Swift Seafood is a local family owned seafood company in Rhode Island. Our mission is to continuously provide our customers with the highest quality, fresh, delicious tasting seafood product at a great price. Our plan for the future isn't to just sell great quality seafood but to continuously be dedicated in providing our customers with exceptional service and products state wide. Our business is committed to exceeding the expectations of our customers and building long term partnerships.
Swift Seafood just opened its doors for business about a month ago. Business has been steady and profits are equal as its competitors. Their new customers have been pleased with what we have to offer and the service they receive. However, the company's focus is sweeping the competition and gaining customer loyalty. The company has come up with a new product that has never been introduced to any market around yet, that being the “Seafood stuffed quahog”. This product may very well put Swift Seafood ahead of the market competition if it reaches the right people and places. The company's goal is to promote its new product to local restaurants and fish markets during this summer and measure its level of success for year round purchase.
Strengths and Weaknesses
Because Swift Seafood is a small locally owned family company, the personnel have years of experience and true expertise of seafood and its profits. Any issue can be handled directly and quickly. The company is also familiar with the local farms and fisheries for the best quality of ingredients for their products. This makes customer satisfaction (The extent to which a product's perceived performance matches a buyer's expectations; Chapter. 1) of the available products and services provided easily attainable. The growing annual revenue has made this new product concept (The idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements. Chapter 1) possible. By analyzing the needs (The stage in the business buying process in which a buyer describes the general characteristics and quantity of a needed item. Chapter 1), wants (The form human needs take as they are shaped by culture and individual personality. Chapter 1), and demands (Human wants that are backed by buying power. Chapter 1) of the customers, Swift seafood can adequately come up with a new product to gain ground with its competitors and reach their ultimate goals.
Although this company sounds very promising there are some weaknesses to be addressed. The company is small as previously stated and although it has its strength its weakness is also something to be considered. With only a few workers, some issues may take a while to be addressed because of how far everyone is stretched managing daily tasks. Especially with the selling concept (The idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort. Chapter 1) that the company will be spending a lot of time on other low priority problems may be delayed.
External Opportunities and Threats
A recent study has shown that states that costal states consume an average of 15.5lbs of seafood a year. Since Rhode Island is a costal state, the lifestyle typical americans have is best known for its consumption of seafood and agriculture, especially during the summer months. Since the owners of Swift Seafood are Rhode Island natives, they take advantage of knowing how often seafood is purchased and consumed. During the summer months tourists from all over come to visit this costal state to either vacation, visit recreationally, or simply spend the summer here in addition to the states natives.
Swift Seafoods revenue relies heavy on this time of year because its used as their market penetration (Company growth by increasing sales of current products to current market segments without changing the product. ; Chapter 2) plan for their current product offerings. Tourists come for the beaches, the shops, sight seeing, restaurants and most of all, the seafood. Typically these tourists are adults ranging from 21-60 years of age. This gives Swift Seafood the opportunity to put their new product on the market in local restaurants and fish markets hopes of success. That process is better known as product development (Company growth by offering modified or new products to current market segments; Chapter 2).
Relying heavily on the summer months for revenue is potentially a threat for the business and its new product. Because Swift Seafood is not the only seafood distributor in Rhode Island, they have a generous competition in the summer months as well as yearly when the revenue isn't as prominent. The company will have to develop a strong strategic planning (The process of developing and maintaining a strategic fit between the organization's goals and capabilities and it's changing marketing opportunities; Chapter 2.) process for the company to benefit from its new proposed product. As stated in the company's mission statement (A statement of the organization's purpose—what it wants to accomplish in the larger environment.) it's goal is to surpass its competition, with just this one unique product it may or may not be possible.
Many local seafood markets and restaurants around offer almost exactly the same options for purchase which makes the competition tough. But with the new seafood stuffed quahog, swift seafood is expecting to accelerate. Because the company is run by local natives they know where to find the best locally grown products at a very reasonable price for their products. In the summer they are readily available around almost every corner. Everything in the new product is fresh, never processed locally grown from the local farmers in Rhode Island, so this product would even appeal to the “organic” consumer.
The purpose of making this marketing plan and its main objective is to market research marketing channels through which Swift Seafood can reach existing and prospective customers more effectively than before to extend its customer satisfaction, expand its company, revenue, and gain positive attention by consumers by the end of the summer with its new unique product. This happens to be reasonable due to the available agriculture and resources for this product during these months. This company aspires to be the leading fishery in Rhode Island among its competition. By effectively distributing its products to wholesalers, and seafood markets and restaurants. Focusing on the microenviornment (The actors close to the company that affect its ability to serve its customers—the company, suppliers, marketing intermediaries, customer markets, competitors, and publics.; Chapter 3) could help achieve these objectives.
Target Market Strategy
The current target market strategy for this particular product of the company is broken down into market segmentation (Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes.Chapter 7). Those segments are as follows : geographic, psychographic and behavioral. Each of these segments vary in size. But they are all as equally as important to our marketing mix. The two largest are the geographic and the psychographic, and the behavioral doesn't fall too far behind. They can all apply to small or large businesses as well. Given the location and goal of this company and its new product the geographic segmentation (Dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods. Chapter 7) is rather important for Swift Seafood. It focuses on the specific area they want to dominate. The psychographic segmentation (Dividing a market into different segments based on lifestyle or personality characteristics. Chapter 7) the company can use this segment easily to target the natives/tourists lifestyles and personalities. For example the company can target the customers who's lifestyle is typically going out to dinner a few times a week, or someone who eats fresh seafood once or twice a week.
