- The beef cow inventory in the US has slowly decreased over the past 40 years, creating challenges for companies selling minerals to cows.
- There are approximately 31 million beef cows in the US, representing a potential $558 million mineral market. However, the cows are owned by a small number of large producers and a large number of small producers.
- The company needs to conduct market research to determine which producer group to target, what competitors offer, and producer needs and purchasing behaviors in order to develop an effective action plan and marketing strategy.
