ASSIGNMENT 1: SITUATIONAL ANALYSIS - SEEKA

Marketing Planning and Control - 601 Team G77

Preetika Dutta (27874) Vanderbilt Leynes (27654) Cassiano Santos (27459)

New Zealand Institute of Education (NZIE)

05 September 2014

Table of Contents

 

Project Plan 3 Executive Summary 6 Introduction 7 Internal Environment 8 External Environment (Macro) 14 External Environment (Micro) 15 Customer Analysis 16 References 18

Week of Aug 11-17 Week of Aug 18-24 Week of Aug 25-31 Week of Sept 1-5

8/15/2014 8/16/2014 8/17/2014 8/18/2014 8/19/2014 8/20/2014 8/21/2014 8/22/2014 8/23/2014 8/24/2014 8/25/2014 8/26/2014 8/27/2014 8/28/2014 8/29/2014 8/30/2014 8/31/2014 9/1/2014 9/2/2014 9/3/2014 9/4/2014 9/5/2014

LEAD Friday Saturday Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sunday Monday Tuesday Wednesday Thursday Friday

I LEARNING AND RESEARCH

i Read annual reports (2010-2013)

iiWrite down key notes and take awayfrom reading annual reports

iiiRead other relevant articles uploadedon google drive

iv

Write down questions (based onreading annual report and other relevantreadings)

vDiscuss learnings from readings andshare notes and questions

viBreakdown topics based on each teammember's interest

IIDRAFT ASSIGNMENT 1 - 601 (Mktg

Strat)

i Outline (Table of Contents)

ii Draft internal environment V, P

iii Draft external environment C

iv Draft competitor analysis C

vDraft target customer segmentalanalysis V, P

IIIREVISE ASSIGNMENT 1 - 601 (Mktg

Strat)

i Internal environment V, P

ii External environment C

iii Competitor analysis C

iv Customer analysis V, P

IVSUBMISSION OF ASSIGNMENT 1(601 & 602) 5:00 PM

Assigned to Status

Cassiano Preetika Van Cassiano Preetika Van

I LEARNING AND RESEARCH

iRead annual reports (2010-2013) X X X

ii

Write down key notes and takeaway from reading annualreports X X X

iiiRead other relevant articlesuploaded on google drive X X X

iv

Write down questions (based onreading annual report and otherrelevant readings) X X X

vDiscuss learnings from readingsand share notes and questions X X X

viBreakdown topics based oneach team member's interest

IIDRAFT ASSIGNMENT 1 - 601

(Mktg Strat)

i Outline (Table of Contents) X

ii Draft internal environment X X

iii Draft external environment X

iv Draft competitor analysis X

vDraft target customer segmentalanalysis X

IIIREVISE ASSIGNMENT 1 - 601

(Mktg Strat)

i Internal environment X X

ii External environment X

iii Competitor analysis X

iv Customer analysis X

v References X X X

IVSUBMISSION OFASSIGNMENT 1 (601 & 602)

Updated as of 05 September2014

KEY

Incomplete

Completed

EXECUTIVE SUMMARY The purpose of this paper is to provide situational analysis for Seeka, a publicly traded company in the New Zealand Stock Exchange (NZX). Seeka is in the business of harvesting and selling kiwifruit, kiwi berry, and avocado. The focus of this paper is on Seeka’s kiwifruit produce including green, gold, and organic. The analysis will provide information about Seeka’s internal and external environment, as well as, the company’s competitors and customers.

