Harvard Case - Super Milk Products Private Ltd. (A): Keventers Milkshakes and Beyond
"Super Milk Products Private Ltd. (A): Keventers Milkshakes and Beyond" Harvard business case study is written by Swati Singh, Sudhir Naib, Kartikeya Singh. It deals with the challenges in the field of Strategy. The case study is 14 page(s) long and it was first published on : Oct 25, 2019
At Fern Fort University, we recommend Super Milk Products Private Ltd. (SMPPL) adopt a multi-pronged growth strategy focusing on strategic expansion, product diversification, and digital transformation to capitalize on the burgeoning Indian and global milkshake market. This strategy will leverage Keventers' strong brand heritage, build upon its existing strengths, and address the evolving consumer preferences and market dynamics.
2. Background
Super Milk Products Private Ltd. (SMPPL), the owner of the iconic Keventers brand, is a leading player in the Indian dairy and beverage industry. Founded in 1925, Keventers has a rich history of providing high-quality milk and dairy products. In recent years, SMPPL has successfully revived the Keventers brand, focusing on its heritage milkshakes and expanding into new product lines and markets. The case study highlights the company's growth aspirations and the challenges it faces in a highly competitive and evolving market.
The key protagonists in this case study are:
- Amit Talwar: The Managing Director of SMPPL, responsible for leading the company's growth strategy.
- Keventers Brand: The iconic brand with a strong heritage and loyal customer base.
- Indian Dairy Industry: A dynamic and competitive market with significant growth potential.
3. Analysis of the Case Study
Strategic Analysis:
SWOT Analysis:
- Strengths: Strong brand recognition, heritage, loyal customer base, established distribution network, focus on quality, skilled workforce.
- Weaknesses: Limited product portfolio, reliance on traditional retail channels, lack of a strong online presence, potential vulnerability to competition.
- Opportunities: Growing demand for premium and healthy beverages, expanding middle class, increasing urbanization, emerging markets, online retail growth, potential for diversification.
- Threats: Intense competition from established players and new entrants, rising input costs, changing consumer preferences, economic fluctuations.
Porter's Five Forces Analysis:
- Threat of New Entrants: Moderate, due to the high entry barriers in the dairy industry, but new entrants with innovative products and marketing strategies pose a threat.
- Bargaining Power of Suppliers: Moderate, as SMPPL relies on a network of dairy farmers and suppliers, but the company can leverage its scale to negotiate favorable terms.
- Bargaining Power of Buyers: Moderate, as consumers have a wide range of choices, but Keventers' strong brand loyalty provides some protection.
- Threat of Substitute Products: High, as consumers have access to various beverages, including juices, smoothies, and other dairy products.
- Competitive Rivalry: High, with intense competition from both established players and new entrants vying for market share.
Value Chain Analysis:
- Primary Activities: Procurement of raw materials, manufacturing, distribution, marketing, sales, customer service.
- Support Activities: Research & Development, Human Resources, Technology, Infrastructure.
Financial Analysis:
- The case study does not provide detailed financial information, but it highlights the company's need for capital investment to support its growth plans.
Marketing Analysis:
- Market Segmentation: Keventers targets a wide range of consumers, from young adults to families, and caters to different segments through product differentiation and marketing strategies.
- Marketing Strategy: The company emphasizes brand heritage, quality, and innovation to appeal to its target audience.
Operational Analysis:
- Manufacturing Processes: SMPPL has a network of manufacturing facilities and employs efficient production processes to ensure quality and consistency.
- Distribution Channels: The company utilizes a combination of traditional retail channels and online platforms to reach its customers.
Innovation Analysis:
- Disruptive Innovation: Keventers has successfully leveraged its heritage and brand equity to introduce new products and expand into new markets.
- Business Model Innovation: The company is exploring new business models, such as franchising and online ordering, to enhance its reach and profitability.
4. Recommendations
Strategic Expansion:
- International Expansion: Leverage Keventers' strong brand equity to enter new international markets, particularly in emerging economies with high growth potential. Focus on countries with a strong demand for dairy products and a growing middle class.
- Franchise Model: Expand the Keventers franchise network both domestically and internationally. This will allow for rapid expansion with minimal capital investment and leverage local expertise.
- Strategic Alliances: Partner with local distributors, retailers, and food service providers in new markets to gain access to distribution channels and build brand awareness.
Product Diversification:
- Product Development: Introduce new product lines, including flavored milkshakes, smoothies, ice cream, and other dairy-based desserts, to cater to evolving consumer preferences.
