Harvard Case - Using Effectuation to Start up a New Venture Through Instagram
"Using Effectuation to Start up a New Venture Through Instagram" Harvard business case study is written by Simon Parker. It deals with the challenges in the field of Strategy. The case study is 3 page(s) long and it was first published on : May 17, 2019
At Fern Fort University, we recommend a strategic approach to launching a new venture using Instagram as a primary platform, leveraging effectuation principles to navigate the uncertainties inherent in a start-up environment. This strategy will focus on building a strong brand, engaging with a targeted audience, and leveraging the platform's unique features to drive growth and profitability.
2. Background
This case study focuses on the entrepreneurial journey of a group of students at Fern Fort University who are seeking to launch a new venture using Instagram as their primary platform. The students have identified a gap in the market for a product or service that addresses a specific need within their target audience. They are eager to leverage the platform's vast reach and engagement potential to build a successful business.
The main protagonists of the case study are the students themselves, who are the driving force behind the venture. They bring diverse skills and perspectives to the table, including marketing expertise, product development knowledge, and a strong understanding of the target audience.
3. Analysis of the Case Study
To analyze the case, we can apply several frameworks:
1. Effectuation: This framework, developed by Saras Sarasvathy, emphasizes starting with available means rather than predefined goals. The students should focus on their existing resources, skills, and networks to identify opportunities and build their venture.
2. SWOT Analysis: This framework helps identify the venture's internal strengths and weaknesses, as well as external opportunities and threats. This analysis will provide a clear picture of the competitive landscape and potential challenges.
3. Porter's Five Forces: This framework helps analyze the competitive forces within the industry, including the threat of new entrants, bargaining power of buyers and suppliers, and the threat of substitutes. This analysis will inform the students' pricing strategy, marketing efforts, and overall competitive positioning.
4. Value Chain Analysis: This framework helps understand the activities involved in creating and delivering value to customers. The students can use this analysis to identify areas for efficiency improvements and potential cost savings.
5. Business Model Innovation: This framework explores different ways to create and capture value. The students should consider various revenue models, including subscriptions, advertising, and partnerships, to ensure long-term sustainability.
6. Digital Transformation Strategy: This framework focuses on leveraging technology to transform business processes and create new value propositions. The students should consider how to utilize Instagram's features, such as live streaming, stories, and influencer marketing, to engage with their target audience and drive growth.
7. Social Media Marketing Strategy: This framework focuses on leveraging social media platforms to achieve marketing objectives. The students should develop a comprehensive strategy for content creation, community building, and engagement to build brand awareness and drive sales.
8. Market Segmentation: This framework helps identify different customer segments with distinct needs and preferences. The students should define their target audience and tailor their marketing messages and product offerings accordingly.
9. Competitive Advantage: This framework focuses on identifying and developing unique strengths that differentiate the venture from competitors. The students should consider factors such as product differentiation, cost leadership, and brand building to establish a sustainable competitive advantage.
4. Recommendations
1. Leverage Effectuation Principles: The students should focus on using their available resources, skills, and networks to identify opportunities and build their venture. This includes leveraging their existing knowledge of the target audience, their social media expertise, and their access to university resources.
2. Develop a Strong Brand Identity: The students should create a distinct brand identity that resonates with their target audience. This includes developing a compelling brand story, creating visually appealing content, and consistently maintaining a consistent brand voice across all platforms.
3. Build a Strong Community: The students should actively engage with their target audience on Instagram, fostering a sense of community and building relationships. This can be achieved through interactive content, contests, and collaborations with influencers.
4. Utilize Instagram's Features: The students should leverage Instagram's unique features, such as live streaming, stories, and influencer marketing, to reach a wider audience and drive engagement.
5. Develop a Clear Value Proposition: The students should clearly articulate the value proposition of their product or service, highlighting its unique benefits and how it addresses the needs of their target audience.
6. Implement a Data-Driven Approach: The students should utilize Instagram analytics to track their progress and make data-driven decisions. This includes analyzing engagement metrics, demographics, and campaign performance to optimize their strategy.
7. Explore Partnerships: The students should consider partnering with other businesses or influencers to expand their reach and leverage complementary resources.
8. Continuously Innovate: The students should constantly seek new ways to innovate and improve their product, service, and marketing strategy. This includes staying abreast of emerging trends and adapting their approach as needed.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Mission: The recommendations align with the students' core competencies in marketing, social media, and product development, and support their mission to launch a successful venture.
- External Customers and Internal Clients: The recommendations are focused on understanding and engaging with the target audience, while also considering the needs and expectations of internal stakeholders, such as university advisors and investors.
- Competitors: The recommendations consider the competitive landscape and identify ways to differentiate the venture from existing competitors.
- Attractiveness: The recommendations are designed to enhance the venture's attractiveness to investors and customers, by focusing on building a strong brand, engaging with the target audience, and leveraging Instagram's unique features.
6. Conclusion
By leveraging effectuation principles, building a strong brand, engaging with their target audience, and utilizing Instagram's unique features, the students can successfully launch their new venture and achieve sustainable growth. This approach will enable them to navigate the uncertainties of the start-up environment and build a thriving business.
7. Discussion
Alternatives:
- Traditional marketing channels: While Instagram is a powerful platform, the students could explore other marketing channels, such as traditional advertising, public relations, and content marketing.
- Developing a mobile app: The students could consider developing a mobile app to complement their Instagram presence and provide a more immersive experience for their customers.
Risks and Key Assumptions:
- Competition: The market may be saturated with similar products or services, making it challenging to stand out.
- Algorithm changes: Instagram's algorithm is constantly evolving, which could impact the reach and visibility of the venture's content.
- User engagement: Maintaining consistent user engagement on Instagram is crucial for success, and this can be difficult to achieve.
Options Grid:
| Option | Advantages | Disadvantages |
|---|---|---|
| Instagram-focused strategy | High reach, engaged audience, cost-effective | Algorithm changes, competition, user engagement |
| Traditional marketing channels | Established channels, wider reach | Higher costs, less targeted audience |
| Mobile app development | Immersive experience, direct customer engagement | High development costs, technical challenges |
8. Next Steps
Timeline:
- Month 1: Develop a detailed business plan, conduct market research, and finalize the product or service offering.
- Month 2: Create a brand identity, develop a content strategy, and build a social media presence.
- Month 3: Launch the venture on Instagram, engage with the target audience, and start building a community.
- Month 4: Analyze data, optimize the strategy, and explore partnerships.
- Month 5: Expand the reach and engagement, explore new revenue streams, and consider future growth opportunities.
By following these recommendations and taking a strategic approach, the students can successfully launch their new venture using Instagram as a powerful platform and achieve their entrepreneurial goals.
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Case Description
In January 2019, a second-year master of business administration student has come up with an idea for a new venture: sourcing products from her social contacts, using Instagram to direct traffic to her company website, and utilizing the postal service to deliver goods. Does a viable business opportunity really exist, or are there too many unknowns?
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