Stonestreet Farms Making a Business in the Sport of Kings Case Solution

The Harvard Business Review published a case study that primarily focuses on Stonestreet Farms Making a Business in the Sport of Kings. The following case solution has been designed to give the reader an overview about the business world along with a clear understanding of its growth dynamics. Recently, Stonestreet Farms Making a Business in the Sport of Kings has been subjected to strategic as well as managerial problems that require immediate attention so that they can be resolved to allow future growth, expansion, and competitive edge within the marketplace. This case study solution is being written to provide a strategic solution to Stonestreet Farms Making a Business in the Sport of Kings using various appropriate tools and frameworks. Harvard Business Review’s case studies involve a central problem that is faced by a particular company. The problem identified involves strategic and managerial implications for the company. Therefore, it is important for readers to critically identify the problem Stonestreet Farms Making a Business in the Sport of Kings faces. Moreover, it is also essential to highlight the key stakeholders that are impacted and influenced by the problem identified.

External Environmental Analysis

The external environment holds significant importance for Stonestreet Farms Making a Business in the Sport of Kings to ensure that the company is able to respond to all the changes in the macro-environment. This is because Stonestreet Farms Making a Business in the Sport of Kings cannot control the factors and thus can directly influence the company's operations (Indris & Primiana, 2015). The external environment of Stonestreet Farms Making a Business in the Sport of Kings will be assessed using PESTLE Analysis.

Political

• A stable political environment provides a favorable market growth trend for Stonestreet Farms Making a Business in the Sport of Kings.

• It is important for Stonestreet Farms Making a Business in the Sport of Kings to analyze the pressure groups, and social environment activists. The company can make close collaborations with these groups to achieve company goals (Wang, Wang, & Shi, 2022).

• High restrictions on trade and high levels of taxes can contribute to the complex business environment for Stonestreet Farms Making a Business in the Sport of Kings by impacting imports and exports.

Economic

• Stonestreet Farms Making a Business in the Sport of Kings can benefit from wide-range opportunities in business growth by operating in developing economies (Munro, 2017).

• High GDP can determine the long-term growth strategies of Stonestreet Farms Making a Business in the Sport of Kings, signaling the ability of consumers to spend on more products.

• Higher rates of interests can provide Stonestreet Farms Making a Business in the Sport of Kings with more investment opportunities.

• The flexibility in the labor market allows Stonestreet Farms Making a Business in the Sport of Kings to take advantage of higher workforce productivity.

Social

• The selection of appropriate demographic segments has allowed Stonestreet Farms Making a Business in the Sport of Kings to select the right segments of the market that have high growth potential.

• The research on gender roles has helped Stonestreet Farms Making a Business in the Sport of Kings to develop and align communication as well as marketing strategies accordingly.

• Stonestreet Farms Making a Business in the Sport of Kings has been successful in understanding the norms and cultures of different countries by developing local teams and partnerships (Hueske, Endrikat, & Guenther, 2015).

Technological

• The adoption of innovative marketing techniques that involves communication technologies has allowed Stonestreet Farms Making a Business in the Sport of Kings to collaborate successfully with consumers.

• The company has stayed ahead in the market, and can significantly increase its market share by placing its major focus on emerging technologies (Akpoviroro & Owotutu, 2018).

• Stonestreet Farms Making a Business in the Sport of Kings should maximize its profits by investing in disruptive technologies.

Environmental

• It is crucial for Stonestreet Farms Making a Business in the Sport of Kings to adopt effective waste management practices to reduce environmental pollution (J. K, W. J, & D., 2016).

• Stonestreet Farms Making a Business in the Sport of Kings should adopt eco-friendly products to establish better relationships with the stakeholders.

• Stonestreet Farms Making a Business in the Sport of Kings can take advantage of subsidies offered in renewable technologies to achieve the long-term goal of sustainability.

Legal

• Stonestreet Farms Making a Business in the Sport of Kings should follow proper laws concerning employee health and safety, and anti-discrimination laws to effectively develop HRM.

• Consumer protection laws are also important for Stonestreet Farms Making a Business in the Sport of Kings as it involves the consumer protection from fraudulent marketing (S. Samusenko, S. Plaskova, & A. Prodanova, 2020).

• Stonestreet Farms Making a Business in the Sport of Kings can gain a competitive advantage, and can position itself strongly in the market by protecting intellectual property laws.

Porter’s Five Forces Analysis

Threat of New Entrants

• It is difficult to achieve economies of scale in Stonestreet Farms Making a Business in the Sport of Kings’s industry, making it a weaker force for new entrants.