- Healthier Options: Develop and promote healthier options, such as low-fat milkshakes, vegan alternatives, and protein-rich smoothies, to appeal to health-conscious consumers.
- Seasonal Products: Introduce seasonal and limited-edition products to create excitement and drive sales.
Digital Transformation:
- E-commerce Platform: Develop a robust e-commerce platform to enable online ordering, delivery, and subscriptions. This will enhance customer convenience and drive sales.
- Social Media Marketing: Leverage social media platforms to engage with customers, build brand awareness, and promote new products and promotions.
- Data Analytics: Utilize data analytics to understand customer preferences, optimize marketing campaigns, and improve operational efficiency.
5. Basis of Recommendations
These recommendations are based on a comprehensive analysis of SMPPL's strengths, weaknesses, opportunities, and threats, as well as an understanding of the evolving market dynamics. They are aligned with the company's mission to provide high-quality dairy products and beverages while expanding its reach and profitability.
- Core Competencies and Consistency with Mission: The recommendations build upon Keventers' core competencies in brand management, product development, and distribution, while remaining consistent with the company's mission to provide high-quality dairy products.
- External Customers and Internal Clients: The recommendations address the needs of both external customers, who are seeking diverse and high-quality beverage options, and internal clients, who are seeking growth opportunities and increased profitability.
- Competitors: The recommendations aim to differentiate Keventers from its competitors by focusing on product innovation, brand heritage, and digital transformation.
- Attractiveness: The recommendations are expected to generate positive returns on investment through increased sales, market share, and profitability.
6. Conclusion
By adopting a multi-pronged growth strategy focusing on strategic expansion, product diversification, and digital transformation, SMPPL can capitalize on the burgeoning Indian and global milkshake market. This strategy will leverage Keventers' strong brand heritage, build upon its existing strengths, and address the evolving consumer preferences and market dynamics.
7. Discussion
Alternatives:
- Mergers and Acquisitions: SMPPL could consider acquiring smaller dairy companies or beverage brands to expand its product portfolio and market reach. However, this option requires significant capital investment and may pose integration challenges.
- Joint Ventures: SMPPL could partner with other companies to develop new products or enter new markets. This option can provide access to expertise and resources, but it also involves sharing profits and control.
Risks and Key Assumptions:
- Competition: The competitive landscape in the dairy and beverage industry is dynamic and intense. SMPPL needs to continuously innovate and adapt to maintain its competitive edge.
- Consumer Preferences: Consumer preferences are constantly evolving. SMPPL needs to stay abreast of emerging trends and cater to changing tastes.
- Economic Fluctuations: Economic downturns can impact consumer spending and demand for premium products. SMPPL needs to have contingency plans in place to mitigate the impact of economic fluctuations.
8. Next Steps
Timeline:
- Year 1: Develop and implement a comprehensive digital transformation strategy, including the launch of an e-commerce platform and social media marketing initiatives.
- Year 2: Introduce new product lines, including flavored milkshakes, smoothies, and ice cream.
- Year 3: Begin international expansion, focusing on key emerging markets.
- Year 4: Expand the Keventers franchise network both domestically and internationally.
Key Milestones:
- Develop a detailed strategic plan: This plan should outline the company's goals, strategies, and action plans for each area of focus.
- Secure funding: SMPPL will need to secure funding to support its growth initiatives.
- Build a strong team: The company needs to recruit and develop talented individuals to execute its strategy.
- Monitor progress and make adjustments: SMPPL should regularly monitor the progress of its initiatives and make adjustments as needed.
By taking these steps, SMPPL can position Keventers for continued success in the years to come.
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Case Description
In 2015, three entrepreneurs in India decided to resurrect the 100-year-old iconic Keventers brand, which had stopped selling milkshakes in the 1970s. Although earlier generations had grown up enjoying Keventers' milkshakes, millennials had very little association with the brand. To connect with this new generation, the three entrepreneurs relied on both old and new brand associations. The three founders re-established the Keventers milkshakes brand; however, the milkshakes market became flooded with small and large competitors, and the company needed to find new ways to ensure the Keventers brand's long-term sustainability. To sustain its growth momentum, the Keventers brand entered the subscription-based, premium-milk market in June 2018. As a result of increasing urbanization, rising incomes, and demographic changes, the consumption behaviour of Indian consumers was undergoing transformation. Demand for premium, organic, unadulterated milk was on the rise among affluent health-conscious consumers. Premium milk comprised less than 1 per cent of the dairy market in 2018, but it was expected to rise to 5 per cent by 2020. How could the three founders meet their goals of capturing 20 per cent of the premium-milk market and becoming a major competitor by mid-2019?
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