Business Finance Homework Help

1.You are working a part of a newly formed entrepreneurial team that plans to launch their new product into the market. The team has defined a customer activity/need domain and has done research on customer needs/problems in that domain. The domain is pet care, one of the problems identified in the research is that dog, and cat pet owners often need to give their pets medication at times, often in pill/tablet form. Pet owners often struggle to complete this task (the “job to be done”) even using available options such as pill pockets, disguising the pill in regular food, or covering the pill in peanut butter (dogs) or butter or cheese (cats) or pet pillar. Some pills/tablets can be crushed and mixed into food (not those with a coating for the table allowing the medication to be absorbed further down gastrointestinal track or time-release medication). For those pills that can be crushed, the challenge is to crush the medication effectively and deliver the entire crushed content to the pet. Your team has come up with an all in one pill/tablet crusher with small bowl that can attach to it. When a pet owner assembles the pill crushers with bowl, with a press of a button the pill is crushed into the bowl. The pet owner can then detach the pill crusher and mix some wet food with the crushed pill to give to the dog or cat. Your team’s idea that has gotten good feedback from peers and potential customers.

Your team wishes now to more formally segment, target, and position (STP) the product. Based only on the information in the scenario, start the STP analysis – first, describe two (2) potential pet owner segments using both needs and descriptors for each, and second, elaborate upon one (1) potential target/customer (pet owner) persona.