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Stone Brewery Marketing Analysis
Matt Ferencz Brittney Livingston
Shannon Lubar Kendra Lucas
Andrew WillettsSydney Woolf
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Executive Summary:
In a world where consumers are constantly being advertised to, Stone Brewing Co.
differentiates by not adhering to traditional advertising, as they have never paid for it. Stone
Brewing Co. is a craft brewery in San Diego that prides themselves on their bold flavors and
hard work. They also created Stone Distributing Co. through which they distribute their own beer
as well as 35 others. This allows Stone to be vertically integrated and independent, therefore not
rely on other distributors. It also gives the company an advantage over their competition because
Stone can monitor the price and sales volume since they distribute for the other breweries.
According to an interview with Chris Cochran, Stone’s Community Relations Manager
the company has had an average growth rate of 40% per year over the last 20 years. Stone’s
culture is focused on a “Do It Yourself” model as they don’t outsource anything. Their mission is
to “be awesome”, and every employee is required to be amazing at their jobs. The craft brew
industry continues to become more competitive as a new brewery opens every 12 hours in the
United States. Stone’s end consumer is anyone over the age of 21 who like bold flavors. In order
to build their brand Stone hosts their own philanthropic and trade show events, and are involved
in many collaborations.
Stone explains their culture to be genuine, altruistic and artisanal to the extent where they
will never be a publicly traded company. Although they are expanding internationally they do
not cater to unique culture differences of each country. Since they don’t do any market research
it is unclear whether or not these choices will affect their success. Stone’s Product Life Cycle is
in the maturity stage and if they want to avoid a decline they may not be able to stay so non-
traditional. The following paper goes into further detail regarding these concerns and provides
recommendations for Stone to make small changes that could have a positive impact.
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Company Profile:
Founded in 1996, Stone Brewing Company has achieved the status of 10th largest craft
brewery in the United States (About Stone Brewing). Greg Koch and Steve Wagner founded
Stone in San Marcos as a microbrewery with no idea the future success the company would
achieve, as well pioneering the craft brewing industry in San Diego.
In the last 20 years Stone has experienced an average growth rate of 40% per year with
some years achieving over 100% growth. From 2010 to 2014 Stone’s sales revenue went from
over $62 million to almost $186 million (Privco, 2016). Considering Stone is a private company,
the 2015 sales revenue was not available yet. Not surprisingly, Stones production also increased
drastically in the last 5 years; in 2010 Stone produced 115,000 barrels of beer. In 2015 that
number soared all the way up to 325,645 barrels of beer, a growth rate of 182% in the last 6
years (Stone, 2016). To go along with these increases, Stone has nearly quadrupled its workforce
from around 300 people in 2010 to over 1100 people in 2015 (Privco, 2016). Stone started off
with one location in San Marcos and now have two locations in San Diego. They are also in the
process of constructing another brewery and restaurant in Richmond, Virginia, as well another
full-service production facility currently being built in Berlin, Germany.
Stone Financials and Statistics(Privco)
2010 2011 2012 2013 2014 2015
Sales Revenue:
$62,422,302
$83,933,205
$103,350,000
$136,330,000
$185,800,000
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Barrels Produced:
115,000 148,686 175,000 213,277 287,000 325,645
# of Employees
303 379 505 628 955 1,125
Values and Mission Statement
When founder and CEO, Greg Koch, was asked to define Stone’s mission statement, he
was hesitant to conform to a stiff and rigid statement since that in itself did not align with Stone’s
values. When pressed on the issue he said “be awesome.” This applies to everything in Stone,
from their culture to the awesome beers they produce. This mantra has helped create Stone’s
values and maintain the positive and rebellious culture that has helped contribute to Stone’s
success over the last 20 years.
Industry Description
The craft brew industry is becoming increasingly more competitive as more breweries are
established. While overall beer consumption in 2015 decreased by .2%, craft brew consumption
increased by 12%, demonstrating the general preference for craft beer in the United States.
Import beer also rose by 6.2% in 2015 and exported craft beer saw a rise of 16.3% (Craft
Brewers Association of America). All of these factors indicate that not only the U.S., but other
countries having growing interest in craft brews. Of the $105.9 billion beer market, craft brews
make up $22.3 billion and saw a 16% dollar sales growth in 2015. These numbers do not include
the hundreds of microbreweries and brew pubs throughout the U.S. that are making their way
onto the national scene (Craft Brewers Association of America, 2016). Chris mentioned that
there is a new craft brewery opening in the United States every 12 hours-- contributing to the
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increasingly competitive and soon to be saturated environment of the craft brewery industry
(Craft Brewers Association of America, 2016).
