“Pets and Me” will offer a unique dining experience for pet owners in the west Los Angeles area who do not want to leave their pets at home when they go out. “Pets and Me” will offer a full menu of organic food for pet owners and their pets. This one of a kind restaurant also provides a sound investment opportunity in the restaurant/hospitality industry. Strengths The strength of “Pets and Me” lies in its unique market position. No other restaurant allows pet owners to take their dogs and cats out to dinner with them. Weaknesses
While pet owners may be enthusiastic about dining with their pets, people who do not own a pet may not appreciate a restaurant that serves animals alongside humans. The inability to overcome prejudiced ideas about animals in restaurants may present a challenge. Opportunities According to the American Pet Products Association (APPA), 63% of U. S. households own at least one pet (APPA, 2009). Pet owners are expected to spend $45. 4 billion on their pets in 2009 (APPA). There are currently no restaurants that serve pets and pet owners.
“Pets and Me” will be uniquely positioned to serve this untapped market without any competition. Threats For many people, dining out at a restaurant for meals other than lunch is a luxury that can be eliminated during tough economic times. This may be more true of specialty restaurants which already have a limited customer base. Analysis By focusing on pet owners, “Pets and Me” has the potential to reach an untapped market in the restaurant industry. At the same time, this approach may alienate people who do not own a pet and my limit the overall market.
Pet owners, however, represent a large group of people and tend to be very devoted to their animal companions. As with any business, there is the possibility that the economy could have a significant impact on the number of customers and on how much those customers are willing to spend on unnecessary items. References American Pet Products Association (2009). “Industry Statistics and Trends”. Online. Retrieved March 10, 2009, from http://americanpetproducts. org/press_industrytrends. asp