Week 6, Marketing Assigment
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Marketing Plan Assignment
Accounting Associate, Liberty University
BUSI330_B01: Marketing plan: Marketing Strategies Analysis Assignment
Professor; Rodney Ballard
Feb 26th, 2024
Marketing-product Focus
The following section of the marketing plan will describe marketing and product objectives for Petco wellness and health, target markets, points of difference, and positioning.
Marketing and product objectives Petco marketing aims to provide a foundation with the brand potential to enhance the reputation and credibility of Petco as a trusted provider of innovative wellness solutions for Pets while taking full advantage of its product potential by increasing customer loyalty, brand awareness, and recognition of Petco new feeding and health monitor.
Expand the customer base and build a foundation from which other revenue sources can be mined- within and outside its retail locations. Drive sales and revenue growth for Petco feeding and health devices.
Existing market
: brand and product distribution will expand at a retail level, available globally. Raising consumer consciousness of products can increase in-store sales, resulting in a more efficient distribution route while using social media to improve online sales.
New Markets
. By the end of year 5, Petco's new product will reach 20 metropolitan areas, Representing 63 percent of the Metropolitan area.
Product service
. It will consist of a feeding and watering system and an integrated collar health monitor, which tracks health metrics such as heart rate, temperature, and activity levels, allowing pet owners to monitor their pets' well-being in r through a mobile app. Petco's new product will be expanded at all shopping levels through the addition of App and device features, such as GPS tracking technology to enable pet owners to locate their pets in
real-time and remote communication to provide communication through a build-in-in two-way audio system, the plan will help reduce anxiety and separation between pet and owner. The new ideas will reach the market in years 2 and 3.
Target Market
Demographic and psychological profile Petco aims to sell to a large general market, exclusively dog and cat owners.
Well-Pet is a product designed for any background learning, tech-savvy, focused on pet welfare, from any occupation, busy people, mainly females.
Millennials are the biggest consumers of pet products, between the ages of; (30 and 44) and (45 and 64) the last shopping group is spending more on in-store pet care. In terms of employment, most pet owners work full-time and part-time, and their household earnings are more than 75,000 a year. Moreover, many Pet owners have made changes after COVID-19, 24% are existing per owner, and 18% adopted a new animal, and owners classify pets as their second biggest concern (Burke, 2023).
Characteristics of targeted customers Well-pet customers are health-conscious Pet owners willing to invest in exceptional feeding and health options and want to simplify pet feeding and be on top of its physical condition.
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SEE MORE QUESTIONS
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Recommended textbooks for you
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