Case Study Description of Sweet Concepts, Inc.: Trade Show Marketing
Brooks West of Sweet Concepts has recently adopted a new brand strategy for Butterfields, the company's line of hard candy. West must decide how the new branding strategy should affect his trade-show marketing program
Authors :: Mark Parry, James R. Rubin, Melanie Jones
Swot Analysis of "Sweet Concepts, Inc.: Trade Show Marketing" written by Mark Parry, James R. Rubin, Melanie Jones includes – strengths weakness that are internal strategic factors of the organization, and opportunities and threats that Sweet Butterfields facing as an external strategic factors. Some of the topics covered in Sweet Concepts, Inc.: Trade Show Marketing case study are - Strategic Management Strategies, Communication and Strategy & Execution.
Some of the macro environment factors that can be used to understand the Sweet Concepts, Inc.: Trade Show Marketing casestudy better are - – geopolitical disruptions, cloud computing is disrupting traditional business models, talent flight as more people leaving formal jobs, competitive advantages are harder to sustain because of technology dispersion, increasing energy prices, supply chains are disrupted by pandemic , increasing government debt because of Covid-19 spendings,
increasing commodity prices, there is backlash against globalization, etc
Introduction to SWOT Analysis of Sweet Concepts, Inc.: Trade Show Marketing
SWOT stands for an organization’s Strengths, Weaknesses, Opportunities and Threats . At Oak Spring University , we believe that protagonist in Sweet Concepts, Inc.: Trade Show Marketing case study can use SWOT analysis as a strategic management tool to assess the current internal strengths and weaknesses of the Sweet Butterfields, and to figure out the opportunities and threats in the macro environment – technological, environmental, political, economic, social, demographic, etc in which Sweet Butterfields operates in.
According to Harvard Business Review, 75% of the managers use SWOT analysis for various purposes such as – evaluating current scenario, strategic planning, new venture feasibility, personal growth goals, new market entry, Go To market strategies, portfolio management and strategic trade-off assessment, organizational restructuring, etc.
SWOT Objectives / Importance of SWOT Analysis and SWOT Matrix
SWOT analysis of Sweet Concepts, Inc.: Trade Show Marketing can be done for the following purposes –
1. Strategic planning using facts provided in Sweet Concepts, Inc.: Trade Show Marketing case study
2. Improving business portfolio management of Sweet Butterfields
3. Assessing feasibility of the new initiative in Strategy & Execution field.
4. Making a Strategy & Execution topic specific business decision
5. Set goals for the organization
6. Organizational restructuring of Sweet Butterfields
Strengths Sweet Concepts, Inc.: Trade Show Marketing | Internal Strategic Factors
What are Strengths in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The strengths of Sweet Butterfields in Sweet Concepts, Inc.: Trade Show Marketing Harvard Business Review case study are -
Cross disciplinary teams
– Horizontal connected teams at the Sweet Butterfields are driving operational speed, building greater agility, and keeping the organization nimble to compete with new competitors. It helps are organization to ideate new ideas, and execute them swiftly in the marketplace.
Organizational Resilience of Sweet Butterfields
– The covid-19 pandemic has put organizational resilience at the centre of everthing that Sweet Butterfields does. Organizational resilience comprises - Financial Resilience, Operational Resilience, Technological Resilience, Organizational Resilience, Business Model Resilience, and Reputation Resilience.
Ability to lead change in Strategy & Execution field
– Sweet Butterfields is one of the leading players in its industry. Over the years it has not only transformed the business landscape in its segment but also across the whole industry. The ability to lead change has enabled Sweet Butterfields in – penetrating new markets, reaching out to new customers, and providing different value propositions to different customers in the international markets.
Superior customer experience
– The customer experience strategy of Sweet Butterfields in the segment is based on four key concepts – personalization, simplification of complex needs, prompt response, and continuous engagement.
Effective Research and Development (R&D)
– Sweet Butterfields has innovation driven culture where significant part of the revenues are spent on the research and development activities. This has resulted in, as mentioned in case study Sweet Concepts, Inc.: Trade Show Marketing - staying ahead in the industry in terms of – new product launches, superior customer experience, highly competitive pricing strategies, and great returns to the shareholders.
Innovation driven organization
– Sweet Butterfields is one of the most innovative firm in sector. Manager in Sweet Concepts, Inc.: Trade Show Marketing Harvard Business Review case study can use Clayton Christensen Disruptive Innovation strategies to further increase the scale of innovtions in the organization.
Training and development
– Sweet Butterfields has one of the best training and development program in the industry. The effectiveness of the training programs can be measured in Sweet Concepts, Inc.: Trade Show Marketing Harvard Business Review case study by analyzing – employees retention, in-house promotion, loyalty, new venture initiation, lack of conflict, and high level of both employees and customer engagement.
