Strategy, Entrepreneurship and Innovation
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HOME EXAM – January 2023
This home exam takes part January 9th – January 13th. It consists of eight questions which total 50
points. To pass you need 30 points (60%).
You submit your word document on canvas no later than January 13, 23:59. Please make sure
your technology works and that you start your submission in due time. We will deduct 3 points
for those 0-3 hours late, and 5 points for 3-8 hours late. Beyond that, we offer an opportunity for
reexamination later this spring (this will probably be an oral exam).
The word document you submit should NOT include these instructions, the questions, or a list of
references. Besides your name and personal number (or equivalent) on the front page, the
document should only include your answers (you use Q1, Q2a, etc to link your answer to the
right question).
The document you submit will be checked for plagiarism, so make sure you follow the writing
rules. You find information on this on the library homepage. We recommend this tutorial:
Your answers should not exceed 4000 words. You decide how you like to distribute the 4000
words between your eight answers (an indicative guide is to use 80 words per point
(80×50=4000). The total maximum of 4000 words includes all words in your submitted answers.
You should not include a list of references in the document you submit. The references you
should use in your answers are all listed below. Please reference wherever suited in your answers.
Please take it seriously when we ask for motivations and arguments. The motivation for the
choice of articles to use (or not use) is a vital part of your answer.
Finally, as stated in the lectures, the intention of this home exam is to evaluate if you understand
and can make use of the course literature. So, don’t spend words retelling the content of the
articles. It is more important that you relate to the message in the articles when explaining and
reflecting on the questions asked.
And please, read all questions carefully and reflect on WHY, before you start answering!
The list of articles to be used in the home exam
• Davidsson, P. (2004). Chapter 1 What is entrepreneurship. Researching
Entrepreneurship. Boston: Springer. Retrieved from
http://link.springer.com/book/10.1007%2Fb100548
(accessible on Canvas, you only need to read Chapter 1)
• Sarasvathy, S. (2001). Causation and Effectuation: Toward a Theoretical Shift from
Economic Inevitability to Entrepreneurial Contingency, Academy of Management
Review, 26(2), 243-263.
• Shepherd, D. A., & Gruber, M. (2021). The lean startup framework: Closing the
academic–practitioner divide. Entrepreneurship Theory and Practice, 45(5), 967-998.
• Ostervalder, A. & Pigneur, Y. (2016). Business model generation. Retrievedfrom:
http://businessmodelgeneration.com/book?_ga=1.75362578.1272172175.1471786683
(Here you can preview and download those 72 pages for free)
• Arthur, B.W. (1996) Increasing Returns and the of Business, Harvard
Business Review, July-Aug.
• Bower, J.L., Christensen, C.M. (1995) Disruptive Technologies: Catching the Wave,
Harvard Business Review, Vol. 73(1), pp. 43-53. Available in Canvas.
• Christensen, C. (1997). The innovator’s dilemma. Harvard Business School Press,
Cambridge, Mass. First two chapters.
• Tripsas, M. (1997) Unraveling the process of creative destruction: complementary assets
and incumbent survival in the typesetter industry, Strategic Management Journal, Vol.
18(S1), pp. 119-142. Video here. Available in Canvas.
• Mintzberg, H. (1987). ” The strategy concept 1: Five p’s for Strategy”. California
Management Review, 30(1). 11-24.
• Fleisher, C. S., & Bensoussan, B. E. (2003). Strategic and competitive analysis: methods
and techniques for analyzing business competition (chp 1 and 17). Upper Saddle River,
NJ:. (accessible on Canvas)
• Porter, M. E. (2008). The five competitive forces that shape strategy. Harvard business
review, 86(1), 25-40.
• Kim, W. C., & Mauborgne, R. (2005). Blue ocean strategy: from theory to practice.
California Management Review, 47(3), 105.
• Javidan, M. (1998). Core competence: what does it mean in practice?. Long range
planning, 31(1), 60-71.
• Cannon, M. D., & Edmondson, A. C. (2005). Failing to learn and learning to fail
(intelligently): How great organizations put failure to work to innovate and
improve. Long range planning, 38(3), 299-319.
