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MARKETING PLAN

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Introduction

Corteva, Inc. is a US-based agricultural chemical and seed producing company.
Founded on June 1, 2019 after spun-off from DowDuPont (Zaika & Flehantova, 2022).
Is headquartered in Indianapolis, Indiana.
Reported USD 14.22 billion revenues in 2020.
Corteva has 21,000 direct employees.
It uses digital and social media marketing methods.
Presented here is a marketing plan for Corteva.

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Competitive Analysis

Corteva’s main competitors are: Bayer AG, Syngenta and FMC Corporation.
Corteva differentiates itself thro’ unique distribution strategy and sustainability.
Bayer AG is differentiated by innovation, digitalization, operational excellence and broad product portfolio.
Syngenta is differentiated by its focus differentiation strategy.
FMC differentiates itself by customer focus, innovation and sustainability.

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- Corteva’s main competitors are: Bayer AG, Syngenta and FMC Corporation.

- The company majorly differentiates itself from these competitors through unique distribution strategy and sustainability (Zaika & Flehantova, 2022). Corteva has a global distribution network that integrates wholesale, retail and direct-to-consumer distribution approaches. The company’s strong commitment in promoting sustainability through efficient production and consumption makes it a leader in the industry.

- On the other hand, Bayer AG is differentiated from competitors by innovation, digitalization, operational excellence and broad product portfolio (Zhang, 2019).

- Syngenta is differentiated by its focus differentiation strategy. This strategy enables Syngenta to target a narrow market niche with unique products and services unlike the competitors who focus on the broad market.

- FMC differentiates itself by customer focus, innovation and sustainability. The firm puts the customers’ needs at the center of its business (Zhang, 2019). The customer needs primarily influence FMC’s production decision-making.

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Competitive Analysis

	Corteva Agriscience	Bayer AG	FMC Corporation
Strengths	Comprehensive portfolio.	Strong brand portfolio.	Strong distribution network.
	Strong innovation and sustainability.	Strong focus on R&D and innovation.	Strong product innovation.
	Global leader in crop and seed protection.	Global leader in health and nutrition.	Good performance in new markets.
Weaknesses	Reduced market share in corn seed segment.	Tarnished brand image.	Existing gaps in product range.
Weaknesses	Reduced revenues and profits.	Involvement in patent violation and lawsuits.	Poor financial planning.

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Strengths

a) Corteva Agriscience

- Comprehensive portfolio of agriculture solutions. The company offers variety of agricultural products and services ranging from seeds, insecticides, fungicides, herbicides, fertilizers, farm research and digital farming solutions (Zaika & Flehantova, 2022).

- Strong innovation and sustainability capabilities. The company is an innovation and sustainability leader in agricultural sector.

- Global leader in crop and seed protection solutions (Zaika & Flehantova, 2022). Corteva Agriscience offers effective and wide range of agricultural products and services that makes it one of the global leaders.

b) Bayer AG

- Strong brand portfolio. Bayer has a strong brand globally that makes it one of the preferred agricultural company (Zhang, 2019). In fact, it has the strongest brand and reputation that makes it the biggest competitor of Corteva Agriscience.

- Strong focus on R&D and innovation. This Bayer one of the most innovative agricultural companies in the world (Zhang, 2019). The strong innovation enables it to introduce new products annually.

- Global leader in health and nutrition. Bayer currently leads the health and nutrition sectors because of its high innovation and investment in R&D (Zhang, 2019). The company has a diversified business portfolio that help it reduce losses if the sales decline in one industry.

c) FMC Corporation

- Strong distribution network. FMC’s well established global distribution network enables it reach customers in all corners of the global market.

- Strong product innovation (Zhang, 2019). The company’s advanced technology promotes its innovation level and enables it stand out as one of the most innovative firms in its industry.

- Good performance in new markets. FMC has a strong marketing strategy that enhances its penetration into the new markets. This drives its revenues and increases the market share.

Weaknesses

a) Corteva Agriscience

- Reduced market share in corn seed segment (Zaika & Flehantova, 2022). The increased competition in the corn seed segment has declined Corteva’s market share in this segment.

- Reduced revenues and profits. The emerging competitors have imposed stiff competition, resulting to reduced sales and revenues at Corteva.

b) Bayer AG

- Tarnished brand image. The numerous cases of product failures have adversely affected Bayer’s brand image in various parts of the world.

