Market Analysis Summary
The market for Doggie Pause is all of the dog owners in the metropolitan area and surrounding areas of the city. We believe that this is going to be 2/3 of the population, and we have a goal of gaining a 50% market share. We have a target of a 20% yearly profit increase as the business continues.
4.1 Target Market Segment Strategy
We have chosen our target market because they own canines and have the ability to afford a service such as Doggie Pause. We are aware that our service is an extra in life, not a necessity. We anticipate and expect to cater to the upper-class citizens within our geographical area.
4.2 Service Business Analysis
Our familiarity with this business indicates that the service we offer is not currently available anywhere within the metropolitan area. We think our marketing problem will be more a matter of making dog owners aware of the Doggie Pause, than it will be related to the competition.
4.3 Market Segmentation
Our target market consists of canine owners that have the financial capabilities to care for their dogs in an elaborate manner. Most will be from double income homes with high profile jobs that require an extensive amount of time away from the home. Our target market consists of men and women primarily between the ages of 35 and 65. They live in the upscale suburbs surrounding the metropolitan area. Our market segment customers will lead a lifestyle in which their canines play a large part, and these pets are often seen as “children” by their owners.
|Year 1||Year 2||Year 3||Year 4||Year 5|
4.4 Competition and Buying Patterns
Our real competition is owners choosing to leave their dogs at home unattended. We recognize that only relatively wealthy people will be interested in spending an average of $250 monthly to provide daycare for their dogs. Still, there should be sufficient market.