This paper will focus on an in-depth market analysis of the pet food industry to depict the dominant market forces that might either positively or negatively impact the introduction of the new pet food that has been branded as "Wholesome Paw Chow." The company initiating this analytical expedition is a large pet supply company that deals explicitly with the production of pet foods, manufacturing of toys, as well as supplying these products to retailers. The new product that is on the verge of being introduced will be mainly meant for cats and dogs, and it has been conveniently recommended as a pet feeds' change-up plan since it has been produced out of 100% natural ingredients.
- Adequate research before starting the business.
- Highly experienced owner.
- Online marketing.
- It has been produced out of 100 percent natural ingredients.
- Inexperienced employees.
- Inadequate startup capital.
- Long break-even periods.
- Limited flexibility in timing.
- Prospects of continued expansion in the online market.
- Support from affiliate relations of related vendors.
- Support from external stakeholders.
- Changes in policy and regulations by external stakeholders.
- Supply being more than the demand.
- Competition from similar business who offer the similar products.
- Consumer loyalty to current vendors.
Through the strengths presented by the product, the marketer will be able to conduct an effective identification of the elements that differentiates this business from its competitors. Ideally, this is a good way to identify the factors that will provide the company with substantial competitive advantages over its rivals. Undeniably, due to the fact that the Wholesome Paw Chow product is purely made from natural ingredients, the marketer will use these elements to identify the room for improvement where necessary. Notably, considering the health benefits, the pets owners are now resorting for organic and natural food products. The strengths will help capture a large market share, which will ultimately contribute to a rapid expansion and development.
The target market for the 'Wholesome Paw Chow' food supply for cats and dogs would be Latin America, a continental region that has consistently proven to be good keepers of pets, especially the 'British bulldogs' types of dogs that are meant for home-based security. Also, the pet food buying trends in this particular region seem to match the content description of the new product perfectly since around 68% of the pet owners have transitioned to the purchase habits of 'green' or somewhat fresh foods for pets; a convenient buying choice that will allow more sales for the new product that is produced from natural ingredients. The market indicates that 40% of the pet owners have preferred to buy environment-friendly pet foods and thus, such a perception would help market the new product since it seems to have been manufactured out of ingredients that have no chemical composition and this makes the latest brand to be health-efficient to all cats and dogs. Looking at these characteristics, it is evident that a large number of pet owners will create our customers' base especially for this product. The preference for products with natural composition would tremendously reduce any potential competition between this product and the one offered by the competitors.
The target market indicates that 43% of the dogs and cats owners often buy wet pet foods on a weekly, where 3 out of every ten dog owners purchase dry pet food and 16% of cat owners being less likely to buy dry pet food. Thus, the market mostly indicates that their needs and wants concerning pet foods are inclined to prefer wet pet food or somewhat fresh food to dry food, which is often known as packaged food. Hence, the new product launching would fit the target market since the customers are seemingly supportive of natural foods that usually as provided in the market as fresh foods (Armstrong & Kotler, 2015). On broader note, the new product will contribute to various potential benefits. These include absence of animal-by product therefore free from animal diseases, lesser chances of ailments and allergies, longer life expectancy and healthier lifestyle. In addition, the pets are likely to experience fewer digestive disorders, high level of energy as well as a healthy weight.
One of the marketing strategies to recommend would be paid advertising where the new pet food product would reach the consumer through the lines including TV and the print media. The choice for this method is supported by various facts such as the ability of the customers to receive the information at their convenience provided they have the access to the media being used for advertising. Additionally, the TV adverts are usually accompanied by the visual pictures, images or animation, which not only causes impression but also attracts the viewer towards buying it. Also, another strategy would be online marketing. Information about Wholesome Paw Chow would be shared online and would get promoted through many approaches on various platforms on the internet. By marketing on the internet, the company will be able to overcome barriers of distance. This implies that the company will be able to self this good without setting up local outlets, thereby broadening the target market. It is important to note that internet marketing costs lower than marketing them through a physical retailer. The marketer will not experience a recurring costs of property rental as well as the maintenance.
The marketing strategy that is not recommended for the company to use is word of mouth. Most of the population in Latin America are good keepers of pet. The use of word of mouth mainly depends on the impression you leave on individuals. With the large population keeping pets in Latin America, word of mouth would not be effective as the new product would take a long time to reach many people. The use of word of mouth would be in contrast with the use of other strategies like online marketing where the product would reach many people at the same time. However, if word of mouth would be used in a small population, the strategy would be sufficient since all the customers would be reached within a short duration. In regard to the 4Ps, the word of mouth would be able to offer the explanation regarding the variety, quality, design, features and the type of packaging used for this product. It will also be able to offer the information regarding the price list, discounts and the credit terms.
The introduction and marketing of the new 'Wholesome Paw Chow' pet food brand would most probably do well in the Latin American region. This is because the area is densely populated with the largest population groups of cat and dog pets' owners in the entire American world. Also, the market presents a favorable business environment in the sense that the pet owners there seem to approve the purchase of organic foods or rather natural foods that are fresh for their pets. For this reason, the new product would fare well due to its natural ingredients' composition which makes them safe for the pets in question. However, according to the research mentioned above, the company should adopt the most effective marketing strategy; this is because of the product as relatively new to the target market. Besides, the company should educate the target market the importance of organic foods and how to make decisions when purchasing, this will boost the confidence of the target population have on the product, this is paramount, especially for a new product.
Cite this page
Free Essay Sample on Marketing in Pet Industry. (2022, Jul 14). Retrieved from https://speedypaper.com/essays/marketing-in-pet-industry
If you are the original author of this essay and no longer wish to have it published on the SpeedyPaper website, please click below to request its removal:
- O'Brien's Depiction of Soldiers in The Things They Carried, Free Essay
- Essay Sample on the Problems Associated With Memory
- Essay Example: Idea of Progress in the North American Context
- Essay Sample on Generational Differences at Workplace
- Essay Sample about Water Pollution in the Tropical Environment
- Essay Example - Melbourne Magistrate Courts
- Technology, Work, and Organizations. Paper Exampl