KEY POINTS Internal -­‐ Fluctuating financial performance due to external factors (PsaV bacteria that hit

2010 – 2011) -­‐ Good decision making from leadership that has helped steer the company away

from more potential loss due to the impact of PsaV. This include withholding issuing dividends to maintain cash flow for product diversification and risk mitigation

-­‐ Strong management and leadership, leaders are committed and passionate about the industry, many of whom have bee working in the industry for several decades

-­‐ Online engagement is being utilized for hiring and appreciating staff and growers (creating an involved culture)

-­‐ Establishment of the Verified Lab Services (VLS) was key to ensuring the company’s continued success (as part of risk mitigation and quality assurance)

-­‐ Still recovering from PsaV, lagging in key performance metrics. Seeka has not reached previous levels of output prior to the breakout of the bacteria

-­‐ Marketing campaign thru Zespri and the use of multiple channels to engage both types of customers (B2B and end consumer)

External (Macro) -­‐ Foreign exchange is a key consideration due to heavy participation in the

International Market -­‐ Mind the economies of key markets, including Taiwan, Australia, and Malaysia -­‐ Trade relations are key to the growth of the industry -­‐ Automation helps companies in the kiwifruit industry realize better gains and

increase the gradually decreasing margins -­‐ The PsaV was a phenomenon that caught the industry unprepared and the recovery

from this incident, which includes research and implementation, will dictate the future of the industry

External (Micro – Competitors, Market) -­‐ Local competition amounting to 15+ players -­‐ Due to monopsony, companies have to deal with Zespri directly -­‐ Global competition is countless, but key players include Italy, Chile, and China

Customers - Based on geography, key markets for Seeka are in Asia (Taiwan and Malaysia) and Australia - Consumer behavior (for the domestic market) shows the increase in fruit consumption in young people. - Access to information and health consciousness are in favor of the kiwifruit industry INTRODUCTION Seeka was first listed on the New Zealand Stock Exchange (NZX) on November 14, 2003. Since then, the company has grown to become “the largest kiwifruit orcharding business… (with more than) 1,100 hectares of kiwifruit in the Coromandel and Bay of Plenty region.” (Seeka, 2010) The company was previously focused on the kiwifruit product, but due to the PsaV bacteria that massively affected kiwifruit in 2011, the company has since realized the need for restructuring its resources, as well as, diversifying their product offerings. To date, the company also produces avocado and kiwi berry in their product mix, and has increased focus on the end-to-end activities for these products (from cultivation to post-harvest). (Seeka, 2011) Product definition Seeka produces a number of fruits including avocado, kiwifruit, and kiwiberry. For the purpose of this situational analysis, our focus will be on kiwifruit and the kiwifruit industry. Provided below are some characteristics of kiwifruit: (World’s Healthiest Foods, 2014) • Size: approximately three (3) inches long • Weight: about four (4) ounces • Color: green and gold • Physical traits: bright green or gold flesh, “speckled with tiny black seeds” inside • Vitamins and nutrients contained in kiwifruit: vitamin C, vitamin K, copper, fiber,

vitamin E, potassium, folate, and manganese There are four (4) key requirements in order for kiwifruit to grow and nourish, they are (Te Ara, 2012): 1. Soil – in order for kiwifruit to grow, the soil should be well drained and fertile. The soil

must contain nitrogen, phosphorus, and potassium and so growers fertilise their soils with 200 kilograms (kg) of nitrogen, 55 kg of phosphorous, and 100-150 kg of potassium per hectare” for ensure favorable growing conditions.

2. Shelter – “young and flowering shoots” must be protected from strong winds, and growers are able to achieve these by putting up artificial windbreaks, as well as, older methods such as shelter belts, which is a row of trees strategically placed to protect crops.

3. Moisture – weather conditions must be carefully observed as orchards in areas with less than 1,000 millimeters of rainfall need to provide sufficient water to its shoots in order for them to grow

4. Protection – the most vulnerable stage for kiwifruit is when it is still a shoot, and it is susceptible to frost, which can damage the crop. Growers install devices such as “sprinkles and wind machines” to ensure that shoots are protected from frost.