• There are high capital requirements in the industry. This makes it difficult for new businesses to set up their companies, and compete against Stonestreet Farms Making a Business in the Sport of Kings.

• The industry has a strong product differentiation, and heavy investment is needed for customer acquisition. Thus, Stonestreet Farms Making a Business in the Sport of Kings can focus on innovation to differentiate itself from its competitors (H. Th. Bruijl, 2018).

• There are strict legal requirements to join the industry in which Stonestreet Farms Making a Business in the Sport of Kings operates, making it difficult for new entrants to enter the market.

Bargaining Power of Suppliers

• The bargaining power of suppliers in the industry is weak.

• Stonestreet Farms Making a Business in the Sport of Kings operates in an industry with a higher number of suppliers. This means that suppliers do not have much control over their prices.

• Standardized products that have low switching costs are provided by suppliers allowing buyers like Stonestreet Farms Making a Business in the Sport of Kings to easily switch their suppliers (Fabbri & F.Klapper, 2016).

• Raw materials can be purchased at lower prices by Stonestreet Farms Making a Business in the Sport of Kings. The company can also switch suppliers for more reasonable pricing.

• Stonestreet Farms Making a Business in the Sport of Kings can benefit from a variety of suppliers as it can have multiple suppliers for its various geographical areas (Cho, Ke, & Han, 2019).

Bargaining Power of Buyers

• The bargaining power of buyers in the Stonestreet Farms Making a Business in the Sport of Kings industry is weak.

• There is a high product differentiation in the industry, making it difficult for buyers to switch to alternative firms.

• Stonestreet Farms Making a Business in the Sport of Kings can come with differentiated and innovative products to attract more buyers of the industry (Zhao, Zuo, & Wu, 2016).

• Buyers of this industry has low incomes. This means they prefer to purchase items at lower prices, making them more price sensitive. Organizations like Stonestreet Farms Making a Business in the Sport of Kings can offer lower prices to attract customers.

Threat of Substitute Products or Services

• There are few substitute products available in the industry in which Stonestreet Farms Making a Business in the Sport of Kings operates.

• Expensive substitutes are available in the industry of Stonestreet Farms Making a Business in the Sport of Kings, making it difficult for buyers to switch to those substitutes (Aithal, 2016).

Rivalry Among Existing Firms

• The rivalry among existing firms is moderate to weak.

• There are few competitors in the industry in which Stonestreet Farms Making a Business in the Sport of Kings operates.

• A large market share is enjoyed by fewer firms in the industry. This means that more competitive actions will be made to become leaders in the market (Seema, 2016).

• The industry in which Stonestreet Farms Making a Business in the Sport of Kings operates has highly differentiated products, making it difficult for companies to win each other customers.

• Stonestreet Farms Making a Business in the Sport of Kings can focus on making more differentiated products to gain a strong competitive edge in the market (Zhao, Zuo, & Wu, 2016).

Internal Environmental Analysis

Stonestreet Farms Making a Business in the Sport of Kings can use internal environmental analysis to identify and evaluate the competitive positioning of a company in the business environment. This involves conducting a SWOT Analysis that can help Stonestreet Farms Making a Business in the Sport of Kings to identify the company’s internal strengths, weaknesses, opportunities, and threats (Halmaghi, Iancue, & Băcilă, 2017).

SWOT Analysis

Strengths

• Stonestreet Farms Making a Business in the Sport of Kings has a strong distribution network that has allowed it to make its products available to large customers within the given timeframe.

• A strong presence on social media platforms has allowed Stonestreet Farms Making a Business in the Sport of Kings to have a high level of customer engagement (Rizaldi, 2015).

• Stonestreet Farms Making a Business in the Sport of Kings has been successful in building a large product portfolio, so unique and distinctive products can be offered to consumers.

• Stonestreet Farms Making a Business in the Sport of Kings has a strong brand image in the market.

• A low-cost structure of Stonestreet Farms Making a Business in the Sport of Kings has allowed it to manufacture products at lower costs, so they become affordable for consumers to purchase.

• The financial position of Stonestreet Farms Making a Business in the Sport of Kings is strong as the company has generated higher profits over the past years (Phadermrod, M.Crowder, & B.Wills, 2019).

• Stonestreet Farms Making a Business in the Sport of Kings has invested in the training and development of its employees to keep them motivates, leading to higher efficiency and productivity.

Weaknesses

• The expenditure of Stonestreet Farms Making a Business in the Sport of Kings on its research and development is comparatively less to other competitors of the market.

• Stonestreet Farms Making a Business in the Sport of Kings uses a centralized decision-making process that takes time and reduces operational efficiency (Ahmadi, Dileepan, & K. Wheatley, 2016).