This home exam consists of eight questions which total 50 points. To pass you need 30 points
Q1 6 points
Q2 6points
Q3 10 points
Q4 5 points
Q5 5 points
Q6 6 points
Q7 6 points
Q8 6 points
= 50 points. Please make sure you have answered all questions.
http://businessmodelgeneration.com/book?_ga=1.75362578.1272172175.1471786683
https://eur02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3DBxmXGTxtPE8%26list%3DPLbCDYrBDVG0eL2-maJcsDy2fp4cLJEdbP%26index%3D15&data=04%7C01%7CAnders.Melander%40ju.se%7Ca4d3d4c87b09428cfa3e08d98ee56d53%7C7564bc8f37384b4dbd575a02ca6215fb%7C0%7C0%7C637697938290843082%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=IoxZY%2FfBffXhR%2BdxupSVQvo7Pk%2BVAlCm25RcoWOsxDA%3D&reserved=0
Q1 The entrepreneurship debate (6p)
Sam and his girlfriend Teresa was for a walk when they suddenly met an old friend. The friend
Ted was very happy. Sam just had to ask why!! Ted told them that his new Gym will open next
week. This gym will be revolutionizing, he declared. In what way, Teresa asked. Ted looked at
her conspicuously and said in confidence, I will charge 15% lower rates than all existing
competitors! Here Sam broke in and declared with a loud voice – Ted, you are a TRUE
entrepreneur! But Teresa objected reluctantly and said – but that isn’t really entrepreneurial!
When we leave Sam, Teresa and Ted, the two first still fiercely debate if Ted’s new gym venture
is a sign of entrepreneurship or not.
a) Choose an appropriate article in the readings to analyze Sam and Teresa’s debate.
Motivate your choice of article (2p)
b) Use arguments from the article to settle the argument between Sam and Teresa. Who is
right? Is Ted a true entrepreneur or not? (4p)
Q2. The Deans strategic change (6p)
When the dean of the business school launched a business program targeting engineering
students he declared that this represented a strategic change, as the business school was
targeting a new customer group. But, did the initiative really represent a strategic
a) Choose an appropriate article in the readings to analyze the Dean’s statement. Motivate
your choice of article (2p)
b) Use arguments from the article to decide if the Dean was right or not. (4p)
Q3 The ice cream industry investment (10p)
You are widely known for your successful investment advices. Several investors have made a
fortune after they listened to your advice. So it is of no surprise when you are approached by a
new investor, asking you for advice on the ice cream industry. The investor has localized two
options for her one million SEK investment. But, which to choose? (the investor loves ice cream
but has no experience in the industry).
Read the industry and the two company overviews below. Localize articles that will be helpful in
the analysis. Use the articles to decide on where to invest.
a) What articles will you use in the analysis? Motivate! (3 p)
b) Use the articles to analyze the case and reach a motivated decision of where to invest
In 2010 two people who don’t know each other, Kerstin and Jan, decide to enter the ice cream
business. Both have studied marketing but neither has any experience in the industry. They start
their operations in small towns 15-20 minutes’ drive outside Jönköping, but in different
directions. One in a tourist town of Gränna (north of Jönköping) and one in Taberg, south of
Jönköping. Ice cream, it seems, attracts them both, and both decide this could be an interesting
(and fun) way to reach their entrepreneurial goals.
In this case, we compare the paths these two companies have followed until 2020! But first, what
is it about ice cream? What makes this industry so attractive for entrepreneurs?
The ice cream business
Ice cream has varying popularity levels around the world. In New Zealand, it is estimated that the
consumption is 28 litres per person per year, followed by the USA (21 litres), Australia (18 litres)
and Finland (14 litres). Sweden is 5th in per capita ice cream consumption in the world with 12
litres per person per year (about 110 million litres in total), ahead of countries like Italy (8 litres)
and the UK (7 litres). Due to the climate, demand is highly seasonal. In the summertime, the sale
of single-wrapped ice cream is at its highest, but sales of the packaged ice cream (in consumer
packages from 250ml to 2 litres) are more evenly distributed over the year. On the list of Swedes’
favourite flavours are the classics, namely vanilla and chocolate, as well as more complex flavours
like liquorice, pecan and pistachio. The trend in the Swedish ice-cream market is that premium ice
cream is a growing segment and that people have generally become more aware of the health
aspects of what they eat. As a result, the popularity of frozen yoghurt is increasing rapidly.
