Mad Koffee: A Strategic Analysis of a Bangladeshi F-Commerce Company's International Expansion
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Strategyfor Managers Busi1633 Mad Koffee: Will a Local Bangladesh F-Commerce Company Survive in the International Arena? Name: Tran Tung Lam University of Greenwich ID Number: 001362989 FPT Student ID Number: GBS210480 Module Code:BUSI 1633 Module Name:Strategy for Managers Name:AnhPhuongNguyen Submission Date:April2nd2024
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Table of Contents I.Introduction...................................................................................................................3 II. Strategic positioning..........................................................................................................3 1.Macro-environment analysis(PESTEL).......................................................................3 2.Industry/market analysis (Porter’s 5 forces).................................................................5 3.Internal analysis (VRIO framework)............................................................................6 4.SWOT Analysis...........................................................................................................8 III) Strategic choice...............................................................................................................8 1.TOWS matrix and Ansoff’s corporate strategies...........................................................8 2.International strategy (entry modes strategies):..........................................................10 IV.Strategies in action.........................................................................................................12 V.Conclusion......................................................................................................................13 References...........................................................................................................................14
I.Introduction Mad Koffee, a contemporary Bangladeshi F-commerce startup, has carved out a place for itself in the online retail sector. Known for its witty T-shirts emblazoned with relevant phrases and drawings, the brand started off strong. However, a problem occurredduring the pandemic, when bad evaluations concerning color bleeding harmed its reputation. Undeterred, Mad Koffee is considering international growth. This research examines Mad Koffee's strategic decisions, difficulties, and opportunities. By exploring major ideas and frameworks, The recommendation below wants to deliver practical insights for the company's survival and expansion. II. Strategic positioning 1.Macro-environment analysis(PESTEL) PESTLE analysis Political●The government of Bangladesh ordered all factories to shut down ●Global COVID-19 pandemic hit Economic●2016, the e-commerce market grew at a whopping 70% ●F-commerce were low,the market was becoming saturated. Social●43% of the population under 25 years old are familiar with technology ●Consumers in Bangladesh preferred to shop through Facebook rather than on an e-commerce website. ●People in Bangladesh still preferred to pay with cash Technological●Smartphonepenetrationandthe Internet have beendriving, since 2018
●F-commerce can answer questions and look after inventory. Ecological●Findingeco-friendlyandensuring workers' safety is very difficult Legal●ILOandIFCemphasizedworkers’ safety. Firstly, COVID-19 caused the shutdown of several businesses in the second quarter of 2020. According to current census projections in California, the number of active company owners declined by 22% between February and April 2020 (Fairlie, 2021). This problem had a significant influence on merchandise sales. The severe COVID-19 outbreak has resulted in considerable financial losses for major retailers in the clothing sector, including Zara, H&M, and Uniqlo ( Kim & et al., 2021). Due to the issue, the majority of businesses will not get orders from big clothing labels, and the Bangladesh government has ordered the shutdown of all factories (Sen & et al., 202). Secondly, the e-commerce market had exploded, expanding by 70% since 2016 (IDLC, 2018). Well-knowne-commerce firms, Daraz and Pickaboo are not just involved in the garment sector, their power is mostly due to the capital they gain from worldwide corporate funding, which allows them to spend more money to recruit clients (Jahidul & et al., 2023; Zaman &et al., 2022).Thirdly, 43% of theBangladeshpopulation under the age of 25 has grown acclimated to technology and seen features like F-commerce as easy benefits, since 2018 (CIA, 2018). In addition, consumers in Bangladesh prefer to shop on Facebook rather than e-commerce websites because they want to engage before making a purchase (Alam & et al., 2022). Furthermore, most Bangladeshis prefer to pay in cash since they do not have a bankaccount or wish to pay after viewing the actual merchandise (CIA, 2018;Alam & et al., 2022). Fourthly, Smartphone penetration is increasing as more people use them, particularly in suburban and rural regions (GSM, 2018). Furthermore, the Internet penetration rate in Bangladesh expanded dramatically, reaching more than 90 million members by the end of 2018 (IDLC, 2018). Large commercial platforms, such as Spotify, charge operators $30 per month. However, this does not apply in Bangladesh. F-commerce is practically a good instrument since it has low costs and requires him to pay just $50 per month to each social network manager who can answer queries and manage inventory. Fifthly,finding an environmentally friendly factory that also protected worker safety was challenging because
