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  1. 1. Summary PetTrak is a new tracking and location finding device product based on GPS (global positioning system) and GPRS (mobile phone technology). Attached to the pets collar, PetTrak is aimed at the cat and dog market. In addition to pet accessories owners spend £215m per annum on pet healthcare and £1.6bn is spent annually on pet food. Mintel point to a trend of cat and dog owners becoming increasingly anthropomorphic, meaning they treat their pets like little humans. Mintel highlights that the trends in human food consumption are being witnessed in the pet food market, for example organic and provenance-assured foods are becoming prevalent. The primary driver for owning a pet is companionship, and 81% of owners claim to treat their pets as part of the family. However with our busy lifestyles we regularly spends days and nights away from our companions, particularly cats who like to assert their independence by roaming through the neighbourhood and beyond. It is, therefore, a cause of great anxiety when a cherished pet goes missing. Target Market Target Market for security device is all families and people with age groups of 40+. These kinds of age groups are those people who are living alone in their homes and have to leave their animals away when they are out. These devices help to take good care of the product as it contains real good time tracking device. Target Market can be young females, working full time and of higher socio-economic groups. Their internet usage is higher than average and their TV usage is lower. They are generally in one or two person households. Dog owners show an even male-female profile, however they are owned by lower socio economic groups. They are heavy TV watchers, light internet users and more likely to be in family life-stage and therefore larger households. Some important questions to be asked while doing the research- 1. Are your target audience male or female? 2. How old are they? 3. Geographic and demographic information about the customers. 4. What do they earn for living? 5. In case of luxury items, do ask the consumer how much money they make
  2. 2. There used to be a time when business owners marketing their products in age groups of 18-49 years of age, but now the mentality has changed. It’s a misconception to talk about marketplace in any kind of general way. Decision lies these days in hands of marketing managers to market their product region wise, gender wise, or lifestyle wise. To get better knowledge about the business product, product managers sometimes combine that with physical conditions related to age or personal lives. Today, the consumers are smart and they don’t like to be fooled by marketers so the product managers need to target the right audience. Positional Statement THE SECURITY DEVICE IS FOR PEOPLE WHO LEAVE THEIR CATS AND DOGS ALONE IN THEIR HOUSE AND GO OUT OF TOWN. IT HAS A CERTAIN RANGE LIMIT AND IS THE BEST WAY TO ENSURE THAT YOUR LOVED PET IS SAFE AT HOME. Marketing Promotion There was a time when alarm system companies were not that popular as only high income groups could buy one. Today the industry is different. Alarm systems are known as security system and the sales have gone up significantly. Competition is there out in the market and the companies are trying their best for make their presence felt in market. Companies need to approach for 360 degree marketing campaign to reach to people. Having an event organised would be great where live demonstration can be given of all the devices. Just selling them on the shelves won’t do the trick. Mainly on line their targeting via facebook (46,120 people) and a similar number on Limited promotional activities based around incentivising customers to recommend friends as the single most cost effective method of attracting new subscribers. Advertising will be based mostly around advertorials in key publication to drive awareness and knowledge of the concept and brand. In year two, a major campaign is proposed on the side panel of a major pet food brand, such as Whiskers, will be rolled out Outdoor advertising media will be developed in year three. Sales promotion can be tried by Pettrax in this case. Below the Line promotion is the best possible way to do it. A pull strategy encouraging consumers to purchase the pettrax product and a push strategy for distribution channel who can stock their products. Some
  3. 3. other way for sales promotion techniques can be price promotion. Offering a product a cheaper price compared to competitors by cutting cost. Competitions and prizes and live demonstration in malls could attract more consumers. Customer service like dissatisfaction can also entitle pettrax to refund the entire amount back within certain time limit. This will also increase customer satisfaction and definitely people trying the product will increase. Brand Development Brand development is being your voice heard in case of competition in crowded market place. Wherever, businesses are seeking new and effective to reach out to the people and create brand awareness. An effective brand strategy will always ensure a brands success. The main focus of Pettrax will be to focus on customer who love their animals a lot and also care about them. The message by Pettrax should be unique and different to potential customers. The main purpose of developing brand will be effective brand development and is not meant to be comprehensive. Identifying the core values is considered the beginning stage of brand development strategy. Honesty, client satisfaction, integrity are some of the aspect that the company should ensure for successful business model. Once the core values have been identified, the work towards effective brand proposition begins. A research needs to be conducted to find out the target audience, weakness, strengths, forecast, market picture, potential direction and growth. Identifying who the target audience is and to know what their needs and desires are is the primary research work. Starting research from shopping malls by knowing customers age, likes dislikes, shopping habits are some of the good factors to start with. What does your competitors offer is another important factor to consider. Does Pettrax serve the needs better than the competition is right observation to be considered. Pettrax advertising campaigns needs to serve the right message across to the target audience. OPERATIONS STRATEGY LOW COST PROCESS Pettrax should adapt the low cost process so that it can make standard products at low cost than its competitors. Excellent location Good location for factories can attract good incentive from government and also revice some subsidies.
  4. 4. Product variety and family size. Product variety and size of operations can be considered as an added advantage. Quality An organization while producing a product higher in quality than competitors can increase its sales volume and also command higher pricing. Some of the elements of operational strategy are- 1. Designing of product system 2. Product and service design 3. Technology selection and process development 4. Allocation of resources 5. Facility planning Financial Management /Cost control Financial management will help manage future of a person and also entitle positive cash flaw. It will also help to control financial assets. Managers in organizations must be entitled to achieve the following- • Interpret financial reports • Improve allocation of working capital • Review cost forecasting • Understand all the techniques used in projects • Understand valuation framework Estimated Financial Investment It is believed that brand endorsement will cost the company. Battery and charging option c shall be considered. Since it will reduce the tracking time, it will not increase the cost of the product. Having some specialized skill workers for web designing is a must and the company has to look into the matter on a serious note. Launching in the Spring of 2009, the objective is to move toward a purchase price of £40-50 with a monthly fee of between £5 and £10 depending upon the level of services
  5. 5. subscription (see trajectory). Target sales in the first year are 15,000 units making a revenue forecast of £1.5m, rising to nearly 100,000 units in third year with revenue of over £11m. High gross profit allowing substantial advertising and promotional activity £137k in year one, rising to £533k in year 3; a total spend over three years of £1m Suggestion The most important aspect is to win the hearts of consumers and get them more attached to the brand. Positive emotional relationship between consumers and Pettrax will come from emotional attachment and also support. Pettrax needs to build the brand on promise that it delivers positive and unique emotional qualities. Brand Proposition suggestion- • Clear brand core values. • Unique message to you target audience. • Multiple marketing like online presence and print ads. • Pettrax should be capable to changing marketing environment. • Incorporate positive emotional element that is better.