Olympic Seafood AS

Abstract

Olympic Seafood AS is a Norwegian seafood and specialty ingredient company, headquartered on the western coast of Norway, in a town called Fosnavaag. In 2012, Olympic Seafood AS and the company Avoca got together and started a joint venture, Rimfrost USA, located in Merry Hill, North Carolina. With this the Rimfrost Sublime Krill Oil was introduced to the market. Rimfrost Sublime Krill Oil is an ingredient used in dietary supplements, which is rich in omega-3 phospholipids and antioxidants, intended to help keep the heart, brain and joints in the human body healthy. The purpose of the thesis is to find out which sales model is the optimal one for Rimfrost Sublime Krill Oil in the US market. The current sales model is distributing partner. The thesis project includes information on our client, the product and the industry in which Rimfrost Sublime Krill Oil belongs. The research presented in this thesis project includes secondary data, which focuses on the situation analysis, the industry and competitors. The primary research includes data collected by us, and the research was focused on gaining insight into the viewpoints of different players in the different stages of the distribution channel. The research methods used was in-depth interviews. We have found that Olympic Seafood AS has a sustainable competitive advantage that is attractive for the target market and there is potential for growth in the market. Olympic Seafood AS should therefore pursue a sales model that enables them to increase brand awareness in the US, as well as presenting the opportunity for Rimfrost to become a driving force in market growth. Based on the SWOT-analysis and the research finding we came up with a strategic problem definition, goals and critical success factors for Olympic Seafood AS. By being analytical we came up with four alternatives for sales model in the US market, which were up for discussion. In the end we gave our final recommendation, which were for Olympic Seafood AS to set up their own sales organization in the United States. We provide our rationale for this decision, and also present a thoroughly explained activation of the recommendation. The conclusion of our thesis is that Olympic Seafood has a superior product and the right resources to stand on their own in the US market, but needs to attract quality talents from within the US nutraceutical market who has the necessary knowledge and experience to take advantage of opportunities and overcome weaknesses.