24A – Venture Concept No. 1

Opportunity:

·       Pet owners see their canine companions as part of the family, always looking for ways to keep them healthy and happy. Many pet owners ascertain that a pet’s diet is a crucial part of their dog’s well-being but may find it difficult to choose the right food for their pet.

·       There are many dog food options currently on the market promising quality ingredients with wholesome nutrients. Most of these options are kibble. However, a controlled study in Belgium used data from 500 domestic dogs and concluded that “dogs fed a homemade diet, consisting of high-quality foods used from their owner’s meals versus dog fed an industrial, commercial pet food diet had a life expectancy of [3 years longer.]

·       There are very few options currently available for pet owners looking to feed their pet fresh food. The options that are available can be pricey and require going through an online platform to have the food sent to their homes.

·       Locally, there is a lack of options to purchase fresh dog food, so owners are faced with few options for purchasing.  

·       The forces that allow this to occur are the lack of knowledge on the positive effects fresh food diets offer to a dog’s health, as well as strong competition from established dog food companies that maintain a good part of the market share.

·       The current options dog owners choose to satisfy their need for fresh food is through companies like the Farmer’s Dog and Ollie, which offer fresh food delivered to their homes. Because there are few competitors in the fresh food market, there is a great deal of opportunity for a new venture. Many of these companies are relatively new, and therefore customers may not yet experience high levels of loyalty to them which will make it easier to take some of their market share.

Innovation:

·       I will sell fresh dog food containing veterinary approved levels of proteins and nutrients. The product will be sold locally in Coral Springs, FL. Our clients will come into a boutique style store which sells other pet products such as toys and treats and are able to customize their dog’s meal plan.

·       With the help of a team of animal nutritionists and veterinarians, we will use an algorithm that considers factors such as weight, size, and activity levels to customize each pet’s meal plan. The price of these meal plans is as low as $3/day for small dogs and $8/day for larger sized breeds. Owners will choose when they would like to pick up their orders and how much they would like to pick up so they can refrigerate/freeze the rest.  

·       Our store will be pet friendly. It will not only be a place where dog owners buy their pet’s food, but it will also be a fun place for their dogs to interact with others and play around.

Venture Concept:

·       Customers will switch to this product because they will see the value in choosing fresh food for their pet. Our advertising campaign will focus on educating potential customers on the benefits of changing their dog’s food. Our food will also attract pet owners of finicky dogs, or dogs with sensitive stomachs that require fresh food diets.

·       As stated previously, our main segment competitors are other fresh food companies. Their possible weakness is their young age and the fact that the fresh food option has not been there for very long.

·       Packaging: we will use reusable containers that pet owners will bring into the store to get refilled. This will cut the cost of disposable packaging and will position us as environmentally friendly in the mind of customers.

·       Price point: because we are providing a service that does not require shipping and handling, we are able to offer a lower price point than others.

·       Distribution: we offer the dog food locally, so we will not rely on 3^rd party shipping companies to handle our product at all.

·       Customer support: our clients will not have long wait times when they call us. We can provide support one on one without long holds.

·       Customer experience/location: our dog friendly facility will be unique and will make us stand out from competitors. Our customers can drive to our store and bring their dogs with them to share the experience with them.

·       Our business will be comprised of a small team offering customer service and assistance at the front desk. We will also hire less skilled labor to actually cook our food, which we will store in the back. The food will be cooked twice a week to keep up with demand and to ensure that it is fresh when it is leaving the store.

Our most important resource is our location. Competitors cannot duplicate this aspect of our business. If we position ourselves in a way where we attract local customers and achieve their loyalty, our competitors cannot easily mimic our design.

Our next venture is the production of cat food. Creating this food will use the same resources we have established, and it will be easier to grow with it.

I would want this venture to branch out to other cities in the U.S. It would be great to either franchise the idea or sell it so that others can mimic it.