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Executive Summary

Scope of Report

The strategic analysis of the Scottish Salmon Company has been completed for the purpose

of recommending the strategic direction which the company should take in order to sustain

competitive advantage over the next five years. This will enable the organisation to meet its

objectives of product diversification and increasing Salmon output during the next five years, which

will result in increasing market penetration and share.

Current Position of Company

SSC is the third largest producer of Salmon in the United Kingdom. The company currently

enjoys the following competitive advantages in this sector:

a) A clear definition of its operational and M&A processes.

b) A strong brand image based on the Scottish origin of the product.

Nevertheless, these competitive advantages are unlikely to be sustainable due to the

following challenges:

a) The dependency on the availability of the conducive habitat. b) The scarcity of fish food and the obsolescence of current technologies. c) The increasing costs of fish feed. d) The threat of substitution from other products.

The scarcity of conducive Scottish habitat and the increasing threat of external competition

has been identified as limiting factors for the business strength of the company. In order to

overcome these challenges, the following recommendations are suggested.

Strategic Recommendations

The recommendations are as follows; to diversify into new market products and accelerate

the M&A of value adding companies. This ensures that the organisation will reduce their

dependence on the Salmon monoculture and provide additional benefits to customers such as

improved customer focus, reduced prices and wider product availability.

Additionally, by investing in technological developments and innovation to prevent the

potential threat of diseases, the organisation is future proofing against pandemics and ensuring the

optimization of available finite resources.

Furthermore, the implementation of these recommendations also creates higher barriers to

the threats currently faced by the company.

The implementation of these actions will also provide a potential platform for the company

to take its business to the next level by adding value through reduction in costs due to greater

economies of scale and leverage of technology.

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Contents

1. Table of Abbreviations .................................................................................................................... 3

2. Introduction .................................................................................................................................... 4

3. Analysis of the Company ................................................................................................................. 4

Purpose, Distinctive Competencies and Rent ..................................................................................... 4

Business Idea ....................................................................................................................................... 4

4. Analysis of Environment ................................................................................................................. 5

Change Drivers .................................................................................................................................... 5

Competitive Rivalry ............................................................................................................................. 5

Industry Dynamics ............................................................................................................................... 5

5. Recommendations .......................................................................................................................... 6

Strategic Challenges and Possible Options ......................................................................................... 6

Implementation of Strategic Options ................................................................................................. 7

Strategic Fit with Company and Environment .................................................................................... 7

6. Conclusion ....................................................................................................................................... 8

7. Appendix ......................................................................................................................................... 9

Appendix I. Value Chain ................................................................................................................. 9

Appendix II. Competency Map ........................................................................................................ 9

Appendix III. Business Idea Sustainability Feedback Loop 1 ...................................................... 10

Appendix IV. Business Idea Sustainability Feedback Loop 2 ...................................................... 11

Appendix V. Business Idea Sustainability Feedback Loop 3 .......................................................... 11

Appendix VI. Scenarios Development ........................................................................................ 12

Appendix VII. SWOT ..................................................................................................................... 13

Appendix VIII. Porter’s Five Forces Analysis (Present) ................................................................. 14

Appendix IX. Porter’s Five Forces Analysis (Future) ................................................................... 14

Appendix X. Scenario / Options Matrix (% of Preparedness) ........................................................ 15

Appendix XI. Options Evaluation ................................................................................................ 16

Appendix XII. Experience Curve .................................................................................................. 17

8. Bibliography .................................................................................................................................. 18

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1. Table of Abbreviations

Abbreviation Expansion CSR Corporate Social Responsibility

CSV Creating Shared Value

GBP Great British Pound

GM Genetically Modified

HOG Head on Gutted

M&A Mergers and Acquisitions

PESTEL Political ,Environmental ,Social ,Technological ,Economic ,Legal

QMS Quality Management System

R&D Research and Development

RAS Recycle Aquaculture Systems

ROCE Return on Capital Employed

SSC Scottish Salmon Company

SWOT Strength, Weakness, Opportunities, Threats

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2. Introduction

The following report is a strategic investigation of the Scottish Salmon Company using a

number of analytical concepts and techniques. The current strategic position of SSC is analysed

within the transactional environment. The results of this evaluation lead to the identification of the

key competencies of SSC and the definition of the business idea. Additionally, a review of the

competitive rivalries and dynamics of the market within which SSC operates are completed. The

organisation is then analysed within the contextual environment of the Salmon industry of the

United Kingdom and the key drivers of change are evaluated. In light of the analysis, the strategic

direction is defined which the company should undertake in order to sustain their competitive

advantage over the next five years.