Distribution Strategy
Stone’s distribution strategy is unique among craft breweries. Due to California law,
brewery’s are required to sell their beer through a distributor-- they also must maintain the same
price given to all seller’s of their beer. Since Stone wanted total vertical integration they created
Stone Distribution, a company that handles the entirety of their distribution. A typical
distribution of a beer begins with the brewing and bottling in one of the Stone facilities, then
Stone Distribution picks the beer and brings it to any of their sellers (i.e. grocery stores, bars,
restaurants, wholesalers, etc.). Even the beer that they sell at their breweries must be sold
through their distributor-- meaning the beer is sold from Stone Brewery to Stone Distribution,
which in turn sells it to their restaurant or tasting rooms at Stone Brewery. This ensures that they
consistently sell their beer at the same price as they would to Stone Brewery restaurants as they
would to the local bar down the street. It also prevents them from selling their beer B2C because
it always has to go through Stone Distribution. Stone Distribution also profits through the
distribution of other local craft breweries in the region in which they have partnered.
Product
Stone offers a wide breadth of various beers, each with different characteristics, flavors,
and personalities. They host over 100 beers, with seven of their popular beers being distributed
consistently throughout the year (Stone, 2016). Their two most popular beers are the Stone IPA
and the Stone Pale Ale, with the Stone IPA being the signature, staple Stone beer. The Research
and Development of beers starts with their Brewmaster, Mitch Steele, who tries out various
flavors and combinations in small batches. Once he identifies a beer that he thinks might be a hit,
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the beer is brought to Greg for a decision on whether to kill it or move it to the larger vats for
production. Before a beer makes its way to the shelves, it is tested in their tasting rooms to see if
their fans enjoy it. They record the responses, which are then used to determine if the beer will
go into full scale production. This is also important for their seasonal beers which only make an
appearance for a few months at a time throughout the year. Steele is always trying to find
different flavor combinations and create awesome beers that Stone’s fans will love. Stone beers
range from 4.2%-13% alcohol levels. One of their most well known beers, Arrogant Bastard Ale,
was spun off as a subsidiary of Stone due to it’s high level of success but lack of consistency
with the Stone Brand. The new product development process is so innovative and successful that
Stone created a new beer segment called “American Strong Ale.”
Place
Chris explained to us that Stone beer, is distributed in two categories. The first category
is on-site consumption. In this category Stone products are bought and consumed at the same
place. In this scenario Stone beer can be found in restaurants, bars, tasting rooms, movie theaters,
and concerts. The other category is referred to as off-site consumption. In this category, Stone
products are bought in one place and consumed at home or somewhere else. Wholesalers,
grocery stores, convenience stores, and retailers are common places where Stone products are
sold.
Price
According to Chris, Stone prices its beer based off of a number of factors. They want to
make a good margin, so the cost of producing the beer comes into play. At the same time, Stone
wants their prices to be similar to the main competitors. That being said, Chris believes the
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competitors pay more attention to Stone’s prices than Stone looking at their competitors. In a
way Stone sets the bar for the prices and the competitors adjust accordingly. As mentioned
earlier, Stone’s products are sold through Stone Distribution, their wholly-owned distribution
company. Since some of Stone’s competitors use this channel to distribute their products as well,
Stone is able to keep track of their competitor’s prices as well as the competitor’s sales volume
because they are handling the product directly. Thanks to this process, Stone is able to keep close
eye on their competitor’s prices so they can adjust their own prices accordingly.
Promotion
Stone Brewery is an Outlaw. They have solidified their role and position by adhering
strictly to their company values. Their passion for creating genuine, artisanal craft brew has
liberated the industry and inspired others to follow in their footsteps. Stone Brewery utilizes a
few standard promotional tactics, but capitalizes on unique styles of promotion. Surprisingly,
Stone does not participate in traditional marketing communications. Their company values
require that they do not pay for advertising and therefore have never paid to advertise beer in
print or broadcast media (Promotion). Chris solidified this by stating that not only have they not
paid for advertising but they have never had an actual television commercial or traditional
advertisement for any of their products. Instead, Stone makes all their own content and reuse it,
as well as they include it on their company website, along with templates, for their clients or the
general public to use if they choose to do so. However, they have been able to donate products
for certain advantages.
