29 A

Opportunity:



The people that I am selling this product to are busy. They are college students that have a pet and have a full schedule. They are the young families that are busy all day. The kids are going to school for most of the day, and both of the parents are working, leaving the dog home alone. These busy groups of people are usually worried about their furry friends that are left alone to their own devices. They are worried about the possibility of their dogs causing damage to their homes due to separation anxiety. Also, these people could be worried about the safety of their homes from intruders. This is quite a big opportunity. There are millions of families and individuals across the world that are busy every day with pets they care about. Currently, these people will buy multiple new toys a year because their dog destroys every single one they purchase. I believe that the people that are currently buying new dog toys on a monthly basis are not loyal to what they are buying now. I believe that once they hear of an indestructible dog toy, they will switch. I believe this window of opportunity will be open for a long time because I only know the recipe for the indestructible rubber used in every toy.



Innovation:



The Indestructible Dog Toy will be sold for $19.99 in stores and online on my website. The toy will be indestructible due to the special rubber that is in it. This toy has been tested with dogs large and small, to see if any breed could break it. Not one dog was able to do any damage whatsoever. Also, there is a hidden camera and speaker inside the toy. So, if you see your furry friend is tearing up the rug, you can play a loud sound from the toy, or you could speak into your phone to tell your dog to stop what they are doing.



Venture Concept:



In terms of the feedback from the last assignment, I received positive words from Abby Tucker. She mentioned that the price of the product was "reasonable." Additionally, She did mention that for some groups of people I could market it using the security feature, and for others, I could focus more on the fun aspect of it. I will then make sure that I make multiple versions of the same commercial in order to appeal to the different consumer groups. This piece of advice will allow me to make a lot more money in the long run. I am very thankful that Abby provided this great advice.



I will be in competition with many different businesses. Since I will be advertising a fun toy that has security features with it, I will be competing with dog toy and security businesses. I believe that consumers will see that they will be able to get a great bang for their buck when they see all the features in the product I am offering. I believe that packaging plays a large role in selling my invention. I will need packaging that makes my toy stand out when it is in the toy aisle at PetSmart. I will have a colorful box with huge letters that emphasize how indestructible the toy is. The pricing of the toy is important too. Since I am using a market penetration strategy, I will make sure that my price is one of the lowest in order to compete with the other toys. I also believe that the customer experience is important in continuing the success of my business. I think that word of mouth promotion is one of the most important parts of growing a business. If someone you know and respect recommends a product or service to you, you will likely try it if you have a need for it. I believe the business location will not be that important because my product will be sold at multiple different pet stores that I will not own.



I would ensure that my business is well organized to ensure success in the future. I will have a CEO, CFO, and a COO to run the long term strategy of the business. The floor managers will be responsible for more short-term product goals. I will try to only hire the best employees for production as possible for the lowest cost since I will not have that much money when I start the business.



I believe that my secret sauce is the special rubber that is used in every dog toy I produce. It is made from using ingredients found only in isolated places around the world that I will not mention. I have connections with multiple suppliers that can get me the ingredients form a reasonable price.



Next, I will begin the development of an Indestructible Dog Toy that has more features and price it higher to appeal to more affluent consumers. It is always a great idea to reduce your risk as an entrepreneur. Having multiple products will reduce the possibility of failure in terms of having to shut down the business because sales from one product can offset losses from reduced sales in another one.



I plan to continually grow this business by creating more products that will appeal to more consumer groups in order to make more money. I plan to continue running the business until my children come of age. At around the time they become adults, I will begin to slowly transfer ownership of the business to them.