Harvard Case - Lotte Yukimi Daifuku: Ice Cream for Winter
"Lotte Yukimi Daifuku: Ice Cream for Winter" Harvard business case study is written by Yuri Taira, Lisa Cavanaugh, Rui Jorge B. Basto da Silva. It deals with the challenges in the field of Marketing. The case study is 18 page(s) long and it was first published on : May 14, 2023
At Fern Fort University, we recommend Lotte implement a multi-pronged strategy to solidify Yukimi Daifuku's position as a leading winter dessert in Japan and expand its reach internationally. This strategy will focus on leveraging existing brand strength, innovating product offerings, and employing a targeted marketing approach to capture new consumer segments.
2. Background
Lotte's Yukimi Daifuku is a popular Japanese frozen dessert consisting of mochi filled with ice cream. Introduced in 1982, it has become a beloved winter treat, particularly during the cold months when consumers crave warm, comforting flavors. The case study highlights Lotte's success in maintaining Yukimi Daifuku's popularity despite the challenges of a saturated market and changing consumer preferences.
The main protagonists of the case are the Lotte executives tasked with maintaining the brand's success and exploring new growth opportunities for Yukimi Daifuku. They are faced with the challenge of balancing tradition with innovation to appeal to a diverse consumer base.
3. Analysis of the Case Study
This case study can be analyzed through the lens of several frameworks:
1. SWOT Analysis:
- Strengths: Strong brand recognition, loyal consumer base, established distribution network, competitive pricing, and a unique product offering.
- Weaknesses: Limited product variety, potential for consumer fatigue, reliance on seasonal demand, and susceptibility to competition from other frozen desserts.
- Opportunities: Expanding into new markets, introducing innovative flavors and product variations, leveraging digital marketing channels, and exploring partnerships with other brands.
- Threats: Increasing competition from both domestic and international brands, changing consumer preferences, potential economic downturns, and rising ingredient costs.
2. Porter's Five Forces:
- Threat of New Entrants: Moderate, as the frozen dessert market is competitive but entry barriers are relatively low.
- Bargaining Power of Buyers: Moderate, as consumers have a wide range of choices but Yukimi Daifuku enjoys strong brand loyalty.
- Bargaining Power of Suppliers: Low, as Lotte has established relationships with suppliers and can negotiate favorable terms.
- Threat of Substitutes: High, as consumers can choose from a variety of other frozen desserts, including ice cream, popsicles, and yogurt.
- Competitive Rivalry: High, as the frozen dessert market is crowded with both established and emerging brands.
3. Consumer Behavior Analysis:
Yukimi Daifuku appeals to a broad range of consumers, including families, young adults, and individuals seeking a comforting treat. Understanding consumer preferences and motivations is crucial for product development and marketing efforts.
4. Product Lifecycle Management:
Yukimi Daifuku has entered the maturity stage of its product lifecycle. To maintain growth, Lotte needs to implement strategies to revitalize the brand and attract new consumers.
5. Value Proposition Development:
Lotte's value proposition for Yukimi Daifuku is based on its unique combination of mochi and ice cream, its affordability, and its nostalgic appeal. To remain competitive, Lotte must continuously refine and enhance this value proposition.
4. Recommendations
1. Product Innovation:
- Expand Flavor Variety: Introduce new and seasonal flavors to cater to evolving consumer preferences and attract new demographics.
- Product Line Extensions: Develop new product variations, such as mini-sized Yukimi Daifuku, premium versions with unique ingredients, and seasonal offerings like matcha or strawberry flavors.
- Collaborations: Partner with other brands to create limited-edition flavors or co-branded products, leveraging the popularity of both brands.
2. Marketing Strategy:
- Targeted Marketing: Leverage market research to identify specific consumer segments and tailor marketing messages accordingly.
- Digital Marketing: Utilize social media, influencer marketing, and online advertising to reach younger audiences and promote new product launches.
- Experiential Marketing: Organize events and promotions to create engaging experiences for consumers and build brand loyalty.
- Global Expansion: Explore opportunities to introduce Yukimi Daifuku to new markets, particularly in Asia and other regions with a strong affinity for Japanese cuisine.