Brands under Seeka Enlisted below are the six (6) different brands under Seeka, and the different focus of these brands (Seeka, 2010): 1. Avofresh – avocado produce 2. Seeka Growers Limited – cooperative for the different growers under Seeka 3. Seeka Fresh – marketing arm of Seeka 4. Waimapu Organics – organic kiwifruit produce 5. Verified Lab Services (VLS) – research/testing/development arm of Seeka 6. Integrated Fruit Supply and Logistics (IFSL) – supply chain management arm INTERNAL ENVIRONMENT Financial position Provided below are the highlights of Seeka’s financial performance from 2010 – 2013 (in NZD million): Below are some of the key points pertaining to Seeka’s financial position (Seeka, 2013):

• Fluctuation due to industry problems- with the PsaV bacteria hitting the industry hard

in 2011 (to be discussed further in the External Environment under “Natural Environment”) although Seeka saw an increase in revenue, the actual bottom line saw a decline with the EBITDA (Earnings Before Income Tax, Depreciation, and Amortisation) dropping from 14.5m to 11.3m.

• Lower volumes produced – although Seeka has been recovering from the negative

impact caused by the PsaV bacteria, the company still had lower volumes for both orcharding and post-harvest. Additionally, the “newly-grafted orchards” have not regenerated, further contributing to the decrease in volumes. (Seeka, 2013)

• Diversification – Seeka saw the problem posed by the PsaV bacteria as an

opportunity to expand their coverage into other products wherein the company had existing competencies and resources to compete in. Additionally, this provided Seeka with the ability to mitigate the risks of focusing too much on one particular product and leverage on the growing demands for their other products as well, in Seeka’s case, Avocado and Kiwiberry. (Seeka, 2013)

• Maintaining strong financial position is key – according to the 2012 Annual Report,

Seeka made a decision to withhold from paying shareholders dividends to regain control over the company’s financial position. (Seeka, 2012) This decision gave the company much needed cash flow to invest in areas where they needed to invest in order to mitigate the negative impact caused by the industry-wide problem (PsaV).

These investments included leasing lands in areas not affected by the PsaV, investments in technology that help optimize operations and increase volumes, and continue providing the best rate to their growers compared to other companies in the industry.

Management and leadership • Diverse backgrounds – Seeka is comprised of leaders from diverse backgrounds,

bringing together expertise and wisdom that is shaping the direction of the company. Directors and managers have business and professional experiences both locally and internationally, creating a thorough understanding of both markets.

• Passion for the products – many of the leaders in the company (directors and managers) have experience in the industry, but it is clear in each profile that every leader in the company is passionate about Seeka’s products. Several members of the board of directors are orchardist, while many of the managers have been immersed in the industry for many years, some as many as 35 years. (Seeka website, 2014)

Leadership structure Board of directors - Independent Chairman, Deputy Chairman, Independent Director (2), Director (3) Management Team - CEO, CFO, General Manager Post Harvest Services, General Manager Orchard Operations, General Manager Corporate Services, General Manager Growers, General Manager Glassfields Regional Orchard Managers - Senior, Western, Northern Client Relationship Managers - Organic, Kiwifruit (10), Avocado (2), Kiwiberry, Lease Account (Seeka website, 2014) Human resources • Online channels for recruitment – those interested to apply at Seeka may send in

their application thru the company website. Additionally, Seeka posts job opening thru the normal recruitment channels as mandated by the government including online such as seek.co.nz. (Seeka website, 2014)

• Recognize contributions – HR ensures that they recognize the contribution of the

staff and growers through activities that the company coordinates (from mountain bike group rides to fishing competitions. (Seeka Facebook site, 2014)

Research and development (R&D) Verified Lab Services (VLS) is the research, testing, and development arm of Seeka. VLS provides the following services for the company: Research work Disinfectant efficacy testing – the aim of the research is to “determine the efficacy of of products used for sanitation purposes”, this will help growers across the industry lessen the risk of the PsaV bacteria. Testing services • Disinfectant/product testing • Water testing • Resistance testing for Copper and Streptomycin • Culture • Surface testing • Special projects The bulk of these services are aimed at understanding the PsaV bacteria better in order to create counter measures that will help growers prevent, and if need be, address the issue of a PsaV presence in their orchard. (VLS website, 2014) Operations- production capabilities and supply Facilities