Digital Transformation in Strategy & Execution segment
- digital transformation varies from industry to industry. For Sweet Butterfields digital transformation journey comprises differing goals based on market maturity, customer technology acceptance, and organizational culture. Sweet Butterfields has successfully integrated the four key components of digital transformation – digital integration in processes, digital integration in marketing and customer relationship management, digital integration into the value chain, and using technology to explore new products and market opportunities.
Strong track record of project management
– Sweet Butterfields is known for sticking to its project targets. This enables the firm to manage – time, project costs, and have sustainable margins on the projects.
Ability to recruit top talent
– Sweet Butterfields is one of the leading recruiters in the industry. Managers in the Sweet Concepts, Inc.: Trade Show Marketing are in a position to attract the best talent available. The firm has a robust talent identification program that helps in identifying the brightest.
High brand equity
– Sweet Butterfields has strong brand awareness and brand recognition among both - the exiting customers and potential new customers. Strong brand equity has enabled Sweet Butterfields to keep acquiring new customers and building profitable relationship with both the new and loyal customers.
Sustainable margins compare to other players in Strategy & Execution industry
– Sweet Concepts, Inc.: Trade Show Marketing firm has clearly differentiated products in the market place. This has enabled Sweet Butterfields to fetch slight price premium compare to the competitors in the Strategy & Execution industry. The sustainable margins have also helped Sweet Butterfields to invest into research and development (R&D) and innovation.
Weaknesses Sweet Concepts, Inc.: Trade Show Marketing | Internal Strategic Factors
What are Weaknesses in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The weaknesses of Sweet Concepts, Inc.: Trade Show Marketing are -
Workers concerns about automation
– As automation is fast increasing in the segment, Sweet Butterfields needs to come up with a strategy to reduce the workers concern regarding automation. Without a clear strategy, it could lead to disruption and uncertainty within the organization.
Skills based hiring
– The stress on hiring functional specialists at Sweet Butterfields has created an environment where the organization is dominated by functional specialists rather than management generalist. This has resulted into product oriented approach rather than marketing oriented approach or consumers oriented approach.
High operating costs
– Compare to the competitors, firm in the HBR case study Sweet Concepts, Inc.: Trade Show Marketing has high operating costs in the. This can be harder to sustain given the new emerging competition from nimble players who are using technology to attract Sweet Butterfields 's lucrative customers.
Slow decision making process
– As mentioned earlier in the report, Sweet Butterfields has a very deliberative decision making approach. This approach has resulted in prudent decisions, but it has also resulted in missing opportunities in the industry over the last five years. Sweet Butterfields even though has strong showing on digital transformation primary two stages, it has struggled to capitalize the power of digital transformation in marketing efforts and new venture efforts.
Need for greater diversity
– Sweet Butterfields has taken concrete steps on diversity, equity, and inclusion. But the efforts so far has resulted in limited success. It needs to expand the recruitment and selection process to hire more people from the minorities and underprivileged background.
Slow to strategic competitive environment developments
– As Sweet Concepts, Inc.: Trade Show Marketing HBR case study mentions - Sweet Butterfields takes time to assess the upcoming competitions. This has led to missing out on atleast 2-3 big opportunities in the industry in last five years.
Ability to respond to the competition
– As the decision making is very deliberative, highlighted in the case study Sweet Concepts, Inc.: Trade Show Marketing, in the dynamic environment Sweet Butterfields has struggled to respond to the nimble upstart competition. Sweet Butterfields has reasonably good record with similar level competitors but it has struggled with new entrants taking away niches of its business.
Lack of clear differentiation of Sweet Butterfields products
– To increase the profitability and margins on the products, Sweet Butterfields needs to provide more differentiated products than what it is currently offering in the marketplace.
Interest costs
– Compare to the competition, Sweet Butterfields has borrowed money from the capital market at higher rates. It needs to restructure the interest payment and costs so that it can compete better and improve profitability.
Products dominated business model
– Even though Sweet Butterfields has some of the most successful products in the industry, this business model has made each new product launch extremely critical for continuous financial growth of the organization. firm in the HBR case study - Sweet Concepts, Inc.: Trade Show Marketing should strive to include more intangible value offerings along with its core products and services.
Low market penetration in new markets
– Outside its home market of Sweet Butterfields, firm in the HBR case study Sweet Concepts, Inc.: Trade Show Marketing needs to spend more promotional, marketing, and advertising efforts to penetrate international markets.
Opportunities Sweet Concepts, Inc.: Trade Show Marketing | External Strategic Factors
What are Opportunities in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The opportunities highlighted in the Harvard Business Review case study Sweet Concepts, Inc.: Trade Show Marketing are -
Use of Bitcoin and other crypto currencies for transactions
– The popularity of Bitcoin and other crypto currencies as asset class and medium of transaction has opened new opportunities for Sweet Butterfields in the consumer business. Now Sweet Butterfields can target international markets with far fewer capital restrictions requirements than the existing system.
