When creating a new product, it is essential that the first step be to identify a need in the marketplace. Countless products have been developed, and failed, because the creator did not take the time to isolate the consumer segment for which the product would be ideal.
This paper will present the concept of a new invention which will function in two organizational markets, and explain a strategy for entering those industries, while analyzing any potential barriers which may be encountered, and describing a proposal to ensure the product’s success, given the chosen marketing approach. Market Identification Many of the world’s population are both pet and home owners. In the Unites States, (U.S.), alone, it has been reported that 33% of the millennial generation are becoming home owners for one specific reason: Their dog(s). As was recently revealed in a CNBC article, “Many first-time house hunters cite finding an accommodating space for dogs as a bigger influence than marriage or preparing for a child in their decision-making”, (Cao, 2017). The article went on to say that 60% of current first-time home buyers are millennials. It is expected that, within the next five years, 80 million millennials will “embark on their house-hunting journey”, (Cao, 2017). New Product Proposal Having determined this new trend in home buying, it became obvious that there was an opportunity for a new product. Two areas of pet and home care which have been, and always will be, concerns are the disposal of pet solid waste and unwanted plants
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