Strategic ManagementSpring 2016Brittany Pitkin, Christian Ryan, Christopher St. Onge, Michael Ferullo, Dean Calcagno, Doug Cusack,Ryan Greblick

TABLE OF CONTENTSPage

EXECUTIVE SUMMARY…………………………………………………………………………………………………………..2

BACKGROUND INFORMATION………………………………………………………………………………….4

INTERNAL ANALYSIS………………………………………………………………………….………………….4

Intangible Resources……………………………………………………………………………………….4Capabilities……………………………………………………………………………………….................5VRIO Framework……………………………………………………………………………………….…..5

Valuable……….…..…………………………………………………………………………..…..6Rare……….…...………………………………………….…...…………………………………..6Costly to Imitate……….…...……………………………………………………………………...6Organized to Capture Value……….…...……………………………………………………….…6

EXTERNAL ANALYSIS……………………………………………………………………………………………….................6

Current Customer Segments…………………………………………………………………………..........6Potential l Customer Segments…………………………………………………………………………..…75-Forces and Strategic Groups Frameworks…………………………………………………………….....7Macro Environmental………………………………………………………………………………....……9

Political………………………………………………………………………………………..….9Economic………………………………………………………………………………………....9Sociocultural…………………………………………………………………………………..….10Technological…………………………………………………………………………………......10Ecological………………………………………………………………………………………...10Legal………………………………………………………………………………….…………..10

Current Strategic Positioning Framework……………………………………………………….………....11

REPOSITIONING FRAMEWORK…………………………………………………………………………………11

Potential Repositioning Opportunities………………………………………………….………………….11Geographic Opportunities…………………………………………………………….…………………....12Entrepreneurial Opportunities……………………………………………………………………………...13

Sources of Pain…………………………………………………………………………………...13Price……………………………………………………………….…………….……....13Availability of Products….……………………………………………………………..14

Addressing Value Creation……………….…...………………………………………………….14

FORMULATION AND STRATEGIC RECOMMENDATION DETAILS………………………….……………15

Sister Restaurant - Portsmouth, NH……….…...…………………………………………………………..15Steps to Achieve Goal: Sister Restaurant……….…...…………………………………………...15Evidence of Implementability: Sister Restaurant ……….…...…………………………………..16

Expand Products/Distribution……….…...………………………………………………………………...16Steps to Achieve Goal: Expand Products/Distribution……….…...……………………………..17Evidence of Implementability: Expand Products/Distribution………….…...……………..……18

Works Cited ………………………………………………………………………………………………19

1

Executive SummaryThrowback Brewery is a brewery and restaurant located in North Hampton, New Hampshire. The company was co-founded in 2010 by Annette Lee and Nicole Carrier. Originally run out of a small garage, the co-founders recently purchased North Hampton’s historic Hobbs Farm at auction where they currently operate. The vision at Throwback is to acquire 100% of their ingredients from within 200 miles of the brewery, which they are currently operating at about 70 to 90%. Throwback also seeks to conduct business in a way that is healthy for the environment by re-using their grain as feed for local farmers, encouraging customers to purchase reusable growlers, and saving water for re-use. The name “Throwback” holds a double meaning: it represents a nod to the past of the pre-prohibition era where raw ingredients were locally sourced and processed before brewing; and the idea of throwing back a beer with friends.

By only producing up to 2,000 barrels of beer per year and using 3 barrels each time they brew and hand-bottle their beer, Throwback is considered nano-sized in the brewing industry. They have 10 beers available year-round and 8 beers that are considered seasonals. 64 oz. growlers are also available at the brewery, allowing for customers to get their Throwback beer fix.

The competitive dynamics of the beer industry are the actions and responses firms take in the industry. Brewers compete on different levels according to what sector they are competing in. Throwback for example is competing in the small-local industry against similar breweries, pubs, and restaurants. These businesses typically do not engage in the same manner as mega-brewers and larger breweries who target on producing and selling in large quantities. To be successful, all types of breweries use feedback loops which provide their leaders with important information to reevaluate their company, 2whether they are a local brewery such as Throwback or the mega-brewers selling globally.

New Hampshire in particular is home to both multinational brewers and small, regional nano-brewers alike. Home to 54 breweries as of Spring 2016, the brewing industry of the small state is booming with new breweries going into business every year. The state is attractive to brewers because of the business-friendly regulations on the industry, adequate sources for ingredients, and shear number of gallons consumed on average per year by residents over 21 years of age (at 3 gallons). New Hampshire was the first state in the nation to introduce a new legal classification for breweries - nanobreweries, which produce less than 2,000 barrels of beer per year. There are short falls that come with this sort of classification like distribution setbacks but it has proven to open up the market a bit more to entrepreneurs that are looking to simply test the market like Throwback Brewery.

Although Throwback Brewery has been fairly successful, they still have many sources of pain, or problems in dire need of being solved. Being a nanobrewery, there are many obstacles on the grander scale to overcome with limited resources in comparison to other brewers in the region. Availability of products is a source of pain for the customer because Throwback self-distributes their products and is sometimes unable to provide beer to every restaurant, bar and retailer that it is said to be available. Currently, Throwback Brewery distributes their own beer throughout New Hampshire and would need to

2

seek partnerships with distributors or elevate their brewery legal status to increase their ability to distribute to other retailers or interstate.

As a small brewery located on the New Hampshire Seacoast, Throwback Brewery has an exciting opportunity to increase their brand awareness while holding true to their local values. Portsmouth, New Hampshire is a community-focused city located nearly 8 miles from Throwback’s North Hampton location, ripe with restaurant-going millennials and a location where a majority of Throwback’s beer is already successfully being sold. For these reasons, Throwback Brewery should create a sister restaurant in Portsmouth, a direct model of their North Hampton location.

In response to the opening and operation a sister restaurant, Throwback must increase production of their beer for supply purposes. Their current brewing system allows for a maximum of 2,000 barrels produced per year, which they currently are not attaining. The increased production is important for their restaurant to consistently have their beer supplied, and may provide excess supply for an expanded distribution range. Currently, Throwback provides distribution to 28 towns and cities in New Hampshire with the opportunity to reach more New England-based markets and retailers. Their 200-mile sourcing radius reaches the majority of populated New England; the opportunity is there for Throwback to increase production and distribution for expanded sales while retaining local values.

