Strategy Evaluation of Scottish Salmon company
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Strategy Evaluation of Scottish Salmon company Strategy Evaluation of Scottish Salmon company Document Transcript

  • Executive SummaryScope of Report The strategic analysis of the Scottish Salmon Company has been completed for the purposeof recommending the strategic direction which the company should take in order to sustaincompetitive advantage over the next five years. This will enable the organisation to meet itsobjectives of product diversification and increasing Salmon output during the next five years, whichwill 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 currentlyenjoys 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 thefollowing 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 competitionhas been identified as limiting factors for the business strength of the company. In order toovercome these challenges, the following recommendations are suggested.Strategic Recommendations The recommendations are as follows; to diversify into new market products and acceleratethe M&A of value adding companies. This ensures that the organisation will reduce theirdependence on the Salmon monoculture and provide additional benefits to customers such asimproved customer focus, reduced prices and wider product availability. Additionally, by investing in technological developments and innovation to prevent thepotential threat of diseases, the organisation is future proofing against pandemics and ensuring theoptimization of available finite resources. Furthermore, the implementation of these recommendations also creates higher barriers tothe threats currently faced by the company. The implementation of these actions will also provide a potential platform for the companyto take its business to the next level by adding value through reduction in costs due to greatereconomies of scale and leverage of technology. 1|Page
  • Contents1. Table of Abbreviations .................................................................................................................... 32. Introduction .................................................................................................................................... 43. Analysis of the Company................................................................................................................. 4 Purpose, Distinctive Competencies and Rent ..................................................................................... 4 Business Idea....................................................................................................................................... 44. Analysis of Environment ................................................................................................................. 5 Change Drivers .................................................................................................................................... 5 Competitive Rivalry ............................................................................................................................. 5 Industry Dynamics............................................................................................................................... 55. Recommendations .......................................................................................................................... 6 Strategic Challenges and Possible Options ......................................................................................... 6 Implementation of Strategic Options ................................................................................................. 7 Strategic Fit with Company and Environment .................................................................................... 76. Conclusion ....................................................................................................................................... 87. 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 .................................................................................................. 178. Bibliography .................................................................................................................................. 18 2|Page
  • 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 3|Page
