Question:
Write a report on Marketing Strategy of the “Australian Sardine”.
Talking about the background of the sea food industry of Australia, it is known as the valuable contributor in GDP of the Australia. Sea food industry of the Australia has a great level of competition as various big companies such as Mackay Reef Export Pty Ltd., Ocean Exports Pty Ltd., etc. are involved in the sea food industry. In 2007-2008, this industry’s contribution towards the GDP of the Australia was $24 million and this figure was near to the agricultural sector’s contribution towards the GDP. The regulation authority for this industry is Australian Fisheries Management Authority and they manage all the activities in relation with the fishing in national water while state level agencies manage the commercial and recreational fishing activities in the state waters. While, talking about the Australian Sardine, it is a type of fish and it is a strong flavoured finfish which can also be cooked as a whole and it is quite used in the grilling and tandoori. In 2007-2008, Australian fish market contributed a huge share in the GDP and the contribution of Australian Sardine was quite high as 33, 600 tonnes were landed and traded in that year. As this product is quite underperforming the fish market of the Australia, marketing strategies required to develop in relation with this product to enhance its demand and the market share as well.
Segmentation
Geographic: As per this segmentation process, organization needs to consider the audience on the certain basis such as area, locality, etc. In this context, to boost up the market share of the Australian Sardine in the target market, this type of segmentation process could be used. With regards to the demand of seafood in the Australian market, bit promotional activities would work in order to enhance the demand of the Australian Sardine (Armstrong, et. al., 2015).
Demographic: In this type of segmentation and targeting the audience, people are targeted on the basis of their age, income, social class, etc. and in order to enhance the demand of the Australian Sardine, this process will work as the price of the product is not such high. Hence, it is affordable and targeting the audience with this process will be beneficial for the organization.
Psychographic: This type of segmentation process is different and in this process, people are targeted on certain basis such as their lifestyle, values and personalities. As Australian Sardine is a seafood product and it comes in non-vegetarian food category, hence; bit attention is required while targeting audience because targeting the person with vegetarian food preference would not acquire positive results for the organization as well as it will hurt the values of the particular group of people.
Behavioural: In this type of segmentation process, people are targeted as per their behaviours because the behaviour of the people may differ. As well as it is a seafood product, hence; behaviour of the people is crucial concept in terms of targeting the audience. The people who will prefer the non-vegetarian food category should be targeted in order to attain adequate results.
Selection of the Target Market
Selection of the target market should be done on the basis of the market research and through the market segmentation process. These are the criteria through which consumer decision making process becomes quite simple and to attain more positive results in terms of market selection, organization could apply the following criteria in order to gain the adequate results:
The best approach will be identifiable approach for targeting the consumers for promoting the Australian Sardine. This will help them to enhance the demand of their product in the non-vegetarian food as well seafood consumer market. Their needs will be quite similar and promoting the Australian Sardine in those markets will help the Australian government to gain enhanced revenues (Czepiel & Kerin, 2012).
Consumer Decision making process
This process consists of five steps i.e. need recognition, information search, evaluations of alternatives, purchase and post-purchase behaviour. With the help of these steps, organization could easily found the adequate way to communicate with the consumers in order to influence the audience towards the product. The steps involved in this procedure does not require to be followed in the same manner, it can be moulded as per the requirement of the seafood industry as well as the buying stage of the consumer and the financial status (Ang, Benischke & Doh, 2015).
(Source: Zkjadoon, 2016)
It is a technique through which organization could approach to its targeted audience in an effective manner with the help of integrated marketing communication channels. Mediums such as advertisement, making public relations, direct marketing, social media and the sales promotion techniques could be used in order to communicate with the targeted audience. This is the approach though which the marketing mix technique’s value raises. The more organization will communicate with its consumers and with the target market, the more demand of the product could be raised (Akaka, Vargo & Lusch, 2013)
Australian Sardine was enjoying a great level of success at certain point of time but due to rise in the choices of the seafood items, its demand and the popularity gets declined. In order to enhance the demand and the positive image in the target market, development of the brand is quite necessary step. With the help of branding strategy, Sardine fish’s importance could be raised as well as the lost market share could also be regained. Developing brand is the crucial element to set up a positive image of the product in the target market (Aaker, 2010).