3. Pricing Strategy:
- Value-Based Pricing: Maintain a competitive pricing strategy while emphasizing the value and quality of Yukimi Daifuku.
- Promotional Offers: Implement targeted promotions and discounts to attract new customers and encourage repeat purchases.
4. Distribution Channels:
- Expand Distribution Network: Increase the availability of Yukimi Daifuku in convenience stores, supermarkets, and online retailers.
- Strategic Partnerships: Collaborate with food delivery services and online marketplaces to reach a wider audience.
5. Brand Management:
- Strengthen Brand Identity: Reinforce Yukimi Daifuku's brand image as a comforting and nostalgic winter treat.
- Brand Storytelling: Develop engaging content that highlights the history and cultural significance of Yukimi Daifuku.
5. Basis of Recommendations
These recommendations are based on a comprehensive understanding of the case study, considering the following factors:
- Core Competencies and Consistency with Mission: Lotte's core competencies in manufacturing, distribution, and brand building are leveraged to enhance Yukimi Daifuku's success.
- External Customers and Internal Clients: The recommendations cater to the diverse needs and preferences of existing and potential consumers while aligning with the goals of Lotte's internal stakeholders.
- Competitors: The recommendations address the competitive landscape by focusing on product differentiation, targeted marketing, and strategic partnerships.
- Attractiveness ' Quantitative Measures: The recommendations are expected to generate a positive return on investment through increased sales, market share, and brand equity.
6. Conclusion
By implementing these recommendations, Lotte can solidify Yukimi Daifuku's position as a leading winter dessert in Japan and expand its reach internationally. The focus on product innovation, targeted marketing, and brand management will ensure the brand's continued success in a dynamic and competitive market.
7. Discussion
Alternatives not selected:
- Price increase: While a price increase could generate higher revenue, it could also alienate price-sensitive consumers and damage brand loyalty.
- Limited product innovation: Focusing solely on existing product variations may not be sufficient to attract new consumers and maintain market share.
- Aggressive advertising campaigns: While advertising can be effective, it can also be costly and may not be as targeted as other marketing approaches.
Risks and Key Assumptions:
- Consumer preferences may change: The success of the recommendations depends on the assumption that consumers will continue to enjoy Yukimi Daifuku and its variations.
- Competition may intensify: The frozen dessert market is highly competitive, and new entrants or aggressive marketing strategies from existing competitors could impact Yukimi Daifuku's market share.
- Economic downturns could affect consumer spending: A recession could lead to reduced consumer spending on non-essential items like frozen desserts.
8. Next Steps
- Market Research: Conduct thorough market research to identify specific consumer segments, their preferences, and their willingness to pay for new product variations.
- Product Development: Develop prototypes of new Yukimi Daifuku flavors and variations, conducting taste tests and gathering feedback.
- Marketing Campaign Development: Create a comprehensive marketing plan that includes digital marketing strategies, influencer partnerships, and promotional offers.
- Distribution Expansion: Negotiate with retailers and online marketplaces to expand the availability of Yukimi Daifuku.
- Brand Management: Develop a brand strategy that reinforces Yukimi Daifuku's image as a comforting and nostalgic winter treat.
By following these steps, Lotte can effectively implement the recommendations and ensure the continued success of Yukimi Daifuku.
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Case Description
Yukimi Daifuku was an ice cream that had been sold exclusively during the winter season in Japan for almost four decades. Lotte Co., Ltd. (Lotte) entered the ice cream market thirty years after its major competitors, so the company strategically targeted the ice cream off-season, when other producers were not promoting their products. Lotte successfully grew the product's sales, and Yukimi Daifuku became an iconic winter ice cream in Japan. However, the external environment surrounding Yukimi Daifuku had undergone significant changes, and in 2018, Lotte decided to sell the product year-round in order to boost availability and sales. Yukimi Daifuku saw sales momentum in 2019, but growth stalled in 2020. Without the benefits of its historical (and iconic) off-season position, Yukimi Daifuku faced the challenge of thriving in the competitive Japanese ice cream market. In addition, the patent on the product development process of Yukimi Daifuku was set to expire in March 2021. Without the iconic winter ice cream positioning and patent-the two key factors for their forty-year success-what were the next steps needed for the Yukimi Daifuku Branding Division for the product?
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