3

Background InformationThrowback Brewery is a brewery and restaurant located in North Hampton, New Hampshire. The company was co-founded in 2010 by Annette Lee and Nicole Carrier. Originally run out of a small garage, the co-founders recently purchased North Hampton’s historic Hobbs Farm at auction where they currently operate. The vision at Throwback is to acquire 100% of their ingredients from within 200 miles of the brewery, which they are currently operating at about 70 to 90%. Throwback also seeks to conduct business in a way that is healthy for the environment by re-using their grain as feed for local farmers, encouraging customers to purchase reusable growlers, and saving water for re-use. The name “Throwback” holds a double meaning: it represents a nod to the past of the pre-prohibition era where raw ingredients were locally sourced and processed before brewing; and the idea of throwing back a beer with friends.

By only producing up to 2,000 barrels of beer per year and using 3 barrels each time they brew and hand-bottle their beer, Throwback is considered nano-sized in the brewing industry. They have 10 beers available year-round and 8 beers that are considered seasonal. 64 oz. growlers are also available at the brewery, allowing for customers to get their Throwback beer fix.

Internal AnalysisTangible ResourcesThrowback Brewery has a number of specific organizational resources that are essential to their business model. The Co-Owners, Annette Lee and Nicole Carrier are major resources for Throwback Brewery, as well as Head Chef Carrie Dahlgren. Annette Lee is the Head Brewer at Throwback and obtained her education in engineering from MIT. In 2007 she began taking brewing courses from the Siebel Institute in Chicago and completed Siebel’s World Brewing Academy Concise Course in Brewing Technology in 2008. Nicole Carrier is the Head of Marketing at Throwback, handling marketing, social media, technology, and business tasks. Nicole holds a B.A. from Dartmouth College in Economics and Math, and an M.B.A. from the Tuck School at Dartmouth where she went on to become an executive at IBM. Chef Carrie is a graduate of Le Cordon Bleu culinary school, in addition to having a Bachelor of Science in Business from Massachusetts College of Liberal Arts. Before Throwback, Carrie was Chef de Cuisine at Black Trumpet in Portsmouth, NH followed by briefly working at Henry’s Market Cafe in New Castle, NH (Carrier). In July 2015, Annette and Nicole were able to purchase the newly restored Hobbs Farm in North Hampton. The 5,000 square-foot Hobbs Farm now houses Throwback’s 70-plus seat taproom and restaurant, outdoor beer garden, and 15-barrel brewing system in their brewing facility (Sullivan). Recently, Throwback has expanded their operations to include a farming business and recently hired an experienced farmer to develop their summer crop plan. The farm already has several thousand feet of raspberries and blueberries, a small orchard of apples, pears, peaches, rhubarbs, and a hops garden. The food grown by the brewery will provide ingredients for brewing and supply the restaurant with homegrown produce. This unique approach to brewing beer will allow Throwback to experiment with a variety of new raw materials, as well as eliminate demand issues such as, lack of raw materials and high prices for certain products. In addition to the restaurant and brewery of North Hampton, Throwback beer is found in select New Hampshire restaurants, package stores, and marketplaces along the New Hampshire Seacoast.

Intangible ResourcesThe background and experience of co-owners Annette Lee and Nicole Carrier, along with chef Carrie Dahlgren, has given them exceptional knowledge in their respected fields and help Throwback maintain a strong image as a local restaurant and brewery. This knowledge and culture helps create a brand image

4

and reputation for Throwback, which gives customers a feeling of positivity when they associate themselves with such a community-conscious business. Throwback brewery also has partnerships and contracts with an extensive list of local small businesses and farmers in the New England Area that provide them with the unique raw materials used to create their products. These connections help Throwback Brewery meet their vision and goal of 100% of ingredients and raw materials coming from a 200-mile radius. They use local farmers such as Brookford Farms in Canterbury, NH and local maltsters such as Valley Malt in Hadley, MA to source ingredients for their food and beer. Throwback has also partnered with organizations such as the Northeast Hop Alliance and Three Rivers Farmers Alliance to make consistent access to local ingredients possible. The Northeast Hop Alliance is a broad based coalition established to explore the feasibility of re-establishing commercial specialty hops production in New York and the Northeast. Three Rivers Farmers Alliance is a local food distribution company based in the Seacoast of New Hampshire and provides an online marketplace for ordering fresh, local food from a variety of farms (Carrier). These intangible relationships with farmers and the local community, managed by extremely knowledgeable owners, are what provide Throwback Brewery with a competitive advantage. CapabilitiesThrowback’s tangible resources which include a 15 barrel brewing system, 7 fermenters, and 4 brite tanks, provide them the flexibility needed for their experienced brew masters to brew batches of high quality, artisanal beer. Their 15 barrel brewing system was implemented shortly after their transition to their Hobbs farms, and gives them the capability to brew up to 2,000 barrels of beers per year. The 7 fermenters are used to convert glucose in the wort into ethyl alcohol and carbon dioxide gas, giving the beer its alcohol content and carbonation in the process. Fermenters normally hold a large quantity of beer at a time, can take weeks to complete fermentation, and require a substantial amount of energy to maintain a fixed temperature, thereby limiting the capacity of a brewery to the number of fermenters they own. The 4 brite tanks are vessels in which beer is placed after fermentation and filtering (if filtration is used) so the beer can further mature, clarify and carbonate, as well as be stored for kegging, bottling, and other forms of packaging.

The brewing team creates recipes designed to take advantage of ingredients that can be easily grown in New England such as local wheat, maple syrup, apple wood, and unusual ingredients like jalapenos. Throwback also utilizes their access to local ingredients in the preparation of their food with Three Rivers Farmers Alliance which is a network of farms and local producers which work cooperatively to market, aggregate, and distribute locally produced food, and their own on-site farm. Given their 5,000 square foot farm now houses a 70-plus seat restaurant, Throwback also has the capability of holding planned events at their venue. From an environmental standpoint, Throwback seeks to conduct business in ways that are healthier for the environment. They use technology to save water used to cool the hopped wort for brewing the next day and are able to reuse their resources in the sense that many excess ingredients that would otherwise be wasted are incorporated in either restaurant’s inventory or used by local farmers to feed livestock.

