3.0: Micro Market:
Part 3.1:
Estimated size of the market is calculated below:
| Viable micro market volume | |
| Months | Volume |
| Jan | |
| Feb | |
| Mar | |
| Apr | |
| May | |
| Jun | 500 |
| Jul | 1000 |
| Aug | 1500 |
| Sep | 2000 |
| Oct | 2500 |
| Nov | 3000 |
| Dec | 3500 |
| Expected market volume | 14000 |
Note:
It is important to note that the size or volume of the market in this case is the size of the market calculated for the micro market in accordance with the cash flow statement.
Estimated market value of the viable micro market on the basis of cash flow statement is calculated below.
| Estimated value | |||
| Months | Total cash inflow | Total cash out flow | Total market value |
| Jan | – | ||
| Feb | 40,000.00 | 40,000.00 | |
| Mar | 2,000.00 | 2,000.00 | |
| Apr | 2,000.00 | 2,000.00 | |
| May | 2,000.00 | 2,000.00 | |
| Jun | 7,250.00 | 2,550.00 | 9,800.00 |
| Jul | 14,500.00 | 2,550.00 | 17,050.00 |
| Aug | 21,750.00 | 2,550.00 | 24,300.00 |
| Sep | 29,000.00 | 2,550.00 | 31,550.00 |
| Oct | 36,250.00 | 2,550.00 | 38,800.00 |
| Nov | 43,500.00 | 2,550.00 | 46,050.00 |
| Dec | 50,750.00 | 2,550.00 | 53,300.00 |
| Expected market volume | 266,850.00 |
Note:
It is important to note that the estimated market value of the market has been calculated by aggregating both cash inflow as well as cash out flow.
Part 3.2:
Segment analysis:
The segment analysis is provided below with the help of classifying the segment on the following bases:
Geographic:
From the perspective of micro economics the geographical segments can be divided on the basis of small regions of the United Kingdom. Thus, small regions of various cities of the UK are to be considered for market analysis for Pet bank.
Demographic:
The population demographics show that the 50% of the adults of the UK own pets. This information will be helpful in establishing the pet banks and making appropriate strategy to ensure the idea of pet banks work effectively in the future.
Psychographic:
24% of the UK adults have cat as their pets while 26% adults of the country have dogs as their pets. In addition to that 2% of the adults have rabbits as their pets.
Behavioral analysis:
With the huge population of the country owning a pet the market for pet care products is expected to expand further in the future. Thus, this behavioral patter must be kept in mind while establishing pet banks (McCann, 2019).
Part 3.3:
Target profiles/ personas/ pen portraits:
The adults of the country must be the focus of attention for the pet banks to successfully expand all over the country. Marketing will play an important role in ensuring that the idea is reached across the country. The following 3 models shall be helpful in establishing the business of pet banks and sustaining it in the future.
- Innovation.
- Segmentation.
- Continuous up-gradation.
Part 3.4:
Market positioning:
The pet bank will offer the following services to the pet owners to establish the business and position itself in the market.
- Providing quality services to the pet owners as and when needed.
- Offering top quality medical services to the pets at emergency basis to ensure that the health of pets improve will enable the business to achieve desired success.
- Providing top quality pet products at relatively low prices will help the business to make its mark in the market and position itself differently (Greenstein, 2017).
References:
Greenstein, S. (2017). Micro economics: contrasting opinions about convergence. IEEE Micro, 18(7), pp.7-8.
McCann, J. (2019). Market Segment Response to the Marketing Decision Variables. Journal of Marketing Research, 14(7), p.399.
