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Aquaculture Marketing Opening Comments Aquaculture—old in practice, new ag industries Rapid expansion globally Development plagued by marketing problems Main problem: matching production to market needs Opening Comments Good example: catfish farming Farmers were well into production before producers and administrators gave serious consideration to market research and data collection demand was great, so no difficulty selling market analysis only really began in the 1970’s Opening Comments This dilemma was also shown by salmon and shrimp industries failure to understand the market has driven many producers out of business knowledge is necessary for locating markets for new and established products, for price determinations and for setting quality standards what has helped is the integration of the quality concept with marketing: HACCP Identifying Markets Just what is a market? Can be defined in many different ways: a location: Pike’s Place Mkt., Seattle a product: jumbo shrimp a time: September - October catfish market, European Christmas market a level: retail vs. wholesale Part 1: The Marketing Plan (According to Philip Kotler) After setting the firm’s purpose and goal, the marketing plan is the starting point for the rest of planning most marketing plans involve single products or lines of products Part 1: The Marketing Plan Current situation Opportunity and issue study Goals Marketing strategies Working plans Financial studies Needed controls Current Market Situation 1) market situation: background and current situation wrt consumer needs, likes/dislikes, buying trends; current size and past growth of the total market, sales in various geographical areas 2) product situation: recent history of sales, revenues for a current product 3) competitive situation: size, goals, market share, product quality, marketing strategies present and future of competitors Current Market Situation Distribution situation: sales made through each type of middleman (brokers, wholesalers, retailer) in the distribution channel (later) Macroeconomic environment: general economic situation has a bearing on sales (e.g., population figures, economic climate, technology, legal issues, social issues, etc.) Opportunity Analysis (SWOT) 1) strength and weakness study: main ones of the company and product from factors within the firm (?) 2) opportunities and threats analysis: main ones facing the product from factors outside the firm, ranked in order of importance (?) 3) goals: financial and marketing (yearly ROI of 25% vs. 50% increase in sales) Opportunity Analysis 4) marketing strategy: basic approach to achieve goals • • • • • • target markets: what does the consumer need? product positioning: best quality or lowest price? size of product line: number/types of products sold price: compared to other similar ones distribution: how, where and by whom? sales force: size, type, quality Opportunity Analysis (cont) 4) marketing strategy (cont.) • • • • • level and quality of service advertising: amount needed, worked? sales promotion: ditto… r&d: amount, types, timing, success? market research: amount/types Opportunity Analysis (cont) 5) working plan: once plan is approved, working plan activates marketing plan (who does what, etc.) 6) financial study: forecast of future sales revenue, cost of additional product and personnel 7) controls: feedback mechanisms to measure progress, often quarterly or monthly reports Part 2: Marketing Channels Refers to the institutional structure in place for movement and exchange of goods from producer consumer helps with record keeping to consider movement a “channel” really regards a flow of information demand creates flow if conditions of sale are agreed upon, flow through or “down” the channel starts How can you avoid all this complexity? Avoiding Market Channel Complexity: direct sales! small quantity of product transaction does not necessitate intermediary farmer develops own capacity to handle shrimp Levels of Market Channel Complexity farmer ---> consumer farmer ---> retailer ---> consumer farmer ---> wholesaler ---> retailer ---> consumer farmer ---> broker ---> processor ---> wholesaler ---> retailers ---> consumer retailers: hotels, restaurants, institutions Market Channel and Price As product moves through the channel, the price at each stage is increased in accordance with value added to the product farmers not often pleased with discrepancy in price between what they received and what consumers pay difference is the marketing margin or marketing bill (70-80 cents on the dollar) margin is largely affected by time of sale and price paid for raw product other factors: governmental price controls, producer organizations, co-ops, type of product, market concentration Length of Channels Channels can be simple or long and complex length/complexity depend upon the volume of product moved, number of functions performed, scale of operation at each stage and the distribution system chosen organization depends upon the type of markets, organization of producers Increasing Market Share Commercially-reared product is often in direct competition with wild-sourced also in competition with imports factors that affect sales must be isolated for farmers to compete market share is typically increased by monitoring: product, price, promotion and place Product The key to expanding sales is a premium product needs a QA/QC department or program manager must assure that size, taste, packaging and other characteristics are pleasing to customer prior to putting on the market off-flavor, color, texture and general appearance are key elements Price To minimize price, the manager will keep processing costs at a minimum this insures that product price is competitive in a purely competitive market, price is determined by interaction between demand and supply (REM?) price often identified in real world by discovery (REM?) an error in pricing often has serious consequences Promotion Involves programs to encourage sale and increase market share at any point in the channel by influencing potential purchases promotion communicates information including product quality, price, and benefits of the product to potential clients it acts on both the intellectual and emotional state of the buyer various examples? Place Distribution of the product to locations used by customers wishing to purchase the product is a market function sometimes product is transported hundreds of miles from the farm frozen products are transported the greatest distances market share is increased by transporting product to places where it has previously been unavailable Homework Think about the marketing aspects of your hypothetical operation Where are your markets? Be specific! What are you going to sell? Why? How are you going to promote your product? Outline your marketing channel (simple diagram) Due in class next week (Tuesday)