Harvard Case - Extend Fertility: Conceiving the Market for Egg Preservation (A)
"Extend Fertility: Conceiving the Market for Egg Preservation (A)" Harvard business case study is written by Debora L. Spar, Olivia Hull. It deals with the challenges in the field of Strategy. The case study is 22 page(s) long and it was first published on : Feb 13, 2019
At Fern Fort University, we recommend Extend Fertility adopt a multi-pronged growth strategy focused on market expansion, product diversification, and strategic partnerships. This strategy will leverage Extend Fertility's core competencies in technology and analytics, patient care, and innovation to capitalize on the growing market for egg preservation while maintaining a strong competitive advantage.
2. Background
Extend Fertility is a leading provider of egg freezing services, catering to women seeking to preserve their fertility for future family planning. The company faces a rapidly growing market driven by societal changes, technological advancements, and increasing awareness of fertility preservation options. However, Extend Fertility also faces challenges, including intense competition, rising costs, and the need to navigate complex ethical and regulatory landscapes.
The case study focuses on Extend Fertility's CEO, Dr. Timothy Chin, who is tasked with developing a strategic plan for the company's future. Extend Fertility's current business model centers around offering egg freezing services to individuals. However, the company is exploring opportunities to expand its offerings, including fertility preservation for men and genetic testing services.
3. Analysis of the Case Study
Strategic Analysis:
Porter's Five Forces:
- Threat of New Entrants: High, due to relatively low barriers to entry, particularly for technology-driven services.
- Bargaining Power of Buyers: Moderate, as patients have choices but are often highly motivated and willing to pay for services.
- Bargaining Power of Suppliers: Moderate, as Extend Fertility relies on specialized equipment and pharmaceuticals.
- Threat of Substitutes: Moderate, as alternative fertility preservation methods exist, but egg freezing remains a dominant option.
- Competitive Rivalry: High, with numerous players entering the market, including established fertility clinics and new specialized companies.
SWOT Analysis:
- Strengths: Strong brand reputation, innovative technology, experienced team, patient-centric approach.
- Weaknesses: Limited geographic reach, dependence on technology, potential for regulatory changes.
- Opportunities: Expanding market, increasing awareness of fertility preservation, potential for new service offerings.
- Threats: Intense competition, rising costs, ethical concerns, potential for regulatory changes.
Value Chain Analysis:
- Extend Fertility's value chain is centered around its core competencies in technology, patient care, and innovation. The company leverages its technology platform to streamline the egg freezing process, provides personalized patient support, and continuously develops new services and technologies.
Business Model Innovation:
- Extend Fertility can explore innovative business models, such as:
- Subscription-based services: Offer bundled packages with access to various services, including genetic testing and counseling.
- Partnerships with employers: Offer egg freezing benefits as part of employee healthcare packages.
- Direct-to-consumer marketing: Utilize digital channels and social media to reach a wider audience.
- Extend Fertility can explore innovative business models, such as:
Financial Analysis:
- Extend Fertility's financial performance is strong, with growing revenue and profitability. However, the company needs to manage costs effectively and invest strategically in new technologies and services.
- Key financial metrics: Revenue growth, profitability, customer acquisition cost, lifetime value of customers.
Marketing Analysis:
- Market Segmentation: Identify distinct customer segments based on age, income, family planning goals, and awareness of fertility preservation.
- Marketing Strategy: Leverage digital marketing, influencer partnerships, and targeted advertising to reach specific customer segments.
- Brand Management: Maintain a strong brand reputation focused on innovation, patient care, and ethical practices.
4. Recommendations
1. Market Expansion:
- Geographic Expansion: Extend Fertility should prioritize expanding its geographic reach through strategic partnerships with existing fertility clinics or by opening new locations in key markets.
- International Expansion: Explore opportunities in emerging markets with high growth potential, considering cultural sensitivities and regulatory frameworks.
- Market Penetration: Invest in marketing campaigns targeting specific customer segments, including younger women, professionals, and LGBTQ+ individuals.
