Running Head:NATURE'S COMPANION"PRODUCT OVERVIEW
MKT 113: Final Project Part I Final Submission
"Nature's Companion" Product Overview
Southern New Hampshire University
NATURE'S COMPANIONPRODUCT OVERVIEW
The SNHU Pet Supply Store is a large pet supply store that sells pet foods, toys and
supplies in several retail stores, and has a robust online store. As the healthy living/eating trend
begins to influence what consumers feed their pets, the company is introducing "Nature's
Companion," an all-natural, additive-free pet food for dogs and cats. The objective is to continue
to offer high-quality pet products that consumers and pets love. In order to achieve our high
standards, our product will be made with only the best, organic ingredients. The plan is to enter
the market with a price that is 10% higher than the competition, with a freshness and money-
back guarantee if your pet doesn't like it. As a result of the market price, the company is
targeting more affluent, family-centric, suburban areas for the product launch.
In order to best conceive a marketing strategy, a SWOT analysis was conducted for
"Nature's Companion." This tool will be used to accurately analyze the strengths and
Strengths
Weaknesses
All-natural product appeals to/promotes healthy lifestyles Available for dogs and cats,giving us access to two different pet markets Easily purchased at retailers/online, giving the consumer options
Coming onto the market at a price point that is 10% more expensive than competition No social media presence, limiting exposure to the more casual consumer Promoting the product via traditional media channels,while effective, is more
already high end price point.
New product opens opportunity to launch a social media presence/reaching more tech-savy customers Could lead to expanse into additional retail stores to include high-end natural/health food chains Higher price could potentially attract more elitist consumers of the"more for more" mindset
Consumers could find lower-priced competition more appealing Declining interaction between consumers and traditional media chains could make our ad campaign less effective Retail stores closing may put too high of a demand on our online store and cause challenges to our product distribution
Opportunities
Threats
Figure 1. SWOT Analysis for "Nature's Companion"
"NATURE'S COMPANION" PRODUCT OVERVIEW
opportunities in order to overcome product/company weaknesses and avert potential threats. As
you can see, by leveraging the all-natural line, SNHU Pet Supply Store may be able to
successfully introduce the product into high-end health food markets. Similarly, the company
can utilize this product introduction to launch a new social media presence and minimize their
dependency on traditional media advertising and avoid potential loss to their target audiences
as society shifts away from traditional media intake (Armstrong, Kotler, 2015)
The target market will focus on families in more affluent, suburban neighborhoods. For
the purpose of this model, we will investigate suburban Tampa, FL. Given the geographic
location and weather data from this zip code, families are active year-round. This bodes well for
the pet owners, as they are more active with their animals and more likely to purchase higher
quality foods. Studies show that this segment