Lakota Hills Case
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Lakota Hills Case The success or failure of a product is dependent on numerous factors. Taking an idea and developing it in to a sustainable business requires careful planning, committed execution, and a sufficient market demand. Lakota Hills and it’s entry in to the specialty foods market is one example of a small organization attempting to expand. What are the advantages and challenges of developing a specialty foods business? Does Lakota Hills have a sound strategy to build their business? What channels might they incorporate into their current strategy? How will Lakota Hills make money and are they a sound investment? Answers to these questions can be found by examining their current operations, business plan, and market opportunities. The specialty food business provides numerous advantages for an entrepreneur. The most prominent advantage is that almost anyone with a unique product has the opportunity for great success. For instance, many families have recipes that are passed down from generation to generation and often the primary catalyst to this succession is the quality of the end result. Some specialty retailers focus on the most delicious and unique foods available, others may focus on bringing consumers the healthiest and freshest options possible. Regardless of the exact niche the market opportunity exits to companies that can provide a high quality product for an appropriate price. Another benefit of specialty foods is customer loyalty. Consumers in the specialty foods market often become repeat customers, provide word of mouth advertising, and are willing to pay slightly higher prices for exceptional products. The specialty foods industry also presents many challenges to companies trying to create a sustainable business model. First, specialty foods retailers and their customers can be fickle.