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most manufacturers did not take this into account. Lastly, international businesses followed the standards of the International Labor Organization (ILO) and the International Finance Corporation (IFC), emphasizing worker safety(Ebert, 2014). 2.Industry/market analysis (Porter’s 5 forces) ForcesLevel of impactEvidence Rivalry among competitorsHigh●Daraz Apparels and other top e-commerce sites in Bangladesh. Threat of entryHigh●The low barriers to enter the F-commerce market Threat of substitutesHigh●Street local vendors Bargainingpowerof buyers High●Increasing competition -> Koffee isn’t the only choice of buyer => offer price ●limit market share -> bargain with dominants. Bargainingpowerof suppliers Low•Supplier concentrate: 5k suppliers for Bangladesh -> bargaining low •Supplier substitute: MK works with multiple suppliers -> substitutes high -> bargaining (decrease) •Switching costs (decrease)
•Supplier integrates forward (Increase) Evidence: Rivalry among competitors:Current e-commerce market rivals compete fiercely, with Daraz Apparels and other prominent e-commerce platforms in Bangladesh earning considerable market share and aggressively exploiting social media channels to lead the race. This tough competition has made it difficult for Mad Koffee as industry growth rates have slowed, pushing Amin to consider expanding into other product lines to sustain firm growth and profitability. Amin can only compete by cutting fixed costs (Chen, 1996). Threat of entry:Mad Koffee is currently suffering economic issues as Bangladesh's F- commerce market approaches saturation. Furthermore, supplier access is an urgent issue because it does not meet the government's compliance requirements (Mim & et al., 2022). Retaliation in the face of a marketing blitz and price wars is another issue that Mad Koffee must deal with (Mim & et al., 2022). Threat of substitutes:Street local vendors frequently offer consumers lower-cost alternatives or innovative goods, which might entice people away from regular enterprises (Walsh, 2010). As a result, in the context of competitive research, street local sellers are classed as a danger to replacements owing to their ability to divert clients and influence conventional enterprises' market shares. Bargaining power of buyers:Conan CK's product generates a 30% profit margin when clients try it, but Aadi gives a substantial 40% commission. The increased competition implies that purchasers now have alternatives to Mad Koffee, forcing a strategic shift in offering pricing (Nair &et al., 2011). This adaptability is critical for maintaining market share and creating chances to deal competitively with leading market participants. Bargaining power of suppliers:The impact of the supplier concentrate factor, with 5,000 suppliers for Bangladesh, suggests a decrease in their bargaining power. Additionally, Mad Koffee's ability to collaborate with multiple suppliers enhances substitutes and reduces negotiation costs( Brown & et al., 2009). Decreased switching costs and an increase in supplier forward integration imply a reduction in bargaining power ( Brown & et al., 2009). 3.Internal analysis (VRIO framework)
Resources /or capabilities ValueRarityInimitabilityorganizational support Competitive implications in-house young arites YYN/YYsustained competitive advantage unique customer experience YYYYsustained competitive advantage Market Reputation YNNcompetitive parity diversifying product lines YNNNcompetitive parity In-house young artists:Mad Koffee's in-house young artists provide value to the business by creating new designs every week to keep items fresh. Their exceptional expertise provides the organization with a competitive advantage by allowing them to offer distinctive designs. Their abilities are difficult to imitate, making it difficult for competitors to copy their innovative ideas. Mad Koffee expertly organizes and collaborates with these artists to develop a wide range of items, ensuring a consistent stream of new designs to increase client engagement and sales (Coyne, 1986). Unique customer experience:Mad Koffee delivers value by enhancing the customer experience throughunique offerings suchasextra itemswithpurchases andbranded merchandise bundles. Their personalized approach, including creating designs for corporate events, gives them a competitive edge due to their rarity in the market. The strategy of providing small gestures like notebooks and stickers, along with engaging social media content, is difficult for competitors to imitate, making it inimitable (Coyne, 1986; Barney, 1991). Mad Koffee's operational model, driven by a team of young artists constantly creating new designs and leveraging social media trends, is well-organized to consistently deliver a unique customer experience.
