Yorktown Technologies Case Study
Case Study: Yorktown Technologies 10/1/2014
Executive Summary
The Problem
I have been asked to evaluate the marketing strategy for Yorktown Technologies.Specifically, what strategy they should use to become more successful by reaching their full potential and operating at an increased profit. Yorktown Technologies, in the beginning, had projected sales of $4,000,000. Unfortunately, with the absence distribution strategies and a marketing strategic plan, they only made a profit of $500,000. Expenses during the first years were $620,000 producing a loss of more than $120,000. Yorktown Technologies needed to focus on a new successful marketing strategy that will help the company reach its revenue goal.
The Answer
Yorktown Technologies needs to gain focus on the distribution of their product in order to gain further positive attention and increase their numbers. They must develop a relationship with a reputable pet sales company, PetSmart. They now have contracts with freshwater distributors (5-D Tropical and Segrest Farms) who have distribution channels in place to major chain stores. Yorktown should also focus on creating a strategic marketing plan through online media. This will create increased attention when the product is available in the market.
Rationale
Since Yorktown Technologies is facing backlash from anti-biotechnology activists, they must get to the consumer market before them. In addition, the issue that they can not make sales in California is going to hurt their numbers along with the fact that have major competition with Asia, creating a fluorescent green medaka fish similar to the zebra danio. As demand is rising, Yorktown Technologies needs to implement their online presence so that they may increase their market scale reaching far more customers. With a strategic marketing plan, they may be able to flush out the negativity and competition they receive with positive word of mouth marketing and consumer awareness and excitement. Also,
Executive Summary
The Problem
I have been asked to evaluate the marketing strategy for Yorktown Technologies.Specifically, what strategy they should use to become more successful by reaching their full potential and operating at an increased profit. Yorktown Technologies, in the beginning, had projected sales of $4,000,000. Unfortunately, with the absence distribution strategies and a marketing strategic plan, they only made a profit of $500,000. Expenses during the first years were $620,000 producing a loss of more than $120,000. Yorktown Technologies needed to focus on a new successful marketing strategy that will help the company reach its revenue goal.
The Answer
Yorktown Technologies needs to gain focus on the distribution of their product in order to gain further positive attention and increase their numbers. They must develop a relationship with a reputable pet sales company, PetSmart. They now have contracts with freshwater distributors (5-D Tropical and Segrest Farms) who have distribution channels in place to major chain stores. Yorktown should also focus on creating a strategic marketing plan through online media. This will create increased attention when the product is available in the market.
Rationale
Since Yorktown Technologies is facing backlash from anti-biotechnology activists, they must get to the consumer market before them. In addition, the issue that they can not make sales in California is going to hurt their numbers along with the fact that have major competition with Asia, creating a fluorescent green medaka fish similar to the zebra danio. As demand is rising, Yorktown Technologies needs to implement their online presence so that they may increase their market scale reaching far more customers. With a strategic marketing plan, they may be able to flush out the negativity and competition they receive with positive word of mouth marketing and consumer awareness and excitement. Also,