Yorktown Technologies is a company that has been in business for 10 years. They specialize in information technology consulting and solutions with offices located throughout the United States. The yorktown technologies case analysis essay will assess yorktown’s strengths, weaknesses, opportunities, and threats as well as the factors driving yorktown’s success or failure.
Strategic Problem and issue Identification
The Yorktown Technologies-bred GloFish is available to customers all around the world. A solid marketing strategy is required for the firm to get the most out of it. The business had significant losses in 2004, jeopardizing its long-term goals. This situation demonstrates why Alan Blake wanted a forceful marketing campaign to assist Yorktown Technologies achieve its objectives.
Prices start at $12
Prices start at $11
Prices start at $14
Prices start at $12
GloFish is capable of detecting pollutants in water that has been contaminated. Yorktown Technologies was prevented from selling the fish in certain locations, such as California (Kerin and Peterson 406). Consumertend though was on the rise. The goal was to produce many zebra fish strains. It was also crucial to create and improve the product. Many investors were becoming unhappy because Yorktown Technologies wasn’t earning good money. The first step toward a successful business is to have a solid distribution strategy in place.
“Kiosks, the internet, independent pet shops, and chain enterprises were among the top worries” (Kerin and Peterson 413). “Failing to provide fish in ideal situations” (Kerin and Peterson 413) was also an issue. As a result, it was critical for them to have a strong marketing strategy in place.
Analysis and Evaluation
Blake was eager to see his business flourish. To begin with, he’d acquired “genetically modified fish to address the company’s environmental concerns” (407). It was necessary for Fisk & Sons to mount a new marketing campaign in order to increase sales. Getting the product out there as far as possible was the most important thing.
Because of the use of this technology, the competitive advantage of the fishing business will be reduced. As a result of this solution, the popularity of freshwater ornamental fish would rise. Customers all over the nation would demand more fish as a result of this innovation. “Various distribution channels and outlets were utilized by different competitors to promote freshwater ornamental fish” (412).
This example shows how the market embraced the product. Yorktown Technologies was gaining a competitive edge in its sector, yet it was also an excellent moment for a strong marketing strategy. Key retail chains were unable to swiftly promote the firm’s goods due to their pricing or features. It was also costly to lease space in various shops and shopping malls. Blake was also considering selling this fish over the internet (Kerin and Peterson 413).
Despite the fact that it was a great opportunity, the business could not afford to implement it. The next step was to look at how to sell the product internationally. Alan Blake also wanted to develop sterilized fish in order to prevent illegal breeding. With his firm, Blake targeted several Canadian, European, and Australian countries. This technique would invite numerous competitors into the market, putting the company’s goals at risk. Furthermore, new businesses were springing up “selling GM fish in America” (Kerin and Peterson 413).
The potentials of Yorktown Technologies may be realized through the creation of a clever strategy. To attain its full potential, Yorktown Technologies must adopt a firm method. The next stage is to assess the degree of competition. In addition, the company should focus on international markets in Europe, Asia, and Australia. A solid plan will guarantee that your business’s ornamental fish are presented in an appealing light.
To increase sales, the company should also use internet marketing to attract new consumers. To inform additional people about this appealing fish, the firm may utilize a strong advertising strategy (Kerin and Peterson 412). Using several social media sites, such as Facebook and Pinterest, might result in the greatest outcomes.
The 4Ps of marketing (product, promotion, place, and price) also need to be applied to Yorktown Tech’s marketing plan. GloFish will be marketed to a wider audience via this approach. A suitable distribution channel will attract additional clients as well. As a result of this technique, Yorktown Technologies will flourish.
The GloFish genetically modified tropical zebra fish is a new breed of zebra fish developed by Yorktown Technologies, the startup founded and led by Alan Blake. The GloFish are originally Indian and other surrounding countries’ zebra fish that have been genetically modified to glow in the dark. This episode focuses on how Yorktown Technologies’ founders, Blake and Crockette, tried to develop a successful marketing plan to help the firm achieve its revenue goal.
Yorktown Technologies was able to acquire the red fluorescence zebra fish rights from the National University of Singapore, allowing it to finance its operations. Yorktown Technologies was poised to face its most difficult problem yet in February 2003, however.
Yorktown Technologies had to combat anti-biotechnology activist with a strong marketing plan, a public relations campaign, and an independent distribution choice in order to achieve their goals. Problem Recognition There are various problems addressed in this case. One of Yorktown Technologies’ most significant marketing challenges is that it is unable to distribute GloFish in the state of California due to its size.
In Yorktown Technologies’ situation, a powerful public relations effort is required when one of your producers feels that something is true or false. The company’s main issue is anti-biotech environmentalist protestors disseminating lies about the safety of its fish, so a strong public relations strategy is required.
Yorktown Technologies was able to promote awareness for its product by using media such as television, radio, and ad magazines, but it’s also important to offer answers to any environmental issues that customers may have about the sale of these genetically modified tropical fish.
It’s also vital to avoid oversupplying the market while receiving a lot of media attention. Yorktown Technologies had another difficulty in that due to consumer and store ethical issues, the bigger retail chains would not carry the fish, leaving the business unable to reach more than a fraction of its potential market.
The GloFish zebra fish’s marketing technique has several flaws, the most significant of which is that its fluorescent zebra fish isn’t attractive enough to the consumer, resulting in sales failing to meet expectations. Case Study The main market element addressed in this case is educating merchants and customers about your product, regardless of whether you choose direct selling or wholesale distribution.