• There are high rental costs because Stonestreet Farms Making a Business in the Sport of Kings operates on more of the rental properties rather than purchasing them.

• There is no workforce diversification in Stonestreet Farms Making a Business in the Sport of Kings. This makes it difficult for the employees to adjust with the different workers who belong to different backgrounds.

Opportunities

• Since the online shopping has increased significantly, Stonestreet Farms Making a Business in the Sport of Kings can take it as an opportunity to expand its online presence.

• Stonestreet Farms Making a Business in the Sport of Kings can make use of social media platforms to market its products, with more customers interactions.

• Due to more technological developments, Stonestreet Farms Making a Business in the Sport of Kings can make its operations more automated so that overall company costs can be reduced (Ahmadi, Dileepan, & K. Wheatley, 2016).

• Globalization provides an opportunity to Stonestreet Farms Making a Business in the Sport of Kings to expand its operations in multiple countries.

• Stonestreet Farms Making a Business in the Sport of Kings can enter in a niche market and sell distinctive products to gain a competitive advantage.

• The increase in the demand of environmentally friendly goods, Stonestreet Farms Making a Business in the Sport of Kings, can place its major focus on making such products (E.Quezada, A.Reinao, & I.Palominos, 2019).

Threats

• In recent times, there has been an increase in the bargaining power of suppliers, making it difficult for Stonestreet Farms Making a Business in the Sport of Kings to buy raw materials at lower costs.

• Numerous players are entering the industry, posing a major threat to Stonestreet Farms Making a Business in the Sport of Kings.

• There has been constant pressure on Stonestreet Farms Making a Business in the Sport of Kings to conduct frequent research to understand the changing customer tastes and preferences (Kolbina, 2015).

• Technological advancements require workforce training. This adds to the costs of Stonestreet Farms Making a Business in the Sport of Kings.

VRIO Analysis

Stonestreet Farms Making a Business in the Sport of Kings uses VRIO Analysis to assess and evaluate the company resources to determine the competitiveness, and strategic advantage.

Valuable

• Stonestreet Farms Making a Business in the Sport of Kings has a strong brand image and engages in corporate social responsibility.

• Stonestreet Farms Making a Business in the Sport of Kings has a high brand recognition because of the quality of products it offers to its customers (Ariyani & Daryanto, 2018).

• The distribution system of Stonestreet Farms Making a Business in the Sport of Kings is valued all round the world. The company has been able to successfully establish strong relationships with its suppliers.

• Stonestreet Farms Making a Business in the Sport of Kings focuses on continuous innovation in its business. The company has expanded this innovation in its multiple functional areas.

• There are potential growth opportunities in the market, and Stonestreet Farms Making a Business in the Sport of Kings has been able to penetrate the market through its ability to raise large funds.

Rare

• Stonestreet Farms Making a Business in the Sport of Kings operates globally. This global presence has allowed the company to increase its customer base (Miethlich & G. Oldenburg, 2019).

• Stonestreet Farms Making a Business in the Sport of Kings has an organizational culture that promotes more teamwork, innovation, and creativity among its employees, that leads to a competitive advantage.

• Since Stonestreet Farms Making a Business in the Sport of Kings has a global presence, it allows the company to easily adapt to different cultures, norms and values.

• The risk-taking ability of Stonestreet Farms Making a Business in the Sport of Kings is strong. This provides more opportunities to the company to penetrate different markets.

Inimitable

• The inimitable resource for Stonestreet Farms Making a Business in the Sport of Kings is its high-quality products. These products have allowed consumers to make repeat purchases.

• Stonestreet Farms Making a Business in the Sport of Kings operates through multiple locations of stores in different companies, allowing easy access to products.

• Strong marketing communications have been used by Stonestreet Farms Making a Business in the Sport of Kings to attract more customers.

• Stonestreet Farms Making a Business in the Sport of Kings has been using integrated technology that has allowed it to offer competitive pricing to its customers (Ariwibowo, Saputro, & Haryanto, 2021).

• Stonestreet Farms Making a Business in the Sport of Kings maintains an excellent customer service that has enabled it to have a high brand engagement.

Organization

• Strong financial position has allowed Stonestreet Farms Making a Business in the Sport of Kings to explore more product development opportunities.

• Stonestreet Farms Making a Business in the Sport of Kings is successfully maintaining the efficiency and effectiveness of its business operations with the help of more integrated and advanced technology.

• Employees are given both in-house and off-the-job training opportunities by Stonestreet Farms Making a Business in the Sport of Kings that allow more skills development (Adnan, Abdulhamid, & Sohail, 2018).

