Developing an Internationalization Strategy Using Diffusion Modeling: The Case of Greater Amberjack

For farmers of new fish species, market adoption is needed in order to grow a viable business. Farmers may try to sell the new species in their firms’ domestic markets, but they might also look at other markets. However, as markets are becoming more global and competitors more international, conside...

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Bibliographic Details
Published inFishes Vol. 4; no. 1; pp. 12 - 0
Main Authors Nijssen, Edwin, Reinders, Machiel, Krystallis, Athanasios, Tacken, Gemma
Format Journal Article
LanguageEnglish
Published Basel MDPI AG 2019
Subjects
Competitors
Consumers
Diffusion
Farmers
Fish
Fish farms
Fish fillets
forecasting market demand
Globalization
greater amberjack
Influence
Innovations
internationalization strategy
Marine fishes
market diffusion modelling
Market entry
Market penetration
Marketing
New species
Product development
Production capacity
Seafoods
Seriola dumerili
Supermarkets
Waterfalls
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Summary:For farmers of new fish species, market adoption is needed in order to grow a viable business. Farmers may try to sell the new species in their firms’ domestic markets, but they might also look at other markets. However, as markets are becoming more global and competitors more international, considering internationalization may be a necessity rather than a choice. Using diffusion modelling, and based on results of an online supermarket experiment, the innovation and imitation parameters are estimated and diffusion curves for five countries predicted in an attempt to determine the best lead market for introducing fillets of farmed greater amberjack (Seriola dumerili). The production capacity consequences of implementing different internationalization strategies (i.e. “sprinkler” and “waterfall”) were also explored. A waterfall strategy refers to the sequential introduction of a product in different markets, whereas the sprinkler strategy concerns the simultaneous introduction of a product in multiple international markets. Since a sprinkler approach requires many resources and the ability to quickly ramp up production capacity, a waterfall approach appears more suitable for farmers of greater amberjack. Italy and Spain appear to be the best lead markets for greater amberjack farmers to enter first.
ISSN:2410-3888
2410-3888
DOI:10.3390/fishes4010012