Marketing Plan on "Marketing Plan Caninantics Company Overview & Market Research"
Marketing Plan 3 pages (1061 words) Sources: 3
[EXCERPT] . . . .
The framework includes four phases, namely, Defining the Market, Ascertaining Market Attractiveness, Conducting Qualitative Evaluation, and Analyzing Business Opportunity. After every phase, the approach involves a process of selection, to ensure focus on markets with more potential and more efficient use of research efforts. By closely and sequentially following this model, market researchers and managers can obtain good insights into current business environment trends and accordingly devise growth strategies (Emanuelsson & Orviste, 2014).Analyzing Macro-environment-PEST Analysis
1. Political
Political policies that fall under the category of pet foods are applicable to canine food. The industry of pet foods is a well-regulated sector, which has to conform to numerous industry rules and guidance, in order to ensure manufacturing firms, produce safe food for pets. At least fifty legislations govern pet food production. Since the manufacture and distribution of pet food follows the same procedures as food for human beings, some laws and rules that govern human food production apply to the pet food sector as well. The UK FFDCA (Federal Food, Drug, and Cosmetic Act) has made it mandatory for manufacturing firms to make sure products they produce are safe to consume by pets (Euromonitor, 2013).
2. Economic
Euromonitor International's 2004-09 statistics suggest that the canine population increased at a steady rate per annum. In the United Kingdom, the real average gross domestic product (GDP) growth was calculated to be 2.7%, from 2003 to 2007. Owing to the crisis in the real estate sector, growth in 2008-0
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3. Sociocultural
Pets are kept at home to dissipate an atmosphere and feel of loneliness. Gradually, they become valued family members. Pet owners typically form more powerful bonds with pets, usually because of their guilt at having to leave their pets at home alone for most of the day.
In today's busy lifestyle, pet owners seek convenience. Premium cat foods basically sell because of vet support and pet superstores, as direct recommendation by an expert on pets encourages owners to purchase more premium foods (and other products) for their pets (Tesfom and Birch, 2010).
4. Technological
It is an accepted fact that technological innovation drives the market. Affluent customers are ready to indulge their pets and pay utmost attention to their care. Future technology and innovations are to be anticipated in this product line (Euromonitor, 2013).
References
Brady, D., Palmeri, C., Lehman, P. Megeerian, C. & Weintraub, A. (2007). THE Pet ECONOMY. (cover story). BusinessWeek, (4045), 44-54.
Emanuelsson, E. & Orviste, G.N. (2014). Strategic Market Research using an Outside-in Approach. Faculty of Engineering, LTH at Lund University.
Euromonitor International, (2013). Mapping the new world: Global consumer foodservice in 2013 and beyond, Global Briefing, Passport, Euromonitor International, London.
Lev, L., Brewer, L. & Stephenson, G. (2004). Tools for Rapid Market Assessments. Oregon State University Oregon Small Farms Technical Report No. 6.
Tesfom, G. and… READ MORE
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“Marketing Plan Caninantics Company Overview & Market Research.” A1-TermPaper.com, 2016, https://www.a1-termpaper.com/topics/essay/analyzing-marketing-plan-caninantics/5845548. Accessed 4 Oct 2024.
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