Public relations is the most effect element of their promotional mix. Stone communicates
their brand and products by focusing heavily on philanthropy and charity work. Arts, animals,
kids, education and environment are where they concentrate their philanthropic endeavors. The
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Surfrider Foundation and the Boys & Girls Club are just a few of the organizations that benefit
from Stone’s charity work. Stone has created incredibly successful charity fundraisers on their
own. For example, the Annual Anniversary Celebration started as an open, one day event.
Today, it has grown into a two day, invitational craft beer festival with over 10,000 attendants.
This fundraiser has generated nearly a million dollars in the last four years. Social media is also
another strong channel that Stone utilizes to promote themselves. They maintain popular video
blogs on their various websites and have a strong presence on all social media platforms. The
least effective promotion method for Stone is their sales promotion with POS displays.
However, Stone also collaborates with other breweries to help promote both brands. Their
strongest ally is Pizza Port, who bought Stone Brewery’s first keg and has remained a loyal
partner ever since.
SWOT
Strengths: Stone’s strengths come from their great tasting beer, their quality control, the people
that work there, their vertical integration, and their marketing through philanthropy. Stone
derives their success from their great tasting beers and their rebel persona. They do not conduct
market research and rely on their fans to let them know which beers they love and which ones
don’t make the cut. Stone also has tremendous quality control because they are 100% vertically
integrated-- they ensure that their beers maintain the highest level of quality from brewing,
bottling, and distribution. They also promote people from within and many of the people
maintain their loyalty to the brewery because there are options to switch positions throughout the
company. Chris also noted that they only hire people that fully embody Stone’s values and
culture. Stone also delegates the majority of their marketing to philanthropy events throughout
the community, creating extremely loyal consumers.
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Weaknesses: While Stone’s success is unparalleled in the craft brew market, they do have some
fundamental weaknesses. Their largest weakness is their reliance on co-founder, Greg Koch.
Chris noted that “Greg is Stone.” As is stands now, every major decision goes through Greg,
especially which beers are sold. This extreme reliance will present a problem when Greg is no
longer around to be a key decision maker in the firm. Stone will need to either find a new
decision maker or train someone in the coming years to fill that role eventually so that Stone
does not crumble without its founder. Another weakness is their strictness on their value and
culture, they restrict themselves from potential opportunities (such as spirits) to grow and capture
more market share.
Opportunities: Stone has already significantly expanded their brand and created high brand
value. Currently, they are in the process of building a location in Richmond, Virginia and Berlin,
Germany. Stone’s biggest opportunities lie within both domestic and international expansion. As
their brand continues to grow, they will also need to scale their operations to capture more
market share. Another opportunity for Stone is the spirits market. Spirits are a large market with
ample opportunity. Stone could enter the spirits market, maintaining their rebel persona and
artisanal focus on creation. Since everything is in house already, it would be easy for them to try-
out spirit creations to see if it is an industry they would want to pursue further. Lastly, they are
subjected to strict California ABC laws, but will not face the same restrictions when their new
facilities in Richmond and Berlin open.
Threats: The craft brew industry faces many threats. One of the largest threats is the acquisition
of craft breweries by the three juggernaut’s of the beer industry (Miller, Coors, Anheuser Busch).
These giants continuously sweep up craft breweries throughout the nation and then dissolve
them. Stone, due to its wild success, is a major target for the big national beer companies, but
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Greg says that Stone will never sell out. Another major threat is the shear volume of craft
breweries opening on a daily basis. Chris mentioned that the industry is changing from
collaborative to competitive as more craft breweries enter the scene. One more threat that Stone
faces is the ever restrictive ABC (Alcohol Beverage Control) laws. These laws place heavy
restriction on when, where, and how Stone may sell their beer; however, many of the strict laws
they face are strictly subjected to California.
