Assignment
For this assignment create and analyze the marketing of a particular product related to your project species. The product source can be wild caught or aquacultured, but it is preferred that it is from an aquaculture source. This connects to your course project in that you will be drafting the marketing plan for your proposed facility and species/product.
Market trends such as vegan or organic seafood choices as well as new products can build the aquaculture product base for a species. Read the publication Value Added Products in Aquaculture, which includes a great deal of information on shrimp before beginning the assignment .
A. Select a seafood/aquaculture product of interest preferably related to your course project. For this assignment choose a product that is derived or associated with either an algae or crustacean. The best approach is to explore a number of seafood products from the companies listed below. Then analyze the companies' marketing of the product.
B. Some sources you can look at for different types of value added seafood products include
a. Trident Seafoods
b. Thai Union
c. SeaPak
d. Mark Foods
e. Inland Seafood
Shrimp and algae unlike any other product can be value added and represented in a number of different forms on the market.
1) First describe the product and find a picture. Define the market and provide a current situation analysis. This includes product price and an overall general description. Where can you find the product being sold? What is the price? What is the overall look of the product? Where might it be sold?
2) For the next part, hypothesize who the target audience might be for the product. What does the consumer demographic look like for this product? To evaluate this you will need to look closely at the packaging for it. Is this ready made (a cooked product) and value added? A value added product is defined but essentially is a product where some value is added and it often changes form through cooking or seasoning.
3) For the product, describe the marketing strategies of the product which the company is using. Look for things like certifications that might appeal to the consumer. Social media and advertising. What strategies and tactics is the company taking to sell the product? Go to the company website to evaluate product marketing strategies.
4) Finally, examine an equivalent product and describe the price and competition in contrast to the product you chose.