In April 2016, Throwback fully implemented a solar panel energy system which is powering approximately 50% of their brewery. This system is estimated to have five year savings of almost $50,000 and additional environmental benefits including projected CO2 savings of 78,624 lbs., Sulphur Dioxide savings of 72.58 lbs., and Nitrogen Oxide savings of 139.10 lbs. VRIO Framework In order to further analyze Throwback Breweries competitive position in the market, it was necessary to complete a VRIO framework analysis. The small seacoast brewery has seen success in their strategic

5

position; however, it is essential to understand the unique advantage that has allowed Throwback to obtain this success. Valuable:Throwback Brewery has many valuable resources and capabilities. The capability which provides them with a competitive advantage is the relationships with farmers and the local community that are managed by the extremely knowledgeable owners. This dynamic is valuable to Throwback Brewery because without these connections, they would be unable to fulfill the vision of their company. These partnerships allow them to get unique ingredients within a 200-mile radius of the brewery and use only fresh local ingredients. As they develop better relationships with farmers and small local businesses, they are able to provide input and request that farmers grow specific raw materials needed to brew unique beers. By using only local businesses, Throwback Brewery has cemented themselves within the local community and created a unique relationship with members of the surrounding area. They are a positive member of the community and are continually adding value by creating and participating in activities, such as organizing community events and participating in farmers markets. None of these efforts would be successful without the dedication and expertise of the owners, Nicole Carrier and Annette Lee. Rare:The strong partnership with local farmers and positive relationship within the community are a fairly rare advantage within the nano-brewing industry. Although many breweries have attempted to create this sort of dynamic, there are few that have undertaken such a strong coalition with local businesses by only sourcing raw materials within a 200-mile radius. It is also rare to have owners with such an extensive background and knowledge. Costly to Imitate:Although any brewery can purchase the same type of raw materials, the specific partnerships and relationships with the local farmers may be costly to imitate. Throwback Brewery has put a lot of resources towards creating these relationships and it would be difficult for another local brewery develop the same dynamic. Organized to Capture Value:Throwback Brewery is definitely organized to capture the value of their relationships with local farmers, as well as their positive influence on the local community. The owners of the company have developed an effective organizational structure and coordinating systems to fully exploit competitive potential of having such unique partnerships with their local businesses. For example, using raw materials within a 200-mile radius could be limiting because there are only so many ingredients available during certain times of the year. Throwback Brewery, however, has turned this potential limitation into an advantage by using some unusual ingredients to invent rare and seasonal styles that have become an instant success. External AnalysisCurrent Customers:Hampton HarryGiven their North Hampton restaurant location, the most prominent of Throwback’s current customers are the natives of the New Hampshire Seacoast area. Though the town supports only 4,301 residents, a significant amount of Throwback attendees come from neighboring Hampton, NH which boasts a population of over 15,000. The value for these customers come from the convenience that the proximity of the restaurant provides. Those in the Hampton Harry customer persona would seek out Throwback as a place that they can go and grab a beer after work or enjoy a nice dinner on the weekend.Tourist Terry

6

New Hampshire has over 25 million tourist visitors per year 30% of which choose the New Hampshire Seacoast as their destination. In the New Hampshire Seacoast, Hampton has an abundance of attractions and is neighboring to North Hampton. With the expansion of the craft beer market, breweries are seen as enticing attractions and visitors are becoming increasingly more interested in touring while visiting the seacoast area. Throwback provides value to the Tourist Terry persona in providing the option of touring their unique and character ridden nano-brewery. In touring the brewery, visitors are apt to eat dinner or have a drink at the bar making the Tourist Tammy persona a valuable segment that they should cater to.Bob Beer LoverThe behavioral components that the Bob Beer Lover persona possesses include the tendency to choose craft beer over macro brewed, supportive of the utilization of local ingredients, drink a wide variety of beers, and will pay a premium for a highly differentiated brew. For this particular segment, the value components that are appealing include the intrinsic value of the beer, the experience that comes with trying a different product, and supporting a local business. Value can also be posed to the customer through Throwback’s environmental practices. Typically customers who identify with these behavioral attributes would see being environmentally friendly as a positive value. Due to their product distribution, a key cost driver is the lack of convenience to purchase the product. Though this is a cost driver, customers in this persona will sacrifice the time to travel and often pay more to get a beer they deem valuable.

Potential Customers:Terry Try New ThingsIn adding a restaurant in a younger hub like Portsmouth, NH or Newburyport, MA Throwback would be able to reach a younger demographic, namely Millennials. Millennials make up 21% of the adult population, but 29% of the beer volume. Though millennials are notorious cheapskates, they are willing to spend more money on leisure activities including alcohol beverages. Also the younger generation has been hit harder by the current unemployment levels causing them to drink smarter. This means that they tend to purchase one high quality craft beer instead of two bland beers on their nights out. Millennial’s are also more apt to spend money on experiences rather than tangible products. This could be a potential value proposition if Throwback were to make a restaurant in Portsmouth that is appealing to millennialsBoat Owner BarryAnother potential customer persona that Throwback could reach in moving to a close by hub is the older group that may be nearing retirement. In Portsmouth especially, the older demographic is growing. This particular demographic has more expendable income than any other current customer and currently comprises 22% of the craft beer market. Like Bob Beer Lover’s this persona is attracted to the intrinsic value of beer and is willing to pay more for a high quality brew. They also would value convenience and would not travel as far to attain a beer as the beer lover persona would. If Throwback was more prominent in the Portsmouth area where they reside, the pain point of the inconvenience they currently experience to get a Throwback beer would disappear.

5-Forces & Strategic Groups FrameworksAs of 2016, there are 51 breweries in New Hampshire with a high concentration located in the seacoast region around Throwback Brewery. Some of these competitors in the seacoast region include Smuttynose Brewing Company, Neighborhood Beer Co., Beara Irish Brewing Co., Great Rhythm Brewing Company, among others. These breweries vary greatly in their capacity to produce and distribute their product. Two

7

more breweries are in the planning stage to open up in the next year - Monadnock Brewing Company and Newfound Brewing Company according to reports from NHbeer.org. Therefore, competition in the emerging craft brew market is incredibly high; many breweries open and fail without good quality or a well thought-out business model. The brewing environment in New Hampshire is ruthless especially if a brewery doesn’t forge strategic partnerships - Throwback Brewery for example recently coupled with Smuttynose (their SmuttLabs department) to create an experimental IPA with some success. Both breweries are actively seeking the opportunity to partner together on a future project to entrench their positions in the craft brew industry. Brewers are constantly fighting for market share by creating different and interesting tastes to keep customers coming back. Along the seacoast and just over the border in Maine, there are craft breweries that may already pose a threat to Throwback. Shipyard Brewing Company in Eliot, Maine for example has already broken into the New Hampshire craft brewing market as it’s widely available at a number of distributors within the state. Entry into the market is relatively easy due to relatively low start-up costs and the business-friendly atmosphere of the state. Entrepreneurs are constantly seeking to try their hand in the market as it is a booming industry. Bargaining power of buyers is medium as there is a wide selection of craft beers available in supermarkets, local markets, and breweries etc. As there isn’t typically a set retail price across different vendors, customers have the opportunity to shop around and find what prices are most attractive to them and the convenience at buying at certain stores (as all New Hampshire stores don’t carry all New Hampshire craft beers). The threat of substitutes is high as many people drink craft beers with a share of preference with consumers trying a wide variety of beers. The industry reflects an anti-culture meaning that consumers tend to prefer companies that are smaller and not necessarily common. With the culture promoting trying new beers, the threat of substitutes is high as customers of particular breweries are not necessarily brand loyal allowing for substitutes to gain preferences.

