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Marketing Plan

It is highly recommended that you submit each unit’s assignment on a timely basis in order to receive feedback from your instructor. You will need your instructor’s feedback at the end of the course to put your revised components together to create the comprehensive marketing plan.

Caninantics is a start-up company that has created a new dog food dispensing product that will open canned dog food, dump the food into the dog bowl, and dispense the can. The company wants to start marketing this product and then branch into other canine accessories by the end of the year.

Throughout this course you will be creating a comprehensive marketing plan, using one of the product scenarios below. You will choose one scenario, and use it throughout the entire course. Within each unit you will be asked questions, and based on your company (chosen from the list below) and previous decisions you have made, you will add the additional information to your marketing plan. It is highly recommended that you submit each unit’s assignment on a timely basis in order to receive feedback from your instructor. You will need your instructor’s feedback at the end of the course to put your revised components together to create the comprehensive marketing plan.

In the business environment, professionalism is very important, so make sure your plan is presented in a way that positively reflects you and the company you work for. Being involved in projects of this nature in the corporate world provides promotional opportunities—a successful completion of this project could earn you the title of Vice President of Marketing. It is suggested that you use Microsoft Word to create your marketing plan, but the style and layout you choose to use is up to you. Be sure the style and layout you choose stays within APA formatting requirements for written reports. Make sure your plan is grammatically correct, addresses the key ideas from each unit, and incorporates all of the required components.

ACTIONS NEEDED:

1. *****PLEASE REVISE MARKETING PLAN ATTACHED TO REFLECT BELOW REQUIREMENTS****

PROFESSOR FEEDBACK:

Good start… expand situational analysis. Remember that threats are external (malfunction of product is internal thus a weakness). Marketing strategy should include all four elements of the marketing mix. Expand financials. Controls need to include measurable goals.

The marketing plan should include:

1. Situational Analysis 2. Marketing Strategy 3. Financials 4. Controls

The situational analysis must include (but is not limited to) a SWOT analysis and information about the top three competitors. Competitor information should be based on research of real companies who could compete with this product. Support your data with sources no more than five years old. You will be creating the financial information for your company yourself.

2. Course Project

It is time to finalize your project. You will need to create the executive summary for your marketing plan. The executive summary is a short synopsis telling a bit about your company, your product and what key points your marketing plan covers, and the resources you will use to accomplish your plan. You may want to look at the marketing plan on page 60 in your textbook for an example. This executive summary will actually be placed at the beginning of your marketing plan.

You will need to take all the revised pieces of your marketing plan and combine them into one document that includes your executive summary. Complete Reference page with all references used for marketing plan.

Marketing Plan

Product: Canine Friend

Situational Analysis:

Caninanitcs is a new company whose it’s in its first year of product development. Their new invention of the Canine Friend food dispenser has been a success among pet owners. With the right marketing their invention could be in the hands of all pet owners across the world. Caninantics is looking to add more products to help pet owners and their furry friends.

SWOT Analysis:

Strengths :

· Focuses on pet only products.

· No other product on the market like it.

Weakness:

· New company, lack of experience, and branding.

· Start-up costs, slow profits.

Opportunities:

· Large market and opportunity to expand.

· Branding recognition for future product inventions.

Threats:

· Malfunction of products and bad reviews.

· Pet Competitors making a similar product.

Marketing Strategy:

Caninantics will focus on making it easier to feed pets while owners are away at work, who may have difficulty opening cans, and offer an overall more convenient way to feed their pets. Caninantics is committed to making life easier and happier for owners and their canine companions by offering simple products that are life changing.

Financials: Caninantics will supply a break-even analysis as it will show the needed sales to be profitable.

Break-Even Analysis : Caninantics break-even analysis shows that $4,500 in monthly sales is required in order to break even.

Table	Break-Even Analysis
Break-even Analysis: Monthly Units Break-Even 75 Monthly Sales Break-Even $4,500 Assumptions: Average Per Unit $60 Average Per-Unit Variable Cost $30.00 Estimated Monthly Fixed Cost $2,250

Controls:

Caninantics will use their marketing plan to monitor and review the company’s performance in order to achieve their corporate goals. The following areas will consistently be analyzed in order to stay on track, modify actions as needed in order to stay on with company projections.