Setting up the goals, being flexible as per the market conditions, short-cuts should be avoided, etc. are some of the methods involved in setting up the effective goodwill in the target market. Providing adequate qualitative items at reasonable price, taking consumer’s feedback at serious note, etc. are ways through which consumers could be influenced towards the Sardine fish (Mohammed, Mohammed & Tahir , 2014).
These are the activities through which consumer’s daily or regular routine could be broken in order to gain some competitive advantage and to enhance the demand of the product. Pricing activities, promotional activities, product placement, packaging and labelling, etc. activities are included. These all are used to change the consumer’s behaviour and the perception towards the product in order to make the consistent and enhanced demand of the particular product.
In this scenario, marketing strategies in relation with the Australian Sardine will be discussed in order to interrupt the routine behaviour of the consumers. As consumers of the target market are diverted towards the other seafood products except the Australian Sardine and in order to enhance the demand of the Sardine fish in the target market, packaging and the labelling of this product will be improved so that consumers could be influenced towards the promoted product (Helms & Nixon, 2010).
Packaging and Labelling: This is the strategy though which organization could attract the consumers towards the product. Improved packaging is the crucial feature of this product as this is a consumable item. Preservative packaging would be a better option as this will help the product to keep safe and fresh. Apart from this, appropriate labels such as mark of non-vegetarian item as well as the other specifications should be pasted on the product’s packaging so that consumer could attain all the adequate information in regards with the Sardine fish (Johnston & Bate, 2013).
Merchandising: This is another crucial factor and the strategy which could be used in order to enhance the market share of the product in the target market. It is the process under which particular product is displayed using visual displays, product design, packaging, pricing, etc. Showcasing the attractive features at discounted rates is another important factor which could be used in order to promote the Sardine fish to regain its lost position (Kim & Hyun, 2011).
Marketing Collateral: Media strategies are used to enhance the sales promotion and this strategy is quite impressive and effective in terms of enhancing the sales of the particular product. Under this strategy, organization could also use the tag line, attractive line or message in order to influence the consumers with the appropriate brand name. And all these methods could be used with the help of media platforms for maintaining the balance between the information, promotional content so it could extract positive outcomes (Klein, 2016).
Conclusion
From the aforesaid information, it can be concluded that the Australian Sardine is quite impressive item which lies under seafood category. Australian fisheries had contributed a vast amount towards the GDP of the Australia in 2007-2008 and Sardine fish was the major source for fishery market of Australia. In order to regain the lost market share, various marketing strategies had been discussed under this report in order to enhance the demand of the product in the target market which was selected as per the various segmentation criteria.
References
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Akaka, M. A., Vargo, S. L., & Lusch, R. F. 2013, The Complexity Of Context: A Service Ecosystems Approach For International Marketing, Journal Of Marketing Research, 21(4), 1-20.
Ang, S. H., Benischke, M. H., & Doh, J. P. 2015, The Interactions Of Institutions On Foreign Market Entry Mode, Strategic Management Journal, 36(10), 1536-1553.
Angeloska-Dichovska, M., & Mirchevska, T. P. 2017, Challenges Of The Company In The New Economy And Development Of E-Business Strategy, Strategic Management, 22(2), 27-35.
Armstrong, G., Kotler, P., Harker, M. And Brennan, R., 2015, Marketing: An Introduction, Pearson Education.
Brandt, F. S., Cazzaniga, A., & Hann, M. 2011, Cosmeceuticals: Current Trends And Market Analysis. In Seminars In Cutaneous Medicine And Surgery, Frontline Medical Communications. Vol. 30, No. 3, Pp. 141-143.
Cornelissen, J., & Cornelissen, J. P. 2017, Corporate Communication: A Guide To Theory And Practice. Sage.
Czepiel, J. A., & Kerin, R. A. 2012, Competitor Analysis, Venkatesh Shankar And Gregory S. Carpenter, Handbook Of Marketing Strategy, Edward Elgar, Pp. 41-57.
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Helms, M. M., & Nixon, J. 2010, Exploring Swot Analysis–Where Are We Now? A Review of Academic Research From The Last Decade, Journal Of Strategy And Management, Vol. 3 (3), Pp. 215-251.
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Kim, J. H., & Hyun, Y. J. 2011, A Model To Investigate The Influence Of Marketing-Mix Efforts And Corporate Image On Brand Equity In The It Software Sector, Industrial Marketing Management, Vol. 40 (3), Pp. 424-438.
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