Suppliers to breweries provide ingredients like hops and malt which are grown by a number of local and regional suppliers. Throwback is beginning to supply ingredients from their own farm which is helping them to lower the amount of ingredients purchased from other farms. Their strong partnerships with farms create a long-lasting relationship which makes doing business assertive yet respectful. While breweries have the option to purchase from a number of farmers, the suppliers of these ingredients have low bargaining power due to their relatively high prevalence.

8

Macro Environmental:PoliticalChanging alcohol consumption habits, taxation policies, political lobbying for divergent market classification, and antitrust issues affect the political landscape of the beer industry. The United States has a three-tier alcohol control system that distinctly separates the manufacturers, wholesalers, and retailers. Underage and irresponsible consumption of alcohol is a major concern for the political landscape. Beer is not like many consumer goods, the industry has to adhere to advertising norms that prescribe the content and when the advertisements may air. Taxation of the beer industry is significant because of its revenue-generating capacity. Brewers are categorized according to size, if they produce over two million barrels per year, and taxes on each barrel produced. Initiatives to expand the classification of small brewers to six million barrels per year and reduce the excise tax per barrel are underway in the political landscape (Lowrie). EconomicCurrently, economic outlook is strong in the United States with gains in consumer spending and consumer inflation holding steady. The beer industry is also strong, but has historically been under economic scrutiny due to the passage of the 18th Amendment, a report in 1997 containing numerous damming factors such as unfavorable demographics, a new form of health consciousness, and anti-drunk driving measures. The modern beer scene has seen significant advancements and Bill Herlicka, owner of White Birch Brewing believes, “Today's beer scene was built on the bones of the 90's collapse... in many ways we're in the golden age of brewing. The numbers of brewers open and opening are beyond any historical scale (Mccune).” This golden age survived the recession of 2008 and 2009, even though there was a decrease in sales of domestic premium and sub-premium beers. The continued growth in the beer industry as whole depends on United States economic prosperity and competition from imports. Growth in foreign competition and future economic prosperity will help make the beer industry dynamic and transformative. With the

9

economic outlook being strong, growth seems likely and stable (Victor Tremblay, Iwasaki and Tremblay). SocioculturalThe average beer consumer in the United States has changed as more craft breweries emerge within the industry. The average consumer has become more aware about the differences in each beer, much like the consumer awareness involved in the wine industry. Consumers, especially Millennials, know their favorite styles and generally try to find a brand that produces the specific style they prefer. Some beer enthusiasts believe that with the large variety of specialty beer, a new sense of particularity has developed within the small brewery consumer group. This atmosphere of particularity has been known to hurt efforts of attracting a wider audience to come into the nano and craft beer industry (Mccune). Several brewers have also noted the direct influence consumers have on fostering a corporate culture of sustainability. There is a progressive intellectually aware group of consumers that have green expectations for breweries to meet. With these consumer expectations the production of beer unites community cohesion around sound ecological principles that improve the local quality of life in tangible ways (McWilliams). TechnologicalTechnology has revolutionized craft beer production, allowing brewers greater efficiencies than they'd ever imagined. Broadhead and other small brewers are using technological advances to save time and money while producing consistent tasting, commercial quality beer. New technologies give brewers more leverage and control over their products. While electronically controlled brewing has been possible for some time, recent advancements in cheap, accessible and highly capable hobbyist technology have significantly improved the consistency of small batches of DIY microcontroller beer. Micro and nano-brewers are using a variety of devices to automate and handle everything from temperature control and monitoring to pumping various stages of the brew process between tanks (Braga).

New brewing technologies are constantly being developed, however, many brewers agree “there’s only so far microcomputers can get you in reaching your vision (Braga).” Total automation is still out of reach for micro and nano-breweries, which means it is essential for talented brew masters to manually add grains and hops at specified times. Although it is not necessary to use new technology to produce quality beer, it may be essential for small breweries in order to save costs, achieve consistency, and create an overall competitive advantage within the industry. EcologicalFor decades, big brewers treated natural resources as if they were unlimited and rarely gave thought to pollution or the effect of their ecological footprint. In the 1990s small craft breweries began to proliferate with a progressive attitude towards the environment and the natural resources used during the production of beer. The environmental movement has been a leading factor within the brewing industry and largely contributes too many breweries success (McWilliams). Micro and nano-breweries are constantly “pushing each other to do better,” and “setting an admirable standard of ecological efficiency (McWilliams).” Many businesses have set environmental benchmarks for others to emulate and expand upon. The art of brewing beer is leading to a future in which industrialism is associated with ecological responsibility. There has been a shift from a corporate emphasis on making labor more productive to a corporate emphasis on making natural resources more productive. Currently, large breweries are making an effort to compete with small breweries by improving their environmental record and using similar sustainable practices. LegalNew Hampshire was the first state to officially license nano-brewery operations in 2011. It defines a nano-brewery as a business that manufactures beer or specialty beer, not exceeding, 2,000 barrels, or 63,000 gallons, annually for sale in any quantity to the general public or licensees. This law eliminated

10

difficult barriers to entry for Nano breweries and currently, there are more open than ever before in the state of New Hampshire (Gee). The New Hampshire law offers other money-saving advantages. Nano-brewers can apply for a separate brewery license that costs just $240 a year, rather than $1,200, and can serve beer without the usual requirement that the brewery function as a “brew pub” by also selling hot food (Gee). Although there are many advantages to the new law, there is still a disadvantage for nano-breweries regarding distribution of products. Nano-brewery licensees are required to self-distribute their product and cannot take advantage of the transportation network and sales force of a distributor. This leads to many businesses exchanging the nano-brewery license for a full-blown beverage manufacturer license within the first two years of operations (Gee). Although nano-breweries are great for their personal and local feel, some think that the nano-brewery license is best utilized by startup brewers as a way to build a customer base and to establish their brand. Without access to a strong distribution network, nano-breweries might be at a disadvantage. As Bill Herlicka (founder of White Birch Brewing) states in the article, Nano-breweries in New Hampshire, “At the end of the day, beer is a volume game and without volume you’re not able to do much (Ross).” Nano-brewers hoping to circulate their beer must obtain a manufacturer’s license to expand their reach to customers by commercially distributing products.

