Launching Dog Toy Hera: Business Plan

Launching Dog Toy Hera: Business Plan

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Contents

Executive summary        

Objectives of the Business        

Marketing objectives        

Mission        

Key to success        

Company summary        

Sustainable competitive advantage        

Form and Functions of the Product        

Marketing        

Operations        

Start Up –Summary        

Business Ownership        

Product description        

Market Research and Analysis        

Market or industry analysis Summary        

Key External Drivers and Growth projections        

Industry structure in USA and Europe        

Competition analysis        

Marketing Strategy        

Services and product segmentation in the United States and Europe        

Segmentation based on age demographics of customers        

Marketing Plan        

Pricing strategy        

Strategic Alliances for promotion and sales        

Risk assessment        

Financial Plan        

Projected profit and loss account        

Executive summary

The dog toy Hera has been designed with an innovative approach to let the pet dogs have a playful and learning time. The company will launch this product in the USA and European dog accessories market. The business plan here has been devised to give render an overview of the business dynamics and statistics of the USA and European per accessories industry, and will provide a comprehensive analysis of how the business intends to penetrate the market effectively. The owner of the business will provide more than half of the investment to launch this new dog toy by the name of Hera, and the rest of the funds will be obtained through a loan or private investors. The business plan here will therefore help both the business in getting a comprehensive overview of the market and understanding its dynamics, and will provide the investors with a feasibility analysis about the business so that they can invest in it.  The primary offerings of the business will be thee dog toy Hera that has been designed with the idea of making it innovative, fun, playable, colorful and safe for the dogs of our potential customers. As the product establishes its sales in the USA and European pet accessories industry, the company will keep in developing new dog toys and products that will promote the animal’s health and learning.  The business for this purpose will use of comprehensive marketing approach that will  include conventional and social media promotions, advertising, and website development to ensure that the targeted customers come of the product and services.

The increase in pet ownership over the past 5 to 10, coupled with the demand for pet accessories such as toys and clothes have caused to drive growth in this industry. According to the latest National Pet Ownership survey that was published by APPA (American Pet Products Association), around 65 % of the households in America own pets. Majority of these pets includes cats and dogs and the survey also shows that the percentage increase in such numbers is expected to be 2.3 % over the next 5 years. The survey also pointed towards the fact that with the rise in ownership of pets such as dogs and cats, there has also been an increase in the demand of the pet accessories, which includes the pet health care services and the pet toys (IBISWorld Report, 2015).

Coming to Europe, it is not easy to estimate the ownership of pets in Europe because it comprises of many countries. The largest surveys that was carried out for this purpose was back in 2008, and the survey was conducted by the Word Society for Protection of Animals. The surveys showed that there were about 9.8 million cats, and about 6.7 million dogs in United Kingdom, while Poland and Italy almost featured the same count. German households had about 5.2 million dogs. Similarly, the count for household dogs in Switzerland is about half a million as per the 2008 figures (the nest, 2015). Though these figures are old, but a recent report shows that the pet industry in Europe is expanding in all its segments. Now as most of the home owners own cats and dogs as pets, therefore this points towards the fact that the number of dogs being owned by households in Europe in also increasing.

The main target market for the dog toy product Hera will be the households who own dogs. This includes owners of all age groups and segments. The product has been designed to cater to dogs of all age groups. The target market under this business plan will be segmented to develop an effective marketing strategy so that the segmented potential customers will be better approached with the product and thus develop product awareness. This approach is used by businesses to make sure that the marketing campaign is effectively targeted towards the right focused groups for the business.

The marketing strategy apart from the target market and segmentation strategy, will also include market penetration and the pricing strategy. The business plan will also throw light on how the business can develop an understanding of the target market and how it can develop strategic alliances in the US and Europe regions so that it can it develop and maintain an appropriate market position. The business plan will also provide a risk analysis of how the business can counter various factors that pose a threat or risk to the business. This includes the risk analysis in terms of launching the dog toy product in the USA and European market, developing appropriate sales or market share, and in terms of sustaining that market share.