3. Analysis of the Company

Purpose, Distinctive Competencies and Rent

The purpose of the organisation is to create rents through integrating the value chain

(Appendix I) by producing high quality, farmed Salmon. One of the key distinctive competencies

required to fulfil the businesses purpose is the utilisation of the SSC process, (Appendix II) of which

animal husbandry, a robust QMS and the pioneering single loch farm system are key to not only

success, but also sustainability. In addition, the selection and acquisition of farms and value added

processors such as smokers, which fit within the existing culture and operations ensures the

organisations continuing scalability, leading to economies of scale and improved cost efficiencies.

These aforementioned capabilities and competencies have resulted in awards from the Crown Estate

and accreditations for the quality of the product. This has a twofold benefit; one is from an external

perspective whereby these awards increase the brand value. The second is that by gaining

recognition from achieving excellent quality standards and CSR activities the organisations internal

culture and workforce is strengthened.

Business Idea

Farming exclusively in Scotland is at the heart of the competitive advantage of the company.

It is key for the organisation to follow high standards of production processes and leverage of

production capacity, as this not only increases brand value, but also ensures the sustenance of these

scarce resources (Appendix II). The key success dynamics of the organisation are the mutually

reinforcing brand value and M&A (Appendix III).

The accurate selection and efficacious addition of companies to the organisation enhances

the financial power of the company attracting potential investors (Appendix IV). This process also

increases the amount of limited Scottish natural resources that the company owns, therefore

strengthening its uniqueness as a producer of “Scottish Salmon” (Appendix III). More recently, the

diversification into value added products has had a positive impact by reducing risk of investment

and attracting more investors (Appendix IV). Furthermore, the production knowhow of the SSC,

including their selection of food and the environmental business strategy, reinforces the brand

image (Appendix V). Finally, M&A enriches the company’s competences by assimilating the best

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aspects of the acquired organisations, and once integrated these best practices have a direct impact

on the organisational culture (Appendix V).

Through the simultaneous growth of brand value, organisation size and product

diversification, the company can continuously increase the distinctiveness of its products from those

of competitors, thus sustaining its competitive advantage.

4. Analysis of Environment

Change Drivers

The dominant factors in the firm’s contextual environment are availability of conducive

habitat and adaptation of modern techniques in aquaculture (Appendix VI). The regulations in the

sector currently act as the primary barrier to entry; however, increasing demand and limited supply

of the product may prompt a change in the regulatory environment leading to influx of competition

and an increased strain on the company’s supply chain (Appendix I). While the company is tackling

the availability of conducive habitat through M&A, thus gaining the finite resources and expanding

output, it is also creating barriers of entry for competitors. The technological advancement in

aquaculture will help the SSC in gaining higher production and quality despite limited habitat.

However, the company might face possible customer backlash due to unforeseen circumstances

from genetic modification, for example, the so-called “Frankenfish.”

Competitive Rivalry

Multiple factors contribute to the competitive rivalry faced by SSC (Appendix VIII). A

significant threat for the company is from the increasing availability and accessibility of substitutes,

for example, Omega 3 eggs, meat, sardines etc. While the supply side of the organisations value

chain does not currently have a strong influence on the market, the increasing scarcity of fish food

and fish oil may see a shift in power towards the suppliers (Appendix I). The advent of cheaper

Pacific salmon from China may reduce the domestic market for Scottish salmon in the medium and

long term1.

Industry Dynamics

While the SSC holds a distinct advantage over the competition through their brand,

accreditations and financial health. The dependence on a single product, the increasing costs of

consolidation and saturation of UK market may influence the company’s future performance

(Appendix XII). However, the recent acquisitions of the company into value added organisations and

diversified, but related products suggests that the company is already moving in the direction of

negating the threats from single product and disease1. With the company’s declared proposition of

entering new markets in Middle East, China and USA1, the threat of saturation of the UK domestic

market is reduced. This market penetration strategy may be attenuated by SSC’s poor international

distribution network. However, leveraging the strength of the “Scottish” brand, the accreditation

1 Based on research (Bibliography)

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and awards and proper positioning of the product should ensure the organisation overcomes the

aforementioned issues.

