12A – Figuring Out Buyer Behavior No. 1

1) Pick a segment. My segment will be pet owners unhappy with the current food they are feeding their dogs.

2) Find three people who would fit that segment and arrange to interview them. 

          Interview questions include:

1)    What food do you currently feed your dog, and are you looking to switch them out from it?

2)    Why do you want your dog to eat differently and what do you look for in a new dog food?

3)    How often do you find yourself thinking about changing your dog’s diet?

4)    How many times do you think you’ve switched your dog’s diet?

5)    Do you consider your pet to be a picky eater?

6)    How do you choose new foods for your dog? And what influences your decision for new food?

3) Begin with need awareness. 

4) Move to information search. 

The first thing people I interviewed who have the need do to solve the issue is to change dog foods. They look online for ideas on which dog food is better and they also consult their veterinarians. They are likely to look at dog food reviews on google and compare the contents of said food. However, one of the strongest forces shaping their decision comes from personal experience from friends and family.

5) Report the findings of your research. 

I interviewed three people I had interviewed previously. One of them was someone who did not immediately wish to change their dog’s diet, and upon further questioning I decided to throw this interview out because it did not sound like they would seriously consider switching foods now.

However, the other two people I interview are personally known to me, so I know their needs from before. The first one is a family friend who owns a Siberian Husky named Bronco. Bronco was in an accident a few years ago and he needed to have surgery on his leg. Being a large dog, it is important for Bronco to maintain a healthy weight to avoid placing too much pressure on his leg. However, Bronco is a very finicky dog, and currently his mom is having issues finding a food that he will eat and that will keep his weight down. Sometimes he can go days without eating if he doesn’t like his food, which worries his mom. Current light kibble options are often rejected by Bronco, and healthy fresh alternatives come at outrageous prices due to Bronco’s size.

My second interviewee is again another family friend who owns a four-year-old poodle. This pet parent is particularly concerned because their dog is very finicky, and even when they do eat the kibble they are presented, they demonstrate gastrointestinal discomfort. They will vomit and have a hard time defecating. They have tried multiple dog foods with the same results. Finally, after placing them in a fresh food diet their health improved significantly. However, this comes at a price. This person is currently spending around $120 every month to feed their 14-pound dog.  

6) Draw conclusions. Based on what you know about this segment and what you learned in your interviews, how would you succinctly describe this segment in terms of need awareness and information search?

Based on my interviews, I found that there are three main things my interviewees look for:

Affordable, fresh, and healthful foods.

These are the main things that our business will focus on when offering our food. I think if we really focus on providing our customers with what they truly need, our business can really be successful.

11A – Idea Napkin No. 1

1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically, regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

               My name is Angelica and I am a fourth-year business student at UF. I am creative and I love to find ways to do things more efficiently in order to make businesses run better. I am currently working as an accounting assistant for a small firm in Boca Raton FL, and I hope to go on to do a master’s in accounting next semester. I have extensive experience with customer service after working in it for over 3 years. Starting this business would be an interesting step for me because it hasn’t really been an immediate wish to do so. I think it has been eye-opening to begin thinking about creating a business right now because it gives me a realistic expectation.

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

               I will offer customers (pet owners) a fresh and local food alternative to feed their dogs a better diet. It will help owners with finicky dogs and dogs with dietary restrictions more options locally buy their foods the best food possible.

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

               I am selling this idea to any dog owner looking to feed their dog better food. However, understanding that most pet owners are not looking to immediately change their dog’s food, my target market includes pet owners with dogs who are extremely finicky or have dietary concerns/restrictions. They will mostly be local to Coral Springs, FL.

4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will pay you money to use your product or service. 

               Pets are part of the family. The wrong food can drive some pets into malnourishment and finding good local affordable options can be a real challenge.

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

               Our business will offer LOCAL, FRESH, AFFORDABLE dog food. We will operate boutique style, and this is not something that exists in Coral Springs. Through advertisement and partnering with companies like Banfield Pet Hospital and PetSmart, we will be able to dig into the local market to grow our brand and stand out from competitors.

I think these elements fit together very well. I am offering my idea to a niche market of pet owners with certain needs, and through a creative approach I will be able to stand out from competitors. The idea of pets as part of the family (something I hope to emphasize in marketing) will further drive people who did not think about switching foods into thinking of doing so. Low prices and being established locally, as well as being the only place to offer such service, further puts our business at advantage.

10A – Elevator Pitch No. 1

9A – Testing the Hypothesis, Part 2

Who: I think the main people who fall outside of my boundary are those who are happy feeding their pets their current diet. These may be those with dogs who are not very finicky or otherwise healthy and do not require a different diet.