· Profits: monthly and annual

· Expenses: monthly and annual

COMPONENT #2

PROFESSOR FEEDBACK: REVIEW APA FORMAT

Primary research is the ideal marketing research for Caninantics. This is because the company is new in the market and there is a need for the company to know how best to conduct its operations. Primary research involves direct contact with the customers who are the main stakeholders for the organization. On the same note, this form of research involves investigating the customers’ tastes, preferences, and specifications as well as other dog dispensers. Doing in-store demonstrations, having an online website, as well as interviewing customers to see what their needs are. I would also like to do an infomercial to get the product viewed by millions of customers. For a startup company like Caninantics, direct feedback from current and potential customers is very important and vital because it will provide a basis for operation and line of production. Marketing research generates feedback at a personal level as it involves relating with the customers directly. There exists stiff competition in the market, outsmarting rivals is an ideal measure towards realization of competitive advantage and in this case this form of research ensures competitive advantage because the kind of information generated will not be available to rival firms. Therefore, in order to support its marketing strategy, this company needs to employ a primary research. Caninantics will be informed of the areas that need to be changed in the course of production in order to effectively meet the expectations of the customers. The following are some of the issues that the selected market research will seek to settle:

i. What line of dog products should the company venture into?

ii. What ideal market niche should the company deal in?

iii. What marketing strategy should be used by the company?

iv. What ideal channel of distribution should be employed?

v. How to conduct product differentiation in order to attract a wide range of customers

Examination of customer loyalty will be evaluated based on the sales made. In this case, if there is a progressive increase in the amount of sales, then this will be an indication that the customers are satisfied with the firm’s products. On the other hand, if the level of sales is not appreciating, then it will mean that the customers have not found any form of uniqueness with the company’s product in relation with the already existing dog products in the market. Also, if there is a great demand for Caninantic’s products then it will signify great customer satisfaction in the market. It should be noted that customer loyalty is very important as far as satisfaction of the clients is concerned. Therefore, a number of issues have to be considered in creating customer loyalty. To start with, Caninantics should ensure that the products made are of high quality and are worth the price. It should be noted that customers dislike product recalls as far as the qualitative and quantitative aspect is concerned. If for instance, the dispensers are poor quality, it will be difficult for customers to rely on a company for any other products. Customers need to see the value of their money when they buy an item. The other way to create customer loyalty is by avoiding misleading actions. This is to say that the company should be extremely honest with the customers regarding production and all that pertains to the products. For many customers their animals are their children so they take the product and its safety very serious. Engaging in misleading advertisements just to earn the customers money should be avoided as well. Another way is by letting the customers know what the company is doing for them.

This could be via mail, in-store newsletters, or email which will inform customers of the kind of special services being offered to them. Another important way is by promoting special discounts and offers to esteemed and loyal customers to show appreciation and make them feel valued. Consumers buy on emotion and if we’re able to show how and why they’d benefit from the product/products there’s a good chance they’ll buy from us again (Kotler & Keller, 2012). On the other hand, connecting with customers socially is another effective way of creating loyalty. This could be done through getting in touch with customers through social media where a one-on-one interaction will be enhanced. Finally, going above and beyond is also important as doing something the customer doesn’t expect enhances their experience so even if the product malfunctioned knowing that they were taken care of makes them remember the pleasant interaction they had with Caninantics.

COMPONENT #3

PROFESSOR FEEDBACK:

Q1: Good discussion of age as a criteria… this is part of the demographic criteria. What about geographic, behavioral and psychographic criteria. Q2: Good start… can you identify the actual steps of the consumer behavior process within your response as well.

Market segmentation is one of the marketing strategies that divide a big target market into consumer subsets. These subsets are made of consumers with common priorities and needs. After the division of the target market, market segmentation strategy designs ways of reaching them. This strategy not only identifies target customers but also gives leading data for achieving an objective of the market plan (Ziethmal, 2003).

In order to improve Canine Friend Food Dispenser sales, we did a field analysis to determine the best segment to market the product. According to the research we noticed that this product would be best segmented by age (Ziethmal, 2003). The best and biggest spenders on pets are older people. The target market will therefore be the baby boomers. This group according to our research is the majority owners of dogs and other pets in general. Our advertising and marketing techniques will mainly focus on this age group.