Seeka Orcharding Seeka Post Harvest Seeka IFSL • Orcharding business, grows

kiwifruit and avocado • Over 1,100 hectares of leased

land dedicated to growing kiwifruit

• 36 hectares of avocado orchards

• Packaging and distribution

• 13 packhouses • 30 coolstores into 6

hubs

Manages the order between Seeka and the market (supply chain and logistics arm)

(Seeka, 2010) Kiwifruit production

Post harvest performance

Orcharding performance

(Seeka, 2013)

As shown in the graph, green kiwifruit accounts for the bulk of Seeka’s revenue, producing on average 7 million NZD worth per year. As previously mentioned, the decline in orcharding performance is largely due to orchards still recovering. The company has created solutions for these problems with new lease contracts for lands convertible to orchards that are not affected by the bacteria. These investments take time to result into additional output and revenue, and as such, the production has remained lower compared to previous years. Key performance indicators

(Seeka website, 2014) Marketing capabilities SeekaFresh SeekaFresh is the marketing arm of Seeka Kiwifruit Industries Limited. According to the website, through SeekaFresh, Seeka provides kiwifruit to “retailers throughout Australia and New Zealand (and is the) leading supplier to the Australian Woolworth’s retail chain.” More specifically, SeekaFresh manages the “full market programme” in the Australian market through the following: 1. Branding - the SeekaFresh label “commands a premium” and is synonymous with

quality (branding)

2. Placement - ensures availability to Australian consumers with supply to premium supermarkets and over 700 Woolworth stores across Australia

3. Market research and analysis – “adapt quickly” to customer demands and trends. For

example, there is growing demand for organic kiwifruit (provide data from annual report) and Seeka ensures that the demand of the customers are met by producing sufficient amounts for export and supply

4. Customer service (business to business)– Seeka actually has two customers, (1) the

end user (consumer) and (2) the retail chains and supermarkets that carry their products. By ensuring good relations with these chains and supermarkets, SeekaFresh ensures good business relations with their business customers.

(Seeka website, 2014) Zespri With increased competitors, particularly from other countries including Italy, Chile, and China, the New Zealand Kiwifruit Marketing Board (NZKMB) understood the importance of its producers working together under a single brand to boost recognition of the New Zealand kiwifruit. Thus, Zespri was created in 1997 and re-structured in 2000 () to increase the country’s competitiveness in the market. Zespri is responsible for marketing kiwifruit outside of the Australasia region. In particular, SeekaFresh has collaborated with Zespri for the supply of their products defined as “class 1 exports” to the Malaysian and Chinese markets. (Seeka website, 2014) Channels 1. Online – website and blogs are some of the online channels provide helpful

information not just for customers but also other stakeholders including investors and business partners. Additionally, the company engages its customers by keeping them updated with news through their website. (Zespri website, 2014)

2. Social media – Facebook, Twitter, and LinkedIn are some of the social media sites

that Zespri engages its customers through. Through these sites, the company engages in its awareness campaign (health benefits of kiwifruit), recipes and tips on how to use kiwifruit as an ingredient, engage customer participation by highlighting customers that blog about cooking with Zespri kiwifruit, to events including fruit sampling and taste and testing.

