Strategic Problem and issue Identification
Yorktown Technologies markets its GloFish to different customers in different parts of the world. The firm requires a powerful marketing strategy in order to get the best outcomes. In 2004, the company made numerous losses thus affecting its future goals.
This situation explains why Alan Blake required a powerful strategy in order to support Yorktown Technologies’ goals.
GloFish has the capability to detect toxins in contaminated water. Some policies made it impossible “for Yorktown Technologies to market the fish in different parts such as California” (Kerin and Peterson 406). However, the level of consumer-acceptance was on the rise.
The other important thing was to create several varieties of the zebra fish. It was also necessary to develop and enhance the product. Many investors were becoming impatient because Yorktown Technologies was not making the best profits. The first strategy towards a successful business was to have a proper distribution channel.
The major considerations included “kiosks, the internet, independent pet stores, and chain stores” (Kerin and Peterson 413). The firm was “also failing to display the fish under optimal conditions” (Kerin and Peterson 413). That being the case, the important thing was for the firm to have a proper marketing strategy.
Analysis and Evaluation
Blake was ready to make his company successful. To begin with, he had acquired “genetically modified fish in order to address the ecological issues affecting the business” (407). A new campaign was required in order to attract more customers. The important thing was to inform more people about the product.
The approach would also increase the market demand for the fish. More people in the country were purchasing the fish for ornamental purposes. Different “competitors were using various distribution channels and outlets to market freshwater ornamental fish” (412).
This situation shows clearly that the market was embracing the above product. Although Yorktown Technologies was becoming a leading player in its industry, it was the right time to have a powerful marketing strategy.
The leading retail chains were also unwilling to market the company’s product. It was also costly to lease space in different outlets and shopping malls. Blake was also considering the possibility of using the internet to market this fish (Kerin and Peterson 413).
However, the strategy would be costly for the firm. The other consideration was to market the product internationally. Alan Blake also wanted to produce sterilized fish in order to deal with illegal breeding. Blake targeted various markets in Canada, Europe, and Australia.
However, this approach would attract many competitors thus affecting the company’s goals. New companies were “also marketing genetically modified fish in the United States” (Kerin and Peterson 413).
Recommendations
Yorktown Technologies must use a powerful strategy in order to achieve its potentials. The company should begin by analyzing the level of competition. The firm should also identify new markets in Europe, Asia, and Australia. A powerful strategy will ensure the firm displays its ornamental fish in a proper manner.
The company should also use online marketing in order to attract more customers. The company can use a powerful advertising strategy in order to inform more people about this ornamental fish (Kerin and Peterson 412). Different social sites such as Facebook and Pinterest can produce the best outcomes.
Yorktown Technologies should also use the 4Ps (product, promotion, place, and price) of marketing. The firm will use this strategy to market its GloFish to more consumers. A proper distribution channel will also attract more customers. The approach will eventually make Yorktown Technologies successful.
Works Cited
Kerin, Roger, and Robert Peterson. Strategic Marketing Problems: Case and Comments. Upper-Saddle River, NJ: Prentice Hall, 2009. Print.