The demand for canine supplies is growing by the day. The baby boomers, who are aging are filling their homes with pets hence broadening the pet market rapidly. Not only do they keep pets, but they are pet enthusiasts too. Baby boomers are lovers of pets and overpoweringly dedicated to them and even consider their pets as family members (Ziethmal, 2003). Statistics shown by the American Pet Association consider pet owners as fully committed to the pets and also that pet owners not only feed their pets but also buy them gifts, display their photos and even celebrate their birthdays. This dedication is particularly strong amongst dog owners. Over half of U.S dog owners say they are closer to their pets than to fellow human beings.

The biggest challenge for dog owners is cleaning up dog messes. It is unfortunate that the current availability of dog products offer little help because they are usually cumbersome to carry, poorly manufactured and/or designed. They are also tricky to operate, and complicated to keep clean. With this in mind, dog owners will always be looking for a product that will be able to do the job. Caninantics will seek to develop additional products to address these issues after our food dispenser hits the market and we are able to analyze sales and customer feedback.

Market trends for pet industries are positive. Spending on pets, mainly dogs have risen and will continue to rise because many elderly couples are seeking pets’ companionship. Our older generations are living longer; therefore spending on pets will continue to rise (Pawsiblemarketing.com, 2013).

Caninantics will seek to understand how they make their buying choices and help them through the process. This will increase the chances of the consumers buying from us. We have come up with a purchasing process to help the customer and how we intend to influence their purchasing decision.

After segmenting our target customers, we will position our products to them as the solution to the problem they are facing in reference to pet food. We at Caninantics will give a solution of easy pet food dispensing while the owners are out. Our food dispenser can also help with people who have a hard time picking up large bags of dog food or have difficulty opening cans. We will offer and demonstrate an easier way of pet feeding.

Caninantics will make sure every detail about the canine friend food dispenser is available to our clients. This will be made possible through advertising, especially through the television, newspapers and the internet sites that are most visited. We will further create a website and participate in the search-engine advertising. We will also make sure we have efficient sales representatives who are well educated about the product and who are always available for customer questions. Providing information about our new products in a very easy way for the customers to understand will be important. We will research our competitors’ products, so that we will have facts about why the customers should buy for us and not from them. Though we will not directly mention our competitors’ products, we will make sure we give our clients enough reasons to buy our products. We will make our products available to the customers directly and not only through a retailer. This will be for safeguarding them from going to other companies. We will also make the purchasing process simple and a pleasant one for the consumer by educating and answering any questions they may have. Our customers will have access to our products through retailers in their neighborhood; we will also offer home delivery for our internet customers.

We will offer services to our customers even after the purchase and as we have new products come out we will send out newsletters. We will also deliver our products to their home, and will even give an in home demonstration. Finally our food dispenser will come with a warranty good for 5 years with no questions asked.

References

Ziethmal, B. (2003). Services Marketing: integrating customer focus across the firm, McGraw Hill, chapters 1,3 and 6.

http://www.marketingmypetbusiness.com/2013/01/top-pet-industry-trends-for-2013.html

COMPONENT 4

PROFESSOR FEEDBACK: NONE

Brand elements can generally be referred to as those qualities of a product that makes it unique and different from other products which might as well be similar to it. The purpose of branding is to come up with a product that unique to the market.

Canine Friend Food Dispenser is designed in a way that a pet can actually be fed without the help of the owner which is a very unique feature among all the companies that deal with pet products. It is however, very important to know that this will require a small period of time for the pet to catch up with the system after being trained, once trained the pet will be able to serve the food without the help of its owner. This will be made possible by packaging the foods in special cans or pouches in which Canine Friend will be able to open with no assistance from the pet’s owner.