3. Events – Zespri conducts events throughout different parts of the world with the

purpose of creating awareness in the community about the product and this is done in many ways, but the most popular are product sampling (or taste testing) or cook offs where kiwifruit is highlighted as a key ingredient. Building a brand around a

strong sense of community is what helps the Zespri brand grow and retain its customers over the years. (Zespri Facebook, 2014)

EXTERNAL ENVIRONMENT (Macro) Economic factors Foreign exchange - according to data from the New Zealand Horticulture Export Authority (HEA), Europe and Asia (Japan ranking first, and China third) were responsible for 62% of kiwifruit consumption as of 2012 with roughly NZD 643 million worth of kiwifruit imported. (HEA, 2012). Additionally, also accounts for a big percent of the total market consumption, ranking sixth (6th) in the same study importing NZD 43 million worth of kiwfruit as of 2012. Since the industry is quite dependent on international markets, Seeka's revenue is directly linked to the exchange rate. Thus if the domestic currency rate is depreciated, and the other variables remain constant, the company may increase its exporting sales. GDP growth rate – apart from Japan, which is already performing at optimal level, thus lower increase in GDP growth rates, the other countries are showing healthy to strong GDP, meaning that the country is able to produce more valued goods and services as a whole, and generally would mean that people have more to spend on goods and services as well. The table below indicates the GDP growth rate of three (3) key countries for the kiwifruit industry, and the corresponding growth rate in kiwifruit demand, showing how aggressively companies like Seeka should look into these as opportunities. In the table, Australia shows a strong increase in demand for kiwifruit and puts Seeka in a good position considering the company’s existing operations.

GDP Growth Rate (2011-2012)

Growth Rate in Kiwifruit Demand (2011-2012)

Japan 1.4% NZD 287m in 2011 and NZD 325m in 2012, increae of 13%

China 7.7% NZD 84m in 2011 and NZD 94m in 2012, increae of 12%

Australia 3.6% NZD 32m in 2011 and NZD 45m in 2012, increae of 41%

Sources: (HEA, 2012; World Bank 2014) Political factors International relations - the government of New Zealand plays an important role in the kiwifruit market. Some coutries impose barriers for import products. As of 2012, India and New Caledonia have the highest tariffs for kiwifruits (30% and 26% respectively). Japan and the European Union, (which account for the largest market) additionally have rates of 6.4% and 8.8% respectively. (HEA, 2012) These fares imply in a direct cost

increase. Ensuring good diplomatic and trade relations with key countries that import New Zealand’s products will create a sustainable industry and profitabile margins for companies in the industry. A great example is the mutual trade agreement between New Zealand and China that was formed in 2008 to “liberalise and facilitate trade in goods and services”. (China FTA) Technological factors Seeka is responsible for harvest and post harvest operations including harvesting, packing, storing, and distributing kiwifruit both locally and internationally. Traditionally, the harvesting processes was done manually. However, with the introduction of technology to the agriculture sector, various equipments are available to assist in the growing, harvesting, and post harvesting (packing and shipping) processes. Automating certain processes - in 2011 Seeka acquired the MAF Roda Grader, a machine responsible for grading, packing, washing and bagging fruits. It also has a fully automatic vision system that scans fruits as they move along the sizer, sorting them by size, color to meet quality and market requirements. With that, labour has been reduced decreasing costs and increasing efficiency. (Seeka, 2011) The company also invests in product research and development, through the Verified Lab Services (VLS) subsidiary, seeking to increase production and resistance of kiwifruit to improve the overall operational efficiency. VLS is responsible for testing and monitoring the fruits for pests, maturity, microbiological resistance and DNA identification of Psa. (Seeka website, 2014) Natural environment (including ecological factors) The PsaV bacteria was the most recent major problem that the industry has faced. (Grant Thornton, 2011) This bacteria destroys the kiwifruit vines and also spreads very quickly infecting other plants around. Since the oubreak discovery in 2010, the industry and, consequently, Seeka have suffered great losses. Efforts hava been made (including those mentioned in the Internal Environment under Research and Development) to produce a more resistant variety of plant and has been proved successful, although Seeka still continues to exercise caution to assure consistent results over time with the help of its testing arm, the Verified Lab Services (VLS). EXTERNAL ENVIRONMENT (MICRO) Competitive review The main characteristics of the fruit market are:

− Buyers and sellers usually are large in number: a large number of consumers and suppliers willing to sell and buy, respectively, at a certain price; (except for the