Remote work and new talent hiring opportunities
– The widespread usage of remote working technologies during Covid-19 has opened opportunities for Sweet Butterfields to expand its talent hiring zone. According to McKinsey Global Institute, 20% of the high end workforce in fields such as finance, information technology, can continously work from remote local post Covid-19. This presents a really great opportunity for Sweet Butterfields to hire the very best people irrespective of their geographical location.
Identify volunteer opportunities
– Covid-19 has impacted working population in two ways – it has led to people soul searching about their professional choices, resulting in mass resignation. Secondly it has encouraged people to do things that they are passionate about. This has opened opportunities for businesses to build volunteer oriented socially driven projects. Sweet Butterfields can explore opportunities that can attract volunteers and are consistent with its mission and vision.
Manufacturing automation
– Sweet Butterfields can use the latest technology developments to improve its manufacturing and designing process in Strategy & Execution segment. It can use CAD and 3D printing to build a quick prototype and pilot testing products. It can leverage automation using machine learning and artificial intelligence to do faster production at lowers costs, and it can leverage the growth in satellite and tracking technologies to improve inventory management, transportation, and shipping.
Low interest rates
– Even though inflation is raising its head in most developed economies, Sweet Butterfields can still utilize the low interest rates to borrow money for capital investment. Secondly it can also use the increase of government spending in infrastructure projects to get new business.
Buying journey improvements
– Sweet Butterfields can improve the customer journey of consumers in the industry by using analytics and artificial intelligence. Sweet Concepts, Inc.: Trade Show Marketing suggest that firm can provide automated chats to help consumers solve their own problems, provide online suggestions to get maximum out of the products and services, and help consumers to build a community where they can interact with each other to develop new features and uses.
Developing new processes and practices
– Sweet Butterfields can develop new processes and procedures in Strategy & Execution industry using technology such as automation using artificial intelligence, real time transportation and products tracking, 3D modeling for concept development and new products pilot testing etc.
Reconfiguring business model
– The expansion of digital payment system, the bringing down of international transactions costs using Bitcoin and other blockchain based currencies, etc can help Sweet Butterfields to reconfigure its entire business model. For example it can used blockchain based technologies to reduce piracy of its products in the big markets such as China. Secondly it can use the popularity of e-commerce in various developing markets to build a Direct to Customer business model rather than the current Channel Heavy distribution network.
Better consumer reach
– The expansion of the 5G network will help Sweet Butterfields to increase its market reach. Sweet Butterfields will be able to reach out to new customers. Secondly 5G will also provide technology framework to build new tools and products that can help more immersive consumer experience and faster consumer journey.
Redefining models of collaboration and team work
– As explained in the weaknesses section, Sweet Butterfields is facing challenges because of the dominance of functional experts in the organization. Sweet Concepts, Inc.: Trade Show Marketing case study suggests that firm can utilize new technology to build more coordinated teams and streamline operations and communications using tools such as CAD, Zoom, etc.
Increase in government spending
– As the United States and other governments are increasing social spending and infrastructure spending to build economies post Covid-19, Sweet Butterfields can use these opportunities to build new business models that can help the communities that Sweet Butterfields operates in. Secondly it can use opportunities from government spending in Strategy & Execution sector.
Using analytics as competitive advantage
– Sweet Butterfields has spent a significant amount of money and effort to integrate analytics and machine learning into its operations in the sector. This continuous investment in analytics has enabled, as illustrated in the Harvard case study Sweet Concepts, Inc.: Trade Show Marketing - to build a competitive advantage using analytics. The analytics driven competitive advantage can help Sweet Butterfields to build faster Go To Market strategies, better consumer insights, developing relevant product features, and building a highly efficient supply chain.
Learning at scale
– Online learning technologies has now opened space for Sweet Butterfields to conduct training and development for its employees across the world. This will result in not only reducing the cost of training but also help employees in different part of the world to integrate with the headquarter work culture, ethos, and standards.
Threats Sweet Concepts, Inc.: Trade Show Marketing External Strategic Factors
What are Threats in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The threats mentioned in the HBR case study Sweet Concepts, Inc.: Trade Show Marketing are -
Easy access to finance
– Easy access to finance in Strategy & Execution field will also reduce the barriers to entry in the industry, thus putting downward pressure on the prices because of increasing competition. Sweet Butterfields can utilize it by borrowing at lower rates and invest it into research and development, capital expenditure to fortify its core competitive advantage.
