MKT 113 Project Part I Final Submission Product Overview - 1100 Words

MKT 113: Project Part I Final Submission Product Overview (Research Paper Sample) Content: MKT 113: Final Project Part I Final SubmissionNameSouthern New Hampshire UniversityPet Supply CompanyThe purpose of the paper is to take an in depth look at the Pet Supply Store its viability as well as its place in the market. This company sells pets and pet accessories, which are not easily accessible to the public. The company is designed to fill a market gap from highly demanding pet customers who own high-end pets and people who are health conscious. Pet grooming services are also offered in the store. The new product to be offered by the company is an organic dog food named green paws.SWOT analysisStrengthsThe Company has an internet presence hence is able to reach a wider a market. Products offered by the store are displayed online hence advertising the store. The fact that the company offers shipping for products overseas is also an advantage. Clients are thus from all over the world. Since the store offers pet grooming services, pet owners have all their pet needs catered for under one roof. Green paws are an all-organic product for dogs exclusive to this store. The company thus enjoys monopoly of the product. The pet industry is a very lucrative industry, the entry costs are not very high compared to other industries.WeaknessesThe company is relatively new in the market hence is facing stiff competition from established brands. Organic food is yet to take off, people are still not familiar with it but it is gaining a following albeit slowly. Packaging of the organic food can still be improved upon; it is not appealing to the eye.OpportunitiesCurrent trends in nutrition show an increased interest in healthy eating. Dogs have fallen prey to obesity as a result. Pet owners consider their pets part of their family and hence go to great lengths to ensure the health of their pets remains intact. Green paws organic food is sure to appeal to such owners who seek to ensure their pets live long and healthy lives.ThreatsThe web is an open place a nd hence competitors are sure to take to the internet as well. Depending on the amount of funds, competitors may have an edge over the company. Extra funds allow advertising in social media sites such as Facebook or search engines for example Google.Target groupsResearch shows that people aged 30 to 50 years most likely own a dog. This group also tends to conscious about their health and a result what they eat CITATION Cha08 \l 2057 (Charles Reynolds, 2008). They are therefore looking for ways to lead healthy lives and thus organic foods would appeal to them. This group is also financially stable thus is able to purchase healthy foods which tend to be slightly expensive. Geographically, the store is able to sell its products online and hence is not limited geographically.Wants and needs of the marketThe internet has given room for pets to be stars of their own shows. They accumulate millions of views that rake in millions for the owners. Pets are therefore very valuable to the ow ners and thus they treat them accordingly. The product is appealing to those who breed dogs for competition and generally, people who seek to live healthy lives. Dogs who partake in competitions require diets particularly designed for them. Demands for sledding dogs are different from those dogs partaking in beauty contests. The common denominator is that both categories require the dogs looking strong and healthy. Green paws dog organic food is suitable for both groups. It provides the necessary nutrients to provide energy while ensuring no accumulation of fat hence resulting in an aesthetically appealing look. Many pet owners find the cost of organic pet food to be pricy compared to industrially processed food. In fact, some owners feed their pets human food such as burgers that pack many empty calories resulting in unhealthy weight gain. Green paws organic food is certainly going to appeal to such owners, as the price has been set competitively.Marketing strategiesMarketing strat egies are designed to foster a loyal clientele. The first step is to convince the customers the product is as good as advertised. This can be done by offering samples to the target audience. If the dog food elicits a positive response from the dog, the pet owners will commit to the product. Detailed information about the product should also be availed to the intended audience (Burrow Bosiljevac, 2012). This should be done through advertising and educating the public about the product. A targeted mailing system can be used for this purpose and interested parties should be able to subscribe to newsletters from the pet store. The newsletters should contain information regarding the product and show why the product stands out from the rest of the dog foods in the market. Newsletters can also be a means of sending out time limited vouchers and discounts to encourage purchase. Newsletters are convenient as they can be handed out in strategic places (Milligan, 2012) for example locations offering veterinary services. Clients are also more likely to purchase a product if it is associated with a well-established veterinary service. This is very effective as it goes directly to the intended population thus minimizing costs and time spent.Corporate events offer ...