Current Strategic Positioning FrameworkThrowback Brewery is able to use their current and potential market segments to create an adaptable strategic positioning. There are three key factors which dictate Throwback’s strategic positioning: Culture & Image which relates to what the company values and also how the brand is perceived by both current and potential customers; Value Proposition determines the unique ways Throwback is able to deliver value through their products to customers; and Customer Values are the unique and ever-changing values of Throwback’s customer base, which not only shape Throwback’s strategic positioning, but also their competitor’s. Through their products, benefits and features, Throwback is able to meet the wants and needs of customers and create a value which is unmatched by local competitors. Throwback’s products are seen as superior to their current customer base because of the effort that is put in to ensure they are as environmentally and locally friendly as possible. Their value proposition communicates to customers what they get when taking part in Throwback’s products, and supports their strategic positioning in the local market. It is important for Throwback and their competitors, including micro breweries and local nano breweries, to continue to meet the needs and wants of their customers. In the cultural sense these will be unpredictable and ever-changing, but the market Throwback already attracts to is a good determiner of future segments. Locality and environmental awareness are both growing segments and may determine the success of other businesses. Potential customer segments for Throwback such as women and millennials may also start trending towards Throwback’s business model, and may become current segments without any additional commitment by the company. With customer values, value proposition, and culture & image in mind, Throwback has created a strategic positioning which is firmly planted in the local market and able to be responsive to developing trends.

Repositioning Framework

Potential Repositioning OpportunitiesThrowback Brewery acquires their resources locally, which allows them to have higher quality and fresher ingredients. This business model creates higher operating costs, but drives their mission of substantially and creates more value to the customer than local competitors. It also reduces cost of goods

11

sold because Throwback has partnerships and contracts with local farmers to receive many goods at a lower cost. To reposition themselves, Throwback should provide a higher variety of beers to meet millennials and early-adopters demands for a product that differentiates itself every time they consume it. The consumer should have a sensation of rarity when they drink Throwback’s beer. Throwback should consider only offering one beer per season to start off the retail sales. This may allow them to increase the selling price of the beer due to increased exclusivity. Another important positioning factor that Throwback Brewery has focused on is their sustainability efforts. For a majority of millennials sustainability is superior to convenience. In a recent global online study by Nielsen, it was found that millennials continue to be the most willing out of any generation to pay a premium for sustainable offerings. This makes them “...willing to pay more for products and services that come from companies who are committed to positive social and environmental impact...” Data shows this aspect of millennials consumerism growing strong—up from 55% in 2014 to 72% in 2015. To attract millennial service and loyalty and to cut cost of manufacturing even further, Throwback is constructing solar panels to be used at their farm and brewery (Green Generation: Millennials say Sustainability is a Shopping Priority). Overall, Throwback should focus on positioning themselves in the brewery market as a high cost, high quality craft beer producer with a strong focus in sustainability and product differentiation.

Geographic Opportunities

Throwback is a small family and friend run brewery. As their name grows among beer drinkers in the Northeast, so should their reach to consumers. A large part of Throwback Brewery’s mission is to obtain all ingredients within a 200-mile radius and it is essential to stay within this geographical restriction as opportunities of expansion arise. Being a small beer company, Throwback does all distribution internally. That meaning everywhere a consumer can find the beer, it was delivered out of the back of the company van by the employees or even the two co-founders. Actual location, the majority of the beer is found in the Seacoast area surrounding the farm but as you travel north and west, the selection becomes sparser. Throwback may be reluctant to leave the state of New Hampshire and even the small community-sized operation that is currently being run, but if they are to expand, there are many great opportunities. The closest city proving to be a good prospect for Throwback is Portsmouth, New Hampshire. With the area being highly sought after for residence, having Throwback’s brand all across town at bars and restaurants is very beneficial in helping their name grow by word of mouth. Comparable to Portsmouth is Newburyport, MA, which has very similar demographics to that of Portsmouth and could offer a successful customer base for Throwback. The problem is, the Co-Founders

12

are nervous that by becoming too large and leaving New Hampshire, their brand value might decline. To keep the company successful without becoming too engrossing, an option is to distribute and sell their product out of Case-n-Keg type specialty stores that have their type of rare beer flavors that you don’t find at gas stations. An expansion option similar to specialty stores could be moving the product into more Whole Foods. This store falls in line with the same beliefs and practices that Throwback has which would make them a good fit. With locations in Bedford and Nashua, these locations could be used to test and see how successful the product would be and could lead to even further expansion. Along those lines, further expansion could include moving into Market Baskets around NH. Since they are a small farm based brewery, extreme growth is not a short-term realistic option, but there are some realistic opportunities for sustainable growth in nearby local communities. As indicated below, the 200-mile radius that Throwback has for ingredient acquisition takes up all of New England. Receiving or distributing into Canada seems too far and is of low interest to the North Hampton based brewery. Montreal is outside of their radius and would seem to be too much of a reach to expand their radius. Between not wanting to leave the state, and half the radius in wasted ocean space, Throwback is working with a limited section of their distance preferences.

Entrepreneurial Opportunities Sources of PainAlthough Throwback brewery has been fairly successful, they still have many sources of pain, or problems in dire need of being solved. Being a microbrewery, there are many obstacles on the grander scale to overcome with limited resources in comparison to other brewers in the region.

PriceThe price of Throwback Brewery’s beer at their North Hampton location is as follows:

Size Price

Pint $5.50 - $6.00

22 oz. Bottle $13.00

Growler $12.00 - $18.00

At other locations where Throwback distributes their beer, the price ranges from $6.00 to $13.00 depending on the type of beer and if it is sold in bottles or on draft. These prices are medium to high compared to other craft beers offered on draft and in bottles at bars and restaurants. In North Hampton, the median household income is $86,853, which is much higher than the median household income in the U.S. of $51,939 (Community Profiles: North Hampton, NH). The medium to high prices of beer may not be an issue in the North Hampton location; however, they could prove to be too high for other consumers outside of the area who would like to purchase their beer. An opportunity that could arise from this source of pain is that Throwback could offer beer in a lower cost type of packaging that would be popular amongst a larger variety of customers.

