Yorktown Technologies Case Study

Topics: Marketing, Marketing plan, Retailing Pages: 5 (2889 words) Published: October 30, 2014

Case Study: Yorktown Technologies
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, since Yorktown already has opportunities for distribution channels, they should include PetSmart as a retailer to increase their profitability because they are one of the largest retail chains. Situational Analysis:

Yorktown Technologies is aware that they need an improved marketing plan. With no budget set aside, this was one of their main weaknesses. They also recognize that they are in need of improvement regarding distribution. With Yorktown Technologies SWOT analysis, they may be able to pinpoint how to play up their strengths and fix their weaknesses. Strengths of GloFish:

Inexpensive to produce
The FDA approved their product and found no reason for regulation since they are not edible Has press and media attention. Although it is due to its conservative nature, their name is recognizable Exclusive rights on green, orange, red and yellow colors of the GloFishPatent that covered all fluorescent fish Barrier to entry for competitors because of market regulation The fish are used for research in cellular development, molecular biology, and vertebrate development (cancer and gene therapy) Co-existing distribution contracts (5-D Tropical and Segrest Farms) with two of the largest Florida freshwater ornamental fish producers and distributors in the United States Rights to a license from NUS

Yorktown’s biggest attributes regarding strengths is its exclusivity. Their barrier to entry of it’s niche market can keep the company dominating the market. Getting the licensing to a patent that covered their fluorescent fish also is a major strength. The market is not yet over saturated and the product of GloFish will still continue to be a new concept for consumers in the United States. Weaknesses of GloFish:

Weak product distribution by not having PetSmart carry their product GloFish not being allowed to be sold in the state of California The GloFish being sold in stores are not displayed under optimal lighting, letting the fish portray a duller color. Cost...
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