Sales Strategy:
Chris informed us that Stone’s sales force is divided into two branches. As mentioned
earlier, Stone sells in on-site and off-site consumption categories, and the sales force is structured
similarly. The on-site consumption sales force sells mainly to restaurants and bars. Their goal is
to drive volume in key accounts for all Stone IPAs and to use the depth of all Stone IPAs to gain
or secure taps (Promotions). The Stone brand is so well known at this point, that many on-
premise locations call Stone to request some of their popular beers, mainly Stone IPA. Once the
sales representatives are able to gain access into these accounts, their goal becomes trying to sell
in a variety of other Stone products. The other side of the sales process, off-site consumption is
different. The off-site sales representatives focus mainly on wholesalers, grocery accounts,
convenience stores, and other retailers. While Stone often gets approached by these companies
for their staple products, selling the other Stone beers is very difficult, as these accounts are very
limited in space (i.e. storage space and available taps) and Stone is competing head-to-head with
the big national beer companies such as Miller's, Anheuser-Busch, and Coors. The sales people
in this category must come up with unique ways to show the companies the value their other
Stone products can provide. In order to eliminate the need to shelf space the sales force will push
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Point Of Sale (POS) displays and set them up in the store floor space in order to attract the end
consumer (Promotions). When having certain promotions like their IPA Madness for march, they
will use that to draw attention and push sales.
As mentioned earlier Stone does not pay for advertising, therefore besides their
philanthropic actions all they have are their campaigns they run themselves through social media
and word of mouth. Although there are many articles written about them they are not involved in
any business publications. Also since they don’t pay for advertising they do not engage in direct
mail or email marketing. One way they do advertise is through their personal trade shows such
as; Stone Belgian Fest and Hop-Con, as well as many others that can be found on their events
section of the company website. These events are hosted by themselves on their own premises.
In terms of social media they are very strong being a part of facebook, Instagram, Twitter, as
well as utilizing YouTube and Yelp. They also have discussion forums, blogs, and newsletters
which can be found on their website, however they don’t seem to be involved in any other blogs
or forums, nor are they actively pursuing a relationship with clients or end consumers via a CRM
system.
Their Key Account Management sales and marketing process consists of collaborations,
special releases, and partnerships. The Key Account Manager of Southern California Stone
Brewing Co. is Richard C. who manages the key accounts and works on maintaining a long term
relationship with them. In order to do this, Cochran explained that the sales force follows up with
the key accounts on a routine basis to help them restock, and build bigger orders. Since Stone has
to offer the same price to each distributor, the sales force uses their up-selling techniques to add a
variety of products oppose to offering different prices. Collaborations have been done with other
breweries such as AleSmith, Green Flash, and Ballast Point just to name a few (Promotions).
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Special releases include their enjoy by date series and other seasonal releases (Promotions). As
far as partnerships, the only known partnership is with Maui|Stone which is an effort to bring
craft brews to Hawaii, as well as helping with the collaboration of the new Berlin location (MAUI|
STONE).
According to an interview conducted by “The Equipped Brewer” in August of 2015, with
Steve Wagner, the president and co-founder of Stone Brewing, he explained the structure behind
compensation for their sales representatives. Wagner explained that in the beginning the
company would provide a base salary so that the sales force would be assured of making a
minimum amount. In addition, if the sales reps sell over the minimum amount, then there are
opportunities for bonuses or commissions (Collins, M). Cochran explained that the
representatives performance is measured by the number of cases sold at the end of the quarter.
Where each case is counted on its own, but a keg is considered as multiple cases. Although there
wasn’t any information online and Chris wasn’t fully knowledgeable on the sales strategy, we
we’re still able to get a general understanding of how they run things at Stone.
Marketing Strategy
Differentiation is Stone Brewery’s main marketing strategy. They have solidified their
product differentiation because Stone Brewery does not just have a marketing strategy, they have
a business philosophy. The primary focus of their philosophy is to, “Provide Great Product” and
“Be Amazing.” Chris explained that every employee is expected to be amazing at their job
regardless of their position in the company. This may not seem like much of a marketing strategy
at all, but it has proven to be very effective for Stone. Because every staff member at Stone
strives to be amazing, the company is able to provide a great line of products. The line of beers
that Stone creates are amazing because they all follow a few key company values. Stone believes
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in being: Genuine, Altruistic, and Artisanal with a grass roots feel. Because of these values,
Stone will never be a publicly traded company. Chris believes that the acquisition of Ballast
Point by Constellation was a great move for that company, but Stone would never sell out. They
would never accept a deal like that because they care too much about their product line. The
flavor, color, ABU and all other factors that make up great Stone beer, could be compromised
when another company takes control. Stone is so passionate about their line of products that they
do not outsource any aspect of their business. Therefore, vertical integration is the most critical
aspect of Stone that has the greatest impact on their strategy, goals, philosophies and values.