New Zealand context for exporting beyond Australasia, wherein monopsony occurs, many sellers and one buyer - Zespri)

− Equilibrium price: price is determined by supply and demand. Regarding the effective competition for the company, Seeka competes directly with 15 other local companies when exporting to Australia and a few more when exporting to other countries and selling in New Zealand (HEA, 2012). When considering the global competition it is very difficult to have a precise number of participants due to the lack of information on small companies in a variety of countries. CUSTOMER ANALYSIS

Geographic Segmentation Demographic Segmentation Taiwan Australia Malaysia

Business to business End consumer • Females - mothers • Young adults

Behavioral Segmentation Psychographic Segmentation Consumption Lifestyle Desired benefits

Values Attitudes Interests

Geographic Based on the Seeka website, Taiwan, Australia, and Malaysia are the focus of Seeka. (Seeka) Additionally, the same countries are ranked within the top 10 kiwifruit importing countries in the world as of 2012, with Taiwan ranked 5th, Australia 6th, and Malaysia 9th. (HEA) Demographic Business to business – domestically, the bulk of Seeka’s business is really aimed at companies that sell goods including fruit, such as supermarkets. For international markets, Seeka deals directly with Zespri. End consumer – with regards to gender, it would appear that females would be the target for Seeka. Firstly, a data on fruit consumption shows that more women consume two (2) or more fruit per day (by a slight margin). (Vegetable.co.nz) Secondly, mothers tend to be the homemakers and do the shopping of food, so they are the decision makers when it comes to food at home. Thirdly, a percentage of young adults are increasingly becoming more health conscious, exercising, eating better, and engaging in wearable technology to track their movements/exercise. Behavioral Consumption and lifestyle – for the domestic market, more young people and young adults are generally eating the recommended two (2) fruits or more per day to satisfy nutritional needs. (Vegetable.co.nz) This increase in consumption could be caused by a shift in lifestyle wherein people are more health conscious.

Accessibility (information) - Additionally, have access to more information to make smarter decisions about their eating habits. Psychographic Values, attitudes, and interests – the target end-consumer for Seeka will fall under consumers who are more informed. The values of parents will likely reflect on how they take care of their children, providing them with better eating options, health-wise. Additionally, those with active lifestyles will understand the effects of better eating habits on their health and performance, whether at school, work, or at play.

REREFENCES Guide * Fill out as many of the fields in the format as you can, if you can’t find it, just move onto the next field

Type Format Annual Report Author or company / publication company / (date of publication) /

title (italics) / publishing information / link if taken from website Sample: Seeka Kiwifruit Industries Limited. (2010). Annual Report. Te Puke, New Zealand. http://www.seeka.co.nz/vdb/document/22

Website Author or company / (year) / title (italics) / publication info / link from website Sample: The World’s Healthiest Foods. (2014). Kiwifruit. http://www.whfoods.com/genpage.php?tname=foodspice&dbid=41

Online research paper

Author / (date of publication) / thesis title (in italics) / university of publication / publication location (link) Sample: Allen-Kofoed. (2008). A Quantitative Analysis of Trade-Related Issues in the Global Kiwifruit Industry. Lincoln University.

Introduction 1 – Seeka Kiwifruit Industries Limited. (2010). Annual Report. Te Puke, New Zealand. http://www.seeka.co.nz/vdb/document/22 2 – Seeka Kiwifruit Industries Limited. (2011). Annual Report. Te Puke, New Zealand. http://www.seeka.co.nz/vdb/document/23 Product definition 3 - The World’s Healthiest Foods. (2014). Kiwifruit. http://www.whfoods.com/genpage.php?tname=foodspice&dbid=41 4 – Hugh Campbell and Julia Haggerty. (updated 13 July 2012). 'Kiwifruit - Growing kiwifruit'. Te Ara - the Encyclopedia of New Zealand. Retrieved from http://www.TeAra.govt.nz/en/kiwifruit/page-3 Brands under Seeka 5 - Seeka Kiwifruit Industries Limited. (2010). Annual Report. Te Puke, New Zealand. http://www.seeka.co.nz/vdb/document/22 Internal Environment Financial 6 – 8 – Seeka Kiwifruit Industries Limited. (2013). Annual Report. Te Puke, New Zealand. http://www.seeka.co.nz/vdb/document/25