  • 2. Introduction The following report is a strategic investigation of the Scottish Salmon Company using anumber of analytical concepts and techniques. The current strategic position of SSC is analysedwithin the transactional environment. The results of this evaluation lead to the identification of thekey competencies of SSC and the definition of the business idea. Additionally, a review of thecompetitive rivalries and dynamics of the market within which SSC operates are completed. Theorganisation is then analysed within the contextual environment of the Salmon industry of theUnited Kingdom and the key drivers of change are evaluated. In light of the analysis, the strategicdirection is defined which the company should undertake in order to sustain their competitiveadvantage over the next five years.3. Analysis of the CompanyPurpose, 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 competenciesrequired to fulfil the businesses purpose is the utilisation of the SSC process, (Appendix II) of whichanimal husbandry, a robust QMS and the pioneering single loch farm system are key to not onlysuccess, but also sustainability. In addition, the selection and acquisition of farms and value addedprocessors such as smokers, which fit within the existing culture and operations ensures theorganisations continuing scalability, leading to economies of scale and improved cost efficiencies.These aforementioned capabilities and competencies have resulted in awards from the Crown Estateand accreditations for the quality of the product. This has a twofold benefit; one is from an externalperspective whereby these awards increase the brand value. The second is that by gainingrecognition from achieving excellent quality standards and CSR activities the organisations internalculture 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 ofproduction capacity, as this not only increases brand value, but also ensures the sustenance of thesescarce resources (Appendix II). The key success dynamics of the organisation are the mutuallyreinforcing brand value and M&A (Appendix III). The accurate selection and efficacious addition of companies to the organisation enhancesthe financial power of the company attracting potential investors (Appendix IV). This process alsoincreases the amount of limited Scottish natural resources that the company owns, thereforestrengthening its uniqueness as a producer of “Scottish Salmon” (Appendix III). More recently, thediversification into value added products has had a positive impact by reducing risk of investmentand attracting more investors (Appendix IV). Furthermore, the production knowhow of the SSC,including their selection of food and the environmental business strategy, reinforces the brandimage (Appendix V). Finally, M&A enriches the company’s competences by assimilating the best 4|Page
  • aspects of the acquired organisations, and once integrated these best practices have a direct impacton the organisational culture (Appendix V). Through the simultaneous growth of brand value, organisation size and productdiversification, the company can continuously increase the distinctiveness of its products from thoseof competitors, thus sustaining its competitive advantage.4. Analysis of EnvironmentChange Drivers The dominant factors in the firm’s contextual environment are availability of conducivehabitat and adaptation of modern techniques in aquaculture (Appendix VI). The regulations in thesector currently act as the primary barrier to entry; however, increasing demand and limited supplyof the product may prompt a change in the regulatory environment leading to influx of competitionand an increased strain on the company’s supply chain (Appendix I). While the company is tacklingthe availability of conducive habitat through M&A, thus gaining the finite resources and expandingoutput, it is also creating barriers of entry for competitors. The technological advancement inaquaculture will help the SSC in gaining higher production and quality despite limited habitat.However, the company might face possible customer backlash due to unforeseen circumstancesfrom genetic modification, for example, the so-called “Frankenfish.”Competitive Rivalry Multiple factors contribute to the competitive rivalry faced by SSC (Appendix VIII). Asignificant 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 valuechain does not currently have a strong influence on the market, the increasing scarcity of fish foodand fish oil may see a shift in power towards the suppliers (Appendix I). The advent of cheaperPacific salmon from China may reduce the domestic market for Scottish salmon in the medium andlong 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 ofconsolidation 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 anddiversified, but related products suggests that the company is already moving in the direction ofnegating the threats from single product and disease1. With the company’s declared proposition ofentering new markets in Middle East, China and USA1, the threat of saturation of the UK domesticmarket is reduced. This market penetration strategy may be attenuated by SSC’s poor internationaldistribution network. However, leveraging the strength of the “Scottish” brand, the accreditation1 Based on research (Bibliography) 5|Page