Every aspect of the supply chain is done by Stone. They brew the beer, bottle it, distribute it and
sell it. Stone is strictly a Business to Business company. They do not sell their products directly
to the consumer. However, Stone does have a few restaurants and tasting rooms where the
consumer can get Stone product directly. This may seem like a B2C model, but it is not. Alcohol
can not be sold directly to the consumer, it must go through a distributor. Luckily for Stone, they
have their own distribution and also distribute other breweries’ beers through their distribution
system. Chris made it very clear that the beer industry is changing. What was once a very
collaborative industry is now becoming a very competitive one. There are a couple of new
breweries popping up every day! The severe increase in competition has pushed Stone to
broaden its horizons so that they can maintain the steady amount of growth that it has been
experiencing. The biggest move Stone is making is setting up a large brewery/restaurant in
Berlin, Germany which will be just like the facility that they have in Escondido. Prior to this
move, Stone focused on exporting its products to other countries. Now, Stone’s global strategy
relies heavily on standardization. It is imperative to Stone that their company culture, values and
philosophies be implemented to perfection when conducting international business. Stone does
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not cater to the unique cultural differences in each country. They offer an identical product all
across the world. No matter where you are, a Stone IPA will taste, look, and feel exactly the
same. Stone will produce a few flavors that are more appealing to local cultures but this focus is
secondary, maybe even tertiary.
Target Market and Customer Description
Stone’s target consumer description is broad. Chris informed us that they target anyone
from 21-101 years old who is willing to drink great beer. They do not limit their efforts to a
specific target or market segment because they feel that anyone who is 21+ is a viable target
consumer. One thing Chris did mention, is they target people who are not afraid of bold flavors
and do not succumb to the mainstream big national beer companies.
Future Plans
The future looks very bright for Stone. They are currently in the process of constructing
breweries in Richmond, Virginia as well as Berlin, Germany. Both facilities will add completely
new elements to the company, as Stone will have the ability to reach even more markets. Chris
explained that the Richmond facility will allow access to much of the North and the East Coast.
While the Berlin facility would allow for global expansion into many different regions of the
world including Europe, Asia, and Australia. On top of all that, these new facilities will also
allow the company to further achieve a more efficient economies of scale.
The laws in the areas of these new facilities will also add a new element to Stone. Chris
mentioned to us that Virginia has much fewer laws than California does. By producing their
products at the Richmond facility, the beer will be able to more easily get from the factory to the
consumer. To go along with that, Virginia does not require that the product be sold for the same
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price to all clients, meaning Stone could offer price concessions, or premiums to their clients,
most likely based off of order volume.
Pro duct Life Cycle
Stone has reached the maturity stage in the product life cycle curve. The craft beer
industry has become saturated with
new breweries since Stone started.
While Stone brewery continues to
grow by leaps and bounds it is
necessary for the company to look
beyond the horizon if they want to
overcome the maturity stage and
extend the growth of the company.
The new plan is to expand their
reach. As mentioned before, the two new breweries in Richmond, Virginia and Berlin, Germany
will be able to increase Stone Breweries market share. The facility on the East coast will help
Stone create economies of scale. They will save money on shipping, production, and distribution
by having another large facility on the East coast. Furthermore,the Berlin brewery will establish
a solid international strategy. The pressure for lowering costs and local adaptation are low.
Therefore, Stone is pursuing a global strategy. The emphasis will be on lowering and controlling
costs. Standardized products and company culture will propel the global strategy toward success.
Pursuing a global strategy will also enable Stone to create a standard level of quality throughout
the world. This is imperative to Stone’s company culture. Their products should be exactly the
same, no matter where they are found.
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Recommendations
Stone has seen an average year after year growth of 40%, which is unmatched by most
companies. With this, there is always ways for a company to improve. Because Stone does not a
formal marketing plan, we have recommendations on how to further improve their business and
capture further market share while maintaining their philosophy of no formal marketing.
Recommendation 1: In order to maintain the longevity of the firm we believe that Stone will
need to find their next visionary. Greg has been critical to the success of Stone, but he won’t
always be around to keep the brewery on its successful path. We believe that Stone should start
developing the next visionary that will continue to grow the company in the same way they have
for the last 20 years. Like many great companies, there will be a transition when the founder
moves on, and Stone will be no different. It will be a difficult transition, but it will be made
easier if they start planning ahead for the time when Greg is no longer the backbone of Stone.
