Harvard Case - Tradition & Taste: Exploring Consumers' Changing Attitude
"Tradition & Taste: Exploring Consumers' Changing Attitude" Harvard business case study is written by Gopal Das, Abhishek, Geetika Varshneya. It deals with the challenges in the field of Marketing. The case study is 11 page(s) long and it was first published on : Jul 11, 2016
At Fern Fort University, we recommend that Fern Fort University adopt a multifaceted strategy to address the evolving consumer landscape. This strategy will focus on leveraging the power of tradition and taste while embracing innovation and digital marketing to attract and retain a wider customer base. This approach will involve a combination of product development, brand positioning, marketing communications, and customer relationship management initiatives.
2. Background
Fern Fort University is a family-owned business that has been producing high-quality, traditional food products for over a century. The company's success has been built on its commitment to using traditional recipes and high-quality ingredients. However, in recent years, Fern Fort University has faced increasing competition from newer brands that are appealing to younger, more health-conscious consumers. The company is struggling to adapt to the changing consumer landscape and maintain its market share.
The main protagonists of the case study are the members of the Fern Fort family, who are grappling with the challenges of maintaining their family legacy while adapting to the evolving market. They are faced with the crucial decision of whether to continue with their traditional approach or embrace innovation to appeal to a wider customer base.
3. Analysis of the Case Study
To analyze the situation, we can employ a combination of frameworks:
a) SWOT Analysis:
- Strengths: Strong brand heritage, high-quality ingredients, loyal customer base, established distribution channels.
- Weaknesses: Limited product innovation, reliance on traditional marketing, lack of digital presence, potential for price sensitivity among consumers.
- Opportunities: Growing demand for healthy and natural foods, increasing interest in traditional recipes, expanding into new markets, leveraging digital marketing channels.
- Threats: Intense competition from newer brands, changing consumer preferences, rising ingredient costs, economic uncertainty.
b) PESTEL Analysis:
- Political: Government regulations on food labeling and ingredient sourcing.
- Economic: Fluctuations in commodity prices, consumer spending patterns.
- Social: Growing interest in health and wellness, increasing demand for sustainable and ethical products.
- Technological: Advancements in food processing and packaging, rise of online shopping and digital marketing.
- Environmental: Consumer concern for environmental sustainability, demand for organic and locally sourced ingredients.
- Legal: Food safety regulations, labeling requirements, intellectual property protection.
c) Consumer Behavior Analysis:
- Changing Consumer Preferences: Younger consumers are increasingly health-conscious, seeking natural and organic ingredients, and are more likely to be influenced by online reviews and social media.
- Value for Money: Consumers are becoming more price-sensitive and are looking for value for money.
- Convenience: Consumers seek convenience in shopping and food preparation.
d) Competitive Analysis:
- Direct Competitors: Newer brands offering similar products with a focus on innovation and health-consciousness.
- Indirect Competitors: Other food brands offering alternative healthy and convenient options.
4. Recommendations
To address the challenges and capitalize on the opportunities, Fern Fort University should implement the following recommendations:
1. Product Development:
- Expand Product Line: Introduce new product lines that cater to the health-conscious consumer, such as organic, gluten-free, and vegan options.
- Focus on Innovation: Develop innovative product variations using traditional recipes with a modern twist, incorporating superfoods or healthier ingredients.
- Product Packaging: Update packaging to reflect a modern and appealing aesthetic while maintaining the brand's heritage.
2. Brand Positioning:
- Redefine Brand Identity: Reposition the brand as a trusted source of high-quality, traditional food products with a modern twist.
- Emphasize Heritage: Leverage the brand's rich history and tradition to create a sense of authenticity and trust.
- Highlight Quality and Sustainability: Emphasize the use of high-quality, natural ingredients and sustainable practices.
3. Marketing Strategy:
- Target Market Segmentation: Identify and target specific consumer segments, including health-conscious consumers, millennials, and families.