According to this story, Yorktown Technologies made a number of serious marketing mistakes. Due to the enormous media focus on them while they were launching this product, they had to introduce it quickly, resulting in an overwhelming demand for a small amount. When they began the business in 2004, they suffered more than $120,000 in losses.
In the United States, freshwater ornamental fish are quite popular, and three large retail chains sell them: Walmart, PetSmart, and PETCO. GloFish was originally released; however, none of these merchants wanted to include the fluorescent zebra fish because Yorktown Technologie’s suppliers and dealers had been supplying them for a long time. Although Yorktown Tech has been successful in marketing and distributing its items across the world, it has struggled with international competition in Asia and Taiwan.
In 2000, scientists in Taiwan were able to develop a fluorescent green medaka fish, which is comparable to the Yorktown Technologies’ danio fish. Taiwanese green fluorescent fish are now accessible in the United States for a cheaper price than GloFish. Blake considered selling GloFish outside of the United States, but because of foreign legislation, Yorktown was only allowed to market it in countries where it was lawful.
Yorktown Technologies is a new firm that aims to sell GloFish. In 2002, Yorktown won $500,000 in investors’ cash on the promise that it would earn $4 million in profits by 2004. Unfortunately, Yorktown had just $500,000 in sales and owed $620,000 in expenses, resulting in a loss of $120,000 (Roger A. Kerin 2010). Alan Blake of Yorktown Technologies is searching for something to say to the board of directors at their next meeting.
To turn around and become profitable, significant changes are required. The fundamental difficulty confronting Yorktown is the attention it has received as a result of its genetically modified GloFish, as well as recent market rules that have been imposed on the product. Despite consistent growth over the last several years, Blake believes Yorktown can be successful, and it hasn’t yet achieved its full potential owing to problems with distribution.
Competition is intense, as comparable products may be obtained at a lower price. Yorktown has an excellent position in the market and can improve sales across the board by improving product quality if distribution difficulties can be resolved. This firm sells zebra fish that have been genetically altered to glow under specific circumstances.
Because their solution was genetically modified, Yorktown Foods endured a lot of abuse in the early years. While sales have gone up, they are still far below expectations, and earnings remain low. Investors have been patient thus far but will soon run out of patience. To increase income and sales, Blake recommends making enormous changes at Yorktown in order to survive in the market place for much longer.
The Problem Yorktown Technologies is looking for a marketing expert to assess their marketing approach. What method should they employ to achieve greater success and operate at a higher profit, specifically. Yorktown Technologies had estimated sales of $4 million when it first began operations. However, due to a lack of distribution methods and a marketing strategic plan, the company only made a profit of $500,000.
Although Yorktown Technologies rose from the ashes, it took years of investment before revenues began to grow. The company’s expenses started at $620,000 and eventually increased to over $900,000 in the first five years owing to losses totaling more than $120,000. Yorktown Technologies needed to focus on a new successful marketing plan that would assist the firm reach its revenue objectives.
To further enhance their reputation and increase sales, Yorktown Technologies must focus on distribution of its product. They must establish a rapport with a respectable pet supplier, PetSmart. freshwater distributors (5-D Tropical and Segrest Farms) have distribution channels in place to major chain shops, and they currently have contracts with them (5-D Tropical and Segrest Farms). Yorktown should concentrate on developing an effective marketing strategy that uses internet media. When the goods are launched into the market, this will increase public interest.
Yorktown Technologies is fighting off an anti-GMO movement, and they must get to the consumer market before anyone else. The inability to make sales in California, in addition to having significant competition from Asia, will harm their statistics as well as the fact that they have a fierce rivalry with zebra danio. As demand grows, Yorktown Technologies must use its online presence to expand its market reach and serve more clients.
When marketing the new GloFish genetically modified tropical zebra fish, Yorktown Technologies’ CEO and co-founder Alan Blake faced several regulatory barriers. The GloFish are originally Indian zebra fish that have been modified to glow in the dark. More than 200 million of these attractive fish are sold in the United States every year.
The Yorktown Technologies saga concerns the difficulties that Blake and Crockett, the company’s founders, faced in finding a viable marketing approach to help it achieve its revenue objective. With investors such as Dr. John Rosemary and Dr. Will Hughes, who helped them raise more money, they had a successful fundraising plan.
Yorktown Technologies was faced with another issue when, owing to consumer and merchant ethical concerns, the major retail chains had refused to stock the fish, leaving the company unable to sell into more than a fraction of its potential market. Another difficulty with GloFish’s zebra fish marketing strategy is that because it lacks attractiveness, the amount of fish sold does not nearly approach the target. Case Study The key market element addressed in this case is consumer education, regardless of distribution choice, and your product positioning within the market. According to this article, Yorktown Technologies made a few major marketing blunders.
For example, because of the overwhelming media coverage that forced them to produce a highly sought-after product with a small supply, they were pushed to release it quickly. In 2004, they incurred more than $120,000 in losses when they first started the firm. The majority of fresh water ornamental fish sold in the United States come from three big retail chains: Walmart, PetSmart, and PETCO. When GloFish was initially released, none of these mentioned above retailers wanted to carry the fluorescent zebra fish; however Yorktown Technologie’s suppliers do now.