13

Availability of ProductsAvailability of products is a source of pain for the customer because Throwback self-distributes their products and is sometimes unable to provide beer to every restaurant, bar and retailer that it is said to be available. Currently, Throwback Brewery distributes their own beer throughout New Hampshire. Their distribution network consists of bars and restaurants located in 28 towns and cities within New Hampshire. Portsmouth, New Hampshire has the largest concentration of bars and restaurants that have Throwback’s beer on draft or being sold in bottles with 22 locations. The other high concentration towns, such as Exeter with 5 locations and Nashua with 4 locations, do not come close to the amount of beer being demanded and distributed in the Portsmouth, NH area. Given these circumstances, a customer may have difficulty locating and purchasing Throwback’s products. To address this source of pain, Throwback should expand its manufacturing production and increase self-distribution. According to New Hampshire self-distribution laws, it is necessary that their total in-state direct retail sales do not exceed 5,000 barrels (Self-Distribution Laws). If this is the case, Throwback must hire a distributor to deliver their products both within and outside of New Hampshire (Barnes). Expanding the distribution network is a necessary as Throwback continues to grow. Addressing Value CreationExpanding their restaurant to another location in the region will likely have a positive impact on their business. Building up another establishment in a more populated area, like Portsmouth for example, will allow for a more accessible location for people in the region while growing the brewery’s image. Throwback Brewery currently has a brewer license for the state of New Hampshire, but does not have the clearance to ship their own product outside of state borders. This restriction may prove to be limiting; Throwback can either get the licensing required to ship to interstate markets, such as Maine or northern Massachusetts, or they can create a partnership with a distributor that has the ability and legal documentation to ship across state lines. Throwback Brewery sources their ingredients within a 200-mile radius of their farm in North Hampton; therefore, they must have some sort of receiving system in place already that they could possibly utilize to start distributing to new areas of interest. If they are sourcing ingredients from another state, then they could likely start a relationship with that shipping company to start moving Throwback Brewery’s beer to locations along their shipping routes. As Throwback expands their business, keeping the community aspect of their business is incredibly important for their success. Therefore, community involvement will need to carry over to other Throwback operations if they were to build or buy another building. At the same time, keeping the same atmosphere of the original brewery in terms of their different and unique vibe will be important to sustaining the brand of the brewery, but also getting people familiar with what kind of image the brewery shows off. The North Hampton brewpub has its own style that Throwback would likely want to preserve across other restaurants. Formulation & Strategic Recommendation Details Sister Restaurant -Portsmouth, NHThrowback Brewery’s restaurant has been an integral part of their business since opening in July of 2015, and has seen tremendous success of sourcing of ingredients within a 200-mile radius. With the brewery’s own on-site farm and involvement with local farmer’s alliances, Chef Carrie Dahlgren has been able to produce an efficient supply-chain of ingredients. “It’s amazing what’s happened even in the past year,” Dahlgren said. “Now we have Three Rivers Farmers Alliance and I can go online on Monday and by

14

Wednesday morning I have the delivery right at the restaurant. (Forrest)” Three Rivers Farmers Alliance includes growers and producers for local chefs including Dahlgren, and has given Throwback a reliable source of ingredients. Throwback is also expanding their own on-site farm, and has hired Katie Malloy as a full-time farmer. The farm includes chickens for eggs, berries, apples, pears, peaches, rhubarbs, and a hops garden; all of which will be used in their restaurant and seasonally driven beer. As a small brewery located on the New Hampshire Seacoast, Throwback Brewery has an exciting opportunity to increase their brand awareness while holding true to their local values. Portsmouth, New Hampshire is a community-focused city located nearly 8 miles from Throwback’s North Hampton location, ripe with restaurant-going millennials and a location where a majority of Throwback’s beer is already successfully being sold. For these reasons, Throwback Brewery should create a sister restaurant in Portsmouth, a direct model of their North Hampton location. Throwback already has the strong connections needed for ingredients via Three Rivers Farmers Alliance and their on-site farm and a Portsmouth location would make for easy transportation of their beer. Portsmouth is also located directly on the seacoast, giving Throwback the ability to source local seafood as a majority of their menu. Similar to Three Rivers Farmers Alliance, New Hampshire Community Seafood is a Community Supported Fishery which provides their members with the freshest possible fish, supports New Hampshire fishermen, and promotes sustainable fisheries. New Hampshire Community Seafood is located in Portsmouth, New Hampshire and could become a vital new partner with a Throwback-Portsmouth location. Steps to Achieve Goal: Sister RestaurantFactors for Throwback to consider in entering the Portsmouth market entail finding a financially sufficient location that has moderate to high foot traffic. There are commercial spaces available downtown that could support the operation, such as the vacancy on Market Street that rents for $26-32 per square foot per year. The market is incredibly competitive with the number of breweries in the area, but since Throwback has penetrated the market through other pubs, it could have a customer base in place already. To establish and operate a new food service or retail food store in New Hampshire, the submission of an application and detailed floor plan for the new establishment is required. Throwback has experience with this process considering they went through it for their North Hampton location. Once in operation, the New Hampshire Food Protection services will conduct an onsite inspection to establish compliance with their administrative rules regarding sanitation. If deemed compliant a 90-day provisional license will be issued which entails a random inspection within 45 days of its issuance, which pending approval will result in a license for a full year. Requirements for these licenses include a sufficient water system, waste/septic system approval, handicap accessibility, a liquor license, and a detailed floor plan. The floor plan must include the location of food equipment, preparation stations, refrigeration, and locations of all sinks (Handwashing, 3 compartment food preparation, and service sink.) To align with the value, they built at their Hampton location, Throwback will have to build a strong community presence and develop a menu with local ingredients at the core. Given the proximity to the ocean, Portsmouth has a strong fishing community. NH Community Seafood Company is a distributer located in Portsmouth that currently supplies all seafood produce to the Black Trumpet, which Throwback’s current chef has previously worked at. In building a seafood-based menu, they would differentiate the Portsmouth and Hampton locations all while aligning with their core competency of