What: It is important to understand why someone is looking to buy a different type of food than the ones available at any super market. Does the person want their pet to eat a healthier diet? Or does their pet have a health condition that requires a different diet? These are important questions to draw because it will help us create a target market.

Why: Outsiders just want affordable food that keeps their dogs healthy and happy. They may not have the same needs as those inside the boundary. Their desire to change foods might be nonexistent all together.

These are some of the questions I asked when performing interviews. The interviews were done with pet owners who do not feel the need to switch their dog’s food.

How long have you fed your pet their current food?

Do you consider your pet to be a picky eater?

If you had the choice to feed your pet fresh food, would you? Why or why not?

What made you choose your current dog food?

Have you ever considered switching food brands?

Interview summary:  Surprisingly, most of the answers to these questions were very similar from one pet owner to the other. The general idea when it comes to their current dog food is that there is just no issue with it. Their dogs have mainly been fed the same food since they were puppies, and they never had any health reason to switch them from it. A few of the interviewees also mentioned having dogs in the past who lived long healthy lives eating the same kibble recipe. They view it as unnecessary to spend more money on fresh food because the current one does the job it is supposed to do. One answer stood out the most to me, and that is when asked “Have you ever considered switching food brands?” the answer was yes, because this person thought they’d like to feed fresher food to their pup somehow. They just brushed off the idea due to 1) cost and 2) lack of readily available options.

Inside the boundary	Outside the boundary
Who: pet owners looking to switch their dog's current diet for healthier, fresher alternatives.	Who is not: pet owners who are happy with their pet’s current diet.
What: affordable fresh food that is locally available to purchase.	What the need is not: healthier alternatives.
Why: current options are unaffordable, and there are virtually no local options to turn to.	Alternative explanations: they have not had the need due to their pet’s current health and the longevity they have been feeding their pet their current food.

8A – Solving The Problem

My solution:

The solution I would like to provide is a small local business that provides fresh, healthy, refrigerated dog food for pet owners to buy. People will be able to walk into a store and buy fresh food right then and there. It will customize meal plans for owners based on their pet’s breed, age, weight, activity levels, etc. They can choose how often they would like to pick it up.

 We will also take into consideration people’s monetary restrictions. If someone feels the cost may be too high to feed their dog this way, we will offer options where they can feed their dog half fresh food and half kibble.

This is a matter of competitive advantage. There are existing companies that sell these types of foods. Something they cannot provide, however, are lower prices (since they must invest in shipping refrigerated food) and being local and accessible.

I think having a physical business will also be easier to market to an older generation of dog owners who are not comfortable making purchases online. It will give them a peace of mind to know they have the option of going to their local store to buy their dog’s food.

7A – Testing the Hypothesis, Part 1

·        Pet owners are unable to find local alternatives to dog food that offer affordable, fresh, healthy, and customizable meal plans for their dogs. While there are some alternatives on the market, high costs and lack of immediate accessibility prevent people from using these options which require the frozen food to be delivered to their homes.

o   The who: Pet owners

o   The what: they do not have healthy food options readily accessible to feed their dog

o   The why: Lack of accessibility/options

·        Testing the who: This need may be perceived more strongly by owners of picky eaters. However, our market is really anyone with a dog who wishes to feed them healthier foods while keeping costs down.

·        Testing the what: Most people are happy feeding their dogs kibble or processed foods found at the supermarket. For these people, switching their dog’s food is not a priority. Others, such as those who own finicky dogs, or dogs that cannot take regular food due to health problems, will be more open to trying our food.

·        Testing the why: My best guess at why there isn’t an affordable option that owners can use is the costs associated with making the food. The overhead necessary might also be high because it requires equipment. There is also the cost of hiring vet professionals to create the food that can meet all nutritional needs a pet may have.

·        Interview #1:

o   I interviewed my mother in law, a dog owner who has previously expressed her desire to feed her dog a better diet. What I got from our conversation is that she doesn’t use the options available such as “Ollie’s” or “The Farmer’s Dog,” because these options would cost her over $100 weekly to feed her 90-pound Siberian Husky. She spends around $180 monthly to feed her dog, but she would be willing to pay a little more if it meant he would eat better. She also acknowledges he is a picky eater and will sometimes go days without eating, another reason why she’d be willing to pay a little more for fresh food he would like.

·        Interview #2:     

o   The next interview involved a friend who owns a dog of her own, a 40-pound beagle of older age. She said she had never really thought about feeding Lulu a better diet. Lulu is happy eating any type of food and she’s for the most part healthy. However, she did acknowledge that as Lulu gets older, she would be willing to invest a little more money in food that could make her life easier and healthier, so she didn’t have to suffer in old age.

