Marketing Research for Happy Paws DaycareThis paper will explore the concept of marketing research as it relates to Happy Paws Daycare. Potential forms of market research will be identified, products and services will be defined and product life cycles will be mapped out. This paper will demonstrate how market research will be implemented to the benefit of HPD.
Market ResearchAs mentioned before, Happy Paws Daycare will focus on "young dual-income, traveling professionals with busy schedules who do not have as much time as they desire to invest in their pets and are willing to seek additional help" (Bplans.com, 2008). For professionals, Happy Paws Daycare will be an alternative to leaving pets alone. "Over 350,000 households in the area have dogs, according to the Dog Nose News" (Bplans.com, 2008). The nation's 58 million pet owners spend an estimated 22.7 billion on their pets annually" according to the Pet Industry Joint Advisory Council (Bplans.com,
"A 1998 American Animal Hospital Association survey of pet owners who took their animals to a vet, found that nearly one-third said they spend more time with their pets than with their friends" (Bplans.com, 2008).
Pet care services are the fastest-growth area of the overall pet market; pet care services are already showing double-digit annual sales gains. These gains are expected to continue for the foreseeable future, driving the market past the $20 billion mark by 2010 (GII Express, 2008).
In order to reinforce the market research and to gain a better insight and understanding to the consumer behavior and attitudes of the market, Happy Paws Daycare will also conduct exploratory research. This type of research is being chosen in order to understand the key components of consumer attitudes and responses to these services; this is inline with HPD's market oriented approach. Without knowledge and true insight...