24 A- Joe's Indestructible Dog Toys

Business Name: Joe's Indestructible Dog Toys

Opportunity:

My indestructible dog toy has groups of people that have the need for this product. These are people who are generally extremely busy and also have a pet dog. These people can be young or old. However, in my research, I have found that older people are less likely to purchase my invention because of the technological aspect of it. One of the idea groups is college students that are gone for most of the day due to their classes and social lives that also have a dog. Another group that could use my toy is busy families. Usually, these families will have the house vacated most of the day because the children are at school and the parents are both working, leaving their dog alone. Moving on, the nature of the need is the desire to be able to have a dog toy that does not have to be replaced often and to also have the ability to see if the animal left at home is causing trouble when the other members of the household are out. From my research, I have found that most individuals try to deal with these two problems by buying multiple dog toys annually and also letting the dog’s misbehavior run its course. However, just letting a dog mature takes time, which can lead to massive amounts of damage before maturity. I have heard stories of dogs ruining expensive couches and rugs. By the time the owner gets home, it is too late to punish the dog. Consequently, the cycle keeps going on until the dog ages and learns how to properly behave. I believe that potential customers will likely adopt my product because they want to save money in the form of new dog toys and new furniture. Additionally, I believe that this opportunity is large. This toy can be used by millions of households across the United States and the world. It is cheap and easy to use. Therefore, I strongly believe this product will be able to serve the needs of millions and also make me millions of dollars. Lastly, I believe this window of opportunity will be open as long as dogs are owned as pets, which will be a long time.

Innovation:

My innovation to the marketplace is the Indestructible Dog Toy. This product is able to withstand the pressure of dogs as large as German Shepherds and Pit Bulls. This feature will allow consumers to save money because they will not have to continuously purchase new dog toys every time the last one is destroyed by their furry friend. Additionally, this toy has a hidden camera and speaker inside of it. Customers will be able to connect to their toys through an application. Using the application, the owners will be able to see a clear 4k video feed and will be able to speak into their phone to produce sound through the speaker within the toy. For example, if the mother of a busy family checks in on their dog during her lunch break at work, she will be able to see a clear picture. If she sees the dog causing damage, she can either speak into her phone, which will emit a sound from the toy, or she could play a variety of different sounds to tell the dog what they are doing is not correct. This toy will sell for the low price of $19.99. It is being sold so low because I am engaging in penetration pricing. I want to get as many sales as possible and have as many of my inventions in as many homes as possible.

Innovation:

This product will be able to address many different opportunities. For example, you could use the toy as another layer of security in your home. My company had over one-hundred people enter a staging room and asked each individual to find the hidden camera. Not one person was able to find the camera. Secondly, you could also use the toy in order to prevent your dog from causing damage when you are not home. Using the camera and speaker inside the toy, any owner connected to the product through our great application will be able to see what their dog is doing at any time, and will be able to create sound to alert their pet that what they are doing is wrong. Thirdly, consumers will save money when they buy my invention because they will never have to buy another toy due to its durability. I think that customers will want to switch to my product because of the three reasons mentioned above. My main competitors will be individuals in China that will be able to produce similar versions of my product at lower costs. I believe though they will have a hard time copying my toy because the formula used to make the rubber is patented. I believe that pricing, packaging, and distribution will play a large role in selling my merchandise. As a result, I am willing to compromise on price, and I will do my best to ensure I have the best distribution of my toys. Finally, I would hire at least ten people to support my production.

1) My secret sauce will be my customer service. I will always be available to talk to customers whenever they may have a problem. If my company forgets to send a purchased product, we will give a fifty percent discount on it.

2) I would like to venture into the home security space. I got a lot of great reviews talking about the security aspect of my invention. I would like to offer security that is affordable and provides great quality.

3) I would like to continue expanding my workforce. I will base my manufacturing in the United States in order to develop a great relationship with the American market.