- Digital Marketing: Develop a strong digital marketing presence through social media, website optimization, and online advertising.
- Content Marketing: Create engaging content that showcases the brand's heritage, product quality, and recipes.
- Influencer Marketing: Partner with relevant influencers to reach target audiences and build brand awareness.
- Public Relations: Engage in public relations activities to highlight the brand's story and sustainability initiatives.
4. Customer Relationship Management:
- Loyalty Programs: Implement loyalty programs to reward repeat customers and encourage customer retention.
- Personalized Marketing: Utilize data analytics to personalize marketing messages and offers based on customer preferences.
- Customer Feedback: Actively seek customer feedback to improve products and services.
5. Pricing Strategy:
- Value-Based Pricing: Position products based on their quality and heritage, justifying premium pricing.
- Competitive Pricing: Monitor competitor pricing and adjust pricing strategies to remain competitive.
- Promotional Offers: Offer limited-time promotional offers to attract new customers and drive sales.
6. Distribution Channels:
- Expand Online Presence: Enhance online sales channels through e-commerce platforms and partnerships with online retailers.
- Strengthen Retail Partnerships: Build stronger relationships with existing retailers and explore new partnerships with health-focused stores.
- Direct-to-Consumer Sales: Consider establishing direct-to-consumer sales channels through farmers markets, subscription boxes, and pop-up events.
5. Basis of Recommendations
These recommendations are based on a comprehensive understanding of the changing consumer landscape, the company's strengths and weaknesses, and the competitive environment. They consider the following factors:
1. Core Competencies and Consistency with Mission: The recommendations align with Fern Fort University's core competencies of producing high-quality, traditional food products while embracing innovation to meet evolving consumer needs.2. External Customers and Internal Clients: The recommendations address the needs of both external customers and internal clients, ensuring customer satisfaction and employee engagement.3. Competitors: The recommendations take into account the competitive landscape and aim to differentiate Fern Fort University from its competitors.4. Attractiveness ' Quantitative Measures: The recommendations are expected to generate positive returns on investment through increased sales, market share, and brand equity.
6. Conclusion
By implementing these recommendations, Fern Fort University can successfully navigate the changing consumer landscape, maintain its market share, and secure its future. The company can leverage its rich heritage and commitment to quality while embracing innovation and digital marketing to appeal to a wider customer base.
7. Discussion
Other alternatives not selected include:
- Maintaining the status quo: This would likely lead to a decline in market share and brand relevance.
- Selling the business: This would be a drastic measure and may not be the best option for the family.
Risks and Key Assumptions:
- Consumer response to new products: There is a risk that consumers may not embrace the new product lines.
- Cost of innovation: Developing new products and implementing digital marketing initiatives can be expensive.
- Competition: The competitive landscape is constantly evolving, and new competitors may emerge.
8. Next Steps
To implement these recommendations, Fern Fort University should:
- Develop a detailed implementation plan: This plan should outline specific actions, timelines, and responsibilities.
- Allocate resources: Secure the necessary financial and human resources to support the implementation of the recommendations.
- Monitor progress: Regularly monitor progress and make adjustments as needed.
By taking these steps, Fern Fort University can successfully adapt to the changing consumer landscape and ensure a bright future for its family business.
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Case Description
This case depicts a managerial problem faced by Tradition and Trust, a traditional sweet and snack manufacturer, which is 100-year old family business manufacturing, retailing and exporting sweets, snacks and other confectionery products. Like other traditional sweet and snack manufactures, the company is facing the challenge of consumers' shift towards 'healthy snacking'. Moreover, brands like Haldiram's and Bikanerwala are posing a tough competition to the traditional sweet manufacturing brands. In recent years, the brand has witnessed a decline in sales. In view of the challenges posed to brand, the Chief Marketing Officer, wants to understand the various factors influencing decline of sales and find ways to redesign the strategy for sustaining its current position in the market. The case is written to illustrate how six fundamental steps of conducting a marketing research can be used to address a given managerial problem.
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