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Pet Health Insurance For Pet Owners

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During week four, while doing an analysis on potential or existing competition we found pet health insurance has an increase in the United States where pet owners are starting to purchase health insurance for their dogs and cats. Even though pet insurance has increased in the United States, it still doesn’t compare to the pet insurance that pet owners have for their pets in Europe. There are only 1% of pet owners in the United States that have health insurance for their pets compare to Europe pet owners. In Europe, there is an average of 5% of pet owners that have health insurance for their pets. Pet health insurance will continue to grow in the future because many pet owners consider their pets as a family member. The bond between a …show more content…

(COOK, 2016) The target audience for our pet insurance will be the same in both regions. 80% of our targeted audience will be married couples with kids and are homeowner’s. Typically married couples are established, own a home and with a backyard that is ideal for pets and with an average income of 80-100k. Since this group are busy with kids and their activities they will prefer to avoid any unexpected medical cost for the furry pets. 20% of the market will be geared toward singles and couples with no kids who live an active life style. Age range will be between 25 to 35 years of age. The average income will be between 45-60k. Our pricing strategy is the perceived-value pricing strategy. The approach is based on the amount the customer feels that the service is worth. As stated by Kotler & Keller, “some consumer’s purchases are based on emotion, and consumers have a stronger emotional engagement with them than other goods.” By focusing on the feeling of the consumers and their attachment to their pet, it will allow us to target customers that want the best for their pet and willing to pay a little more. Our goal is to become the product-quality leader in the market. The position statement that has been created to attract new and existing audiences is “Healthy Pets makes Happy Families, so bring your pets in to see our veterinarian where we offer your family with quality services, low prices, payment options that your family

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