Regulatory challenges
– Sweet Butterfields needs to prepare for regulatory challenges as consumer protection groups and other pressure groups are vigorously advocating for more regulations on big business - to reduce inequality, to create a level playing field, to product data privacy and consumer privacy, to reduce the influence of big money on democratic institutions, etc. This can lead to significant changes in the Strategy & Execution industry regulations.
Shortening product life cycle
– it is one of the major threat that Sweet Butterfields is facing in Strategy & Execution sector. It can lead to higher research and development costs, higher marketing expenses, lower customer loyalty, etc.
Technology acceleration in Forth Industrial Revolution
– Sweet Butterfields has witnessed rapid integration of technology during Covid-19 in the Strategy & Execution industry. As one of the leading players in the industry, Sweet Butterfields needs to keep up with the evolution of technology in the Strategy & Execution sector. According to Mckinsey study top managers believe that the adoption of technology in operations, communications is 20-25 times faster than what they planned in the beginning of 2019.
High dependence on third party suppliers
– Sweet Butterfields high dependence on third party suppliers can disrupt its processes and delivery mechanism. For example -the current troubles of car makers because of chip shortage is because the chip companies started producing chips for electronic companies rather than car manufacturers.
Barriers of entry lowering
– As technology is more democratized, the barriers to entry in the industry are lowering. It can presents Sweet Butterfields with greater competitive threats in the near to medium future. Secondly it will also put downward pressure on pricing throughout the sector.
Increasing wage structure of Sweet Butterfields
– Post Covid-19 there is a sharp increase in the wages especially in the jobs that require interaction with people. The increasing wages can put downward pressure on the margins of Sweet Butterfields.
High level of anxiety and lack of motivation
– the Great Resignation in United States is the sign of broader dissatisfaction among the workforce in United States. Sweet Butterfields needs to understand the core reasons impacting the Strategy & Execution industry. This will help it in building a better workplace.
Aging population
– As the populations of most advanced economies are aging, it will lead to high social security costs, higher savings among population, and lower demand for goods and services in the economy. The household savings in US, France, UK, Germany, and Japan are growing faster than predicted because of uncertainty caused by pandemic.
New competition
– After the dotcom bust of 2001, financial crisis of 2008-09, the business formation in US economy had declined. But in 2020 alone, there are more than 1.5 million new business applications in United States. This can lead to greater competition for Sweet Butterfields in the Strategy & Execution sector and impact the bottomline of the organization.
Consumer confidence and its impact on Sweet Butterfields demand
– There is a high probability of declining consumer confidence, given – high inflammation rate, rise of gig economy, lower job stability, increasing cost of living, higher interest rates, and aging demography. All the factors contribute to people saving higher rate of their income, resulting in lower consumer demand in the industry and other sectors.
Stagnating economy with rate increase
– Sweet Butterfields can face lack of demand in the market place because of Fed actions to reduce inflation. This can lead to sluggish growth in the economy, lower demands, lower investments, higher borrowing costs, and consolidation in the field.
Learning curve for new practices
– As the technology based on artificial intelligence and machine learning platform is getting complex, as highlighted in case study Sweet Concepts, Inc.: Trade Show Marketing, Sweet Butterfields may face longer learning curve for training and development of existing employees. This can open space for more nimble competitors in the field of Strategy & Execution .
Weighted SWOT Analysis of Sweet Concepts, Inc.: Trade Show Marketing Template, Example
Not all factors mentioned under the Strengths, Weakness, Opportunities, and Threats quadrants in the SWOT Analysis are equal. Managers in the HBR case study Sweet Concepts, Inc.: Trade Show Marketing needs to zero down on the relative importance of each factor mentioned in the Strengths, Weakness, Opportunities, and Threats quadrants.
We can provide the relative importance to each factor by assigning relative weights. Weighted SWOT analysis process is a three stage process –
First stage for doing weighted SWOT analysis of the case study Sweet Concepts, Inc.: Trade Show Marketing is to rank the strengths and weaknesses of the organization. This will help you to assess the most important strengths and weaknesses of the firm and which one of the strengths and weaknesses mentioned in the initial lists are marginal and can be left out.
Second stage for conducting weighted SWOT analysis of the Harvard case study Sweet Concepts, Inc.: Trade Show Marketing is to give probabilities to the external strategic factors thus better understanding the opportunities and threats arising out of macro environment changes and developments.
Third stage of constructing weighted SWOT analysis of Sweet Concepts, Inc.: Trade Show Marketing is to provide strategic recommendations includes – joining likelihood of external strategic factors such as opportunities and threats to the internal strategic factors – strengths and weaknesses. You should start with external factors as they will provide the direction of the overall industry. Secondly by joining probabilities with internal strategic factors can help the company not only strategic fit but also the most probably strategic trade-off that Sweet Butterfields needs to make to build a sustainable competitive advantage.