Recommendation 2: Stone doesn’t have a formal vision statement other than “be awesome.”
With the expansion of their brand to different locations and the overall capture of new market
share, we believe it is imperative for them to create a formal mission statement that will bring
continuity to their brand as they expand. One of the most difficult parts of expansion is
maintaining culture and the same vision throughout the organization. Stone will need to develop
a formal mission statement and vision in order to maintain their vision, culture, and consistency
as they expand into different markets. They also need to develop a statement that is clear and
specific so that the company as a whole knows the direction and can stay on the right path as it
continues to grow.
Recommendation 3: One of the best marketing tools that Stone utilizes is their focus on
philanthropy in the community-- it helps them to build long-lasting, loyal customers because
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they support those customers organizations. We believe that as they continue to grow, they will
need to involve themselves in national philanthropy events. This will help them garner the
support from customers they haven’t yet reached and develop those customers’ loyalty. National
charity events will be a great way to stay within Stone’s “no marketing” approach and will also
help the community.
Recommendation 4: The company claimed that their least effective sales method are their sales
promotions set up as in-store displays. Since this area is not producing sales at a high level, then
it would make sense to change something about it. If they believe it is important enough not to
eliminate the program then we believe approaching it differently would be the key. Although the
company takes pride in never paying for advertising, in a world where their competitors are
advertising, they might have to take action in it eventually. By advertising their beer, it would
increase the mere exposure effect so that when the end consumer goes into a store and sees the
in-store displays they will already be familiar with the product because they’ve already heard
about it multiple times. The more a customer is exposed to a product, the more likely they are to
purchase it. If they choose not to advertise, then redesigning the whole display would be the next
step.
Recommendation 5: Becoming involved in other trade shows outside of their own Stone would
be able to reach more of their desired target market. By only hosting trade shows at their brewery
locations and promoting in on their website, Stone limits themselves by only capturing an
audience that is already loyal to them. If the company invested time and money into attending
craft beer festivals and sampling events they would be able to reach a larger market.
Conclusion:
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Overall, Stone has been exceeding any and all expectations that have been established in
the craft brewing world. This company has positioned itself to be a market leader and looks to
continue to do so for years to come. Stone’s key strengths are the fact that they have created
great tasting beer as well as a social environment with a relaxed So. Cal vibe and a side of
badass. Because Stone wants to target a large group of people, they reach a broad spectrum of
customers from the age of 21 all the way to 101. This is because anyone who appreciates good
beer can enjoy the flavors and quality that Stone has to offer. As for the future, Stone is expected
to continue to create great tasting beer and excel in customer relations. They are in the works
right now for opening a brewery in Virginia and Germany to expand their flavor worldwide.
Through their global strategy, Stone will create a very high standard of quality worldwide.
Growth Share Matrix
STAR QUESTION MARK
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Also, the “Enjoy By” series of beers are now a huge STAR for Stone Brewery
Because Stone sets trends and is highly innovative, many of the new beers they
produce are question marks.
CASH COW DOG
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References
Collins, M. (2015, August 3). Mentor Q&A: Steven Wagner, President, Head Brewer of Stone
Brewing Company. The Equipped Brewer.
http://www.equippedbrewer.com/pro-tips/mentor-qa-steve-wagner-stone-brewing
MAUI|STONE CRAFT BEVERAGES. (n.d.). Retrieved March 14, 2016, from
http://www.mscbhawaii.com
Promotions. (n.d.). Retrieved March 14, 2016, from http://stonesalesmaterials.com/promotions/
"National Beer Sales & Production Data - Brewers Association." Brewers Association.
N.p., n.d. Web. 25 Apr. 2016.
Cochran, Chris. "Stone Brewing." Personal interview. 21 Apr. 2016.
“About Stone Brewing”. Stone Brewing. N.p. 07 Aug. 2015. Web. 10 Apr. 2016.
<http://www.stonebrewing.com/about>.
"History." Stone Brewing. N.p., 07 Aug. 2015. Web. 14 Apr. 2016.
<http://www.stonebrewing.com/about/history>.
"Koochenvagners Brewing - Financial Report | Annual Revenue | Stock."
Koochenvagners Brewing - Financial Report | Annual Revenue | Stock. Privco,
n.d. Web. 26 Apr. 2016. <http://www.privco.com/private-company/stone-
brewing>.