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4 Ps of Marketing

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Submitted By vickyraja
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4 Ps of Marketing

Product Analysis

CATC is a wholly owned subsidiary of CAT which is providing research and development expertise in genotyping in Fortune, Prince Edward Island. Genotyping services can be provided in breeding programs, traceability, research and management/regulations of aquaculture. CATC has six qualified scientists who are providing aquaculture genotyping around the world. The Centre for Aquaculture has one Canadian customer which is Aqua Bounty Technologies and their corporate head office is located in Boston. Genotyping helps aquaculture farmers effectively assess the genetic diversity of their stock. They can also maintain or increase diversity in their brood stock. Genotyping in salmon is the largest industry in Canada. This sophisticated DNA technology is also expanding into Arctic charr and in trout. This service can also help to trace the fish to its origin due to high import in Canada. This technology can help to implement food safety in retail stores.

Genotyping technology can also be used by government researchers and other regulatory associations to manage wild fish, tracking and tracing the movement of fish. Furthermore, this technology can also help to regulate recreational fisheries. CATC is in the process of enhancing genotyping technology using SNPs for selective breeding of sea bass and sea bream. This technology would help consumers to find more refined and healthy products in the grocery stores. As the world population is increasing dramatically it will help to increase aquacultures to produce healthy and reasonable priced fish. The Centre for Aquaculture Technologies Canada is in the introductory stage in the product life cycle.

Pricing Analysis

The centre for Aquaculture has the ability with the sophisticated technology to perform 96 separate SNP assays. In a more defined way the organization can perform 96 different types of analysis of one given sample. The organization has the capacity to perform 1,150 samples per week.

|Samples per week/year |Termed A 96.96 Dynamic IFC |Total SNP Genotypes |
|1,150 per week |96 |110,400 |
|60,000 per year |96 |5,760,000 |

The organization has the current capacity to 60,000 samples per year and they can perform 5,760,000 genotypes in a year.

|Samples per year |Price per sample |Total revenue |
|60,000 samples per year |$15.00 |$900,000 |
|Cost of Goods sold | | |
|60,000 samples |$6.00 |$ 360,000 |
|Gross margin on full capacity |$9.00 |$ 540,000 |

The given information is provided by the centre for Aquaculture Technologies Canada. The industry analysis revealed that companies like Genome Atlantic (http://www.genomeatlantic.ca) and Genome British Columbia (http://www.genomebc.ca/) are charging 35% higher than aquaculture Canada. Representatives from Genome Atlantic and Genome British Columbia briefly explained that the industry also have several types of technologies which can develop more than 96 types of genotyping samples. Centre of Aquaculture is currently using introductory pricing strategy as the company is in the initial stage of the product life cycle. In Prince Edward Island only the Centre of aquaculture is providing genotype technology. The current pricing strategy can help the new company to attract business from across Canada.

Here are the names and websites for potential customers/competitors:

Genome Atlantic

http://www.genomeatlantic.ca/

Genome BC

http://www.genomebc.ca/

Aqua Bounty

http://www.aquabounty.com/contacts/offices-306.aspx

Grow Fish Anywhere

http://growfishanywhere.com/

There are a number of aquaculture companies in the United States who are providing similar services but they have higher pricing, so the current pricing strategy for aquaculture Technologies Canada is the right strategy to move forward.

Promotional Analysis

The Centre for Aquaculture Technologies Canada is in the initial stage of the product life cycle and it is not recognized by the main aquaculture companies in Canada and North America. The Centre of Aquaculture Technologies Canada is mainly depending on efficiency, affordability, reliability, and needless to say the main promotional factor is on tailored customer service that is within a short period of time. Government institutions can provide similar services with a lower cost than the Centre for Aquaculture but it is unable to meet efficiency and tailored service criteria.

Aquaculture could use social media to introduce its product in North America. It can also design its pricing strategy to expand its services.

Place Analysis

Centre for Aquaculture Technologies opened its doors in 2012 and it is currently based in Souris, PEI. Organization does have a sister company Grow Fish Everywhere which is located in Israel. As mentioned the company is in the initial stage of the product life cycle and might expand in days to come.

How Genotyping can be beneficial for consumers:

Genotyping research and development can provide substantial benefits to consumers as food trade between countries is expanding. And, different kinds of fish is available on superstores, genotyping can provide results about the bread of the fish. It will also help to trace the fish to its origin and consumers can be made aware before making the purchase. As the world population is growing, food safety and the availability of food has started to become an issue. Genotyping will help to produce fish in a bigger volume on a lower production cost. As the food prices are rising, it will help consumers to have access to fish on a relatively reasonable price.

As Canada is recognized as one of the regulatory countries when it comes to food safety, genotyping will help to enhance Canada’s reputation around the globe. Because of genotyping’s advancement, Canada would have an opportunity to increase its exports.

Aquabounty technology is contributing positively to the genotyping technology and hence by doing so the company is also playing a role in food safety.

References:

The Centre for Aquaculture Technologies Canada handout

http://www.genomeatlantic.ca/

http://www.genomebc.ca/

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