  • and awards and proper positioning of the product should ensure the organisation overcomes theaforementioned issues.5. RecommendationsStrategic Challenges and Possible Options The SSC’s market environment analysis has highlighted two critical strategic challenges. Thefirst is the availability of conducive habitat. The second, is the adaptation of modern technology inaquaculture. While the analysis produced multiple options to tackle these issues, the reportconsiders the three most pertinent strategic options for the company (Appendix XI) as well as therequire capabilities to be adopted in order to execute them effectively (Appendix X). The options andtheir 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 abilityto finance remains the primary driver. The research shows that the consistent financial performanceof the company with ROCE of nineteen per cent3 and the ability to scale up the operations hasensured steady investment into SSC due to which the company is currently holding an investment offorty 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 onthe value chain, optimisation of habitat and reduction of potential diseases (Appendix VII).2,3,4 Based on our research (Bibliography) 6|Page
  • Implementation of Strategic Options The key factors to successfully implement the strategic options will be dependent on thefollowing actions: The acceleration of mergers and acquisitions for both generating added value anddiversifying to other markets or products requires successful selection and integration, which isdetailed 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’sprospects as well as the customers’ expectations from the company. The organisation will benefitfrom the economics of scale with lower cost and wider range of products. The entry into theprocessing channels will help in reducing the power of both suppliers and the customers of thecompany. With fewer links in the value chain resulting in cheaper stocks, this cost reduction can bepassed on to the customer. The options will also result in harmonised output to match demand andmaintained quality.Strategic Fit with Company and Environment The proposed strategic options would not only allow SSC to continue to pursue its businessidea but also provide it with greater opportunities to fulfil its objectives. The business idea isreinforced via the continuing consolidation of other Salmon farms, achieving further economies ofscale and cost reduction. Consolidation also ensures that the scarcity of the available habitat acts asbarrier to entry to competitors as it is a finite resource. 7|Page
  • Diversification into non-Salmon products and forward integration of the value chain reducesthe 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 alsocomplements the organisations portfolio by reinforcing the SSC’s high quality paradigm. Thestrategic option of acquiring existing customers in the value chain ensures that the customer’smanagement, culture and operations fit with the parent organisation thus ensuring best chance ofsuccess. The QMS system is required to ensure the maintenance of existing high standards; thissystem can be overlaid during acquisitions and reinforces the success factor. By leveraging the uptake of available technology, the organisation should increase thepotential to avoid pandemics, which have affected Chilean Salmon farming industry4. Moreover, theusage of natural technology (Wrasse programme and single loch) fits with the organisations ethos ofsustainability and husbandry by producing consistent high quality well cared for products. The fit achieved with the proposed strategic options, the organisation and its environmentwill maintain SSC’s competitive advantage over the five year period in question. The added value offollowing this course of action would result in reduced costs due to increased economies of scalewhilst increasing their margins due to the shortening of the supply chain. Furthermore, the customerbase will increase as will market penetration and brand recognition. Finally, the organisation will becloser to the consumers and through real time feedback SSC will be able to foresee and anticipatechanges within the market and adjust their tactics and strategies accordingly, thus avoiding orminimising potential strategic drift.6. Conclusion Through our analysis, the conclusion can be drawn that while the organisation is within agrowing market there are potential challenges from both the transactional and contextualenvironment. To counteract these threats the organisation should accelerate their existing forwardand horizontal integration and diversification strategy. This has the benefits of not only expandingtheir markets and customer base thus reducing supplier power, but also creates barriers to entry tocompetitors 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 anycatastrophic failure of the environment or habitat will effectively terminate all organisationaloperations.5 Based on our research (Bibliography) 8|Page
  • 7. Appendix Appendix I. Value Chain VALUE SUPPLYING PRODUCING TRADING CONSUMING ADDING VACCINES FILLET NETS PROCESSOR RETAILER HOUSE FOOD SHIPS SMOKER WHOLESALER RESTAURANT HOG EGGS TANKS 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 beforereaching the consumer. Appendix II. Competency Map This map portrays the competencies possessed by SSC that help them to deliver thecustomer perceived values such as quality, price and the capability to meet demand. The unique SSC 9|Page