9 - Seeka Kiwifruit Industries Limited. (2012). Annual Report. Te Puke, New Zealand. Retrieved from http://www.seeka.co.nz/vdb/document/24 Management and leadership 10 – 11 – Seeka Kiwifruit Industries Limited. (2014). Management Team. Retrieved from http://www.seeka.co.nz/leadership-team Human Resources 12 - Seeka Kiwifruit Industries Limited. (2014). Work at Seeka. Retrieved from http://www.seeka.co.nz/employment 13 - Seeka Kiwifruit Industries Limited. (2014). Company Facebook page. Retrieved from https://www.facebook.com/seeka.kiwifruit R&D 14 – Verified Lab Services. (2014). Research and Development. Retrieved from http://www.vls.net.nz/research-development) Operations 15 – Seeka Kiwifruit Industries Limited. (2010). Annual Report. Te Puke, New Zealand. http://www.seeka.co.nz/vdb/document/22 16 – Seeka Kiwifruit Industries Limited. (2013). Annual Report. Te Puke, New Zealand. http://www.seeka.co.nz/vdb/document/25 17 - Seeka Kiwifruit Industries Limited. (2014). Key Indicators. Retrieved from http://www.seeka.co.nz/key-indicators Marketing SeekaFresh 18 – Seeka Kiwifruit Industries Limited. (2014). About Seeka Fresh. Retrieved from http://www.seeka.co.nz/about-seeka-fresh Zespri 19 – Allen-Kofoed. (2008). A Quantitative Analysis of Trade-Related Issues in the Global Kiwifruit Industry. Lincoln University. 20 - Seeka Kiwifruit Industries Limited. (2014). About Seeka Fresh. Retrieved from http://www.seeka.co.nz/about-seeka-fresh 21 – Zespri Kiwifruit Worldwide. Newsroom. Retrieved from https://www.zespri.com/companyinformation/newsroom 22 – Zespri Kiwifruit Worldwide. (2014). Zespri Facebook site. Retrieved from https://www.facebook.com/ZESPRIkiwifruit External Environment (Macro and Micro) 23 – 24 – HEA. (2012). KiwiFruit. Retrieved from http://www.hea.co.nz/index.php/2012-05-11-03-05-28/kiwifruit-trade 25 – World Bank. (2014). GDP growth (annual %). Retrieved from http://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG 26 - HEA. (2012). KiwiFruit. Retrieved from http://www.hea.co.nz/index.php/2012-05-11-03-05-28/kiwifruit-trade

27 – New Zealand China Free Trade Agreement. The Agreement. Retrieved from http://www.chinafta.govt.nz/1-The-agreement/index.php 28 - Seeka Kiwifruit Industries Limited. (2011). Annual Report. Te Puke, New Zealand. http://www.seeka.co.nz/vdb/document/23 29 - Seeka Kiwifruit Industries Limited. (2014). Laboratory. Retrieved from http://www.seeka.co.nz/kiwifruit-laboratory 30 – Thornton, G. (2011). The impact of PSA. Retrieved from http://www.grantthornton.co.nz/Assets/documents/Services/GTNZ-PSA-impact-on-kiwifuit-industry.pdf 31 - HEA. (2012). KiwiFruit. Retrieved from http://www.hea.co.nz/index.php/2012-05-11-03-05-28/kiwifruit-trade Customer Analysis 32 – 33 – Vegetable.co.nz. Ministr of Health Statistics. Retrieved from http://www.vegetables.co.nz/facts/MOH_stats.asp