First step in marketing; Identify an endpoint!
By : Dr. Andrew Griffith, Assistant Professor, Department of Agricultural and Resource Economics, University of Tennessee
I have been asked to do a program early next year that focuses on step-by-step marketing. At first thought this would seem extremely elementary to most readers and maybe it is to some. However, my experience has been that many producers who have been in the cattle business for decades do not even consider that every decision they make influences their final product and the marketing scheme.
Thinking about the basics, the breeding season, breed of cattle, and cattle genetics would be the starting point for most producers. However, those decisions should not be made until an intended market is identified such as selling feeder cattle at the auction market, retained ownership through the feedlot, direct marketing of beef or whatever market is the intended endpoint. After identifying an endpoint, every management decision can influence the final market, but a producer does not have to stay with the initial endpoint if market conditions present a better opportunity.
This is a fluid business which is one reason it is so enjoyable.