Analysis
Product differentiation
This involves the supply of a wide variety of pet foods and products for the most commonly reared pets namely dogs and cats. In particular, there are five nutritional diet categories for pets. The first category is extra-small for extremely small pets under eight pounds in weight at adult age. Second is the minimum nutritional diet for dogs 9-22 pounds in weight. Third diet variety is medium for pets weighing ( 23-55 pounds (Weaver, 2012) . The fourth nutritional diet is maximum for pets weighing fifty six to a hundred pounds. Lastly is the giant diet for pets weighing more than a hundred pounds.
Product diversification can also target the lifestyle and breed of the pet as well as its unique characteristics. Suggested examples include health, nutrition brand targeted at the lifestyle segment, breed, nutrition targeting a variety of pet breeds, and care nutrition customized to the unique characteristics of a pet. Product diversification further includes supplies for veterinary prescription foods exclusively for sale to veterinarians.
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Product differentiation strategically positions the business company as a one stop shop for pet food and products by targeting the broad pet food market.
Product Diversification
Diversification entails development of pet food or products targeted at all the five segments of the pet food market. The segments include supplies and medicines segment, pet services segment, food and treats segment, veterinary care and pet purchases segment. Product diversification strategically positions the business as a one-stop shop for a seamless shopping of pet goods and services. Diversification also guarantees the business steady source of revenue.
Strategic Location and Multi-Channels Strategy
The business can exploit the advantage of locating its business at major shopping hubs and strong presence of mass Merchandisers to tap into customer traffic (Spender, 2015) . Strategic location guarantees’ the business a steady flow of potential customer traffic generated by mass Merchandisers. It also enables the business to exploit customer traffic and brand image of the mass Merchandisers for a steady revenue and retention of customers. The business can also benefit from retail stores, outlets throughout the city or open online channels. Multiple channels help the business to target and serve a large customer base.
Branding
The pet business can develop its own local brand or operate as a franchise of an established local or multinational brand. Affiliation with a locally or globally reputed pet food/product brand helps the business to penetrate into the loyalist segment of the pet food market (Mcmanus, J., White and Botten, 2008) .
Value Added Services
The business can offer a variety of value added services besides its pet food/product goods. Among them include grooming, daycare infrastructure, training, and boarding services. Others include full-service veterinary healthcare. The business can partner with third party partners for pet healthcare services such as Medicaid Management International for veterinary healthcare.
Implementation
Brand Development
As a local pet food and pet products retailer, the business face higher competition from big pet care multinationals that command over 40 percent of the overall value of global pet care market (Weaver, 2012). The competencies of multinational rivals include global coverage, economy of scale, and brand identity and product development strategy.
Recommendation for wrestling loyalists include development of new unique brand that target quality, enthusiastic customers whose taste for pet food and care is pulverized by the mass, customized pet products and care offered by big multinationals. Proposals include development of a pet brand targeted at fighting nauseating odors associated with pets and for maintenance of home cleanliness, a segment untapped by pet care investors.
Another proposal is development of a variety of pet food flavors. Among them include chicken flavored sauce, cheese flavored, bacon flavored, lamb flavored and salmon flavored sauce for dogs and cats. Another novelty segment untapped by pet investors is proposals for a pet hotel with pet-themed menus, pet health and culinary staff, and pet-themed amenities.
Evaluation
Customer traffic and revenue collections from the proposed new brands offer the best metric for evaluating the success of the business strategy.
References
Mcmanus, J., White, D., & Botten, N. (2008). Emergent global and international business strategies. Managing Global Business Strategies, 115-135.
Spender, J. (2015). Business strategy: Managing uncertainty, opportunity, and enterprise . Oxford: Oxford University Press.
Weaver, B. (2012). Pet Food Information: Resources for Making Healthy Choices for Our Best Friends. Journal of Agricultural & Food Information, 13 (4), 362-376.
