Agriculture Reference
In-Depth Information
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Government reductions in farm program outlays will lead to more variability in grain
prices.
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Growing conditions in the Corn Belt are likely to be excellent next season.
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World grain stocks are declining.
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Fuel prices are trending lower.
Such an assessment of general trends tells the equipment manufacturer much about how the
business environment will greet their next new product introduction. For any sales organiza-
tion, understanding key market factors infl uencing their buyers' decision-making process
allows a prepared approach to marketing products or services.
Assessment of competitor strengths and weaknesses
A manager should also understand and respect the competition in his/her market segment.
Customers will always evaluate an agribusiness fi rm's products and services relative to com-
petitive products and services. This may involve a comparison of tangible features like
horsepower, yield, and price, and/or it may be a comparison of more intangible features like
reputation, product knowledge, and convenience. It is important for agribusiness marketers
to understand what they are going up against in the marketplace.
Good marketers know how their products and services compare with competitor products
and services in those areas that are important to the target customer. Such insights help
Plate 6.1
A customer interview
Evaluating the strengths and weaknesses of competitors is a fundamental part of strategic market
planning. One way to obtain information is to interview customers. Photo purchased from ©
iStickphoto.com/.
