Marketing Analysis : The Pet Product Industry

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Situation Analysis IFetch has positioned themselves very carefully when it comes to their products. ICatapult is an innovative product that addresses a major complaint of dog-owners better than any of the competitors. The strategic marketing plan will be based on making this information available to the primary target market visually by point-of-purchase displays and graphically through creative advertisement through social media and magazines that sponsor innovative pet products. This strategic plan should allow ICatapult to stand out in a field of competitors that appear to employ no clear marketing strategy. Market Summary The pet product industry is considered one of the largest expanding markets to date. It is one of the most rapidly growing markets out there and its primary focus are its pet products and supplies, which represents 5.5% of the market. This segment is projected to increase from $5.2 billion to $6.9 billion in the next five years, according to the Business Communications Company Pet Industry study. One of the reasons for this farfetched growth in pet products and supplies is the growing number of pet owners and pets. A recent survey conducted by the American Animal Hospital Association showed there were approximately 235 million households that owned pets. These households represent about 60% of all U.S. households, and 40% of these households own more than one pet, according to an American Pet Product Manufacturers Association (APPMA) study. Of these

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