We all know that the pet industry is booming. There are more pets in homes than ever before!
And that means people need more pet products such as foods and toys. According to Morgan Stanley financial services company, the pet industry is expected to grow to an estimated $275 billion by 2030!
This growth also means that having more pets bring on more pet illnesses for owners to be concerned about. And visits to the veterinary clinic can be quite costly and time consuming. What if pet owners could get a diagnosis for their furry friends at home? It has the potential of diagnosing pet illnesses earlier, and at a lower cost.
That’s the premise behind a Minneapolis-based company named ‘My Simple Pet Lab’. The company makes in-home pet diagnostic tests for dogs and cats including stool tests, ear infection tests, and more. The tests were designed by veterinarians and can be used by either vets, groomers, or pet parents. Tests can be done at home, sent to the lab, and results are emailed to you within days. It gives a test result easy to understand and share with your vet automatically online.
Distribution is a key goal for the company and tests are being added to Target stores in addition to Walmart and Amazon, plus through various vet clinics, boarders, and groomers.
A healthy pet means a happy home.
Group Activities and Discussion Questions:
- Discuss how to build and use a SWOT analysis grid: strengths, weaknesses, opportunities, and threats (internal and external factors).
- For MySimplePet products, break students into teams and have each team build a SWOT analysis grid.
- Strengths: what is company good at?
- Weaknesses: what needs work?
- Opportunities: what is going on in marketplace?
- Threats: what should company be wary of?
- Based on the analysis, what are the issues and risks that might occur?
- Debrief by building SWOT analysis grid on the white board.
Source: Williams, N. (15 December 2022). Make of in-home diagnostic tests for pets ready to grow. Minneapolis Star Tribune.
