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The fish industry is one of the most profitable markets in the world when done in the right manner. In a place like Taiwan, the fish business can be very productive based on the large population in the city that provides a ready market for the fish. The economy of the country is also stable, and therefore most of the people have the purchasing power. However, like any other product, there is the need to consider the four Ps in order for the business to thrive. Any company that wants to start the fish business must consider the product in term of packaging and label. Price and promotion must be put into consideration and lastly the place regarding suppliers.
Product packaging (tinfoil not can)
Tinfoil packaging would be the best alternative for packaging because it ensures that the fish retain its shape and therefore there will be no need to cut the fish into smaller pieces as it is the case with the use of cans. It is a good alternative because most of the people prefer purchasing the fish in full and not in parts.
The use of colors and product label
The tinfoil would then be wrapped with a good design paper. The red color would be the best color to use because it is eye-catching and also it will rhyme well with the color of the meat that will also be on the cover. This cover paper will be well designed such that one would easily identify the product.
The cover will also have the label of the company well designed. It is important to come with a catchy name that will attract the attention of the customers. The logo of the company should also be well designed because the appearance of the cover is what will first attract the customer.
Price is one of the main determinants of whether a product will sell or not (50MINUTES.COM, 2015). The company will require offering its products at a much lower price compared to the already existing companies. This will give the consumer a reason to leave the other suppliers for the new company in the market. The company needs to consider the economy of scale as the primary way of making a profit. The more products they sell the more they will make which would be much more compared to the profit the company would have earned by selling only a few units at a higher price. It will also make the customers have faith in them which will result in the growth of the company.
The best sale promotion would be through the internet. The technology world is growing every day, and there is need to use it to promote this fish business. The company could create a short commercial and use the YouTube to advertise its products to the people in Taiwan. The Facebook and other social media platforms would be the best shot to reach more people ("5 of the Biggest and Still the Best Online Advertising Methods," n.d.). The company could also air some commercial adverts on television and local radios although this could be a little bit expensive. However, the outcome would be worth it (TV Choice Productions, 2010).
Promotional events with free samples of the products would also be a great way of promotion. But in this case, it will require offering cooked fish to the people. When the people like the product they will surely choose sturgeon fish and not any other fish and the company would have benefited.
The company needs to do a correct sampling of the products to ensure that all customers are satisfied (Wirtz & Lovelock, 2016). The fish should be packed from as low as 250g to as high as 3kg and even above. This will ensure that the company will have satisfied the small-scale consumers and the large-scale one. The company will even get more customers because the customers can find the correct quantity of fish they need.
It could also do the company a greater good to sample the fish based on its quality. i.e. the fish whole fish together with bones and the fish stake. This will ensure that the customers are satisfied because some prefer stake while others prefer whole fish.
The company will have to open a few major outlets of the fish in various places where the consumer can get the fish directly from the company. If that pose to be much expensive, the company should consider hiring places in various shopping malls where its employees will sell the fish to the people.
It would be a great idea to open retail channels where the fish products would be sold to the public. The best strategy would be to have a number of restaurants opened that would be dealing in sturgeon fish. The restaurants could be opened at various places in the capital city while at the same time having some branches in other parts of the country.
Sometimes opening new fish outlets such as restaurants could be very expensive and there it would be advisable to use already existing restaurants to offer the products to the people. The company could also consider hiring space in some of the supermarkets and malls instead of renting a whole building. This will enable the company to have its products sold all over the country with many expenses (Wirtz & Lovelock, 2016).
The company could also consider using the online platform to sell its products to even a wider population. The world is growing in the direction of technology and therefore making use of the technology to sell the wish would increase the sale. The company can come up with an app which they could call QuickFish App. Using the app, anyone should be able to order fish and make payment online and the fish would be dropped to him or her without the need to go to the supermarket or restaurant.
Sturgeon fish business is a very potential business to start in Taiwan. However, one needs to ensure the product is of good quality and the package and label are catchy to the customers. The company should also offer a friendly price. With a good product promotion and establishing a place to sell its products, the company will surely rule the fish market in Taiwan.
5 of the Biggest and Still the Best Online Advertising Methods. (n.d.). Retrieved from https://www.business2community.com/online-marketing/5-of-the-biggest-and-still-the-best-online-advertising-methods-0186358
50MINUTES.COM. (2015). The Marketing Mix: Master the 4 Ps of marketing. Cork: Primento Digital.
TV Choice Productions. (2010). The 4 Ps and beyond.
Wirtz, J., & Lovelock, C. (2016). APPLYING THE 4 Ps OF MARKETING TO SERVICES. Services Marketing, 120-121. doi:10.1142/9781944659028_others02
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