15

using local ingredients. Throwback could also partner with FishNH.com and put on family events in Portsmouth to build a community presence similar to what they’ve done in Hampton. Throwback could also participate in farmer’s markets held in Portsmouth with their fresh ingredients from their Hampton farm. Evidence of Implement ability: Sister RestaurantThe co-owners of Throwback Brewery, Annette Lee and Nicole Carrier, have the experience and expertise to operate a fully functional sister restaurant in Portsmouth, New Hampshire and expand the distribution of the company. Annette Lee achieved her education from MIT in engineering, spent 20 years working as an environmental engineer, and completed Brewing Technology Course from Siebel’s World Brewing Academy Concise Course in Chicago. Nicole Carrier graduated from Dartmouth College with a Bachelor’s Degree in Economics and Math and a Masters from Dartmouth’s Tuck School. She is formerly an IBM executive and spent years mastering the craft of home brewing. Annette and Nicole’s high-level management skills, entrepreneurship experience, and connections give them the tools necessary to operate a fully functional sister restaurant and expand distribution of the brand. Throwback has been operating their restaurant since July 2015, and has been successful with head chef Carrie Dahlgren. Carrie is a graduate of Le Cordon Bleu culinary school, and achieved her Bachelor’s in Business from Massachusetts College of Liberal Arts. Chef Carrie has experience in the restaurant market of Portsmouth, New Hampshire, where she was recently Chef de Cuisine at Black Trumpet Restaurant. Her experience at Black Trumpet is a key resource for Throwback’s move to Portsmouth and could provide the necessary connections to hire staff and find a location. Ingredients for this restaurant will also be easily accessible, due to Throwback’s on-site farm, Three Rivers Farmers Alliance, and New Hampshire Community Seafood. Portsmouth based restaurants have been highly successful, even with the amount of competition. The Throwback-Portsmouth concept of local seafood and local beer fits perfectly into the city’s community, and has the proper fusion to contend against the likes of Black Trumpet Restaurant, Portsmouth Brewery, and other popular destinations. Expand Production/ DistributionIn response to the opening and operation a sister restaurant, Throwback must increase production of their beer for supply purposes. Their current brewing system allows for a maximum of 2,000 barrels produced per year, which they currently are not attaining. The increased production is important for their restaurant to consistently have their beer supplied, and may provide excess supply for an expanded distribution range. Currently, Throwback provides distribution to 28 towns and cities in New Hampshire with the opportunity to reach more New England-based markets and retailers. Their 200-mile sourcing radius reaches the majority of populated New England; the opportunity is there for Throwback to increase production and distribution for expanded sales while retaining local values. A viable option for Throwback is to retail in more Whole Foods and Market Baskets. These companies both support local business and hold a fair amount of craft beers. As of May 2014 there are 46 Whole Foods in New England and 75 Market Baskets. Throwback currently is retailing out of one Whole Foods location in New Hampshire and could look to expand into more NH locations. With 30 locations in New Hampshire alone, Market Basket is the retailer of choice for many New England area breweries including Smuttynose, Red Hook, Moat Mountain, and Stoneface. For Throwback to gain a stronger customer base

16

they have the opportunity to produce and distribute into a larger number of retail outlets in the New England area, while retaining their polished market niche. For retail purposes, it is proposed that Throwback switches it’s container from growlers and 22oz. bottles to tall 16oz cans. Not only are cans more inexpensive and easier to transport, but they also align with Throwback’s sustainable business model due to the recyclability of cans opposed to glass. Cans also protect the beer from light degradation which glass does not. Similar to Moat Mountain, it is proposed that Throwback is sold in 4 16oz packages. In expanding production to Market Basket and Whole Foods, Throwback should also consider positioning themselves amongst the higher quality of craft beers. In using local ingredients and their current position as a nano-brewer, Throwback could use these unique qualities and position themselves as a high quality rarity in the craft beer market. In the short term, Throwback should distribute one type of beer per season. Due to the limited time availability and scarcity of the product, it is predicted that consumer demand will increase. By doing this Throwback would be able to charge a moderately higher price similar to Moat Mountain, and increase their overall profit per barrel. Steps to Achieve Goal: Expand Production/ DistributionThe production of beer at Throwback currently hinders their ability to increase distribution. Production will need to increase substantially to provide a constant supply for retailers, increased revenue from the restaurant will give Throwback the ability to do so and will be monitored to be as sustainable as possible from the oversight of the co-owners. Throwback can increase their production to capacity by standards of their current brewing equipment by adding a second shift in their brewery. To do this, a qualified brew master would have to be hired as well as supporting staff. This will require training which will take both capital and time but will result in increased revenues in the long run. To keep pace with the increased production, it is proposed that Throwback also takes an investment in an additional 11 x 68 x 88 refrigerated truck. The truck would require an investment of roughly $45,000 but will prevent Throwback from hiring an independent distributer. The truck does not require a CDL licensed driver and would have storage for up to 4 pallets, which would allow for the transfer of both beer-to-retailers and ingredients to sister restaurant in Portsmouth. With the investment in the truck additional staff would have to be hired and trained to deliver the products. To gain shelf access with Whole Foods and Market Basket, Throwback would have to prove sustained production that would be sufficient enough to meet the demand in the stores. To attain this goal, Throwback can in the short term increase the amount of stores they are currently in through their increased production and distribution. By increasing their distribution, Throwback will also gain brand reputability amongst beer consumers. Once sustained production number are solidified, Throwback can use this leverage achieve their long-term goal of gaining shelf space in local Market Baskets and Whole Foods. In the short term, Throwback should explore a contract with Iron Heart Canning to produce their 16oz cans for retail distribution. Iron Heart is a mobile canning company that will come to Throwback Brewery to can their beer. This will limit their travel costs and will be a low risk investment that would allow Throwback to experiment before fully transitioning to cans. Initially, Throwback will only can 1 beer

17

seasonally and that will be the beer they will distribute for retail. In the long-term, if the consumer feedback is positive regarding the canned beer, Throwback could explore building a cannery on their Hampton site. Evidence of Implement ability: Expand Production/ DistributionThrowback has incremental goals regarding distribution and production that are relatively low risk and do not require substantial capital commitment. The only large capital investment they will have to commit to is the refrigerated truck which they will own and have the option of selling off. All other capital investments will be variable and can be terminated at any given time. Given the growing craft beer industry in New Hampshire and the proven success as a nanobrewer, Throwback will be able to effectively implement the strategy of increasing production. In increasing production and distributing in many local markets to begin, the brand awareness of Throwback will increase which will make it easier to enter the large grocer market. In the current New Hampshire craft beer market, there are a number of relatively small breweries that have had success in increasing production in order to move into larger grocery stores. Namely, Moat Mountain has had recent success in expansion undergoing construction to build their own cannery in 2011 as well as increasing the amount of barrels they brew by over 100 percent. Today, craft beer in the American beer industry represents only 10% of the entire beer market. Due to this small amount of market share there are a tremendous amount of opportunities for growth. The Brewer’s Organization has set a 10-year goal of attaining a 20% market share within the next 5 years. Throwback must act and gain valuable market share and consumer preferences while it is to be had. Eventually, the growth of the industry will plateau given the amount of brewers currently entering the market. Throwback has the resources to grow and attain market share in the New Hampshire brewing industry, but time is of the essence and the window for growth will get slimmer.

18

Works Cited

Barnes, Christopher. "Boost Your Craft Beverage Sales by Hiring a Wholesaler." 26 January

2016. The Equipped Brewer . 21 April 2016 <http://www.equippedbrewer.com/sales-

and-distribution/boost-your-craft-beverage-sales-by-hiring-a-wholesaler >.