  • process not only helps to assure the quality of the Salmon but also wins awards and qualityaccreditations. The company has in depth knowledge of M&A and integrates their culture with newacquisitions. This helps SSC to cope with the increasing demand of Salmon as well as improves theircore competencies from the acquired companies. Economies of scale help to leverage the increasedSalmon production and achieve the best price. The practice of continuously updating theirorganisational 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 andhorizontally helping it to meet the demands of the customers. Acquiring the limited natural habitatsof Scotland decreases those available to competitors thus increasing the brand value of the ScottishSalmon Company as a producer of ‘Scottish’ Salmon. 10 | P a g e
  • Appendix IV. Business Idea Sustainability Feedback Loop 2 The brand value of the company is used for its foray into diversified products to reduce riskand thereby create attraction as a safe investment. The M&A helps to achieve economies of scale byreducing 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 theorganisation culture and evolve. SSC also now has wider access to the talent pool, helping in itspursuit of high quality, leading to more accreditations and awards thus enhancing the brand valueof the organisation. 11 | P a g e
  • Appendix VI. Scenarios Development HI OPTIMIZATION OF SCARCITY ARMS LENGTH OF DESIRE •Pushing the threshold TECHNIQUES IN AQUACULTURE •Maximum leverage of technology •Innovation ADAPTATION OF MODERN •Lower dependence on work force •Higher production of low quality products •Unforeseen Circumstances of Genetic Modifications •Economies of scale •High Production Opportunities •Creation of Barriers to Entries by lobbying •High Quality Standards •Potential unforeseen circumstances •Highly Regulated Environment •Alternative supply of fish food HI AVAILABILITY OF CONDUCIVE HABITAT LO MIGRATION TO GREENER PASTURES? A MOHICAN EXISTENCE •Diversification (Geographic/Products) •Latent resources •Insurgence of competition/import •Internal sustainability •Short Term Strategies •External threats (diseases and competitors) •Brain Drain to other industries •Antibiotics do not work any more •High cost of and dependence on M&A • High Production Cost •High potential diseases •Quality of Product Compromised •Diminishing supply of fish food LO •Strong Long Term Strategy The two critical parameters of conducive habitat and modern techniques are expected togenerate the four distinct scenarios. Each of the scenario projects a diverse yet plausible futurewhich the company has to plan for in the midterm. 12 | P a g e
  • Appendix VII. SWOT The SWOT analysis of the company projected both the obvious and subtle facets. The SWOTdata when analysed along with the potential scenarios gave clearer picture the company’spreparedness for future and the required areas of strategic focus. As a result SSC has to rethink onthe business strategy to safeguard against potential threats. 13 | P a g e
  • Appendix VIII. Porter’s Five Forces Analysis (Present) The Five Forces analysis of SSC shows a high degree of influence over all the forces exceptthe substitutes. The high availability of substitutes are the biggest threat as per the forces in thecurrent scenario. The fish oil suppliers were the only power on the supply side of the analysis. Thecurrent competitive position is one of possessing high power over buyers as well as the presence ofhigh barriers to entry for new entrants into the market. Appendix IX. Porter’s Five Forces Analysis (Future) 14 | P a g e
  • The Five forces in five years from now shows a shift of power, especially in the barriers toentry and power of buyers, both of which are currently the strong areas for the company. Supply’sinability to cope with the demand and the advent of technology is expected to lower the barriers toentry and increase the number of competitors. The increase in the power of the fish oil suppliers dueto limited supply and the possible consolidation of buyers also will decrease the leverage of SSC inthe market. The reduction of power of the SSC in the competitive rivalry due to imports, lowerbarriers 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 preparedfor the scenarios of a lesser availability of conducive habitat. While the level in percentages havebeen 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 newcapabilities that need to be developed are identified. 15 | P a g e
  • Appendix XI. Options Evaluation The various strategic options for SSC are derived from the preparedness matrix and theTOWS matrix. The options are evaluated based on their suitability, feasibility, acceptability andmorality. From these, the three best options are identified and the most various competencies to bedeveloped in order that the options can be implemented are also identified. 16 | P a g e
