Select an industry from the following list and develop a business idea for that industry:
· Food and Beverage
· Home improvement
Research the market trends in that industry.
Write a paper in APA format that identifies a business opportunity. Your paper should include at least three research sources on market trends that support your opportunity.
Format your paper consistent with APA guidelines.
Business opportunity in producing all natural organic dog food:
An opportunity in the market exists to provide an all natural premium organic dog food for all dog owners who love their pets. With the market having been in a long trend towards wellness and healthy eating by taking more of organic products, it has been the same in the pets industry, with this trend gaining momentum thereby presenting an opportunity.
What gives the business idea a competitive advantage:
According recent information on what really are contained in pet food, research by the Animal Protection institute, most pet foods have been found to contain grains unfit for consumption or slaughterhouse remains offal. These especially the grains have the potential of containing toxins and bacteria such as Salmonella, Mycotoxins and E. coli that can be harmful to the dogs. To worsen matters a lot of preservatives such Propylene glycol, BHT or BHA are added to give these products longer shelf life (Harvey-Dunsenberry, 2006; Pet Food Industry, 2011a). This new business idea seeks to produce a non-grain based organic dog food whose ingredients are wholesome, healthy and verifiable. Though there are other large businesses in the market that have changed to organic dog food to appeal to the health conscious customers, this business idea is unique in the sense that it produces premium organic dog food based on traditional canine diet and also food specifically meant for dogs that have allergies to specific food components.
Industry trends analysis:
The pet food industry is worth more than $14.7 billion with the industry experiencing a strong growth especially after the 2007-2008 recession (Barnes, 2010). According to American Pet Products Association (APPA)'s 2011-2012 National pet survey, 62% of the U.S households own a pet, with the numbers of ...
The solution discusses a business opportunity for a selected industry and research market trends.