Another brand element to differentiate Caninanitics Company from other companies that deal in the same product is by coming up with a unique logo for the company. The logo is actually a tangible brand element that can give a lot of information to the consumers of a certain kind of a product. It is expected to carry a promise to the consumers and positive anticipations that will ensure the consumers get a positive experience after using the product. The logo should therefore be given maximum protection since it acts as a vital business asset. The logo can to be printed on all dispensers in which consumers will always see thus encouraging them to continue to purchase the products from Caninantics. The last element brand important to Caninantics is their promise to deliver a product that can do what its message says it can do. In other words, the canine friend food dispenser is expected to ensure that pets no longer have to wait for their owners to come home to feed them or assists pet owners that have a hard time opening cans or carrying large bags of food. Consistency and reliability is vital in this case since it is expected for that trend to go on without any failure to ensure that Caninanitics enjoys a competitive advantage against other companies that do deal in the same products.

 Caninantics offers food dispensers for pets which is primarily meant for people who are elderly and have a hard time feeding their pets and/or busy and cannot find time to feed their pets which can create behaviour problems in the home and worst of all hungry dogs! Canine friend will allow pet owners to be rest assured allowing them to go about their daily routine and not have to worry about their pets going hungry.

  Product differentiation is one of the key factors that can be used in the determination of a company’s strategic group. Various companies may be dealing in similar products but the way in which their products are differentiated will play a critical role in the strategic grouping of a company. Caninanitics Company is aiming at coming up with the best product differentiation to ensure that it enjoys the best competitive advantage against all other companies in the same field. Being able to set yourself a part from your competition will attract new potential customers.

Another key factor to be looked into is the technology that is being used within the company. Most technologies employed within the operations of various businesses are always aimed at reducing human labour for efficiency as well as accurate data. The food dispenser designed in this company is a kind of technology that will allow the pets to obtain food by themselves without the help of any person. This technology is therefore expected to be enjoyed by most of the customers and thus acting as a factor to determine the strategic group of the company.

Distributions channels as well can be used in this grouping; for instance, whereas some companies will go for home deliveries, others may decide to use brokers who will in turn reach- out to the end user of the product. Caninanitics Company aims at having a home delivery as a channel for distributing its products to the end user allowing the product to remain original and as per what the customer requested.

Pricing of the goods and services is also a key factor in determining the company’s strategic group. Caninanitics Company will strive at fixing prices in accordance to the expenses incurred to ensure that the company does not incur any loss. The pricing generally is also expected to be favourable to all people to ensure that each and every person interested in the product can be able to purchase it.

The most effective competitive strategy will be a combination of cost leadership and differentiation strategies. Cost leadership is actually aimed at ensuring the company engages in low production costs in comparison to the costs incurred by the similar companies dealing the same product. Differentiation strategy on the other hand will always ensure that the products produced are different in some ways even though they are basically similar in nature (Gamble & Thompson, 2010).

References

Gamble, A. & Thompson, J. (2010). Crafting and executing strategy: the quest for competitive advantage: concepts and cases. Boston: McGraw-Hill/Irwin.

COMPONENT 5

PROFESSOR FEEDBACK:

Content is solid but could be developed with additional details and supplemental information which would expand your academic writing and provide good support for your analysis.

In business, core benefit is defined as the most important or the fundamental want or need, which is satisfied through consumption of services or products (Kotler & Keller, 2012). In this case, the main role of the new food-dispensing product will be important for dumping food into appropriate bowls as well as serving the role of dispensing the can. Caninantics will address the core benefit in a manner portraying the necessity of the product and the way it differs from other products. The product serves two roles, which include opening canned food for dogs, dumping it into a bowl and dispensing the food. This describes the importance of the product to the public or target customers. Basic product is defined as the version of the product that contains its qualities (Kotler & Keller, 2012). It describes the product in a way that makes it unique or different from other products. It outlines the features of a product that are important for its function. The product contains some features that make it unique in the market. Being a product aimed at boosting feeding in dogs, it has certain features such as those that make it easy to empty canned dog foods into the bowls. Such features include sharp hooks that make it empty the cans in an easier way. The brand of the product is also different from other related products in the market. Expected product, in marketing, refers to the products and services, which have the effects of causing reduction in the total cost related to or associated with the generic product use. Expected products have the effects of reflecting concessions in the overall cost of conducting business. The expected product, in the case of Caninantics, includes decent design of the product for it to carry out its role very well. The other aspect of the can opener is a strong metallic material used in making the product. The material is necessary for opening and emptying cans into dog bowls. The augmented product usually includes the after sales services offered to customers. In this case, the after sales services of Caninantics entail proper packaging with a well-illustrated manual on how to handle the product when in use and when not in use. Potential product is a part of the product level, which considers the possibility of the product transforming, improving or failing to carry out its intended job in the right manner (Kotler & Keller, 2012). The dispenser, may go through some transformations in order to improve customer satisfaction.