5. Recommendations

Strategic Challenges and Possible Options

The SSC’s market environment analysis has highlighted two critical strategic challenges. The

first is the availability of conducive habitat. The second, is the adaptation of modern technology in

aquaculture. While the analysis produced multiple options to tackle these issues, the report

considers the three most pertinent strategic options for the company (Appendix XI) as well as the

require capabilities to be adopted in order to execute them effectively (Appendix X). The options and

their benefit to the company and the customer are:

a) Product diversification through M&A addresses the key challenge of the finite availability of

the conducive environment. This would have following benefits; it will limit the ability for

competitors to expand. It will improve economies of scale thus delivering a cheaper product

to the customer. Finally, it will increase the brand value through the salience and awareness

within the market environment as well as being more accessible to the end consumer.

b) Accelerating the M&A of value added companies will reduce the over dependence of SSC on

Salmon monoculture. It will also help the company address the possible challenges

associated with the saturation of the domestic market for salmon (Appendix XII) and reduce

the possible shift of power to the supplier (Appendix IX). The benefits generated in point (a)

above, correspond with this strategic option.

c) Investment in technology with the objectives of reduction in diseases and optimization of

the limited habitat will help the company mitigate the potential threat of disease. The recent

Chilean pandemic reinforces the criticality of the uptake of technology2. Leverage of

technology could provide the organisation with a competitive advantage through

opportunities by the development of biogenetics. These developments could benefit the

customer through value added aspects, for example, increasing the levels in Omega3, better

taste or texture. This leverage of technology may have a backlash from the UK consumer due

to their negative perception of GM products. However, in a global economy these products

may be a key success for the organisation.

While there are multiple requirements for the company to execute these options, the ability

to finance remains the primary driver. The research shows that the consistent financial performance

of the company with ROCE of nineteen per cent3 and the ability to scale up the operations has

ensured steady investment into SSC due to which the company is currently holding an investment of

forty million pounds4. This gives SSC the financial ability to execute the aforementioned options.

These options will increase the product range of the company; provide them with greater control on

the value chain, optimisation of habitat and reduction of potential diseases (Appendix VII).

2,3,4

Based on our research (Bibliography)

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Implementation of Strategic Options

The key factors to successfully implement the strategic options will be dependent on the

following actions:

The acceleration of mergers and acquisitions for both generating added value and

diversifying to other markets or products requires successful selection and integration, which is

detailed as follows;

1) To successfully select and acquire companies:

i. Include both offensive and defensive strategic aspects, offensive options can help overcome

possible threats and increase market share, while defensive options can create a barrier to

entry to the competition through acquiring as much of the finite resources as possible.

ii. Have full market research performed on the target companies, their customers and the end

consumers. This is so that the SSC’s brand avoids potential devaluation and that there is full

cognizance of the consumers needs.

iii. To successfully integrate the acquisitions to both the SSC culture as well as to synchronise

the operational processes. Furthermore, the implementation of the Label Rouge and

Freedom Foods process into the expanded entity should be considered, as this will maintain

the organisation’s current high quality paradigm.

2) The successful leverage of technology should consist of:

i. Scale and continue to monitor the existing Wasse programme, which will potentially limit

the disease spread among the farms in a more organic and sustainable fashion than using

chemicals, whilst increasing the potential value added aspects previously mentioned.

Increasing the R&D within technology sector will ensure both optimisation of resources and

continued sustainability.

ii. Formation of Strategic alliances with R&D organisations, which could develop technology as

well as reduction of cost in research for the company. Another possibility is to be able to

create knowledge exchange programmes with aquaculture research universities, for

example, Plymouth, St Andrews or Stirling.

The execution of the strategic options can have a positive impact on both the SSC’s

prospects as well as the customers’ expectations from the company. The organisation will benefit

from the economics of scale with lower cost and wider range of products. The entry into the

processing channels will help in reducing the power of both suppliers and the customers of the

company. With fewer links in the value chain resulting in cheaper stocks, this cost reduction can be

passed on to the customer. The options will also result in harmonised output to match demand and

maintained quality.