·        Interview #3:

o   The next person I interviewed involves someone who is feeding their dog “Ollie’s,” a fresh food alternative that is delivered to their home every month. The pet, a 14 pound extremely finicky schnauzer gets to eat healthy fresh food every day. The cost, however, is $30 every week. In speaking to this person, I found out they loved the idea of having a cheaper local alternative to be able to reduce costs. Although they were extremely satisfied with the food and the fact that it keeps their dog happy, healthy, and active, they acknowledge that the costs feel a little too high.

·        Interview #4:

o   I felt it necessary to interview someone who may not currently have the monetary resources to feed their dog a better diet. The next person is a 22-year-old college student living on limited income. They said that while they loved the idea of being able to afford a better diet for their dog, right now they probably wouldn’t pursue any option that would increase her current costs.

·        Interview #5:

o   The next person I interviewed is a neighbor that owns a tiny yorkie that gets fed wet food every day. They said the thought of switching food never crossed their mind because their dog is happy and healthy eating the current food. They wouldn’t want to experiment with new food. Upon giving them some more information, like the fact that the current food they’re giving their dog could contain harmful chemicals or preservatives, they seemed interested to hear more about the idea of fresh human grade food, though not enough for them to seriously consider switching.

I believe in speaking to my five interviews that there is a serious opportunity to exploit. Loving pet owners consider their dogs part of their family and take their health seriously. I believe that if an affordable option were to be introduced locally, many would be interested in trying it out. Although some people (such as interviewee #5) would be less inclined to make the switch, there may be ways to be persuade them. Again, the options are out there but they are not cost effective. What we care most about here are reducing costs so that pet owners are willing to give us their business.

6A – Identifying Opportunities in Economic & Regulatory Trends

·        Economic trend: International tourism is growing due to a strong economy, the affordability or air travel, visa facilitation practices, and technological changes.

o   Source: https://caribbeanbusiness.com/international-tourist-arrivals-reach-1-4-billion-worldwide-2-years-ahead-of-forecasts/

o   The first opportunity I see looking at this trend is the opportunity to invest in tourism industries such as air travel, lodging, and local tourism attractions. The second is the opportunity for the creation of jobs in these industries which creates a better economy for local cities and towns that attract tourism.

o   I believe these opportunities exist because based on current trends and projections, it is expected for international arrivals to continue to grow, especially due to low has prices.

o   The prototypical customer that benefits from this trend is the middle-class citizen who wishes to travel affordably.

o   I believe this opportunity is easy to exploit because it is strong and ubiquitous in various parts of the globe.

o   I saw this opportunity because there is data backing up my initial belief. Due to the uncertainty of the global economy, someone else might not view this as much of an opportunity because they may be warier of fluctuating economic trends.

·        Economic trend: The U.S automotive market has begun to recede from all time sales highs.

o   Source: https://www.automotivebuysellreport.com/auto-industry-trends-suggest-now-may-be-good-time-to-sell/

o   Auto industry cycles coincide with US economic cycles and therefore it is projected for sales of automobiles to drop soon. With this projection in mind, auto dealers can begin to prepare by creating cash reserves to cushion a blow. This creates an opportunity to prepare and use this information to their advantage.

o   It can be difficult to exploit this opportunity because it is uncertain when or how badly auto dealerships will suffer the consequences of an economic drop.

o   I believe this opportunity is hard to see. I had to think about this in a way that created an opportunity to begin with. What I mean by this is that it is mainly a negative projection, but it serves to prepare auto dealerships for a blow. Others might not view an opportunity here at all.  

·        Regulatory change: New legislation will facilitate research to evaluate the safety and effectiveness of medical marijuana for veteran’s PTSD and chronic pain.

o   Source: https://blog.norml.org/2019/01/24/bicameral-legislation-to-force-the-va-to-conduct-research/

o   An opportunity exists for veterans who will be impacted by the research findings. They will have better means to deal with chronic conditions and improve their standard of living.

o   This opportunity was due to legislation to allow the VA to conduct research. The length and cost of the research will determine how difficult it will be to exploit this opportunity.

o   I see an opportunity because trends in the use of medical marijuana have demonstrated that it works. Research backed findings will enable the government to use real data to make the medication more accessible to Americans.

·        Regulatory change: A Nebraska state senator is proposing legislation to give parents and students more options when choosing a school.

o   Source: https://www.1011now.com/content/news/Senator-proposes-School-Choice-legislation--504761162.html

o   An opportunity exists for students here because they will not be forced to attend public schools due to a lack of money. They will now have more options to choose from when it comes to their education.

o   This opportunity is easy to exploit in the sense that it will allow parents more options. I believe there is an opportunity because a lot of parents would prefer to send their kids to private schools.