- Involvement in patent violation and lawsuits has negatively impacted Bayer’s reputation and business operations in some countries (Hamm et al, 2020). This has caused the company to lose customers and market share in the relevant countries.

c) FMC Corporation

- Existing gaps in product range (Zhang, 2019). FMC produces limited range of agricultural products and services that creates a gap in product range, especially for the complimentary or supplementary products.

- Poor financial planning. The company receives good financial returns but suffers due to poor financial planning caused by poor finance management and allocation.

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Marketing Strategies

a) Product

Refers to the specific good or service offered by a company.
Corteva Agriscience’s products include:

Fungicides, herbicides, insecticides, seed treatments, seeds and fertilizers.
Digital farming solutions and agricultural research and innovation.

The new products help Corteva to penetrate the new markets and increase market share.

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Products

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Marketing Strategies

b) Place

Outlines where the company promotes its products.
Corteva operates globally.
Uses a unique distribution channel to reach consumers.
Uses wholesalers, retailers and direct-to-consumer.

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b) Place

- The ‘place’ aspect outlines where the company promotes its products. It shows where the company carries out its business, or where the customers can find the company’s products.

- Corteva Agriscience is based in Indiana but it operates globally. It has numerous branches distributed across several countries worldwide.

- To reach it’s consumers from all corners of the globe, Corteva uses a unique distribution channel.

- It’s distribution channel involves wholesalers, retailers and direct-to-consumer strategies (Goncharov & Shokhina, 2020).

Under the wholesale strategy, Corteva offers huge quantities of its products to consumers and large distributors at discounted prices. This strategy encourages customers to purchase huge product quantities to benefit from the discounted prices.

In retail approach, the company offers its products to consumers in its retail stores distributed in various countries (Zaika & Flehantova, 2022). The customers that purchase products at retail shops have access to additional products and services offered through promotional services.

Corteva also delivers its products and services directly to consumers whenever there is need (Zaika & Flehantova, 2022). For instance, the company sends its staff to offer agricultural training to customers and deliver farm inputs directly. This strategy facilitates quick product/service delivery to consumers, and is very effective.

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Marketing Strategies

c) Price

Reveals ‘how much’ the firm charges its products and impact on customers.
Pricing takes into account all costs incurred in creating the product/service.
Corteva uses the cost synergy pricing.
This lowers the product costs to competitive prices in the market.
The low cost improves Corteva’s competitive advantage and attract more customers.

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c) Price

- The ‘price’ element shows ‘how much’ the firm charges its products and how it impact the customers. It informs the consumers about the price tags offered by the company on its products. A lower price accompanied with high product quality attracts many customers and drives success.

The pricing takes into account all the costs incurred in creating the product/service, all the way from raw material sourcing, production, marketing to distribution.

- Corteva Agriscience uses the cost synergy pricing strategy to achieve lower prices and competitive advantage in the market (Zaika & Flehantova, 2022).

This lowers the product costs to competitive prices in the market. This enables Corteva to compete favorably against industry giants such as Bayer AG and FMC.

- In particular, the low cost improves Corteva’s competitive advantage and attract more customers.

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Marketing Strategies

d) Promotion

Involves strategies used by a firm to publicize its products to target consumers.
Corteva uses traditional and digital methods.
Traditional: print advertising, mass media(radio & television) and direct mails.
Digital: social media, search engine optimization (SEO) and mobile marketing.
Integrating digital and traditional approaches leverage Corteva’s product promotion.

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d) Promotion

- It involves the strategies used by a firm to publicize its products to target consumers. Specifically, promotion reflects the marketing strategies used by a company to promote awareness of its products and brand in the market.

- Corteva uses both the traditional and digital marketing strategies to promote its products and services (Zaika & Flehantova, 2022).

a) The primary traditional marketing strategies used by Corteva include:

Print advertising (newspaper, brochures, leaflets and outdoor billboards).

Mass media(radio & television)

Direct mails.

b) The digital promotional strategies used by Corteva include:

Social media (Facebook, YouTube and Twitter)

Search Engine Optimization (SEO)

Mobile marketing.

Integrating digital and traditional approaches enables Corteva to leverage it product and brand awareness (Zaika & Flehantova, 2022).

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Competitive Advantage

Corteva has and holds competitive advantage in:
Product – diverse product portfolio.
Price – cost synergy pricing that promotes competitive pricing.
Promotion – digital and social media marketing strategies.
However, Corteva’s place aspect is less superior than those of competitors.

