Achieving success in a crowded market.With this issue of AgriMarketing, we kick off a series of cover articles featuring agribusinesses who are making their mark through innovation and adjusting to the existing marketplace conditions. In the past decade we estimate that over 70 percent of the agricultural community's assets have changed hands. Every sector has been affected--manufacturing, distribution, finance, processing, and even farmers. Despite operating in a mature industry Mature Industry An industry which has passed both the emerging and the growth phases of industry growth. Earnings and sales grow slower in mature industries than in growth and emerging industries.![]() As can be seen above, the third phase is the mature industry phase. Notes: A mature industry may be at its peak or just past it., the food/fiber business is huge, with plenty of room for new products and services that are surrounded by strong marketing. A perfect example comes from one who recently passed away, Dave Garst (see memorium on page 7). In 1983, Garst's business model needed to change because of a disagreement with his former partner. At the time, there were nearly 300 seed companies serving farmers. So, who would have ever thought there was a need (and room) for another one? Dave did. Through skillful planning, a true knowledge of farmers, and downright tenacity, the Garst Seed Company was launched and grew to become the fifth largest seed company within three years! To read more about this legend of our industry, go to www.AgriMarketing. com and read the touching tribute his son, Sam, wrote about Dave and his career. A big thanks to Meredith McHone-Pierce, Garst Seed's first communications manager, for her assistance in providing this special insight into a unique man's life. |
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