Strategic Fit with Company and Environment

The proposed strategic options would not only allow SSC to continue to pursue its business

idea but also provide it with greater opportunities to fulfil its objectives. The business idea is

reinforced via the continuing consolidation of other Salmon farms, achieving further economies of

scale and cost reduction. Consolidation also ensures that the scarcity of the available habitat acts as

barrier to entry to competitors as it is a finite resource.

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Diversification into non-Salmon products and forward integration of the value chain reduces

the risk of reliance on the single Salmon product. Aquaculture runs through the organisations DNA;

the acquisition of non-Salmon products not only reduces the threat of substitutes but also

complements the organisations portfolio by reinforcing the SSC’s high quality paradigm. The

strategic option of acquiring existing customers in the value chain ensures that the customer’s

management, culture and operations fit with the parent organisation thus ensuring best chance of

success. The QMS system is required to ensure the maintenance of existing high standards; this

system can be overlaid during acquisitions and reinforces the success factor.

By leveraging the uptake of available technology, the organisation should increase the

potential to avoid pandemics, which have affected Chilean Salmon farming industry4. Moreover, the

usage of natural technology (Wrasse programme and single loch) fits with the organisations ethos of

sustainability and husbandry by producing consistent high quality well cared for products.

The fit achieved with the proposed strategic options, the organisation and its environment

will maintain SSC’s competitive advantage over the five year period in question. The added value of

following this course of action would result in reduced costs due to increased economies of scale

whilst increasing their margins due to the shortening of the supply chain. Furthermore, the customer

base will increase as will market penetration and brand recognition. Finally, the organisation will be

closer to the consumers and through real time feedback SSC will be able to foresee and anticipate

changes within the market and adjust their tactics and strategies accordingly, thus avoiding or

minimising potential strategic drift.

6. Conclusion

Through our analysis, the conclusion can be drawn that while the organisation is within a

growing market there are potential challenges from both the transactional and contextual

environment. To counteract these threats the organisation should accelerate their existing forward

and horizontal integration and diversification strategy. This has the benefits of not only expanding

their markets and customer base thus reducing supplier power, but also creates barriers to entry to

competitors due to the acquisition of scarce resources. An issue, which may require further analysis,

is that regardless of the present strategy is that the company is based on aquaculture and any

catastrophic failure of the environment or habitat will effectively terminate all organisational

operations.

5 Based on our research (Bibliography)

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7. Appendix Appendix I. Value Chain

The comprehension of the value chain is imperative in understanding the business of SSC.

Like any farming business, the company is at the primary end of supply and has many links before

reaching the consumer.

Appendix II. Competency Map

This map portrays the competencies possessed by SSC that help them to deliver the

customer perceived values such as quality, price and the capability to meet demand. The unique SSC

NETS

FOOD

SHIPS

EGGS

VACCINES

SUPPLYING

HOG

RETAILER

WHOLESALER

HOUSE

RESTAURANT

TANKS

PRODUCINGVALUE

ADDINGTRADING CONSUMING

FILLET

PROCESSOR

SMOKER

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process not only helps to assure the quality of the Salmon but also wins awards and quality

accreditations. The company has in depth knowledge of M&A and integrates their culture with new

acquisitions. This helps SSC to cope with the increasing demand of Salmon as well as improves their

core competencies from the acquired companies. Economies of scale help to leverage the increased

Salmon production and achieve the best price. The practice of continuously updating their

organisational culture and production expertise helps to sustain the competitive advantage.

Appendix III. Business Idea Sustainability Feedback Loop 1

The brand value drives the sales of the Scottish Salmon Company leading to cash reserves.

The company makes use of the cash reserves effectively by involving in M&A both vertically and

horizontally helping it to meet the demands of the customers. Acquiring the limited natural habitats

of Scotland decreases those available to competitors thus increasing the brand value of the Scottish

Salmon Company as a producer of ‘Scottish’ Salmon.

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Appendix IV. Business Idea Sustainability Feedback Loop 2

The brand value of the company is used for its foray into diversified products to reduce risk

and thereby create attraction as a safe investment. The M&A helps to achieve economies of scale by

reducing unit manufacturing cost leading to greater margins.

