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Why Seek Approval?

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The Stamp of Approval

Monsanto Co. is a business just like any other in that it produces a product and sells it on the market. In this particular case, the product is a genetically modified form of wheat and the market is questionable. Given the controversy surrounding the genetic modification of crops used for food, it is absolutely essential for Monsanto Co. to acquire certain assurances that there will in fact be a market for their product in the future. Monsanto cited limited resources as the driving force behind the move to assure support. The company does not want to waste precious time and effort on a product that will not achieve public acceptance in the broader market (Gillam 2004).

In this case, product approval and acceptance must come from three different sectors of the market itself. Monsanto Co. must achieve acceptance from the wheat industry leaders, growers, and consumers because without the backing of any one of these groups the market for GM wheat will undoubtably fall through. Of these three groups, the greatest weight falls upon the shoulders of the U.S. wheat industry leaders. If the wheat leaders do decide to committ to the GM crop, then they must also work for greater acceptance of the crop amongst farmers and consumers both at home and abroad (Gillam 2004). In seeking the approval of wheat industry leaders, Monsanto has cleverly manuevered themselves into a position where their own interests will be closely aligned with those of the U.S. wheat industry.

3 Sectors of the Market key to GM wheat's success:

1. Wheat leaders to approve and campaign for it

2. Farmers to grow it

3. Consumers to buy and eat it

The commercialization of Monsanto's GM wheat product is momentous in that it would be the first genetically modified crop used specifically feed the human population (Gillam 2004).