Description

The brand name of our product will be “DemrafSalmon”. The first six letters of the is a backward spelling of “Farmed” and we have included the word “Salmon” to easily distinguish our main product. Since the product is mainly for Mexicans, translation in Spanish will play a key role in these export business and will be called “Salmón Cutivado”. Salmon is a well-recognized fish with a high protein and omega-3 fatty acid content. Salmon is an excellent alternative to protein sources like chicken and beef. It provides ample protein but significantly less saturated fat content and Mexico is an attractive market for consumption of this product. Salmon is an ideal protein source for maintaining weight loss or body mass index. At the present moment, because of the high price of salmon in Mexico, and the preference of its citizens for only small quantities of fresh salmon. Fresh fish is too expensive for Mexico to have a mass market. Mexico's fish and seafood imports are focused mainly on species that either complement or are not available in Mexico as a complement to local supply.

Threat of Substitutes

Seafood is generally supplied by substitutes or alternatives for pork, chicken or lamb etc. The prices of alternative goods are almost like seafood but, owing to the zeal of the seafood lover in Mexico, the possibility of alternatives is low. Fish enthusiasts don't want to consume other things, so they don't have much seafood among them and often don't have room for fish on other days.

Salmon isn’t the only fish that is full of omega-3. It might be hard to beat, but there are other good sources of healthy fat available in the market aside from salmon that can be substitute that has similar benefits, such as yellowtail, tuna, trout, mackerel and halibut.

The Threat of New Entrants

The newcomer is highly threatened, which leads to any new enterprise being unfavorable. While prospective foreign entrants face obstacles such as political, cultural and challenging competition, they should seek to join as the company has a very lucrative, large demand and promising opportunities in the future (Perera, 2020).

A business may reach a foreign market in several ways. There will be several factors influencing the strategy choices, including, but not limited to, tariffs, the degree of adaptation required for the product, marketing, and transport costs. While these variables will substantially raise the expense, the rise in revenue is projected to cover these costs. Direct selling might be the best option for the business, whereas a joint venture might be required in another, and the company may well be approved in the other. Direct exports explicitly distribute their services to the consumer they have decided to use. The company switches to agents and retailers to help serve them in this sector after they have developed a distribution system. Distributors and agents are working closely with the company to promote their interests. They are the face of the company, and so their choice of agents and distributors must be handled just like a key employee (Lymbersky, 2008).

Moreover, the most effective entry strategy could be in the Mexico purchasing an established local firm. This could be due to the company's large market share, the direct competitor to the company, or the only option for the company to enter the market, given government regulation. The actual interest of a product on a foreign market is undoubtedly the most expensive and would take significant due diligence. At the hand of the road, this entrance approach grants you instant recognition as a local corporation creates local business awareness and a strong customer base, and the municipal authority is viewed as a local company. Similarly, the company can use a joint venture. Joint ventures are a collaboration involving the creation of a 3rd separately owned business. Within a particular region, either globally or in a commodity, two firms decide to operate together and create a third business to do so. Costs and rewards are expressed fairly (Glowik, 2016).

To identify the target audience, the organization conducted a population survey. Through this study, the organization devised a campaign, product blend, execution, and value of advertised practices as a goal and a business plan. Middle-class consumption capability is now the principal force in Mexico, particularly in large or medium-sized cities. The business development in Mexico is at the top. This is not the highest segment of the middle class in Mexico that spends more, but the champion in terms of income, interest, and price. In Mexico, the consumption of medium-sized firms drives business growth and production. In general, the middle income of younger Mexico is imported food (Weinstein, 2013).

Moreover, Customers and their choices are becoming constantly influenced by advertisements. As a consequence, seaside businesses with weaker brand identities have to make significant expenditures in creating content and promotional strategies, the aim is to find a platform and an appealing identity for Mexican customers. Demographics will help the company segment its consumers by value. Salmon product is consumed by all sector of the population of Mexico. The target customer of the product is people of every age and gender.  The product is classified into various types, applications, and regions. This is classified into fish, molluscs, crustaceans, and others according to type. This is defined as retail, institutions, and food facilities based on the application. The target customer of the product is ready to pay $35.