Appendix V. Business Idea Sustainability Feedback Loop 3

The M&A provides opportunities to integrate the best practices of the companies into the

organisation culture and evolve. SSC also now has wider access to the talent pool, helping in its

pursuit of high quality, leading to more accreditations and awards thus enhancing the brand value

of the organisation.

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Appendix VI. Scenarios Development

The two critical parameters of conducive habitat and modern techniques are expected to

generate the four distinct scenarios. Each of the scenario projects a diverse yet plausible future

which the company has to plan for in the midterm.

ARMS LENGTH OF DESIREOPTIMIZATION OF SCARCITY

A MOHICAN EXISTENCEMIGRATION TO GREENER PASTURES?

•Pushing the threshold•Innovation

•Higher production of low quality products•Economies of scale

•Creation of Barriers to Entries by lobbying•Potential unforeseen circumstances

•Alternative supply of fish food

•Maximum leverage of technology•Lower dependence on work force

•Unforeseen Circumstances of Genetic Modifications•High Production Opportunities

•High Quality Standards•Highly Regulated Environment

•Diversification (Geographic/Products)•Insurgence of competition/import

•Short Term Strategies•Brain Drain to other industries

•High cost of and dependence on M&A•High potential diseases

•Diminishing supply of fish food

•Latent resources•Internal sustainability

•External threats (diseases and competitors)

•Antibiotics do not work any more• High Production Cost

•Quality of Product Compromised•Strong Long Term Strategy

AVAILABILITY OF CONDUCIVE HABITAT

AD

AP

TATI

ON

OF

MO

DER

N

TEC

HN

IQU

ES IN

AQ

UA

CU

LTU

RE

HI

LO

LO

HI

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Appendix VII. SWOT

The SWOT analysis of the company projected both the obvious and subtle facets. The SWOT

data when analysed along with the potential scenarios gave clearer picture the company’s

preparedness for future and the required areas of strategic focus. As a result SSC has to rethink on

the business strategy to safeguard against potential threats.

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Appendix VIII. Porter’s Five Forces Analysis (Present)

The Five Forces analysis of SSC shows a high degree of influence over all the forces except

the substitutes. The high availability of substitutes are the biggest threat as per the forces in the

current scenario. The fish oil suppliers were the only power on the supply side of the analysis. The

current competitive position is one of possessing high power over buyers as well as the presence of

high barriers to entry for new entrants into the market.

Appendix IX. Porter’s Five Forces Analysis (Future)

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The Five forces in five years from now shows a shift of power, especially in the barriers to

entry and power of buyers, both of which are currently the strong areas for the company. Supply’s

inability to cope with the demand and the advent of technology is expected to lower the barriers to

entry and increase the number of competitors. The increase in the power of the fish oil suppliers due

to limited supply and the possible consolidation of buyers also will decrease the leverage of SSC in

the market. The reduction of power of the SSC in the competitive rivalry due to imports, lower

barriers and substitutes is possible future implication.

Appendix X. Scenario / Options Matrix (% of Preparedness)

The analysis of preparedness of the company shows that the organisation is more prepared

for the scenarios of a lesser availability of conducive habitat. While the level in percentages have

been analysed as on the lower side, this mainly driven from the fact that the entire farming industry,

whether horticulture or aquaculture seems to be dependent on nature and thus difficult to predict.

The most important competencies of SSC are identified for each of the scenarios and new

capabilities that need to be developed are identified.

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Appendix XI. Options Evaluation

The various strategic options for SSC are derived from the preparedness matrix and the

TOWS matrix. The options are evaluated based on their suitability, feasibility, acceptability and

morality. From these, the three best options are identified and the most various competencies to be

developed in order that the options can be implemented are also identified.

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Appendix XII. Experience Curve

The experience curve for SSC starts from the time of unorganized farming during mid

twentieth century. The large scale consolidation and organisation of farming in the last two decades

has increased the availability and thus brought down the prices. The analysis of the company in the

present shows a plateau of the curve and has reached the minimum efficient scale, which shows the

requirement of diversification. The suggested way forward would require investment and foray into

value added processes like smoking and diversification into related farming products.

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