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Corteva has and holds competitive advantage in three out of the 4Ps; product, price and promotion.

a) It holds the competitive advantage in the ‘product’ element. Corteva’s diverse product portfolio enables it compete effectively against competitors in various market segments (Zaika & Flehantova, 2022). This promotes optimizes its market share and drive revenues and profits.

b) Under the ‘price’ element, Corteva has a cost synergy pricing that helps it achieve competitive pricing (Zaika & Flehantova, 2022). The reduced prices enhances its competitive advantage in the industry.

c) Lastly, Corteva’s strong competitive advantage under the ‘promotion’ element is attributed by its digital and social media promotional strategies. These marketing strategies enable Corteva to reach prospects in different market segments and demographics, quickly and at lower costs (Zaika & Flehantova, 2022).

However, Corteva’s lacks competitive advantage in ‘place’. It has less superior competitive advantage under this element than competitors like Bayer AG.

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Ethical Stance

❝We always do what's right, maintaining high ethical standards and conducting business safely and transparently. We embrace safety and the environment in all we do. To enrich the lives of those who produce and those who consume, ensuring progress for generations to come. Our Values are at our core. ❞

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Conclusion

Corteva Agriscience is a well-established company.
It’s unique distribution strategy, sustainability and broad product portfolio are vital competitive strategies.
Cost synergy pricing and digital & social media strategies are its additional success strategies.
Corteva’s excellent ethical stance and CSR enhances its success and business sustainability.
Accountability, principles, integrity and values drive Corteva’s success.

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Corteva Agriscience is a well-established company. In fact, its one of the global publicly-traded agricultural companies with strong brand and reputation.

It’s unique distribution strategy, sustainability and broad product portfolio are vital competitive strategies. Corteva relies on these aspects to compete effectively against industry competitors such as Bayer AG and FMC.

Cost synergy pricing, and digital and social media marketing strategies are also Corteva’s success strategies that have enabled it remain competitive and sustainable in the agricultural industry. The cost-synergy pricing enables it to offer lower prices than it would if without the partnership.

The digital and social media marketing strategies enable Corteva to reach a wide audience and broad market segments quickly and at lower costs.

Corteva’s excellent ethical stance and CSR enhances its success and business sustainability.

In fact, the culture of accountability, principles, integrity and values drive Corteva’s success.

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Recommendations

Corteva Agriscience should:

Create a unique value proposition to attract more customers.
Differentiate products and services.
Reduce costs but maintain prices above the market average.
Optimize marketing strategies.
Penetrate developing markets.
Research the market and consumers.

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Corteva Agriscience should:

- Create a unique value proposition to attract more customers by convincing them why they should purchase Corteva’s products.

- Differentiate products and services to make them unique and easy for customers to distinguish in the market (Goncharov & Shokhina, 2020).

- Reduce costs but maintain prices above the market average. The reduced costs will attract more customers, increase sale and revenues and enhance the company’s financial strength.

- Optimize marketing strategies. The company should increase its presence on additional digital and social media platforms to maximize chances of reaching different customers demographics and market segments.

- Penetrate developing markets. The emerging markets are potential opportunities for increasing customer base and market share (Goncharov & Shokhina, 2020). The company should take advantage and penetrate the developing African and Asian markets to optimize its sales.

- Research the market and consumers. This will enable the company to understand the specific needs of customers and market dynamics. As a result, the firm will produce products and services that meet changing needs of consumers; thereby, remaining sustainable in the market.

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References

Goncharov, S. V., & Shokhina, L. V. (2020, March). How to Share Value in Seed Market?. In International Scientific Conference" Far East Con"(ISCFEC 2020) (pp. 1803-1807). Atlantis Press.
Hamm, R. L., Gregg, A., & Sparks, T. C. (2020). Intellectual property in entomology: analysis and perspective on recent trends in global patent publications. Pest management science, 76(5), 1603-1611.
Lorsbach, B. A., Sparks, T. C., Cicchillo, R. M., Garizi, N. V., Hahn, D. R., & Meyer, K. G. (2019). Natural products: a strategic lead generation approach in crop protection discovery. Pest management science, 75(9), 2301-2309.
Zaika, V. Y., & Flehantova, A. L. (2022). Analysis of the company's international marketing environment of Corteva
Zhang, J. (2019). Top 20 global seed companies in 2017..

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