Lastly, is the behavioral segmentation(Dividing a market into segments based on consumer knowledge, attitudes, uses of a product, or responses to a product.) Which would be another easy segmentation for the company to target. The customers in this category would be targeted on how often they buy or consume seafood products. Also how they feel about eating “fresh” with locally grown and caught seafood, which typically this information could be discovered by doing customer surveys. For the new product launch for Swift seafoods the geographic segmentation is a high opportunity segment because of the location it's being introduced in and how much of the population consumes seafood. Psychographic segmentation is also a high opportunity segment due to it being based on the typical lifestyle pertaining to this certain state. However, the behavioral segmentation would probably be considered a low opportunity segment in this particular marketing plan. Although this segment is still important because its based off of surveys of finding out just how much an individual would be interested in trying, purchasing, and being a loyal customer for this company's product.
Swift Seafoods will be offering coupons, groupons, and discounts at local restaurants and fish markets for their new product to catch the interest of new prospective customers.As other competitive companies offer as well, Swift Seafoods will stick out because typically the competition only offers these types of deals one by one or on the off season, Swift will be offering each of these deals the entire summer during the introduction of the new product. The product is predicted to make head way with the potential customers in its entirety because of its uniqueness. There currently is no other product on the market like it. Swift Seafood is relying on the interest and consumer “want” to purchase fresh seafood at an affordable price during those summer months.
Swift Seafood already has a fair amount of business mostly repeat customers from the local surrounding cities. They frequent the company and purchase their items once a week. They would typically fall under the light user category in terms of business. The company could benefit from acquiring new heavy users to really make head way in the market. Currently customers can discover Swift Seafood company from local news paper weekly ads, Facebook ads, Groupon couponing website, Fish markets that sell their product, and restaurants that order in bulk. Swift Seafood also has its own website where wholesalers can purchase our goods as well as the general public. They also have a head quarters located in Portsmouth, Rhode Island on one of the main roads. Swift Seafoods goal is to be the main provider to these wholesalers, fish markets and restaurants by getting their attention with this new product and capturing them with all of their current products and great prices. There are other local companies that currently offer the same products as Swift Seafood which poses a problem for them. Although the other companies prices are a little more expensive, they have been around longer and are more established with loyal customers. This is a potential problem for Swift Seafood's ultimate goal.
B. Marketing Mix
The marketing mix () tool guides a marketer to create a marketing plan that puts the product in the right place at the right time and at the right price. The different aspects of the marketing mix will be provided in this section.The product purchased should be what the customers are expecting to get and even more. There are properties that customers perceive to surround a product, aspects like quality and service as well as the reputation and status of the selling company. Swift Seafood will be achieving its objective through the coordinated marketing mix. Product, place, promotion, and pricing.
The Swift Seafood company offers a wide variety of fresh quality seafood right from Rhode Islands own back yard, or beach much like most fisheries in the area. The company's launch of a new product called the “Seafood Stuffed quahog” should be a competitive advantage in the market because there is no other product like it. It's homegrown organic products and fresh local seafood could be considered for a higher profile product. Thus, giving the positive attention the company needs.
Adjusting the price of a product affects the sales and demand of a product. By reducing the price of our products slightly lower than the competition gives our company the advantage in the eyes of the consumer. Although at a glance the products set price will be slightly higher than the competitions but with the use of the promotional deals it will end up being cheaper. The product should be seen as representing good value for money, but customers are usually happy to pay a little more for something that has a much better quality. As a low price is associated with an inferior good by material.
Placement is important for any company and product. The products that are being offered must be easily available and accessible to consumers where its easier to be delivered or accessed to shop. Having distribution channels such as fish markets, wholesalers and restaurants would make this product easily accessible to perspective customers. These facilities would be located locally in every city or town in the state. The facilities will be chosen by the population and customer consumption ratios. The retailers chosen will have a great general reputation and customer service reputation with consumers. The customers may also visit the company website to order directly to their home.
Advertising in the traditional channels are a more cost efficient way of getting customers to know about the company's new product. However, with the current generation many advertisements are done through social media. Especially with our desired target market the best way to advertise our product would be, as stated previously weekly news ads, Facebook ads, Yelp, Groupon. Typically tourists will use an app like “ Yelp” to find out where the best place to find a certain type of food. This type of advertisement and the stated promotion in the price category should satisfy gathering potential customers for Swifts product.
Implementation, Evaluation and Control
For the implementation of this new product to be introduced in June , research must be done in May. Primary research. Conducting a survey will help provide the company with the information of where to implement its new product. Without knowing some insight from prospective customers on how often or if they would be interested in trying such a new product, it would be difficult to gage where to implement it. Contacting wholesalers and making appointments for product presentations with the staff where they can familiarize the salespeople with the ingredients and quality of the product.
The new products projected financial impact would positively affect Swift Seafood on a one year income statement. As of now the company and its revenue falls in line with local competition, but does not have as many regular customers as the established companies. With this new product its projected to produce a great increase in the revenue, new customers, and repeat business.
If this plan is not implemented and the product is just put out on the website, it may go unnoticed and not gaining all the performance standards and prospective advantages its presumed to. After the summer months are over the company will do an internal audit on its revenue compared to its goal revenue to see if the product reached the goals of the company successfully. There should be more than enough resources budgeted to accomplish this objective.
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