Caninantics considers a reasonable price for is product since it is new in the market with other related or substitute products in the market. Price setting for a new product has to be different since the main focus of the company, at this time, is typically introducing the product to the market so that potential buyers can learn about it and buy it. In essence, the price for the product should be based on how fast the consumers purchase the product. After analysis of the cost of producing one such product, the company management decides on the appropriate price range of the product. The highest price is the price of the product when the cost of production is at its maximum vice versa. The management at Caninantics performs analyses of the product and the frequency and speed at which the customers purchase it. When the rate of purchase is high, it is obvious that the demand for the product is high. Going by the forces or rules of demand and supply, the company fixes the price of a single product in within the range of $60-67.

The dispensers have unique features and functionalities that make it appear different from any other related products. The said price range is evidently the most expensive of all the products of its kind. This is important since it minimizes the possible risks that the competitors with various related products of lesser value appreciate the new standard. This way, Caninantics has successfully managed to sell its products in different regions. Through reasonable pricing, the company creates its brand with several loyal clients. Launching the dispenser with a much higher price has evidently aided the company in gaining its financial strength. Offering discounts and coupons has been a major method through which the company encourages customers to buy the product. In the future, Caninantics will be looking at opening a small outlet. With this, it is more than likely that the production of the products is high. In addition, the amounts of production are relatively higher compared to some companies with no outlets. Discounts will attract more customers to purchase the new products.

Brand image is one feature that communicates a message to potential customers about the product at hand. According to Kotler & Keller, branding is endowing products and services with the power of a brand and creating differences in between products. Caninantics started its brand during the planning phase of the business. Brand protection of Caninantics also requires expert or knowledgeable legal assistance. Being one of the fast developing companies, Caninantics protects its brand from infringement, misuse, and copying. Copying of brands is normally to defame the genuine brand owner or gain profits in a wrong way using other companies’ brands. The current law helps a lot in the protection of the brand in many companies. When the brand is greater in terms of value, the cost of damage is much higher. Therefore, penalties have been put in place to ensure that any individual who violates other companies brand is punished accordingly to the law. Maintaining brand image will be good for the company since Caninantics is planning to open another business elsewhere and expand their product line.

Considering that Caninantics brand is already established, its protection will be necessary to facilitate the success of the company in the future. Packaging and labeling are two ways of ensuring brand protection. The type of packaging that will be used will be a white box having a diagram of different stages of giving dogs food in their bowls and disposing the remains. The picture should serve as proper illustrations of the role of the product, hence the main brand protection tool for the company. The other type of brand protection should appear on the business logo, which should typically summarize the unique feature of the business in an illustrated manner. In Caninantics, the logo has a healthy dog with the product in question. Packaging and labeling are two main ways of promoting the products of the company besides supporting the brand image. The described packaging and labeling supports brand image enabling the company to possess the important feature of uniqueness. In conclusion, Caninantics is an upcoming company with excellent strategies put in place ensuring that the running of the activities, profits and the relationship between the organization and the outside world is held in the highest regard.

References

Kotler, P., & Keller, K. L. (2012). Marketing management (14th ed.). Upper Saddle River, NJ: Prentice Hall.

COMPONENT 6

PROFESSOR FEEDBACK:

Reference page includes one reference. Remember to include in-text citations. Include the textbook in addition to your reference provided.

 Caninanitics has various channels in which it can ensure that its potential customers are able to receive all the services they require within the right period and also in an efficient way. The marketing channels are majorly grouped into two major categories which are consumer marketing channels as well as the industrial marketing channels.

