First Light Farm Marketing Plan
Michael Madrid
Date
SITUATION ANALYSIS
Macro-Level External Environment
Political and Legal
Based on state regulations, eggs have a 30-day shelf life for sales; this ensures the sale of quality eggs.
In chicken production, the government regulation on on-farm processing hinders market sales to restaurant and grocery stores.
Sociocultural
The business adheres to the customers’ beliefs and values by producing high-quality meat and eggs free of chemicals. The rapid population increase also favors the firm. The age distribution depicts young families (average age of 34) that may increase overall consumption.
Technological
The business uses the internet as a mode of sale increment. The internet is a modernized form of digital marketing by the use of Facebook and Instagram. The use of online purchasing will ensure the ability of customers to order goods remotely.
Economic
The county’s increasing population of 11% and a growth in premium grocery offerings indicate a healthy market demand for high-quality meat and eggs free of chemicals. The average income ($59,400) is suitable since it denotes a good purchasing power by the customers. The business may experience inadequate revenue due to the inability to sell all-beef within a given year.
Competitive Environment
The threat of New Entrants
The organic segment of grocery sales has shown sustained growth, with sales increasing from $5 billion in 2000 to just under $25 billion in 2009. Furthermore, the increased demand for organic-style offerings shows the increased entry in the organic-based market hence increased competition.
Firms that will have their on-farm processing facilities will pose a threat.
The Threat of Substitute Products
Other firms that produce plant-based proteins.
Internal Environment
Firm Structure
The firm is a family-based business having two proprietors.
Firm Culture
To produce high-quality, organic-based foods (eggs, beef, poultry, pork) free of chemicals and use methods to restore land fertility.
Firm Resources
Land-ponds, wells labor; family, animals (chicken turkey cattle)
SWOT SUMMARY/ANALYSIS
Strengths
• Flexibility in meeting the restaurants and market needs.
• High-quality product offerings that exceed competitor’s offerings of price, quality, and service.
• Tech-savvy; ability to use the internet for digital marketing and increasing sales through purchasing.
Weaknesses
• Environmental factors, such as drought.
• A limited marketing budget to enable brand awareness.
• Increased competition.
• Scarce labor.
Opportunities
• Growing market share with increased population
• USDA inspected chicken processing
• Fertile land and amenities
• Availability of financial resources
Threats
• An out-of-state, already established competitor that has decided to make customer service and flexibility their selling point.
• Competitive market.
• Poor weather will lower field yields.
• Turkey and chic mortality
Competition
There are three types of competitors that the farm faces:
1. Supermarkets: The advantage of the supermarket is convenience. There are many supermarkets around the area, and they are open many hours during the day. Their disadvantage is price and quality. The quality is sub-par to the ones that are organic-based.
2. Similar local farmers: These are very similar functions to such organic-based farming, sometimes large or small. There seems to be room in the market for multiple farmers.
MARKETING GOALS AND OBJECTIVES
Goal
The goal is to feed the growing population by using various technology trends, reaching consumers widely, and attaining consumer satisfaction.
Objectives
1. Creation of demand.
2. Attaining customer satisfaction.
3. Generation of profits.
4. Creating favorable public image and goodwill.
MARKETING STRATEGIES
Market Segmentation, Target Marketing, Positioning
Segmentation
The region is made up of a population of 7.1million people. Most of the population is based on average age of 34 and an average income of $59400.Hence the market can be divided into the active population from ages 20-60. And an income-earning population with the capability to afford the products.
Target Marketing
The business targets customers who make up an underserved niche market for organic and sustainable agriculture. The target consumers are between the ages of 20 and beyond. Regardless of their age (whether they fall at the upper or lower end of the target range), they lead active lifestyles. These active consumers represent a demographic group of well-educated and successful individuals; they are single or married and raising families. Household incomes generally range averagely at $59400.Individual with disposable income that has the desire to consume quality produce. The future goal is to target a wider audience.
Positioning
This involves developing a position for each segment and developing a marketing program for each component.
Marketing Mix Strategies
Product/Branding Strategies
The business offers a range of high-quality chemical-free organic-based products, which include eggs, poultry, beef, and pork. These products have been carefully bred following state regulations and are top-tier natural products. They are affordable products that offer nourishing benefits to the body. This organic-based strategy will ensure the business concept in line with the future trends since most people opt for organic-based products free of chemicals.
Service Strategies
The business is marketed through the internet on platforms such as Facebook and Instagram. This offers individuals the ability to acquire services through the internet by also being able to purchase remotely from their homes’ comfort. Direct sales to groceries and restaurants are also a practical service strategy.
Pricing Strategies
The firm is not concerned with setting very high prices to signal luxury or prestige, nor is it attempting to offset low prices by selling increased quantities of products. Instead, value pricing is preferred so that customers feel comfortable purchasing these organic-based products. Factors such as input costs and revenue are expected to play a massive role in determining the price. For instance, eggs cost $4 per dozen eggs, quite affordable. This is priced competitively, offering a good value against the competition.
Supply Chain Strategies
The farm will operate on a direct sales system that will link the farm to the families they serve. There are no intermediaries, which also ensure that the cost bared by the consumer is not exaggerated. Products are also directly placed in restaurants, grocery stores, and health food stores.
Integrated Marketing Communications (IMC) Strategies
The use of the internet ensures that all forms of communications and messages are carefully linked together. Responding to Facebook and Instagram messages provides a prompt reply to customer messages.
IMPLEMENTATION
The following milestones identify the critical marketing programs. It is essential to accomplish each one on time and budget.
Marketing Action Plan for Initial Launch
Milestones
AdvertisingStart DateEnd DateBudget
Advertising campaign1/6/20211/1/2022$3,200
Other
Total Advertising Budget
$3200
Monthly Sales Forecast to End of First Year
First-Year Budget
1st-year budget $100,000
Marketing Control and Metrics
Metrics are the foundation for any successful marketing strategy,
Customer Retention Rate.
Customer Retention Rate is a metric used to calculate how loyal your customers are.
Return on investment
ROI is a measurement tool used to calculate the effectiveness and value of an investment.
ROAS (Return On Advertising Spend).
Put merely, ROAS is a tool used to measure the profit made from advertising.
CONTINGENCY PLANNING
Difficulties and risks:
• Problems are generating visibility.
• An already established competitor that chooses to compete on quality and flexibility.
• Poor weather could hamper crop yields.
Worst case risks may include:
• Determining that the business cannot support itself on an ongoing basis.
• Having to liquidate equipment to cover liabilities.
References
First Light Farm Business Plan by Ben and Meg Walton
M Porter, Competitive Strategy: The technique for analyzing competitors (New York: Free Press, 1998)
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