Marketing Strategy and Plan for Seafood Brands- myassignmenthelp

Question: Discuss about theMarketing Strategy and Plan for Seafood Brands. Answer: Introduction The seafood brands in Australia are globally recognized and ensuring growth in a significant way. The country is continuing improvement practices in the fisheries and applying the most advanced scientific findings. The eco-system based approaches will be undertaken by the seafood industry to increase the sustainability scope in this competitive environment (Denham et al. 2015). The popularity of the recreational fishing is the major limitation in the seafood industry. It has been examined that the other nation producing seafood are utilizing the most innovative techniques to ensure growth in this sector. Accordingly, the competition is significantly increasing and it has become the biggest threat for the sustainable purpose of the seafood industry in Australia (Lim-Camacho et al. 2015). Therefore, the study would provide a considerable analysis of the seafood industry in Australia. The use of the PESTLE Tool and the Porters Five Forces analysis would suggest the insightful ideas abou t the seafood market to measure the capability of sustaining in this competitive scenario. PEST Analysis Establishment of the detailed business analysis by identifying the political, social, economical, and technological influence on the industry is much beneficial for developing the understanding (Dentoni and Klerkx 2015). The study focuses on the market acceptability of the seafood in Australia. The development of the PEST analysis would provide the enriched ideas about the subject matter. Political Influence The political scenario in Australia is quite favourable for the seafood sector development. It is notified that The Australian Seafood Industry Council (ASIC) is considered as the main parliamentary figure supporting the commercial fishing, and poor-harvest seafood industry in Australia. The seafood industry in Australia generates the majority portion of the export earnings, especially in the regional areas of Australia (Lamendin, Miller and Ward 2015). Moreover, it has captured the fourth largest position in the list of the Primary Industry in Australia. The efficiency maintained in the export market is highly supported by the political figures. In fact, the government is looking forward to bring more innovations to the fishery practices to ensure growth in the seafood sector in Australia (Agriculture.gov.au 2017). Social Influence The social factor has the greater influence on the growth of the seafood market. Majority of the society oppose the practices of fishing since it harms the sea animals. Some of the fishing areas are protected (Ibisworld.com.au 2017). However, in one type of social class, the demands of the seafood are still much higher. Therefore, it can be considered that the social influence is the considerable factor for the sustainability aspect of the seafood industry in Australia. Economic Influence It is reported that the country is generating more revenues from the export business of the seafood. It can be estimated that the millions of revenue can be generated in next few years from the export services of the sea food. The Australian Bureau of Agriculture and Resource Economics and Science has presented the report that signifies the significant growth in the economic level of the country (Ccpit.org 2017). Hence, the economic opportunities are quite commendable for the industry sustainability. However, the legal protection on the fishery business may affect the economic level of the country. Technological Influence The seafood industry in Australia has been receiving the supports from the government for using the advanced technologies for improving the fishing practices (Lamendin, Miller and Ward 2015). Moreover, considering the environmental welfare purposes, the seafood industry is also concentrating on utilizing more technological tools to bring more innovations to the seafood cultures and industry. Porters Five Force Analysis The analytical tool of Michael Porters five force model is much helpful in analyzing the external market opportunities and threats. This analytical tool contains five major components that have the significant impact on the business industry. The five force analysis of the Australian Seafood industry is discussed further: Bargaining Power of the Customers (Moderate) The customers are quite fond of consuming the seafood in Australia that has the significant value in the export market. However, the environmental obligation and social prevention are also limiting the consumption of the seafood (Dentoni and Klerkx 2015). The considerable high prices of the seafood are also affecting the consumer behaviour. Hence, the bargaining power of the customers is moderate. Bargaining Power of the Suppliers (High) The availability of the limited options of the suppliers has made the bargaining power if the suppliers quite higher (Agriculture.gov.au 2017). The trends with the fishery market are quite profitable for the suppliers to generate more amount of money. Threats of New Entrants (low) The legal compilation rules on the fishery market and the environmental impact has made the threats of the new entrants considerably lower (Lamendin, Miller and Ward 2015). The dominant market of the local fisheries is developing the market status in the seafood industry. Threats of Substitutes (Moderate) The customers in Australia prefer the more variations and fascination in their food culture. On the other hand, the demands of the sea food are also quite higher. Hence, the threats of the substitutes are quite moderate (Dentoni and Klerkx 2015). Rivalry (High) The competition in the sea food market is quite high. The development of the technological practices and the fishery techniques is improving the position of the seafood makers. Hence, the competitive rivalry is quite higher in Australian market (Agriculture.gov.au 2017). Conclusion The study provides the insightful ideas about the external market influence on the Seafood Industry in Australia. The PEST analysis indicates that in spite of the enormous supports from the government, the Seafood industry has been facing the obligations from the environment. The society objects since the lives of the water animals are harmed. On the other hand, it is also implied that the seafood industry signifies considerable benefits in export industry. The remarkable revenues gained from the export business of seafood are contributing to the economic growth of the business in the country. The information derived from the porters five forces analysis indicates that the competition in the market is much higher whereas the customers are quite conscious about the lives of the sea animals. However, technological development and concerns about the environmental welfare would be helpful for the seafood industry to sustain the long term positioning. References Agriculture.gov.au, 2017. [online] Available at: https://www.agriculture.gov.au/SiteCollectionDocuments/fisheries/aus-seafood-trade.pdf [Accessed 21 Aug. 2017]. Ccpit.org, 2017. [online] Available at: https://aaa.ccpit.org/Category7/mAttachment/2006/Dec/13/asset000070002007202file1.pdf [Accessed 21 Aug. 2017]. Denham, F.C., Howieson, J.R., Solah, V.A. and Biswas, W.K., 2015. Environmental supply chain management in the seafood industry: past, present and future approaches.Journal of cleaner production,90, pp.82-90. Dentoni, D. and Klerkx, L., 2015. Co-managing public research in Australian fisheries through convergencedivergence processes.Marine Policy,60, pp.259-271. Ibisworld.com.au, 2017.Seafood Processing in Australia Market Research | IBISWorld. [online] Ibisworld.com.au. Available at: https://www.ibisworld.com.au/industry-trends/market-research-reports/manufacturing/food-product/seafood-processing.html [Accessed 21 Aug. 2017]. Lamendin, R., Miller, K. and Ward, R.D., 2015. Labelling accuracy in Tasmanian seafood: an investigation using DNA barcoding.Food Control,47, pp.436-443. Lim-Camacho, L., Hobday, A.J., Bustamante, R.H., Farmery, A., Fleming, A., Frusher, S., Green, B.S., Norman-Lpez, A., Pecl, G.T., Plagnyi, .E. and Schrobback, P., 2015. Facing the wave of change: stakeholder perspectives on climate adaptation for Australian seafood supply chains.Regional Environmental Change,15(4), pp.595-606. Sydneyfishmarket.com.au, 2017. [online] Available at: https://www.sydneyfishmarket.com.au/Portals/0/Deloitte%20Report%201_1.pdf [Accessed 21 Aug. 2017].