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Market reputation:Mad Koffee's market reputation is valuable, propelling it to become one of Bangladesh's most-followed social media pages in the apparel category and earning a 4.9- star review. The brand faces rarity due to challenges in sourcing eco-friendly factories and socially responsible suppliers (Powell, 2002). Diversifying product lines:Diversifying product lines can add value by attracting new customers and increasing revenue streams for Mad Koffee. Competing with big players required significant capital, posing imitability challenges (Hitt, 2994). 4.SWOTAnalysis Strengths -InnovativeCustomer Engagement -In-house young arties Weaknesses: -market reputation -diversifying product lines Opportunities: -Global Market Expansion -E-commerceandF- commerce Growth Threats: -Intense Competition -Pandemic III) Strategic choice 1.TOWS matrix and Ansoff’s corporate strategies Strengths -Innovative Customer Engagement -In-house young arties Weaknesses -market reputation -diversifying product lines
Opportunities -Global Market Expansion -E-commerce and F-commerce Growth Threats -Intense Competition -Pandemic SO-Market development:Mad Koffee may use its capabilities in creative contact with customers through the artistic works of its in-house artists. Furthermore, design initiatives highlight local artists and their stories, fostering connections between customers, communities, andcompanies. Mad Koffee has several potential to advance and make an impression on major studios like as Marvel and Walt Disney by integrating Aadi and Conan CK (Dandage & et al., 2019). When combined with consumer innovation and distinctive design, it has the potential to establish links between domestic and international markets (Dandage & et al., 2019). Furthermore, the unique character generates excitement about limited editions created by domestic artists. Social media sites such as Meta (Facebook, Instagram, Thread) and TikTok have a significant impact on public opinion, which in turn influences sales (Ibrahim, 2021). Mad Koffe may take advantage of possibilities like these to expand its overseas E-commerce platform by tailoring services to the market, developing strategic relationships, and improving the online experience. Online, engage in social commerce, and employ data-driven marketing to grow prospects. WO-New products and services:Mad Koffee may improve its market image by proactively conveying its dedication to openness and authenticity through the introduction of new goods aimed at Millennials and Generation Z (Pasaribu & et al., 2023). Use the attraction of the new items to boostthe brand's image and interact with Millennial and Gen Z consumers via channels
they prefer, such as social media and influencer collaborations (Dabija & et al., 2019). To expand its diversity of product lines (pillows, notebooks, phone covers, etc) beyond selling T- shirts, the company might use customer data to develop fresh offers that appeal to its target market. By matching these tactics with prospects such as worldwide market development and e-commerce growth, Mad Koffee can improve its brand image, access new markets,and drive growth effectively. ST-Market penetration:Mad Koffee may leverage its capabilities to improve the consumer experience by utilizing technology for customization (Meyer & et al., 2006). This might be a smartphone app that recommends items based on previous purchases or mood, interactive social media marketing, and virtual events that keep customers engaged even when they are not physically there (Tassey, 2000). To engage clients, host distinctive, art-centric events both online and in-person (when safe). Workshops, live art demonstrations, and art workshops can be held to promote local artist collaborations and develop a feeling of community. To stand out in a competitive market, highlight Mad Koffee's unique value propositions, such as its devotion to local art and creative engagement tactics (Tassey, 2000). The stories behind products or artist collaborations can be promoted via marketing platforms. Identify market segments or unique client preferences that rivals are failing to address. Tailor Amin offers, such as specific blends or art-themed goods, to these markets. To offset the risks of severe competition and the pandemic, Mad Koffee may emphasize its unique brand identity, provide specialized goods and experiences, alter safety operations, and diversify revenue sources through online sales (Kimmel, 2010). WT-Conglomerate diversification:Mad Koffee may improve its market reputation by participating in community projects, collecting and acting on consumer feedback, and broadening product lines via market research and collaborative collaborations (Evans, 2011). To overcome the prospect of fierce competition, Mad Koffee may differentiate itself through unique selling points and specialized marketing campaigns. Regarding the pandemic, the organization may adjust by providing flexible service alternatives, establishing tight health and safety precautions, and effectively communicating with clients to reassure them. By executing these methods, Mad Koffee may reduce vulnerabilities and dangers, increase its market position, and adapt to changing business (Amit, 1998). 2.International strategy (entry modes strategies): International strategy, particularly entry-mode plans, is critical for organizations seeking to develop outside Amin's native markets. These tactics are critical for
