Description: This is a GPS tracker for your dog, similar to the product, or app “Tile”. A major problem in today’s society is that GPS chips are not as efficient as they could be, and they do not offer a phone application for convenience. An app on one’s phone would change how easily dogs could be found in today’s society, especially since it seems that almost everybody has a smartphone nowadays. In the U.S. alone, 207.1 million people owned a smartphone in 2016. Potential customers could be to anyone who owns a dog. However, the main target market would probably be appointed to lower and middle classes. It is not limited to them, but many people who live a wealthier lifestyle have larger fences, or live in nicer areas to where it would …show more content…
Number of competitors in pet supplies is between many and few. The 50 largest companies account for 70% of revenue for the industry (Hoovers Industry Report).
The age of the pet supplies industry is old, however pet ownership has risen from 56% of U.S. households in 2011 to 65% of U.S. households in 2015 (Humane Society).
The growth of the pet supply industry remains consistent even in an economic downturn (Hoovers Industry Report), while the GPS industry has a high growth potential in the next few years (Grandview Research).
The amount of money spent in the pet industry has been steadily increasing since 2001, even during the Great Recession (American Pet Products Association). The total U.S. Pet industry expenditures in 2001 were $28.5 billion and $60.28 in 2015.
The importance of the pet supply industry to customers is shown in the numbers that don’t decrease even in economic trouble.
Long-term prospects are strong for both pet supplies and GPS technology. Pet supplies will continue to be in demand as more U.S. household become pet owners. As well, GPS technology is becoming an intricate part of U.S. lives (Grandview
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The number of competitors in our specific market is low. Similar products are usually priced much higher, such as ‘Find My Pet GPS’ which is a similar competitor with an attachment to a dog collar and a phone app. They charge about $90 per gps tracker and a monthly $4.99 service charge.
The pet supply industry is currently dominated by the largest firms in the market, so there is some difficulty breaking into the industry.
The method used for generating revenue in the industry is through primarily through sales.
Customers seems to generally feel dissatisfied by the current offerings based on the data from our online survey.
There is potential to utilize low cost guerrilla and/or buzz marketing techniques for our product.
Market Timeliness