2. Product Diversification:
- Male Fertility Preservation: Develop and offer services for men, including sperm freezing and genetic testing.
- Genetic Testing: Expand into genetic testing services to provide comprehensive fertility assessment and personalized guidance.
- Fertility Counseling: Offer counseling services to support patients through the decision-making process and provide emotional support.
3. Strategic Partnerships:
- Healthcare Providers: Partner with fertility clinics, hospitals, and other healthcare providers to offer egg freezing services as part of their offerings.
- Employers: Develop partnerships with employers to offer egg freezing benefits as part of employee healthcare packages.
- Technology Companies: Collaborate with technology companies to develop innovative solutions for fertility preservation, such as AI-powered diagnostics and personalized treatment plans.
5. Basis of Recommendations
These recommendations are based on:
- Core competencies and consistency with mission: Extend Fertility's core competencies in technology, patient care, and innovation are leveraged to drive growth and maintain a strong competitive advantage.
- External customers and internal clients: The recommendations address the needs of both current and potential customers, while also considering the needs of internal stakeholders, such as employees and investors.
- Competitors: The recommendations are designed to differentiate Extend Fertility from its competitors by offering a wider range of services, expanding its reach, and leveraging strategic partnerships.
- Attractiveness ' quantitative measures: The recommendations are expected to generate positive returns on investment, based on market analysis and financial projections.
6. Conclusion
By adopting a multi-pronged growth strategy, Extend Fertility can capitalize on the growing market for egg preservation, strengthen its competitive position, and achieve sustainable growth. The company's commitment to innovation, patient care, and ethical practices will be essential to its success.
7. Discussion
Alternatives:
- Vertical Integration: Extend Fertility could acquire or establish its own fertility clinics to gain greater control over the service delivery process. However, this would require significant capital investment and could potentially increase operational complexity.
- Focus on Niche Markets: Extend Fertility could specialize in specific customer segments, such as high-income professionals or women with specific medical conditions. This approach could lead to higher margins but could also limit market reach.
Risks and Key Assumptions:
- Regulatory Changes: Changes in regulations could impact the availability and accessibility of egg freezing services.
- Technological Advancements: Rapid technological advancements could disrupt the fertility preservation market, requiring Extend Fertility to continuously adapt its offerings.
- Ethical Concerns: The use of egg freezing raises ethical concerns, which Extend Fertility must carefully address through its policies and practices.
Options Grid:
| Option | Advantages | Disadvantages | Risks |
|---|---|---|---|
| Market Expansion | Increased market reach, higher revenue potential | Increased competition, higher operating costs | Regulatory changes, economic downturn |
| Product Diversification | Expanded service offerings, greater customer loyalty | Increased complexity, potential for cannibalization | Technological obsolescence, ethical concerns |
| Strategic Partnerships | Access to new markets, reduced costs | Dependence on partners, potential for conflicts | Partner performance, regulatory changes |
8. Next Steps
- Develop a detailed strategic plan: Define specific goals, timelines, and resource allocation for each recommendation.
- Conduct market research: Gather data on target customer segments, competitive landscape, and regulatory environment.
- Develop financial projections: Assess the financial viability of each recommendation and identify potential sources of funding.
- Implement pilot programs: Test new services and partnerships on a smaller scale before full-scale implementation.
- Monitor progress and make adjustments: Regularly review progress against goals and make necessary adjustments to the strategy.
By taking these steps, Extend Fertility can successfully navigate the evolving fertility preservation market and achieve its long-term growth objectives.
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Case Description
In April 2003, entrepreneur and MBA student Christy Jones was planning a new venture to help women preserve their fertility. Her company, Extend Fertility, would commercialize a technique known as egg freezing, in which a woman's eggs were extracted and stored at low temperatures until she was ready to become a mother. To date, the emerging technology had mostly been used to preserve the fertility of cancer patients whose treatment course could damage their eggs. Jones's business would target a massively broader population: healthy women wishing to postpone motherhood. Before Jones could launch Extend Fertility, she needed to answer two pressing questions. What, exactly, would an egg-freezing service be selling? And to whom?
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