Harvard Case - Eco Tasar Silk Private Limited: Moving Beyond Business
"Eco Tasar Silk Private Limited: Moving Beyond Business" Harvard business case study is written by Dominique Turpin, Sandeep Puri, Jamil Paolo Francisco, Geeta Mishra, Sujata Khandai. It deals with the challenges in the field of Marketing. The case study is 17 page(s) long and it was first published on : Nov 18, 2019
At Fern Fort University, we recommend Eco Tasar Silk Private Limited (ETSPL) adopt a multi-pronged strategy to achieve sustainable growth and solidify its position as a leading ethical and eco-conscious silk producer. This strategy focuses on expanding its market reach through targeted marketing campaigns, leveraging digital platforms, and fostering a strong brand identity rooted in its core values of sustainability and social responsibility.
2. Background
Eco Tasar Silk Private Limited, a social enterprise based in India, is dedicated to producing high-quality tasar silk while promoting sustainable practices and empowering rural communities. The company faces the challenge of expanding its reach beyond niche markets and achieving greater profitability while maintaining its ethical commitment.
The case study highlights the key protagonists:
- Mr. Ravi Kumar: The founder and Managing Director of ETSPL, driven by a strong social mission and a desire to improve the livelihoods of rural artisans.
- Ms. Anita Sharma: The Marketing Manager, responsible for developing strategies to increase brand awareness and market penetration.
3. Analysis of the Case Study
To analyze the case, we utilize a combination of frameworks:
1. SWOT Analysis:
- Strengths:
- Strong commitment to ethical sourcing and sustainable practices.
- Unique product offering with high quality and environmental benefits.
- Strong brand reputation among environmentally conscious consumers.
- Experienced and dedicated workforce.
- Weaknesses:
- Limited marketing budget and resources.
- Dependence on traditional distribution channels.
- Lack of brand awareness in broader markets.
- Limited access to technology and data analytics.
- Opportunities:
- Growing demand for sustainable and ethical products.
- Expanding online retail and e-commerce platforms.
- Potential for international market expansion.
- Increasing interest in natural and organic materials.
- Threats:
- Competition from synthetic and conventional silk producers.
- Fluctuations in raw material prices.
- Potential for negative publicity regarding ethical practices.
- Economic downturns affecting consumer spending.
2. PESTEL Analysis:
- Political: Government policies promoting sustainable practices and rural development.
- Economic: Growing middle class with disposable income and interest in premium products.
- Social: Increasing consumer awareness of environmental and social issues.
- Technological: Advancements in digital marketing and e-commerce platforms.
- Environmental: Growing concerns about environmental sustainability and climate change.
- Legal: Regulations regarding fair trade practices and ethical sourcing.
3. Consumer Behavior Analysis:
- Target Market: Eco-conscious consumers, luxury buyers, and those seeking unique and handcrafted products.
- Motivations: Sustainability, ethical sourcing, quality, exclusivity, and supporting rural communities.
- Decision-Making Process: Research, online reviews, brand reputation, price sensitivity, and emotional connection to values.
4. Competitive Analysis:
- Direct Competitors: Other silk producers, both conventional and ethical.
- Indirect Competitors: Synthetic fabrics, alternative natural fibers, and other luxury goods.
- Competitive Advantage: ETSPL's unique selling proposition lies in its commitment to ethical sourcing, sustainable practices, and high-quality craftsmanship.
4. Recommendations
1. Enhance Brand Positioning and Marketing Strategy:
- Redefine Brand Positioning: Emphasize the unique value proposition of ETSPL as a leader in ethical and sustainable silk production.
- Develop a Comprehensive Marketing Strategy:
- Target Market Segmentation: Identify specific consumer segments with a strong affinity for sustainable and ethical products.
- Positioning: Position ETSPL as a premium brand offering luxury, quality, and social responsibility.
- Marketing Mix (4Ps):
- Product: Develop new product lines catering to diverse consumer needs and preferences.
- Price: Implement a pricing strategy that reflects the premium quality and ethical sourcing.
- Place: Expand distribution channels to include online platforms, select retail stores, and partnerships with ethical fashion brands.
- Promotion: Create targeted marketing campaigns across digital platforms, social media, and traditional media outlets.
2. Leverage Digital Marketing and E-commerce:
- Develop a Strong Online Presence: Create a user-friendly website showcasing ETSPL's products, story, and commitment to sustainability.
- Utilize Social Media Platforms: Engage with target audiences on platforms like Instagram, Facebook, and Pinterest, highlighting the brand's values and showcasing product stories.