Generally, consumers know that ice cream is “not good” for them to eat. It is a “reward product”.
This means that when consumers indulge in ice cream, there is an emphasis on the quality of the
product (“when I eat it, it must be good”). There has also been an increase in the number of
consumers searching for healthier alternatives (such as yoghurt ice cream and fruit-based flavours).
Women marginally consume more ice cream compared to men while older consumers enjoy the
highest number of ice cream occasions.There has also been an increase in the number of people
with allergies of various kinds (lactose, nuts, gluten and other additives). This has enabled ice
cream products to develop new products to satisfy the needs of this market.
2020 was the year of the Coronavirus and lockdowns. The ice cream market was affected both in
production and sales. The supply chain was impacted by the impact on inputs in the production
process as the virus affect the labour supply in the plantations. Covid-19 also impacted the
production routines in the factories with the introduction of additional measures to ensure worker
safety and adapted shift patterns (Umhoefer, 2020). In Europe, ice cream was not considered a
necessity, so ice cream stores were closed, impacting sales from these stores with many stores
retrenching staff or closing completely (Mak, 2020).
Sales of ice cream during the European summer is an important contributor to profits of
organisations which requires retailers to stock up. Uncertainty regarding the tourist in summer 2020
meant that retailers did not stock up on some brands of ice cream (Upshall, 2020), impacting the
sales of leading brands during this period in some areas.
In contrast, sales of ice cream in grocery stores increased by 20% (Umhoefer, 2020) as consumers
purchased ice cream to eat at home specifically the sale of multipacks which allows members of
the family to eat different products. During times of stress, many people turn to food as a source of
comfort as this helps them feel better, and the times of Covid-19 was no exception (Di Renzo et
al., 2020).
The ice cream market in Sweden
Despite the pandemic, the ice cream market in Sweden grew an average of 9% in 2020 (based on
figures from the 3 leading ice cream manufacturers in Sweden). As more Swedes stayed at home
during this period, sales of a wide range of ice creams increased, but especially the multipacks of
single pack ice creams which increased by 26% (Bengtsson, 2021). While there has been an
increase in online sales of ice cream, buying ice creams still tends to be an impulse purchase not
requiring planning (Larsson, 2021).
Of course, with the popularity of ice cream in Sweden, there are many competitors. The largest
competitor is the multinational Unilever. Unilever is a public company listed in England and the
Netherlands. In 2014 the turnover from more than 400 well-known brands was €48, 4 billion. In
Sweden, their most popular ice cream brands are GB Glace, Magnum, Daim and Carte d´Or®. The
brand that serves as an inspiration for many producers in Sweden is Ben & Jerry, owned by
Unilever since 2000. Overall Unilever has a 42% share of the total Swedish market. They however
dominate the single-wrapped ice cream market with a market share of approximately about 80%,
making them less dominant in the packed ice-cream market. The premium segment of the market
is about 5% in volume but about 10% in market value.
In 2020 there were 62 Swedish ice-cream manufacturers listed. Only ten of those had more than
20 employees and 41 were in the category of 0-4 employees. Most of these small manufacturers
are farm-based and compete on a regional basis. One interesting concept is known as farmhouse
ice cream (in Swedish Gårdsglass). This is a concept from The Netherlands that appeals to dairy
farmers directly to help them produce ice cream from their excess milk production. This allows a
farmer to expand their product range. Farmers typically purchase a starter kit from The Netherlands
including the machinery and equipment to begin producing ice cream using standard recipes. The
concept has spread to several countries. Ice cream manufacturers are increasingly linking up with
milk producers as well as other local producers to reinforce the local and organic perception of the
Nine out of the ten competitors with more than 20 employees are Swedish in origin (Unilever is
the tenth). LOHILO (former Alvesta Glass) is a top expander with a turnover of 245 MSEK in
2020. Even if the sales of their own ice cream on the Swedish market is a big part, they are also
expanding on other markets, with imported ice-cream brands and an extended product range.The
largest among the Swedish brands is SIA Glass with 570 MSEK in turn-over (family-owned, about
130 employees, about 20% of the total market and growth of 35% in the last five years). All
competitors are agile and can respond quickly to changes in both the market and new product
launches of other ice cream manufacturers. Many of the ice-cream packages look rather similar
illustrating the inability to sustain a differentiation of products.