Direct marketing channel is commonly known as the zero level challenge. The term zero level is from the fact no one is involved in between the manufacturer of the product and the final end user of the product. This service is anticipated to be offered mainly to those individuals who live far away from the company’s location in such that they will always have to pay an extra cost for ensuring that the delivery at their doorsteps. Telemarketing can be involved in this case whereby the potential customers in this category may be required to place an order for the products in which they are interested in online and then the delivery is completed after they have paid for the sale of their items.

The second channel that can be suitable for this company is known as the one level channel. This is where there is one person who has the responsibility of connecting the producer to the final consumer of the product that is being offered by Caninanitics. This intermediate person in this case should be able to have all the knowledge concerning the company’s products and also have the feedbacks from the consumers since he/she acts as a source of information to the producer and consumer.

The last channel this company can actually use is known as the two level channel whereby a wholesaler and a retailer are involved. In this case, before the product reaches the final consumer, it must first go through the hands of the wholesaler followed by the retailer and finally to the consumer of this product produced by the Caninanitics.

Exclusive distribution will be the best type of distribution in which Caninantics should employ in its operations. In this case, the company will only deal with wholesalers as well as retailers who are ready to only distribute their brand and not any other brands produced by similar companies. This is to ensure that the product produced by Caninantics will remain reputable and loved by its customer and will continue to receive a large percentage of the competitive advantage.

From the various types of retailers available, the best type to employ for this company is the speciality retailer such as Petco. This type of retailer has the responsibility of specialising in a certain product that is produced by a certain company. Therefore, Caninanitics should have a retailer who will be equipped with knowledge concerning the food dispenser. He/she should be in the position to explain any concerns or questions about the product to the potential customers. Other than just offering knowledge about the product, the retailer is also equipped with quality techniques of offering exclusive services to the consumers. An online retailer such as Amazon can also be used to sell the product as the product will have a large amount of exposure due to the size of Amazon. This allows the consumer to make the purchase in the comfort of their home and have it delivered directly to their home.

A major advantage of using an online retailer is that with this kind of retailing can allow the company to serve a greater geographical area. The internet is not limited to a certain area; therefore, making it easier for the process of buying and selling after which the rest of the responsibilities of the deliveries are laid upon the company. An advantage for using a speciality retailer is that the company does not have to employ someone else to provide knowledge about the product since the retailer is already a specialist in the field. It is also critical to note that the employees that will be employed by the retail store such as Petco will only need minimal training since they will only be dealing with pet products which will result in a higher level of knowledge of Caninantics products.

A specialty retailer who depends on one type of market can face a drawback as it is limited to a one specialty, in this example, pet products. Having one speciality makes it difficult to attract other customers and especially those not interested with products such as the Caninantics pet food dispenser. Online retailers is a problem due to the fact that most goods bought from this channel can potentially result in delays and/or lost products.

COMPONENT 7

PROFESSOR FEEDBACK: NONE

Communication is the process that is used to transmit information and ideas. For a company like Caninantics, we will be active within the community expressing the true nature of the company. In order to achieve effective communication, we will plan on what we want to achieve from the communication. Caninantics’ goal will be to focus not only on sales, but feedback from the consumer, and community interaction.

Communication objectives refer to what the company might want to say. Caninantics will be concerned with a number of factors which could be their basis for communication. The communication objectives that our company can use in order to influence the target market include the purpose to become known or known better in the community. We would like to be a part of the Humane Society and other various rescue groups and contribute some of our profits to their organization. This is a good channel to go through for exposure since it is a pet affiliated product and we want to reach out to animal lovers. Another objective that we can use is the purpose of the use of the pet food dispenser. Many might see no use for the product, or might have negative reviews about the product or company. We would like to address those immediately.

Another objective would be announcing of events in which we will do interaction with the customer and their dogs. This will show the end user how easy it will be to leave their dog at home and not worry that they will be hungry. Having booths at Pet Expo's is a great way to interact with customers and educate them about the product.

While communicating the message to the target audience, a number of communication channels require to be used in order to achieve the intended objectives. If the communication channels are used and mixed well, then the company will most likely get its message to their intended audience (Ian, 2012). The channels used should be those that the target audience has exposure to. For instance, people are more likely to see flyers in a local grocery store, pet store or in their veterinarian's office. Communication may take many forms which include: store events, infomercials, mailers, social media and catalog orders and internet advertising. At Caninantics we expect to use all channels of communication to help reach our sales goals, but also improve our product line.

