Term Project: Smart Pet Food Dispenser

Term Project
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Introduction
Over half of the domesticated cats and dogs in the United States are obese. They are at risk for heart and respiratory disease, osteoarthritis, and cancer (Webb, 2015). Pets require special treatment and care, which is now challenging to accomplish due to current people's busy lifestyles (Mandy et al., 2016). The idea for my project stems from the lack of convenience and ease of monitoring pet health and nutrition. Thus, this product will provide a unique and innovative solution to the problem of comfort and ease of monitoring pet health and nutrition. It offers a detailed product description, a discussion of the target market, distribution channel, advertising strategies, pricing strategies, and customer support. There is also a critique and summary of the report findings.
Discussion
Product Description
My product is a smart pet food dispenser. This device stores and dispenses food for pets on a predetermined schedule. The uniqueness of the product is that it can be connected to a Smartphone to monitor the pet's nutrition and health and even help locate the animal if it is lost. The package includes a sleek, modern black box with a clear window to showcase the product. The label features a picture of a pet eating from the food dispenser. Besides, the brand name and slogan "Always looking out for your pet's health and happiness" is written on the case.
Furthermore, the package also has the trademark, a paw-printed logo with the brand name underneath. Moreover, the package also includes instructions on how to set up and use the device. In addition, the back of the casing also features a complete description of the product's functions and benefits. It also has a QR code that customers can scan to download the app and get started. The package will also include a satisfaction guarantee and a link to customer service. The rationale for choosing this package is that it is modern and eye-catching, conveying that this product is designed to help pets stay healthy and happy (Schaefer & Cheung, 2018). The clear window allows customers to get a good look at the product, and the QR code makes it easy for them to get started. The satisfaction guarantee and customer service link show that the company stands behind its creation.
Product Market
Primary markets for this product would be consumer, convenience, and specialty goods. In addition, it would be marketed to pet owners and stores, veterinary clinics, and other businesses related to pet care. Furthermore, the device would also appeal to business owners who want to provide their employees with a convenient way to feed their pets while away. Additionally, this product could be marketed to businesses and organizations that offer pet care services, such as pet-sitting services. Knowing general market characteristics is crucial as it helps determine the target audience and the best approaches for promoting the product in each market (Grunert, 2019). For example, a business-to-business product may need to focus more on technical aspects and features. Similarly, a consumer product may need to focus more on convenience and lifestyle benefits. Thus, based on the market information, a marketing team can create a more effective and targeted marketing strategy.
Market Segment
The target market for the product involves pet owners aged 25-45 with a household income of $50,000 and above. Similarly, the geographical parameters include the United States and Canada. Moreover, the family life cycle stages targeted are all households with pets. Other segments that may be targeted are people who have busy schedules and are looking for an improved way to monitor and feed their pets. The reason for choosing this population segment is that pet owners in this age group can afford the device and understand its technology. These individuals also look for a convenient way to feed their pets and monitor their health. Additionally, the device can benefit pet owners with busy schedules and multiple pets. Finally, this population segment is more likely to be tech-savvy, making it easier to use and understand the device.
Regarding buying motives, the consumers will purchase based on cost, safety, convenience, and health. Comfort will be due to the ability to feed the pet remotely. Customers will also go for safety as they can locate their pets. Furthermore, they can monitor the animals, health. Lastly, it is cost friendly as food is dispensed at a scheduled time. Knowing customers' buying motives is essential because it allows marketers to tailor their message and marketing strategy to appeal to the target audience (Waluya et al., 2019). By understanding the needs and wants of consumers, marketers can craft messages that target the needs and wants of customers to increase the likelihood of a successful sale.
Market Testing
Regarding testing of the product market, the research employed a combination of observation, survey, and controlled Experiment. Observation involved monitoring pet owners in their homes to see how they interact with their pets and what food dispensers they use (Felin et al., 2019). On the other hand, surveys included assessing pet owners to get feedback on their current pet food dispensers, what features they would like to see, and what they would not like to see (Vasić et al., 2018). Similarly, controlled Experiments involved testing the device's functioning and user experiences (Khandpur et al., 2018). This further involved comparing the experiment results to existing pet food dispensers to observe our product's performance.
Branding and Pricing Policy
Innovative pet food dispensers will be a national brand. The primary focus is creating a solid brand identity through a catchy brand name, a memorable logo, and a consistent visual identity across all our products and marketing materials. To enhance the brand's popularity, there was a need to create a strong presence on social media to help spread our brand's message. Finally, the project combined traditional and digital marketing techniques to reach a target audience for followership. Similarly, the pricing strategy was "with the market policy." Thus the product will cost at market value. The rationale for the strategy was to offer a quality product at a fair price while still providing value to our customers and accessing a wide range of pet owners (Wan & Hong, 2019). Additionally, the policy will allow the business to remain competitive in the market.
Furthermore, the product will be priced at a price range of $50-$100, and typically a profit margin of 10-20% would be considered reasonable. This is because it allows the company to profit while pricing its goods competitively. Contrarily, the device's production cost would depend on the number of components and materials used. A rough estimate of the cost of production would be around $30-$40. The more parts and materials used, the higher the cost of production. This is why the price range of the product is higher than production cost.
Promotion Budget
The plan is to promote the product through online and offline media. Our firm will allocate $2,000 for online marketing and $1,000 for offline marketing. Regarding the former, there is a plan to use search engine optimization, social media advertising, email marketing, and influencer marketing. In addition, each strategy is allocated $500. Offline marketing will involve traditional radio, TV, and print advertising. The plan is to give $300 to conventional advertising, $400 to radio and TV advertisements, and $300 to print advertising. The rationale for using online and offline strategies is to promote the product and maximize the reach of promotional efforts. By allocating a budget to each of these strategies, I can ensure that I am reaching the broadest possible audience and maximizing the impact of my promotional efforts.
Selling Methods
Smart pet food dispensers would be sold in various retail outlets, includ...