- Implement Search Engine Optimization (SEO): Optimize website content and social media profiles for relevant keywords to increase organic search visibility.
- Explore Paid Advertising: Utilize targeted advertising campaigns on social media and search engines to reach specific consumer segments.
- Develop an E-commerce Platform: Offer a seamless online shopping experience with secure payment gateways and efficient delivery options.
3. Foster Customer Relationships and Build Brand Loyalty:
- Customer Relationship Management (CRM): Implement a CRM system to track customer interactions, preferences, and purchase history.
- Personalized Marketing: Develop targeted email campaigns and personalized content based on customer data.
- Loyalty Programs: Introduce loyalty programs to reward repeat customers and incentivize brand advocacy.
- Community Building: Engage with customers through online forums, social media groups, and events to foster a sense of community and brand loyalty.
4. Enhance Sustainability Practices and Transparency:
- Strengthen Supply Chain Transparency: Implement a robust traceability system to ensure ethical sourcing and sustainable practices throughout the supply chain.
- Environmental Certifications: Seek relevant certifications and accreditations to demonstrate ETSPL's commitment to environmental sustainability.
- Social Impact Reporting: Publish regular reports highlighting the positive social and economic impact of ETSPL's operations.
5. Explore International Market Expansion:
- Market Research: Conduct thorough market research to identify potential international markets with a strong demand for sustainable and ethical products.
- Partnerships and Collaborations: Explore partnerships with international retailers, distributors, and ethical fashion brands.
- Adapt Marketing Strategies: Tailor marketing messages and product offerings to meet the specific needs and preferences of international consumers.
- Consider Local Production: Explore opportunities for local production in target markets to reduce transportation costs and environmental impact.
5. Basis of Recommendations
These recommendations align with ETSPL's core competencies and mission by:
- Core Competencies: Leveraging existing expertise in ethical sourcing, sustainable practices, and high-quality craftsmanship.
- Mission: Expanding market reach while maintaining commitment to social responsibility and environmental sustainability.
- External Customers: Addressing the growing demand for ethical and sustainable products among eco-conscious consumers.
- Internal Clients: Empowering rural artisans and contributing to their economic well-being.
- Competitors: Differentiating ETSPL from competitors through a strong brand identity and unique value proposition.
- Attractiveness: The recommendations are expected to increase brand awareness, generate higher sales, and improve profitability, leading to positive financial returns.
6. Conclusion
By implementing these recommendations, ETSPL can achieve sustainable growth, solidify its position as a leading ethical and eco-conscious silk producer, and make a significant positive impact on the lives of rural communities. The focus on brand positioning, digital marketing, customer relationships, and international expansion will enable ETSPL to reach a wider audience and achieve its social and business objectives.
7. Discussion
Alternatives:
- Focusing solely on traditional marketing channels: This approach would limit ETSPL's reach and fail to leverage the potential of digital platforms.
- Ignoring the importance of sustainability: This would undermine ETSPL's unique selling proposition and alienate eco-conscious consumers.
- Rapidly expanding into international markets without adequate research: This could lead to costly mistakes and damage the brand's reputation.
Risks:
- Competition from larger companies: ETSPL may face competition from established silk producers with greater resources.
- Fluctuations in raw material prices: Price volatility could impact profitability.
- Negative publicity: Misinformation or unethical practices could damage the brand's reputation.
Key Assumptions:
- Continued growth in demand for sustainable and ethical products: This assumption is based on current trends and consumer behavior.
- Effectiveness of digital marketing strategies: This assumption is based on the growing influence of digital platforms and social media.
- Ability to secure funding for expansion: This assumption is based on ETSPL's financial performance and potential for growth.
8. Next Steps
Timeline:
- Month 1-3: Develop a comprehensive marketing plan, implement a CRM system, and launch a new website.
- Month 4-6: Launch targeted social media campaigns, explore paid advertising options, and optimize website SEO.
- Month 7-9: Develop and launch an e-commerce platform, expand distribution channels, and explore international market opportunities.
- Month 10-12: Implement a robust traceability system, seek relevant certifications, and publish a social impact report.
Key Milestones:
- Increase in brand awareness and website traffic.
- Growth in online sales and customer engagement.
- Expansion into new markets and partnerships.
- Positive social and environmental impact reports.
By following this roadmap, ETSPL can successfully navigate the challenges and opportunities ahead, achieving sustainable growth and solidifying its position as a leader in the ethical and sustainable silk industry.
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Case Description
The CEO of Eco Tasar, a socially responsible company based in India has to decide how to deal with a customer request that may jeopardize his corporate values.
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