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establishing a company's presence in foreign markets, and they have a significant impact on the success and sustainability of a company's worldwide operations (Kim & et al., 1992). Choosing the best entrance option is a difficult decision that must take into accountavarietyofcriteria,includingmarketsize,competitiveness,cultural differences, regulatory restrictions, and financial concerns. a.Exporting:Direct Exporting: Mad Koffee can sell its products directly to foreign customers by Mad Koffee can choose to engage in direct exporting, selling products directly to foreign customers by shipping internationally, and managing the export process independently, which minimizes risk and resource requirements. Alternatively, the company explored the possibility of a distribution agreement with Aadi, a freight- forwarding company, as a way to enter international markets (Ahsan & et al., 2011). For indirect exporting, Mad Koffee opted to expand globally by partnering with Aadi & Conan CK. b.Franchising:Mad Koffee initially considered franchising but ultimately chose to partner with Conan CK for global expansion. Conan CK was granted exclusive rights to designs and agreed to pay a 30% royalty fee for each product sold. This collaboration allowed Mad Koffee to concentrate on product development while Conan CK managed production and distribution. This arrangement enables the franchisee to leverage an established brand, attracting customers more effectively than a completely new and unfamiliar business (Aliouche & et al., 2011). Additionally, the franchising agreement will delineate the geographic area in which the franchisee can operate, preventing infringement on the territories of other franchisees or the company's outlets (Aliouche & et al., 2011). c.Joint ventures:By forming a joint venture with a local investor like Conan CK, Mad Koffee could leverage local knowledge and connections to navigate the international market successfully (Woodcock & et al., 1994). This partnership would enable Mad Koffee to share risks and rewards with a local partner, making it a potentially strategic move for the company's global expansion (Woodcock & et al., 1994). d.Subsidiaries:The subsidiaries in various geographical locations under full control might give the opportunity to develop the brand into new markets, addressing the demands of each region with diverse product lines (Harzing, 2002). However, one downside is that if a MadKoffee subsidiary experiences financial or legal difficulties, the control power is limited since Mad Koffee does not yet have a major cash source or
collaboration with associated sectors. The method must be examined to see whether it is appropriate for Mad Koffee or not. Strategy recommendations: "Franchising" is a safe and successful strategy for Mad Coffee. Amin confronts difficulties when his brand is harmed and competes with larger brands in the local market. Granting Conan CK franchise rights allows the company to enter a larger market more quickly and react to new client requests with exclusive in-house arties items. In terms of capital and financial efficiency, Mad Koffee's franchise growth might reduce numerous fixed expenses such as rent, increase consumer behavior both locally and globally, and reducethe financial risks connected with launching additional locations. Furthermore, Conan CK may work swiftly with Mad Koffee to respond to market developments and consumer input, increasing brand relevance and customer happiness. This aspect will help to increase brand identification throughout franchise networks while reducing the negative impact of e- commerce in Bangladesh and around the world. IV.Strategies in action SuitableAcceptableFeasibleTotal score SO-Market development 55515 WO-New products and services 4228 ST-Market penestration 55313 WT- Conglomerate diversification 4127
Explanation: SO: The ideas presented show a high degree of applicability, acceptability, and practicality for utilizing Mad Koffee's capabilities in creative consumer interaction and local artist cooperation tocapitalizeon global market expansion and E-commerce/F-commerce growth (Leong & et al., 2018). The proposed tactics, which include customized customer experiences, limited edition items, social media utilization, strategic alliances, and targeted growth tactics, arewell aligned with Mad Koffee's identified opportunities, making them highly appropriate, acceptable, and feasible for strategic consideration (Fernandes, 2019). WO: The outlined tactics, involving the proactive enhancement of market image through the introduction of new goods targeted at Millennials and Generation Z, and the utilization of customer data to develop fresh offers, align perfectly with the opportunitiesidentified for Mad Koffee (Dabija & et al., 2019). These strategies demonstrate high suitability, acceptability, and feasibility for leveraging the opportunities and driving effective growth for the company. ST: The proposed strategic tactics align well with Mad Koffee's capabilities and uniqueness, and demonstrate a high level of suitability, acceptability, and feasibility for improving the consumer experience, enhancing the brand's market position, and increasing resilience to current and future challenges (Meyer& et al., 2006; Tassey, 2000). These strategies encompass technology for customization, hosting distinctive art-centric events, promoting unique value propositions, targeting underserved market segments and feasible for strategic implementation. WT: The outlined tactics such as participating in community projects, collecting and acting on consumer feedback, differentiation through unique selling points and specialized marketing campaigns, providing flexible service alternatives, establishing healthand safety precautions, and effective client communication and feasibility for addressing threats, reducing vulnerabilities, increasing market position, and adapting to changing business conditions (Evans, 2011; Amit, 1998). These strategies exhibit strongpotential for mitigating risks and enhancing the resilience of Mad Koffee in the face of challenges. V.Conclusion Mad Koffee's competitive edge comes from its individualized designs and creative use of social media trends. Despite industry obstacles such as increased F-commerce rivalry and pandemic effect, suggestions emphasize brand distinctiveness, income diversification, and diverse
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