Mormor Sara
In Spring 2010,öm was on parental leave with her third child and without a job to return
to. Educated in marketing/public relations and with a keen interest in food and cooking, she decided
to search for new opportunities. With few job opportunities in Jönköping (a city of about 130 000
inhabitants), the search for a new job had become tiring. Home on the sofa indulging in eating ice
cream, she realised that there wasn’t a quality ice cream made in Sweden that could compete with
international brands (such as Ben and Jerrys®), hence the decision to start making ice cream,
named after her grandmother. Her husband chose the supportive strategy and soon Kerstin, together
with two of their closest friends and her brother in Stockholm (a successful entrepreneur), began
to intensively plan this new business.
One of Kerstin´s first actions was to set up a blog that soon became a success. The intention was
that after some time she would reveal her plan to start an ice-cream factory on the blog. But, none
of those that were involved early on in her project knew how to make ice cream or had experience
in the ice-cream industry. Where to find a suitable location for the factory? How to make ice cream?
Employees? How to sell the ice cream? The only way to raise capital was for Kerstin to take a
mortgage on the house she and her husband owned.
Kerstin began to conduct market research, making cold calls to those who she thought could
provide input. One speculative call was to one of Sweden’s most successful food store owners,
who happened to be situated in Jönköping. To her surprise, he spent more than an hour explaining
the mysteries of the ice-cream business to her. He concluded by saying that logistics was the key
to success and she probably had no chance of succeeding in that area. But if she made a success of
it, he promised to sell her ice cream in his stores.
About a year later in July 2011, Kerstin’s dream became a reality when her factory opened in
Taberg, a (very) small town where space could be found at a reasonable cost, situated some
kilometres south of Jönköping. The opening of the 118 square meter factory with a small shop was
a success. Kerstin’s blog and other activities had resulted in articles in both national and local
media – as a result on the opening day, there was a queue of about 650 people outside the small
factory! By the autumn of 2011, sales at the factory had stabilized, a couple of employees were
hired, and ice cream was distributed to some local stores in the immediate vicinity. But ambition
was high as Kerstin explained, “I wanted to go to Stockholm. It is my hometown and my brother
lives there. And, that is the place to be if you are going national” And, on social media, it seemed
there were a lot of potential customers who wanted to buy Mormor Sara’s ice cream in Stockholm.
Needing equipment to develop the business, in 2014 Kerstin decided to use crowdfunding. The
campaign was considered a success and 1.4MSEK was raised by the time it closed in April 2015.
Kerstin presented ownership as “doing something fun and different” to potential shareholders, a
key reason she believes people were initially keen to invest. The reason Kerstin decided to pursue
crowdfunding was the perceived ability to create brand ambassadors from those who invested in
the business – those who bought shares would tell others about the business and help to spread the
word about the ice cream and the company itself. After the end of the campaign, Mormor Sara had
142 new shareholders owning 20.5% of the company. Most of these investors had invested 2-10
000SEK (€220-1200). There was one big exception; a local resident with a background as a
financial controller who invested a significant sum demanded a seat on the board, thus extending
the board to six.
As part of branding, Mormor Sara early on added the word “Därproducerad” (there produced) in
the company name. The ice cream is not “home-made” – it is made in a factory- and when it is sold
outside Jönköping it is no longer “locally produced”. The solution was to add “Därproducerad” –
there produced- to the name of the company to stress that the ice cream manufactured by Mormor
Sara is made from natural, locally-sourced ingredients and that the products are free of additives.
Mormor Sara also developed an innovative new product: dairy-free ice cream entirely based on
natural ingredients and with no nuts in the autumn of 2015. They were among the first to the
Swedish market with such an innovation, but they were soon followed by many competitors. By
November of 2017, you could find 240 different types of ice-creams on Mathem, a Swedish online
store. Out of those 55 were gluten-free, and 42 were lactose-free.
After crowdfunding…and the future
Following the successful crowdfunding campaign in 2015, investments were made to increase
production capacity and to increase market potential. This included equipment to ma
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