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K9 Loc8tor Executive Summary

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I am writing this executive summary to describe how we plan to promote, place, price, and package the product K9 Loc8tor, explain why we chose our target market, and how we are meeting our customers’ needs. The K9 Loc8tor is a new product we have created to solve the issue of people losing their dogs. We decided to move forward with our product idea after completing a survey of over 100 participants.
To solve this issue, we created a collar with the ability to track your dog via a GPS locator and let the owner know via an app similar to find my friends or find my iPhone. When a dog wearing the K9 Loc8tor gets out or away from the owner then, all the owner has to do is open the app and follow the directions to where their dog is. Our estimation is that we could sell 16,000 to 32,000 units. The demographic of our target market is college age students that have an income of 25,000 dollars or less; they also tend to shop online and be highly involved and affectionate dog owners (Segmentation). Our number one competitor would be The Paw Tracker, they have a product that provides a similar service and has been on the market since 2015, and their price is slightly lower than ours (PawTracker). A …show more content…

It will also have a variety of colors. We plan to sell in retail stores such as Petco and PetSmart for online retailing we will be available on Amazon. In the store, our product will have a display near the front, with our video board and sample product. For pricing, we are selling at for a one hundred dollars even. This price is based on our estimate of roughly 40 dollars to make a unit and then making a 60 percent profit margin. We researched the cost of making a fit bit, which is a close estimate due to the nature of the product and technology being so similar to our product for our cost (Rassweiler). We want to provide a sense of prestige with our even pricing

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