The major objective of any company is to make profits. Marketing is responsible for identifying a company’s customers anticipating their needs and wants, satisfying theses needs while keeping the its major goal which maximizing profits Strategic Planning is looking at where you are now, knowing where you want to be in the future and planning the steps to get you there.
The Stingrae Caribbean a limited liability company. The Stingrae brand currently distributes seafood products through out Trinidad and Tobago and the Caribbean. Products in the Stingrae line includes:- squid, crab backs, crab meat, shrimps, prawns, lobster (live and frozen), flying fish, white salmon, pink salmon, counter caviar, fillets of white fish, mussels, octopus and a variety of other seafood products.
Stingrae is a distributor and wholesaler in seafood products, is about to launch one of its new its products crab cakes into the market, using Market Development.
Crab Cakes has been one of the products on the Stingrae brand exclusively available to hotels and restaurants. The marketing plan seeks to launch the product to everyday consumers and caterers while still supplying to its existing market the hotel and restaurant chains.
Demographic Cultural and Social Analysis
After looking at trends in the market and seeing that consumers are becoming more health conscious and the need for food that is easy to prepare it was decide that this product would do well in a consumer market made up of mid and upper mid income families and individuals. The product will reach out to the working class and the decision maker of the household the company looked at the following •Lifestyles
•Income and financial status
•Change in work patterns more mothers are part of the working force making households where both parents are working •Single parent households
•Environmental concerns and laws looked at environment groups and what impact they have on the buying market
One must look at the economic environment and how it will affect the launch of the product. One must look at: •Saleability of the product - will consumers be able to afford the product •The cost of Government taxes, if any involved in making the product available to consumers •Exchange rate (since the product is purchased in US$ )
•Fuel cost (for transporting the product to consumer)
The nature of the product is such that it must be handled under strict conditions. The core product which is crab meat must be stored and processed under sanitary conditions and strict HACCP standards must be adhered to. Other technological aspects looked at include:
•Food Processing and packaging
•Advance storages and back up systems such as generators
Political and Legal Analysis
The company must look at the political and legal implications of the launching this product to a larger market such as the cost involved given the following:- •Change in government policies relating to the volume of imports •Increase in taxes
•Increase in minimum wage for workers
•The opening of the market i.e. CSME and free trade agreements •International and environmental laws governing fishing and trawling
Environmental factors are things we have no control of however because of the nature of the product and the impact that the environment has in its sustainability it is important to look at. These factors will impact on the quality, availability and transportation of the product. These factors include but are not limited to:
•Hurricanes and storms
•Pollution of the oceans (oil spills)
The SWOT analysis captures and identifies the key strengths, weaknesses, threats and opportunities of the company within a competitive environment. It brings together the...