Bland, Alastair. "California Brewers Fear Drought Could Leave Bad Taste In Your Beer." 20 February

2014. NPR. 21 March 2016

<http://www.npr.org/sections/thesalt/2014/02/19/279627234/california-brewers-fear-drought-

could-leave-bad-taste-in-your-beer?ft=1&f=1007>.

Braga, Matthew. "Craft brewers tap technology to create consistent, commercially viable beer." 27

September 2013. ENTREPRENEUR. 21 March 2016

<http://business.financialpost.com/entrepreneur/craft-brewers-tap-technology-to-create-

consistent-commercially-viable-beer>.

"Business - Smart Technology Wins Brewery Orders." The Irish News 8 April 2014: 37.

Carrier, Nicole. 2014. 28 March 2016 <http://throwbackbrewery.com>.

"Community Profiles: North Hampton, NH." 2014. New Hampshire Employment Security. 21

April 2016 <http://www.nhes.nh.gov/elmi/products/cp/profiles-htm/northhampton.htm>.

Forrest, Rachel. "Farm to Table all about Connections." 16 April 2016. Seacost Online. 21 April

2016 <seacostonline.com>.

Gee, Brandon. "N.H. law gives nanobreweries a larger standing." 5 February 2013. Boston Globe. 21

March 2016 <https://www.bostonglobe.com/business/2013/02/05/new-hampshire-law-prompts-

boomlet-tiny-nanobreweries-selling-craft-beer/Xt0ocVfMv6UPdIaPEBX6dK/story.html>.

19

"Green Generation: Millennials say Sustainability is a Shopping Priority." 5 November 2015.

Nielsen. 21 April 2016 <http://www.nielsen.com/us/en/insights/news/2015/green-

generation-millennials-say-sustainability-is-a-shopping-priority.html>.

Group, Demeter. "State of the Craft Beer Industry 2013." 2013. Demetergroup.net. 22 March 2016

<http://demetergroup.net/sites/default/files/news/attachment/State-of-the-Craft-Beer-Industry-

2013.pdf>.

Holtz, Steve. "Getting Millennials Into the Beer Cave." 26 January 2016. Convenience Store and Fuel

News. 28 March 2016 <http://www.cspnet.com/category-news/beverages/articles/getting-

millennials-beer-cave>.

Johnson, Julie. "Don't Count Beer Out Yet." 22 September 2014. Beverage Dynamics. 22 March 2016

<http://www.beveragedynamics.com/2014/09/22/dont-count-beer-out-yet/>.

Kirchoff, Lindsey. "Why More and More Millennials Drink Craft Beer." Word Press. 28 March 2016

<http://howtomarkettome.com/2012/03/31/why-more-and-more-millennials-drink-craft-beer/>.

Lapoint, Kevin. "Microbrewing in the US: An overview of the microbrewery industry and a business plan

for future success." 2012. Scholars.unh.edu. 23 March 2016

<http://scholars.unh.edu/cgi/viewcontent.cgi?article=1008&context=honors&sei-

redir=1&referer=http%3A%2F%2Fwww.google.com%2Furl%3Fq%3Dhttp%253A%252F

%252Fscholars.unh.edu%252Fcgi%252Fviewcontent.cgi%253Farticle%253D1008%2526context

%253Dhonors%26sa%3DD%26sntz%3D1%26usg

%3DAFQjCNHgKQPsJVI2BvAeg5CyxGvncMYlSA#search=%22http%3A%2F

%2Fscholars.unh.edu%2Fcgi%2Fviewcontent.cgi%3Farticle%3D1008%26context%3Dhonors

%22>.

Logan, Megan. "The Zymatic Turns the Art of Microbrewing Into a Science." 26 June 2015. Wired. 21

March 2016 <http://www.wired.com/2015/06/picobrew-craft-beer/>.

20

Lowrie, Leanes. "Beer Industry Legal & Political Factors." 2016. Chron. 22 March 2016

<http://smallbusiness.chron.com/beer-industry-legal-political-factors-75952.html>.

Mccune, Adam. "New Hampshire's Nanobrewing Laws Are Bolstering A New Beer Boom." 24 April

2014. NHPR. 22 March 2016 <http://nhpr.org/post/new-hampshires-nanobrewing-laws-are-

bolstering-new-beer-boom>.

McWilliams, James. "The Ecological Creed of Craft Beer ." 14 March 2014. Conservation Magazine. 21

March 2016 <http://conservationmagazine.org/2014/03/sustainable-practices-in-craft-brewing/>.

Mount, Ian. "Craft Beer Is Booming, but Brewers See Crossroads." 4 February 2015. The New York

Times. 22 March 2016 <http://www.nytimes.com/2015/02/05/business/smallbusiness/betting-on-

the-growth-of-microbreweries.html?_r=1>.

Myhre, Jeff. "Some of Your Favorite Beers Might be Brewed by Women ." 24 January 2014. The Blot

Magazine. 28 March 2016 <http://www.theblot.com/favorite-beers-might-brewed-women-

7714359>.

Press, The Associated. "Fed Reports Economy Expanded in Most of U.S." 2 March 2016. The New York

Times. 22 March 2016 <http://www.nytimes.com/2016/03/03/business/fed-reports-economy-

expanded-in-most-of-us.html?_r=0>.

Ross, Heather. "Nanobreweries in New Hampshire." nhmagazine.com. 21 March 2016

<http://www.nhmagazine.com/October-2013/Nanobreweries-in-New-Hampshire/>.

"Self-Distribution Laws." 2016. Brewers Association. 2016 April 2016

<https://www.brewersassociation.org/government-affairs/laws/self-distribution-laws/ >.

Strachan, Fred. "Environmental Impacts on Brewing and the Resulting Sustainability Efforts at a

Commercial and Industrial Site." 26 April 2013. mbaa.com. 21 March 2016

<http://www.mbaa.com/districts/Northwest/mash/Documents/1a.%20Environmental%20Impacts

%20on%20Brewing%20-Part%201%20-%20Fred%20Strachan(5.67%20MB).pdf>.

21

Sullivan, Max. "Throwback Brewery thrives at Hobbs Farm in North Hampton." 3 December 2015.

Seacostonine.com. 28 March 2016

<http://www.seacoastonline.com/article/20151203/NEWS/151209637#>.

Vandenengel, Heather. "5 Issues Craft Beer Drinkers Should Be Talking About." 25 February 2014.

Serious Eats. 21 March 2016 <http://drinks.seriouseats.com/2014/02/issues-craft-beer-gender-

environment-competition-safety.html>.

Victor Tremblay, Natsucko Iwasaki and Carol Tremblay. "The Dynamics of Industry Conentration for

U.S. Mirco and Macro Brewers." The Review of Industrial Organization 26 (2005): 307-324.

22