Harvard Case - Wowprime's Brand Diversification Strategy
"Wowprime's Brand Diversification Strategy" Harvard business case study is written by Terence Tsai, Qiong Zhu, Yunlu Zhang, Jie Liu. It deals with the challenges in the field of Strategy. The case study is 13 page(s) long and it was first published on : Oct 1, 2018
At Fern Fort University, we recommend Wowprime implement a multi-pronged diversification strategy focusing on strategic alliances, product development, and market expansion to capitalize on emerging trends in the global food industry. This strategy will leverage Wowprime's core competencies in premium quality, innovative cuisine, and strong brand recognition while navigating the complexities of international business.
2. Background
Wowprime, a Taiwanese restaurant chain specializing in premium Wagyu beef, faces a critical juncture. With a strong domestic presence, Wowprime aims to expand internationally and diversify its brand portfolio to achieve sustainable growth. The case study highlights the company's challenges:
- Market Saturation: The Taiwanese market for high-end Wagyu beef is becoming increasingly competitive.
- Economic Uncertainty: Global economic volatility creates challenges for international expansion.
- Changing Consumer Preferences: Consumers are increasingly demanding diverse culinary experiences and seeking healthier, sustainable options.
Main Protagonists: The case study focuses on Mr. Lin, Wowprime's founder and CEO, who must navigate the strategic direction of the company.
3. Analysis of the Case Study
Strategic Analysis:
SWOT Analysis:
- Strengths: Strong brand recognition, premium quality, innovative cuisine, experienced management team.
- Weaknesses: Limited international presence, dependence on Wagyu beef, potential for market saturation in Taiwan.
- Opportunities: Growing demand for premium dining experiences, emerging markets in Asia and beyond, potential for product diversification.
- Threats: Economic uncertainty, competition from established players, changing consumer preferences, supply chain disruptions.
Porter's Five Forces:
- Threat of New Entrants: Moderate, as entry barriers exist due to high capital investment and supply chain complexities.
- Bargaining Power of Buyers: Moderate, as consumers have choices but value premium quality.
- Bargaining Power of Suppliers: Moderate, as Wagyu beef supply is limited, but alternative protein sources exist.
- Threat of Substitutes: Moderate, as other premium dining experiences and alternative protein sources exist.
- Competitive Rivalry: High, as the market is dominated by established players with diverse offerings.
Value Chain Analysis:
- Primary Activities: Sourcing, processing, cooking, service, marketing, distribution.
- Support Activities: Research & Development, Human Resource Management, IT Management, Procurement.
Financial Analysis:
- Financial Performance: Wowprime exhibits strong financial performance with consistent profitability.
- Investment Requirements: Expansion requires significant capital investment in infrastructure, marketing, and international operations.
Marketing Analysis:
- Market Segmentation: Wowprime targets affluent consumers seeking high-quality dining experiences.
- Brand Positioning: Wowprime positions itself as a premium brand offering authentic Wagyu beef cuisine.
4. Recommendations
Wowprime should pursue a multi-pronged diversification strategy:
1. Strategic Alliances:
- Joint Ventures: Partner with established international restaurant chains or food retailers to leverage their expertise and market access.
- Franchise Model: Grant franchises to qualified partners in strategic locations to accelerate international expansion.
- Strategic Partnerships: Collaborate with food suppliers and technology providers to enhance efficiency and innovation.
2. Product Development:
- Diversify Menu: Introduce new dishes featuring alternative proteins, seafood, and vegetarian options to cater to diverse preferences.
- Develop New Concepts: Create new restaurant concepts with different price points and dining experiences to appeal to broader customer segments.
- Focus on Sustainability: Implement sustainable sourcing practices and offer eco-friendly options to attract environmentally conscious consumers.
3. Market Expansion:
- Emerging Markets: Focus on high-growth markets in Asia, particularly in China and Southeast Asia, where demand for premium dining experiences is increasing.
- Western Markets: Explore opportunities in North America and Europe, targeting affluent consumers seeking authentic Asian cuisine.
- Online Presence: Leverage online platforms for delivery, reservations, and marketing to reach a wider audience and enhance customer experience.
5. Basis of Recommendations
These recommendations align with Wowprime's core competencies and mission to provide premium dining experiences while responding to market trends and opportunities. They consider:
- Core Competencies: Leverage existing expertise in quality sourcing, culinary innovation, and brand management.
- External Customers: Cater to diverse preferences and cater to emerging markets.
- Competitors: Differentiate through unique offerings, strategic partnerships, and market expansion.
- Attractiveness: Financial feasibility is assessed through market research, feasibility studies, and potential return on investment analysis.
Assumptions:
- Consumer demand for premium dining experiences will continue to grow.
- Emerging markets in Asia will offer significant growth opportunities.
- Wowprime can successfully adapt its business model to international markets.
6. Conclusion
Wowprime's diversification strategy should focus on strategic alliances, product development, and market expansion to achieve sustainable growth. By leveraging its core competencies and adapting to changing market dynamics, Wowprime can solidify its position as a leading player in the global food industry.
7. Discussion
Alternatives:
- Focus solely on domestic market: This approach would limit growth potential and expose Wowprime to market saturation.
- Aggressive acquisitions: This strategy carries high financial risk and may not be feasible given Wowprime's current resources.
Risks:
- Economic uncertainty: Global economic volatility could impact consumer spending and international expansion plans.
- Cultural differences: Adapting to local tastes and preferences in international markets can be challenging.
- Competition: Intense competition from established players could limit market share and profitability.
Key Assumptions:
- The global demand for premium dining experiences will continue to grow.
- Wowprime can successfully adapt its business model to international markets.
- Strategic alliances will be successful in leveraging resources and market access.
8. Next Steps
Timeline:
- Year 1: Develop strategic alliances, pilot new menu items, and explore potential markets.
- Year 2: Launch new restaurant concepts, expand into strategic international markets, and refine online presence.
- Year 3: Consolidate international operations, optimize supply chain, and continue to innovate product offerings.
Key Milestones:
- Secure strategic partnerships with international players.
- Launch new restaurant concepts with diverse offerings.
- Achieve significant market penetration in key international markets.
By implementing this comprehensive strategy, Wowprime can navigate the complexities of international business, embrace innovation, and achieve sustainable growth in the global food industry.
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Case Description
This case study describes how restaurant operator Wowprime, known for its brand creativity, implemented a diversification strategy in China's mainland. Having been present in the market for 14 years, Wowprime set out plans in August 2016 to expand from 149 restaurants to 1,000 by 2022. In a market where demand for customized offerings is gaining traction, should Wowprime maintain its fixed-menu-based diversification strategy for growth, or should it focus on core brands and priority markets? The case invites class participants to step into the shoes of Wowprime decision-makers and consider strategic options to achieve the 2022 goal while taking into account resource constraints as well as local market trends.
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