• The strong value chain and distribution network has enabled Stonestreet Farms Making a Business in the Sport of Kings to increase its revenue through the sale of its products.

Marketing Mix

Marketing Mix is needed by Stonestreet Farms Making a Business in the Sport of Kings to formulate effective strategies to achieve the company objectives.

Product

• Stonestreet Farms Making a Business in the Sport of Kings has five product categories. Each of these categories has a product line that involves more variety of products (Išoraitė, 2016).

• Highly differentiated products are offered by Stonestreet Farms Making a Business in the Sport of Kings to its customers. These distinctive products are not easily available at competitors.

• The products of Stonestreet Farms Making a Business in the Sport of Kings are of higher quality, and thus, customers pay more prices for these products.

• Stonestreet Farms Making a Business in the Sport of Kings designs products with traditional designs giving customers more product variety.

• Stonestreet Farms Making a Business in the Sport of Kings offers multiple sizes for its every product to make it easy for its customers to select the right product.

• Warranty and same-day delivery option if also provided by Stonestreet Farms Making a Business in the Sport of Kings to its customers.

Price

• Stonestreet Farms Making a Business in the Sport of Kings follows a competitive pricing strategy.

• To attract more customers, bundle pricing has also been used by the company.

• Little higher prices are charged for products that are sold online because of the delivery costs (Thabit & Raewf, 2018).

• Optional product pricing strategy is also adopted by Stonestreet Farms Making a Business in the Sport of Kings for some of its products, such as a base product is offered for a certain price, and there are separate prices for its accessories.

• Regular promotional prices are also offered by Stonestreet Farms Making a Business in the Sport of Kings to its customers.

Place

• Stonestreet Farms Making a Business in the Sport of Kings uses two channels for its product distribution. This includes online selling and through own stores.

• There are more than multiple stores owned by Stonestreet Farms Making a Business in the Sport of Kings globally. This ensures easy product availability to customers (Pogorelova, Yakhneeva, & Agafonova, 2016).

• Stonestreet Farms Making a Business in the Sport of Kings has partnered with delivery service companies to distribute its products effectively to consumers.

• Stonestreet Farms Making a Business in the Sport of Kings has also adopted an omni-channel distribution system.

Promotion

• Stonestreet Farms Making a Business in the Sport of Kings uses a traditional promotional strategy that involves TV advertisements (Fan, Y.K.Lau, & Zhao, 2015).

• Social media advertisements are also adopted by Stonestreet Farms Making a Business in the Sport of Kings to increase brand awareness.

• Stonestreet Farms Making a Business in the Sport of Kings takes part in various events and exhibitions as a way of promoting its products.

• Large sales force is used to provide the customers with a more personal experience.

• Stonestreet Farms Making a Business in the Sport of Kings also makes use of influencer marketing to increase the demand for its products.

• Regular content and deals are posted on the social media pages of Stonestreet Farms Making a Business in the Sport of Kings to attract and retain customers.

Value Chain Analysis

Stonestreet Farms Making a Business in the Sport of Kings can use Value Chain Analysis to identify and assess inter-relationships as well as interdependencies.

Primary Activities

• Stonestreet Farms Making a Business in the Sport of Kings’s primary activities involves the production and selling of products to the final consumers (Mintz, J.Gilbride, & Lenk, 2021).

• Stonestreet Farms Making a Business in the Sport of Kings has a strong relationship with the suppliers. This ensures that the product is received, stored, and distributed in a timely manner.

• Operational activities of Stonestreet Farms Making a Business in the Sport of Kings are effectively aligned.

• For inbound logistics, after the arrival of raw material, the company processes it to manufacture the final product (Hasan, Nekmahmud, & Yajuan, 2019).

• In terms of outbound logistics, Stonestreet Farms Making a Business in the Sport of Kings has been able to set up optimal costs as well as efficient delivery processes to deliver the product on time.

• Stonestreet Farms Making a Business in the Sport of Kings invests in its sales and marketing activities to build relationships with customers.

• Marketing funnel approach is used by Stonestreet Farms Making a Business in the Sport of Kings to effectively devise and build sales and marketing activities.

• Stonestreet Farms Making a Business in the Sport of Kings offers both pre-sale and post-sales services to its customers.

Secondary Activities

• Stonestreet Farms Making a Business in the Sport of Kings has an effective infrastructure that has allowed the company to successfully optimize its value chain.

• The competitive pressure in terms of employee skill development, motivation, and commitment is reduced as Stonestreet Farms Making a Business in the Sport of Kings has developed a strong HRM (Linkov, Carluccio, Pritchard, & Bhreasail, 2020).

• Stonestreet Farms Making a Business in the Sport of Kings uses a cost minimization approach to reduce its costs by analyzing the costs associated with training and hiring the employees.

