Website Strategy |
Market Trends |
We will distribute our product through online stores, such as Amazon, Etsy, eBay, and many more. Selling online will help expand our product popularity and sales, as people can purchase it from their home and have it delivered, rather than having to go to an actual store.
Market NeedsSo far, demographics show positive feedback for the pet industry. This in due to an increase in family, and most families spend lots of money when owning a new pet. Families with pets need food, bowls, a place for the pet to sleep, and many more items like toys and collars. With the pet industry increasing positivity, this projects to us a larger profit range.
Industry AnalysisOur goal is to sell our bowl to our target audience. In order to achieve this goal, we must plan our finances, choose a business structure, register our business name, getting licensed and permits to sell our product and choose an accounting system.
Strategic PartnershipsWe will rely on bigger companies in the same marketing field as us to help be successful and expose our product to much more people.
Sustainable Competitive Advantage (Form and Function, Marketing, and Start-Up)In the pet product industry, most products are ineffective. Our product is set apart from all the rest. Our bowl is designed to look simple, yet attractive; and to be effective in its certain task: feeding. In order to get our product out to as much people as possible, we will constantly work with our partners to help us build up our marketing strategy and be up to pace with competitors.
Our start-up will be fairly simple. We will include all the expenses for legal counsel, consultants, and research and development. This begins with manufacturing tooling and initial product inventory. We also need funds to launch a campaign and have some left for future campaigns. All these funds will be provided a combination by investment, SBA guaranteed loans, lines of credit. |
Our main audience are large families that are excited to own their first pet. They are the main consumers of pet products. Many pet owners treat their pets as family and spend lots of their time with pets to keep them accompanied and happy. Dogs are more likely to be treated as a family members than cats in some households.
Market Segmentation and Target Market Segment StrategyPet owners vary in age, particularly adults. They spend more time and money with their pets on average. Married couples spend more time with their pets, approximately 30% more than average pet owners. Married couples with children usually spend the most money in the pet industry. This is due to the amount of pets they own and their needs. Our focus will be on large families since they spend the most on pet products. We will rely on the type of market and advertising techniques we will use.
Strategic Niche MarketingOur plan is to market few innovative products to our consumers. They will be educated about their benefits for them to gain market acceptance. This means we have to have consumers get the product, and learn all the benefits and risks overtime.
Detailed Market BreakdownThe pet market is divided into many categories: pets, pet supplies, pet food, pet comfort, and many more. our company is focused on pet supplies. Pet supplies contain bowls, utensils, etc. We think that pets lives should be more convenient, like ours. We make our lives easier and safer, so why should we make our pet lives easier? Our pets are like family, and we care for each other, so its only fair to help our pets daily routines.
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