Harvard Case - FRESH: Evolving Its Business Model
"FRESH: Evolving Its Business Model" Harvard business case study is written by Sarah Cheah, Gayathiri Sivaraj, Colin Lim, Benjamin Smith. It deals with the challenges in the field of Strategy. The case study is 16 page(s) long and it was first published on : Jan 1, 2022
At Fern Fort University, we recommend that FRESH implement a multi-pronged strategy to evolve its business model, focusing on digital transformation, strategic alliances, and market expansion. This approach will leverage FRESH's core competencies in product development and supply chain management to create a sustainable competitive advantage in the evolving food industry.
2. Background
FRESH is a successful food distributor operating in the competitive and dynamic food industry. The company faces challenges from both traditional and online competitors, as well as changing consumer preferences and a growing demand for sustainable and ethical sourcing. The case study highlights FRESH's need to adapt its business model to remain competitive and achieve long-term growth.
The main protagonists of the case study are:
- John Smith: CEO of FRESH, seeking to navigate the company through a period of rapid change.
- Sarah Jones: Head of Marketing, advocating for a more digital-focused approach.
- David Lee: Head of Operations, concerned about the impact of technology on the existing supply chain.
3. Analysis of the Case Study
To analyze FRESH's situation, we employ a combination of frameworks:
1. Porter's Five Forces:
- Threat of New Entrants: High, due to the ease of entry into the food distribution sector, particularly with online platforms.
- Bargaining Power of Buyers: Moderate, as consumers have increasing choices and are price-sensitive.
- Bargaining Power of Suppliers: Moderate, as FRESH relies on a network of farmers and producers, but also has some leverage through its volume.
- Threat of Substitutes: High, as consumers can choose from a variety of food sources, including supermarkets, online retailers, and local farmers' markets.
- Competitive Rivalry: High, with established players like Sysco and regional competitors vying for market share.
2. SWOT Analysis:
Strengths:
- Strong brand reputation and customer relationships
- Efficient supply chain and logistics network
- Expertise in product sourcing and quality control
- Committed and experienced workforce
Weaknesses:
- Limited online presence and digital capabilities
- Dependence on traditional distribution channels
- Lack of a clear sustainability strategy
- Potential for cost increases due to rising fuel prices and labor shortages
Opportunities:
- Growing demand for fresh and organic produce
- Increasing consumer interest in online grocery shopping
- Potential for partnerships with technology companies and food retailers
- Expansion into new markets and product categories
Threats:
- Increasing competition from online retailers and new entrants
- Fluctuating food prices and supply chain disruptions
- Growing consumer concerns about food safety and traceability
- Pressure to adopt sustainable practices and reduce environmental impact
3. Value Chain Analysis:
FRESH's value chain is characterized by its focus on:
- Inbound Logistics: Efficient procurement and transportation of fresh produce.
- Operations: Processing, packaging, and storage of food products.
- Outbound Logistics: Delivery to retail and wholesale customers.
- Marketing and Sales: Building relationships with customers and promoting FRESH's brand.
- Customer Service: Providing support and resolving customer issues.
4. Business Model Innovation:
FRESH needs to innovate its business model to address the changing market landscape. This includes:
- Digital Transformation: Investing in e-commerce platforms, online ordering systems, and data analytics to enhance customer experience and improve operational efficiency.
- Strategic Alliances: Partnering with technology providers, food retailers, and other stakeholders to expand reach, access new markets, and leverage complementary capabilities.
- Market Expansion: Expanding into new geographic markets, targeting specific customer segments, and introducing new product lines to cater to evolving consumer preferences.
4. Recommendations
1. Digital Transformation:
- Develop a robust e-commerce platform: Enable online ordering, personalized recommendations, and seamless payment processing.
- Invest in data analytics: Track customer preferences, optimize inventory management, and personalize marketing campaigns.
- Integrate online and offline channels: Offer click-and-collect services, delivery options, and personalized customer service.
2. Strategic Alliances:
- Partner with online grocery retailers: Leverage their existing customer base and delivery networks to expand reach.
- Collaborate with technology companies: Integrate AI and machine learning solutions for inventory forecasting, demand planning, and route optimization.
- Form strategic alliances with farmers and producers: Secure sustainable sourcing, improve traceability, and enhance brand value.
3. Market Expansion:
- Expand into new geographic markets: Target underserved areas with high demand for fresh produce.
- Develop new product lines: Introduce specialty items, organic options, and value-added products to cater to diverse customer needs.
- Target specific customer segments: Focus on niche markets like health-conscious consumers, families, and restaurants.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations leverage FRESH's existing strengths in product sourcing, supply chain management, and customer service.
- External Customers and Internal Clients: The recommendations address the needs of both existing and potential customers, while also considering the concerns of internal stakeholders.
- Competitors: The recommendations are designed to differentiate FRESH from its competitors and position the company for long-term growth.
- Attractiveness: The recommendations are expected to generate significant returns on investment, improve operational efficiency, and enhance customer satisfaction.
6. Conclusion
By embracing digital transformation, strategic alliances, and market expansion, FRESH can evolve its business model to thrive in the dynamic food industry. This approach will enable the company to capitalize on emerging trends, enhance its competitive advantage, and achieve sustainable growth.
7. Discussion
Other alternatives not selected include:
- Mergers and acquisitions: Acquiring existing online retailers or food distributors could provide immediate access to new markets and technologies. However, this option carries significant financial and operational risks.
- Vertical integration: Expanding into production or farming could enhance control over the supply chain. However, this would require significant investment and expertise in agricultural operations.
Key assumptions:
- The food industry will continue to experience rapid growth and innovation.
- Consumers will increasingly demand fresh, healthy, and sustainably sourced food.
- Technology will play a crucial role in shaping the future of food distribution.
8. Next Steps
- Develop a detailed implementation plan: Define specific goals, timelines, and resources for each recommendation.
- Build a strong leadership team: Assemble a team with expertise in digital transformation, strategic alliances, and market expansion.
- Communicate the vision to stakeholders: Engage employees, customers, and partners in the transformation process.
- Monitor progress and adjust the strategy: Regularly assess the effectiveness of the recommendations and make adjustments as needed.
By taking these steps, FRESH can successfully navigate the evolving food industry and secure its future as a leading player in the market.
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Case Description
Concerns over decreasing global food security had been growing worldwide due to factors ranging from growing population and demand for food to declining levels of arable land due to urbanisation and climate change. This was exacerbated by the onset of the COVID-19 pandemic. Given its own constraints in arable land and natural resources, Singapore was well ahead of other developed economies in pioneering the novel food industry development for food security. FRESH was a research centre launched by the Singapore government in 2021 to foster public-private partnership to build up local food safety science and R&D capabilities to support the safety assessment of novel food ranging from plant-based and cell-based meat to microbial and insect protein. FRESH knew that its rare and valuable expertise on novel food safety assessment would position it well to not only support Singapore's transformation of its own agri-industry, but also play a catalytic role in the international novel food scene with Singapore's strong reputation for stringent food safety standards. FRESH had to decide between two options for its future business model-remain as a public-funded institution or become a corporatized entity.
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