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PRESENTED BY: SYNERGY CONSULTING INC. DIRECTORS ~ Glennis Best-Pitt ~ Joanne Bourne-Sheppard ~ Joseph Frederick ~ Marcia Dorman-Joseph
It is a Government Special Purpose Company Offices located at Glen Road, Scarborough , Tobago Interview conducted on Monday July, 4th 2011 with - Mr. Carlisle Jordan Chairman - Mr. Cloyd Blackman - Director
Company Objectives
Diversify the economy away from Tourism
Add value to the Fishing Industry and the Community
A 65 foot long line vessel was purchased by the Tobago House of Assembly (THA) to facilitate the operations of the Company.
The vessel is highly equipped for deep sea fishing with features such as :
- 200 Gallon live bait well - A desalination plant - Radar - Fish Finder - Full Communication system onboard
Products Marketed;
By Catch (Secondary)
Included are Red snapper, Kingfish & Flying Fish Sold on the Local Market Price per lbs is USD 0.90 to USD 2.00
The Company is considered a Born Global entity since it began exporting soon after it commenced operations. This is so because the market for the product at home is too small for the quantity produced.
FIPCOT prides itself in their ability to adhere to their commitment to the local fishing community on the island by not competing in the domestic market. The by-catch is sold to the local fishermen at a reduced price.
Testing Facility in Trinidad, that given the high quality of the Tuna sent to them for testing, that there was an opportunity for entry into the US market .
Grade of Tuna was determined to be Grade A THE HIGHEST QUALITY TUNA ON THE INTERNATIONAL MARKET The style of butchering used to prepare the fish for
export prompted the Testing facility to recommend that Tuna be Exported to the United States Market
Competitors
Dolphin Conservation Fish Stock Worldwide is depleting Rising demand for Raw Fish Loin for immediate Consumption Time limit exist between Catch and Delivery to Restaurant (48 hrs) in the USA Type of Tuna required by customers is Fresh Fish
Board of Directors
Administrative Assistant
Administrative Assistant
Local Retailers
Export Partner
Fishermen
An overview of the Fishing Industry in Trinidad & Tobago shows the annual fish exports (2000-2004) as recorded by the Seafood Industry Development Company (SIDC) to be 4220 metric tonnes and valued at TT$60 million.
Accidental entry strategy employed Pull Factor : Ready International Market Market was recommended to company
sensitivity and values Company does not have a Research and Development arm
Companys products were suitable for the international market Product had a great market potential
There was a High Demand for Product, yet supply was very low
No screening was done to identify market size and demographics Generally because it was a young organisation with Governmental Support, the team believes it had the support base necessary to go international
operations. ( This measure is being used by the company to create a niche market locally)
For Grade A Yellow Fin Tuna, there exists no need for value added as it relates to the Target market. Alternative use of by-catch - Seafood products may also be canned, cured (salted, smoked or salted and smoked) or prepared as delicatessen products.
Trade restrictions instituted by various trading blocs eg. European Union Readiness of the firm to expand its international market base The present nature of the local Fishing Industry.
It is not highly competitive Few Fishermen fish at that level (300m)
Company does not have a Research and Development arm No screening was done to identify market size and demographics
There are two main categories of Macroeconomic Variables affecting the Company;
Endogenous Variables Business Fluctuation Raw Materials Availability Exogenous Variables Inflation Employment Rate in Import Country Political Policy in Host Country Relationship between Host Country and Importer Country
Company should consider Privatisation Company Needs to Diversify Into Restaurant Operations
Establishing a Caribbean Cuisine Restaurant to
Seek assistance from Ministry of Trade and Industry to negotiate entry into the lucrative European market Sustainability through Aqua Culture. Opportunity for company to expand business in this area and at the same time meet its growing demand for fish.
Develop a Brand Instrument used to differentiate product from that of the competitors. Strong brand=value, image, reputation
The company has a competitive edge in their handling and preparation techniques as identified by the Testing facility. This skill-set can be leveraged in the Region by training fishermen to attain HACCP standards as well as the adaptation of sound butchering techniques in fish processing.
The Fish Processing Company of Tobago (FIPCOT) has great potential for growth and sustainability. This is supported by the fact that it exists in a niche industry and has the necessary resources and support. However, management needs to be mindful of the change in the global environment.