Sponsorship is an in-kind support of an activity or the financial that is primarily used to reach particular business goals. Sponsorship is not the same as advertising. Advertising is a quantity medium while sponsorship is a qualitative medium. Sponsorship promotes a company in connection with the sponsored. Sponsorship is the greatest growing marketing firm in the United States. It is still very young especially so in trade show arenas. Keeping this in mind, unlimited opportunities to widen our company’s competitive advantage can be found by increasing our credibility, prestige and image in sponsoring events that would attract our target market (Susan, 2011).

Quite a number of events in current days use the support of sponsorship to deliver more exciting programs and help settle rising costs. Sponsorship will help Caninantics to reach their intended niche markets without wastes. Sponsorship will also complement the other marketing programs in our company together with influencing customer relations dramatically. Sponsoring will also offer considerable chances for competitive advantage and distinct marketing and also showing support of the event. The types of events which I would recommend for our company to sponsor would be events such as campaigns that are set to mobilize people against mistreating pets, an event such as vaccination campaign programs for pets. There are many pet rescues that need extra help and we would love to be a part of contributing to our K9 friends. These two would be great events to sponsor as they are involved with pets and being a sponsor will definitely capture the minds of the consumers.

The objectives that I would set for the sponsorship would to first of all enhance the image and shape the attitudes of the customer. Our company will be looking to advance how their target audience perceives them. Sponsoring an event that appeals to our market is more likely to shape the attitudes of buying and help in generating a reaction that is positive. For example, Caninantics can always look to generate influence that is positive about the Canine Friend food dispenser in the minds of the consumers and by this the company can regularly support events that they feel can influence the opinions of the consumers. Sponsorship that aims at driving sales can be an extremely potential tool of promotion. This objective will permit the sponsors to showcase their product attributes. Another objective we will strive for would be to create publicity that is positive. Positive publicity will help in creating a heightened visibility of what we are offering. In order to maximize this objective, it is important for us to have a media campaign that is comprehensive in order to supplement the normal media coverage that is promoted by organizers.

An example of a new product idea that would arise from this product would be a luxury pet bed. Such luxurious and beautiful beds for pets would have an in house design that keep on the top of the latest trends in home décor. These beds would use high-quality zippers such as those used in the industry of luggage. They would also incorporate a high quality memory foan, polyester fiber and qualified upholstery grade fabrics. There would be a variety of fabrics to go with every home and several styles of beds styles to choose from. This will allow the consumer to customize their pet’s bed not only to their home, but to the character and personality to their furry friend.

Another new product idea that would be born from this product is a food dispensing toy. This is a toy that is designed for the mental stimulation and enrichment of the pets. This is especially so during the winters when people tend to spend less time exercising their pets. This can lead to the pets getting bored, and this can lead to behaviors that are destructive. During holidays, even busier as they are busy entertaining guests, and there is so much going on that the pets cannot really get into terms of their exercise time and bonding. The food dispensing toy would be a great idea to keep your dog busy and happy.

In order to address the needs of all the target segments, it is vital that we segment our customers as only a given percentage of the whole population will buy our products. The more accurate we focus on them, the less our efforts will be wasted. It is not a good idea to aim too broadly with our targets in order to avoid spreading the resources too thinly. Sorting our customers into groups will help understand what our customer really wants and what we can offer to them. Grouping of customers will also help us to win and keep those customers who are profitable. By segmenting, it will be easier to manage our customers since all our individual customers have different needs. It will be easier for Caninantics to give the customers what they want if they are divided into groups according to how they share similar needs and treat each of the groups differently. We can now then customize the product for each customer segment, aim our marketing to a particular group and this will help us save money and time and then focus on the customers who are most profitable to us.

References

Friedman, Susan. (2011). Sponsorship: key to powerful marketing. About.com. Retrieved from http://marketing.about.com/od/eventandseminarmarketing/a/sponsorship.htm

Kotler, P. & Keller, K. (2012). Marketing management (14th Ed.). Upper Saddle River, NJ: Prentice Hall

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