There is no doubt that the medical options for prosthetics offered to people are advancing by giant leaps. Recently, we wrote about a new amphibious prosthetic leg developed specifically for swimmers. Such innovations are not reserved only for the two-legged species; new orthotic and prosthetics are also available for pets who need new paws or legs.
While the animal prosthetic industry is very new, there have been new advances and an increase in demand for prosthetics for animals. According to industry experts, the growth has been exponential for the innovative services.
Perhaps some of this is due to the change in family/pet dynamics – pets are often viewed as important members of the family, and receive important health care. The prosthetics are custom-made and can cover knees, ankles, pays, wrists, elbows, and legs. Orthotic devices range in price from $750 – $950, while prosthetics average $1,350 – $1,750.
What would you pay for your pet’s care?
Group Activities and Discussion Questions:
- Pricing is usually a complex topic. Discuss the six steps for pricing (determining objectives, estimating demand, determining cost/profit relationships, select price level, set list price, and make adjustments).
- Next, show the Web site and videos for Ortho Pets: http://orthopets.com/
- Discuss the various pricing models in class: demand-oriented, cost-oriented, profit-oriented, and competition-oriented.
- For this product, divide students into groups and have each group work on any/all of the six steps.
- When setting the price level, assign each team a different model to use (demand-oriented, cost- oriented, etc.).
- Debrief the exercise. Compare the various pricing models and discuss advantages/disadvantages of each.
Source: Tribune News Service