• Stonestreet Farms Making a Business in the Sport of Kings has been using integrated technology in its value chain activities. This includes technological customer support, research and data analytics concerning product design, and automated software.

• The procurement activities of Stonestreet Farms Making a Business in the Sport of Kings are effectively optimized with its inbound, outbound, and operational activities (Maheswari, Yudoko, & Adhiutama, 2019).

Market Penetration Strategies

• Stonestreet Farms Making a Business in the Sport of Kings can increase the capacity of its production so it can reach more of the customers in its existing market.

• Stonestreet Farms Making a Business in the Sport of Kings can focus on controlling the overhead costs so that it can offer competitive pricing that can attract customers of the market (Dawes, 2018).

• Investments can be made by Stonestreet Farms Making a Business in the Sport of Kings in marketing and sales activities to increase the chances of successful market penetration.

• Stonestreet Farms Making a Business in the Sport of Kings can design and develop a content that increases customer engagement within a particular marketplace.

• Stonestreet Farms Making a Business in the Sport of Kings can assess and identify more enhanced distribution networks (Radpour, Mondal, & Kumar, 2017).

• Improved distribution systems and supply chains can improve the product accessibility for the customers, making it easier for Stonestreet Farms Making a Business in the Sport of Kings to penetrate the market.

• Stonestreet Farms Making a Business in the Sport of Kings can adopt price cuts in its products to compete in the market. This will give a company a competitive edge over its competitors.

• Stonestreet Farms Making a Business in the Sport of Kings can plan strategies where it can focus on acquiring the leading players of the market. Such acquisitions will give the company an opportunity to reach more customer segments.

• Strategic partnerships and joint ventures agreements can be signed by Stonestreet Farms Making a Business in the Sport of Kings to mitigate the risk factors, and to gain customer groups of the market.

• Stonestreet Farms Making a Business in the Sport of Kings can come up with new and innovative features in its already existing product for the market (Daouda, Barth, & T. M. Ingenbleek, 2019).

Market Development Strategies

• It is important for Stonestreet Farms Making a Business in the Sport of Kings to invest in the research and development department so potential markets can be identified (Hilman, Bohari, & Abdullah, 2018).

• Regional expansion strategy can be used by Stonestreet Farms Making a Business in the Sport of Kings for growth purposes. This will also take into consideration the cultural differences.

• Stonestreet Farms Making a Business in the Sport of Kings should also consider to expand its business operations in the international market. This will allow access to a larger customer base.

• New customer groups and segments should be explored by Stonestreet Farms Making a Business in the Sport of Kings.

• Stonestreet Farms Making a Business in the Sport of Kings should also invest in brand-building activities as it will give an opportunity to reach more potential customers (C. Koks & M. Kilika, 2016).

• Stonestreet Farms Making a Business in the Sport of Kings should consider the market education in terms of its product. The company can significantly increase its sales by giving product awareness to new segments.

Product Development Strategies

• Stonestreet Farms Making a Business in the Sport of Kings can come up with new improvements and modifications in the existing products to attract the market.

• Stonestreet Farms Making a Business in the Sport of Kings should undergo the NPD process, so the company is able to assess and identify new points for its customers.

• Regular investments in the research and development will help Stonestreet Farms Making a Business in the Sport of Kings to develop something new and innovative that can give a competitive advantage (Kalogiannidis & Mavratzas, 2020).

• Stonestreet Farms Making a Business in the Sport of Kings can develop new products by getting into more strategic partnerships.

Diversification Strategies

• Stonestreet Farms Making a Business in the Sport of Kings can adopt vertical diversification to develop business. This can be done by adding more products to the existing portfolio (Kalogiannidis & Mavratzas, 2020).

• Horizontal integration can also be adopted by Stonestreet Farms Making a Business in the Sport of Kings, where the company can enter into a completely new product development phase that does not exist in the current product line.

• Stonestreet Farms Making a Business in the Sport of Kings can also consider to conglomerate by starting a different business.

Conclusion

Based on all the models and frameworks discussed above, it is concluded that Stonestreet Farms Making a Business in the Sport of Kings should focus on widening the existing product portfolio. Moreover, the psychological pricing strategy can be adopted. Stonestreet Farms Making a Business in the Sport of Kings should also maintain close relationships with its suppliers to benefit from lower prices. Similarly, Stonestreet Farms Making a Business in the Sport of Kings should develop more integrated outbound logistics for its perishable items. It is also important to continue producing quality and innovative products, so Stonestreet Farms Making a Business in the Sport of Kings is less affected by the new emerging competition in the industry.

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