financial resources and the potential ROI of the new venture. The company needs to carefully manage its costs and pricing strategy to ensure profitability.
6. Conclusion
By-the-Sea Biscuit Company has a strong foundation for success in the health-conscious biscuit market. By developing a high-quality, delicious line of biscuits and implementing a targeted marketing strategy, the company can capture a significant share of this growing market. The company's commitment to quality, its loyal customer base, and its ability to adapt to changing consumer preferences are all valuable assets in this endeavor.
7. Discussion
Alternatives:
- Do nothing: The company could choose to maintain its focus on traditional biscuits. However, this would leave them vulnerable to competition in a slow-growing market.
- Expand into other product categories: The company could consider expanding into other food categories, such as crackers or cookies. However, this would require significant investment and expertise in new product areas.
Risks:
- Cannibalization of existing sales: The new line could compete with the company's traditional biscuits, reducing sales of its existing products.
- Failure to attract new customers: The company may not be able to successfully reach and appeal to the target market for healthier biscuits.
- Increased competition: The health-conscious biscuit market is becoming increasingly crowded, making it difficult to stand out from competitors.
Key Assumptions:
- Consumer demand for healthier biscuits will continue to grow.
- The company can successfully develop and market a line of biscuits that meets the needs of the target market.
- The company can manage its costs and pricing strategy to ensure profitability.
Options Grid:
| Option | Strengths | Weaknesses | Risks |
|---|---|---|---|
| Launch 'Healthier Bites' | Diversification, growth potential, meets consumer needs | Investment required, potential cannibalization | Competition, failure to attract customers |
| Do nothing | Low risk, maintains focus on core business | Slow growth, vulnerability to competition | Market share decline, missed opportunity |
| Expand into other product categories | Diversification, potential for new markets | High investment, expertise required | Competition, failure to adapt to new markets |
8. Next Steps
- Product development: Develop a range of healthier biscuit options and conduct consumer testing. (3 months)
- Marketing strategy development: Develop a targeted marketing campaign and identify potential retail partners. (2 months)
- Manufacturing process optimization: Ensure efficient manufacturing processes for the new line. (1 month)
- Product launch: Launch the 'Healthier Bites' line in select retail locations and online. (1 month)
- Continuous monitoring and adjustment: Track sales, customer feedback, and market trends to make adjustments to the product line and marketing strategy as needed. (ongoing)
By following these steps, By-the-Sea Biscuit Company can successfully launch its new 'Healthier Bites' line and achieve long-term growth in the health-conscious biscuit market.
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Case Description
Paul Finney and Pat Jobe, long-time friends and future business partners, are proposing the establishment of a frozen biscuit manufacturing operation in the now defunct Clearwater Seafood plant in North Sydney, Nova Scotia. Cape Breton Innovation and Research Council (CBIRC), a private corporation, had recently assumed ownership of the plant and wanted to expand and develop local business by creating an incubator within the facility. Finney and Jobe presented a business proposal to CBIRC in August 2006 and the organization was very excited and believed the idea had promise. Finney and Jobe, although convinced of the merits of the product concept, still had some questions that needed answering before they could make a final assessment on the feasibility of the business. Both were employed full-time and the decision to leave their jobs to pursue this business was not a decision that could be made lightly. The case includes detail on the market structure and demand within the bakery/frozen dough industry. Additionally, the proposed marketing mix, selected target markets, and production/operation plans are covered in depth. Finney and Jobe now need to sift through the information and make a decision on the market size and sales potential for By-the-Sea Biscuit Company. The immediate task facing Finney and Jobe is to determine the sales potential for By-the-Sea Biscuit Company. Based on the projected sales and expenses, the partners must also make an assessment on the feasibility of the business.
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