Today's pet industry is doing very well. Pet Market has been a specialty retailer for the last 10 years. Our current product line includes large and small breed dogs, pet food, supplies, grooming products, toys, and vitamins. Changes in the external environment called for Pet Market to develop a new marketing strategy. Pet Market conducted a SWOT analysis and performed quantitative research to identify areas of opportunity. The results helped us decide on these strategic changes: 1) eliminate large breed dog inventory (only sell small breed dogs), 2) develop new products (pet gift baskets), and 3) add delivery services.
Our competitors carry a wide variety of pets, such as large and small breed dogs, cats, birds, fish, reptiles, and rodents. The four major differences between Pet Market and the competition are that the competition does not: 1) deliver pets or pet products, 2) create personalized gift baskets, 3) offer personalized internet sales, and 4) provide a full 30-day money-back guarantee for products and services.
The target market for Pet Market's brand new products and services are within a 100-mile radius of any one of our three store locations, in both Missouri and Illinois. We plan to market products and services to our target market groups via various mass marketing, personal selling, and direct mailing techniques.
While making a profit, Pet Market will continue to provide quality and value to its customers. Additionally, customers can shop at Pet Market for products and services not offered by other retailers. Therefore, we can charge higher prices for these products and services until our competition enters the market. Once the competition enters the market, our contingency plans includes adding stores, enhancing Pet Gift Baskets, creating a new pet food line, and broadening our product line to increase variety of small breed dogs.