Harvard Case - Cannabusiness in Washington D.C.
"Cannabusiness in Washington D.C." Harvard business case study is written by Rui J.P. de Figueiredo Jr., Jamaur Bronner, Mohsin Alvi, Deena Malaeb. It deals with the challenges in the field of Strategy. The case study is 20 page(s) long and it was first published on : Oct 1, 2016
At Fern Fort University, we recommend that the D.C. Cannabis Dispensary pursue a strategic approach to growth that leverages its unique position in the emerging Washington D.C. market. This strategy should focus on building a strong brand, developing a robust online presence, and expanding its product offerings to cater to a diverse customer base. This approach will require a combination of innovation, strategic alliances, and digital transformation, while prioritizing corporate social responsibility and environmental sustainability to build a sustainable and profitable business.
2. Background
This case study explores the challenges and opportunities facing a cannabis dispensary in Washington D.C. The dispensary, operating in a newly legalized market, faces fierce competition from established players and new entrants. The case highlights the need for a comprehensive strategic planning process to navigate the complex regulatory environment, build a strong brand, and achieve sustainable growth.
The main protagonists are the dispensary owners, who are passionate about cannabis but lack experience in running a successful business. They are faced with the challenge of developing a competitive strategy in a rapidly evolving market.
3. Analysis of the Case Study
Industry Analysis:
- Porter's Five Forces: The case study highlights the following forces:
- Threat of new entrants: High, due to the ease of entry and the growing demand for cannabis products.
- Bargaining power of buyers: Moderate, as consumers have a wide range of choices, but are also price-sensitive.
- Bargaining power of suppliers: Moderate, as the supply chain for cannabis products is still developing.
- Threat of substitutes: Moderate, as other recreational activities and alternative medicine options exist.
- Competitive rivalry: High, as the market is fragmented and many players are vying for market share.
SWOT Analysis:
- Strengths:
- Strong brand awareness in the local community.
- Experienced and passionate team.
- Commitment to quality products and customer service.
- Location in a high-traffic area.
- Weaknesses:
- Limited resources and financial capital.
- Lack of experience in marketing and branding.
- Limited product offerings.
- Dependence on a single location.
- Opportunities:
- Growing demand for cannabis products.
- Expanding legalization efforts in other states.
- Potential for online sales and delivery.
- Opportunities for partnerships and collaborations.
- Threats:
- Intense competition from established players and new entrants.
- Regulatory uncertainty and potential changes in legislation.
- Economic downturn and consumer spending patterns.
- Negative public perception of cannabis.
Value Chain Analysis:
The dispensary's value chain can be analyzed to identify areas for improvement:
- Inbound logistics: Sourcing high-quality cannabis products from reliable suppliers.
- Operations: Ensuring efficient inventory management, product processing, and dispensary operations.
- Outbound logistics: Delivering products to customers and managing online sales.
- Marketing and sales: Building a strong brand, attracting customers, and promoting products.
- Customer service: Providing excellent customer service and building customer loyalty.
Business Model Innovation:
The dispensary can explore business model innovation to differentiate itself from competitors:
- Subscription services: Offer monthly subscriptions for regular cannabis products.
- Loyalty programs: Implement a loyalty program to reward repeat customers.
- Product customization: Offer personalized product recommendations and customized blends.
- Experiential marketing: Host events and workshops to engage with customers.
4. Recommendations
- Develop a Strong Brand Identity: The dispensary needs to invest in branding to create a unique and memorable brand image. This includes developing a strong brand name, logo, and messaging that resonates with the target audience.
- Expand Product Offerings: The dispensary should expand its product offerings to cater to a wider range of customer needs and preferences. This includes exploring different strains, edibles, concentrates, and other cannabis products.
- Embrace Digital Transformation: The dispensary needs to embrace digital transformation to reach a wider audience and improve customer experience. This includes developing a user-friendly website, creating a social media presence, and implementing online ordering and delivery services.
- Build Strategic Alliances: The dispensary can benefit from strategic alliances with other businesses in the cannabis industry. This could include partnerships with growers, processors, or distributors to secure access to high-quality products and expand its reach.
- Prioritize Corporate Social Responsibility: The dispensary should prioritize corporate social responsibility by supporting local communities, promoting responsible cannabis use, and advocating for cannabis legalization.
- Invest in Technology and Analytics: The dispensary should invest in technology and analytics to improve operational efficiency, track customer behavior, and make data-driven decisions. This includes implementing point-of-sale systems, inventory management software, and customer relationship management tools.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with the dispensary's core competencies in providing high-quality cannabis products and excellent customer service. They also support the dispensary's mission to provide safe and accessible cannabis to the community.
- External customers and internal clients: The recommendations address the needs of both external customers and internal clients. They aim to attract new customers, retain existing customers, and improve employee satisfaction.
- Competitors: The recommendations are designed to differentiate the dispensary from competitors and create a sustainable competitive advantage.
- Attractiveness - quantitative measures: The recommendations are expected to generate positive returns on investment by increasing revenue, reducing costs, and improving operational efficiency.
- Assumptions: The recommendations are based on the assumption that the cannabis market in Washington D.C. will continue to grow and that the dispensary will be able to adapt to changing regulatory environments.
6. Conclusion
By implementing these recommendations, the D.C. Cannabis Dispensary can position itself for success in the competitive and evolving cannabis market. A focus on innovation, strategic alliances, and digital transformation will be crucial for achieving sustainable growth and building a strong brand. By prioritizing corporate social responsibility and environmental sustainability, the dispensary can build trust with customers and create a positive impact on the community.
7. Discussion
Alternative options include focusing solely on cost leadership or pursuing a narrow market niche. However, these options may limit the dispensary's growth potential and expose it to greater risk.
Risks and key assumptions:
- Regulatory uncertainty: Changes in regulations could impact the dispensary's operations and profitability.
- Competition: Intense competition from established players and new entrants could erode market share.
- Consumer demand: Changes in consumer preferences or economic conditions could affect demand for cannabis products.
8. Next Steps
The dispensary should implement the recommended strategy in a phased approach:
- Phase 1 (Short-term): Develop a strong brand identity, expand product offerings, and implement a basic online presence.
- Phase 2 (Mid-term): Build strategic alliances, invest in technology and analytics, and develop a more robust online platform.
- Phase 3 (Long-term): Expand into new markets, explore new product categories, and prioritize corporate social responsibility initiatives.
By following these steps, the D.C. Cannabis Dispensary can achieve sustainable growth and establish itself as a leader in the Washington D.C. cannabis market.
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Case Description
The cannabusiness case study focuses on entrepreneur Corey Barnette, owner of cultivation center District Growers and dispensary Metropolitan Wellness Center, two partially vertically integrated cannabis businesses. The case study examines the challenges facing a business owner in a new and highly regulated market, including finding access to capital, making compliance investments, and building political connections. The case also explores the history of cannabis in the United States, and how the "War on Drugs" gave rise to an uneven playing ground for minorities wishing to be a part of the legal cannabis industry - one of the fastest growing industries in the country. Barnette, an African-American, was able to overcome many of the barriers to entry facing minorities due to his MBA degree and background as an investment banker. As Barnette considers his growth strategy, he must evaluate how to leverage his influence as a visible figure in the DC community, whether vertical integration is advantageous and which segments of his businesses are value drivers, and how to more effectively compete within DC and beyond.
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