  • Appendix XII. Experience Curve The experience curve for SSC starts from the time of unorganized farming during midtwentieth century. The large scale consolidation and organisation of farming in the last two decadeshas increased the availability and thus brought down the prices. The analysis of the company in thepresent shows a plateau of the curve and has reached the minimum efficient scale, which shows therequirement of diversification. The suggested way forward would require investment and foray intovalue added processes like smoking and diversification into related farming products. 17 | P a g e
  • 8. Bibliography business.scotsman.com. (2011, Febrruary 23). Red letter day for top of the range Scottish salmon. Retrieved April 20, 2012, from www.scotsman.com: http://www.scotsman.com/business/red-letter-day-for-top-of-the-range-scottish-salmon-1- 1502672 Campbell, H., McIlgorm, A., & Tsamenyi. (1997). Fishery management, environmental protection and trade liberalization. International Journal of Social Economics, 128-138. Company, T. S. (2011). Annual Report. St Helier: The scottish Salmon Company Plc. Corbett, M. (2010). Sustainable Premium for Scottish Salmon. Seafood Conference (pp. 1-20). Lighthouse Caledonia. Davenport, P. (2000, May 13). Frankenfish: do you want to eat it?: COOKERY: Philippa Davenport dislikes intensive salmon farming. Retrieved April 20, 2012, from Financial Times: http://proxy.lib.strath.ac.uk/login??url=http://search.proquest.com/docview/248813328?accoun tid=14116 Edinburgh, T. R. (2004). Inquiry into The Future of the Scottish Fishing Industry. Edinburgh: The Royal Society of Edinburgh. Euromonitor International. (2011). Fish and Seafood - United Kingdom - Country sector briefing. Euromonitor International. (2011). Fish and Seafood Sustainability Trend: Switching Species is easy. Euromonitor. Euromonitor International. (2011). Fish and Seafood: Strong Global Growth, but moderated by Recession. Euromonitor. Felzensztein, C. (2006). The Salmon Farming Industry; Cooperation vs Competition for Achieving a Global Positioning. Glasgow: ecch. fishnews.eu. (2012, April 18). SSC aims for further European expansion. Retrieved April 23, 2012, from fishnewseu.com: http://www.fishnewseu.com/index.php?option=com_content&view=article&id=8037:ssc-aims- for-further-european-expansion&catid=45:scottish&Itemid=54 Fund, E. F. (2008). The United Kingdom National Strategic Plan for the European Fisheries Fund. European Fisheries Fund. Green-Petersen, D. (2010). Sensory Quality of Seafood – in the chain from catch to comsumption. Soborg: National Food institute. Honaken, P., & Olsen, S. (2009). Environmental and animal welfare issues in food choice: The case of farmed fish. British Food Journal, 293-309. Kuznesof, S., & Ritson, C. (2012). Consumer acceptability of genetically modified foods with special reference to farmed salmon. British Food Journal, 39-47. 18 | P a g e
  •  Lee, Y., & M, R. (2005). The (unlikely) trajectory of learning in a salmon hatchery. Journal of Workplace Learning, 243-254. Lighthouse Caledonia ASA. (2009). Lighthouse Caledonia ASA – Prospectus. Oslo: Lighthouse Caledonia. Maddock, S., & J, Y. (1995). Catering for the fish consumer - a UK perspective. British Food Journal, 21-25. Marian, P. (2011, July 6). Scottish Salmon Co. plans expansion in "value-added" seafood. Retrieved April 25, 2012, from just-food.com: http://go.galegroup.com/ps/i.do?id=GALE%7CA260807145&v=2.1&u=st_itw&it=r&p=GPS&sw=w Ottesen, G. (2006). Do upstream actors in the food chain know end-users quality perceptions? Findings from the Norwegian salmon farming industry. Supply Chain Management: An International Journal, 456-463. Roheim, C., Johnston, R., Greer, J., & Donath, H. (n.d.). Consumer Preferences for Ecolabeled Seafood: Results of a Conneticut Survey. University of Conneticut. Salmon, J. (1993). THE CONSUMER AND THE FOOD LABEL. Nutrition and Food Science, 2-4. scotsman.com. (2012, April 22). US boosts Scottish salmon exports. Retrieved April 20, 2012, from Scotsman.com: http://www.scotsman.com/news/us-boosts-scottish-salmon-exports-1-2250143 Scottish Salmon Producers Organisation. (2012, April). Scottish Salmon Report 2012. Retrieved April 23, 2012, from www.scottishsalmon.co.uk: http://www.scottishsalmon.co.uk/userFiles/886/FINAL_SSPO_Industry_Survey_Report.April_201 2.pdf SEPA Marine Science. (2006). SEPA Marine Science Pre-application consultation under CAR. SEPA. Solgaard, H., & Yang, Y. (2012). Consumers perception of farmed fish and willingness to pay for fish welfare. British Food Journal, 997-1010. Sylvia, G. (1992). A comparison of Farmed and Wild Salmon: Consumer Preferences, Proximal Analysis, Taste Test Panel Scores. Corvallis: Oregon State University. Vanhonacker, T., & Luten, J. V. (2011). Does fish origin matter to European consumers?: Insights from a consumer survey in Belgium, Norway and Spain. British Food Journal, 535-549. Wagner, B., & Alerdice, A. (2006). Managing the distribution channel: the case of Scot Trout: the case of Scot Trout and Salmon. Supply Chain Managemnet: An International Journal, 104-107. 19 | P a g e