Discuss about the Global Seafood Distributors Australia Pty Ltd.
Background of industry and product
Seafood industry is being an important element from the perceptive of the GDP for Australia as contribution from this industry towards the GDP is quite equivalent to the contribution made by the agricultural sector. The contribution of the seafood industry could be determined by comparing the contribution of the agricultural sector and the seafood industry. Seafood industry had contributed $24 million which is quite near to the contribution made by the agricultural sector in 2008. In relevance with the management of the seafood industry, Australian government has developed certain authorities to regulate this industry. For managing the activities in the national water, Australian Fisheries Management Authority is responsible whereas to control the activities in the local and domestic waters, state level agencies are held responsible. While evaluating the background of the Joto Fresh Fish and its market share in the target market, it was evaluated that it was the favourite breakfast item for the Australian people as it has potential minerals and vitamins which are quite effective in order to start the day with its consumption. Global Seafood Distributors Australia Pty. Ltd. has also offered home delivery option in order to provide fresh Joto Fresh Fish at their doorstep. But after introduction of Joto Fresh Fish’s alternatives in the target market, market share of this product is being decreasing at rapid rate. Under this report, various marketing strategies and the techniques will be discussed which will help the organization to enhance its market share in the domestic as well as in the international market.
Customer Behaviour and Market Segmentation
Geographic: Under this type of segmentation procedure, Global Seafood Distributors needs to select their preferred market as per the area, locality, etc. That market will be targeted in which consumption of seafood industry is quite high relevant to the other areas of the particular place. This will help the organization to enhance the demand of the Joto Fresh Fish as per the expectations set by the management of the organization (Mohammed, Rashid & Tahir, 2014).
Demographic: This type of segmentation will help the organization to promote Joto Fresh Fish in the audience as per their income, age, etc. As this product is not much expensive, hence; normal income group people could also afford this.
Psychographic: Audience is being targeted on their values, lifestyles as well as on the basis of personalities of the people. Non-vegetarian group of people and the people who like seafood will be targeted in this type of segmentation process. This will help the organization to generate the demand of the Joto Fresh Fish which will ultimately affect the revenues of the organization (Klein, 2016).
Behavioural: As per the behaviour of the audience, organization needs to adopt this type of strategy for the purpose of targeting and the segmentation. This will help the consumers to enhance the demand of the products as well as the lost position in the seafood industry; organization will be able to regain that.
Selection of the Target Market
Target market should be selected on certain basis such as with the help of market research activities, outcomes generated from the market segmentation procedures, etc. Apart from this, organization could also use following criteria in order to justify the market selection procedure:
Identifiable: The target market selection could be justified using this technique as under this technique, organization needs to evaluate the selected market which should be relevant in some manner. The audience which is more curious about the Joto Fresh Fish and the non-vegetarian group of audience could be targeted for the purpose of promoting the product in the target market.
Measurable: These criteria could be used in order to compare the last year’s figures in terms of consumption of the Joto Fresh Fish in the target market. This can provide an overview to the organization in terms of enhancing the market share of the product (Kim & Hyun, 2011).
Sustainable: This process defines that the product should only be promoted when chances of enhancement in the demand and market share could be determined. If organization is not able to generate the demand of the Joto fresh fish in the target audience, promotional strategies will be useless and it will not result in enhancing the demand of the product.
Reachable: The selected target market should be accessible so that the audience of the particular market could be reachable through the mediums of distribution and the communication. Global Seafood Distributors needs to determine this strategy and the market will only be selected if the audience of the particular market would be easily reachable (Johnston & Bate, 2013).
Actionable: Using this criteria for the purpose of the selecting the appropriate market for the motive of enhancing the demand of the product. Under this process, target market’s segments must be capable enough so that marketing mix technique could be implemented easily.
From the perspective of the Global Seafood Distributors and the decreasing demand of the Joto Fresh Fish in the target market, organization can consider the actionable as well as the identifiable approach for selecting the adequate target market.
Consumer Decision making process
Consumer decision making process includes various crucial steps such as information search, need recognition, evaluations of alternatives, purchase as well as post-purchase behaviours. Organization could the sequence of these steps as per the requirement of the situation and these are quite effective as well. In order to influence the targeted audience towards the particular product, organization needs to develop effective as well as adequate communication strategies through which appropriate information in relevance with the product and the organization could be provided. With the help of these strategies, organization could also spread awareness in relevance with the seafood products amongst the public (Helms & Nixon, 2010).
It is a marketing technique which is used to promote the particular product, business, etc. in the target market. Under this technique, specialities of the products are described in order to influence the targeted public towards the public. Following are some of the elements of the marketing mix technique:
Product: This process includes the promotion of the attractive and specialised features of the product. As Joto Fresh Fish has adequate amount of vitamins and protein which could enhance the efficiency and the immunity system of the people which will help them to deal with various diseases (Gregor & Hevner, 2013).
Price: Price of Joto Fresh Fish is cheap enough which could be afforded by any class of people. As this product’s demand has been declining since a long period of time, hence; adaptation of certain effective pricing strategies will also help the organization to enhance the demand of the product as well as to enhance the market share of the organization in the target market (Greer & Ferguson, 2011).
Place: This factor has the potential which could enhance the demand of the particular product. Global Seafood Distributors needs to concentrate on this factor and the availability of the Joto Fresh Fish should be made available to all the nearest stores. This will help the people to get the product from their nearby stores as well as restaurants should also be targeted. Large number of audience used to visit restaurants and availability of Joto Fresh Fish at these places will lead to enhancement in the demand of the product (Fischer, et. al., 2011).
Promotion: Promotion of Joto Fresh Fish could be done with the help of print medium and with the help of digital medium platforms. As it is a consumable product, hence; for promotion of the Joto Fresh Fish, organization could use the combination of the most effective strategies in order to enhance the demand as well as to enhance the market share in the target market (Czepiel & Kerin, 2012).
Integrated marketing mix
Integrated marketing mix is the technique which includes integrated marketing and communication channels. With the help of this medium, organization can reach to its targeted audience in an effective manner. Mediums such as digital platforms, social media, sales promotional techniques, etc. are some of the elements of integrated marketing mix technique. Product’s features and the other information in relevance with the product could be provided to the consumers with the help of these mediums in an appropriate manner (Cornelissen & Cornelissen, 2017).
At certain point of time, Joto Fresh Fish was the favourite option for Australian and for other countries in breakfast meal. It has adequate quantity of minerals and the proteins which could help the people to start their day and it also provides adequate level of strength to the public to deal with various diseases. But with the introduction of varieties of breakfast meals, demand of the Joto Fresh Fish gets declined. In order to gain the lost market share, Global Seafood Distributors have decided to implement branding strategy for the purpose of enhancing the demand of the Joto Fresh Fish in the target market (Brandt, Cazzaniga & Hann, 2011).
In terms of brand development, organization needs to develop certain goals, strategies, etc. This is the procedure which takes an adequate amount of time and short-cuts, etc. should be avoided as these strategies could decrease the value of the product. Strategies such as taking feedbacks from the customers, applying them in the workplace, providing adequate qualitative products to the consumers, etc. should be used for the purpose of development of brand in the target market (Armstrong, et. al., 2015).
With the help of marketing activities, organization could break the consumer’s daily routine and they can also influence them towards the other products. Product placement, pricing strategies, labelling and the packaging are some of the common strategies which could be used for breaking the consumer’s daily routine of consumption of same type of product. Australian seafood industry’s market is decreasing rapidly and Joto Fresh Fish is the product which is quite underperforming in relevance with the other items of the seafood industry (Angeloska-Dichovska & Mirchevska, 2017). Development of attractive packaging, pasting attractive labels, decreasing price etc. are certain strategies which could be used for the purpose of enhancing the demand of the product in the target market. Following are certain components of marketing strategies:
Packaging and Labelling: This is a crucial step of the marketing activities which is also used to promote the existing product in the target market for the purpose of enhancing the demand. Organization could make the packaging of the product attractive in order to enhance the demand of the product in the target market (Ang, Benischke & Doh, 2015).
Merchandising: This is the strategy which used to promote the product through displaying the product using visual displays, packaging, pricing, product designing, etc. Apart from this, organization could also use discounts and offers for influencing the people towards the product (Akaka, Vargo & Lusch, 2013).
Marketing Collateral: For enhancing the demand of the product, organization could also use media strategies in terms of promoting the sales. Tag lines, special quotes are certain mediums through which organization could boost up their sales and these strategies are capable enough to develop balance between the information and the promotional content for extracting adequate outcomes (Aaker , 2010).
It can be concluded that Joto Fresh Fish is an impressive item in the seafood industry but due to continues decrement in the demand of this product; organization has used marketing strategies for promoting the product and to regain the market share of the seafood industry. In this manner, various strategies such as consumer behaviour, selection of the target market, marketing mix technique and the branding strategies were used for enhancing the demand of the product in the target market.
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