Product Category
Technology:
The GPS tracking device is attached to the animals like pets, or livestock for tracking their behavior and location through the use of embedded cellular, i.e., the GPRS, satellite motion or through the radio. There are different attachment methods available in the market which includes the harness, direct or collar. The collar technique is the most common one and will be offered by us. It can be used by using the collar with the device on the limb, neck or the ankle of the animal. It can be used for the animals that have long necks.
The GPS based tracking software and solution is enabled to track the pets proactively. The device can also be attached to the existing collar of the pet with the help of an app. The device will enable the user to track the pet in real-time using the GPS technology. A predetermined area will be set up by the user in the app, which will be defined as the approved roaming area for the pet. Outside this roaming area, the alarm can be sent via the cell phone call or through email or text message to the user [1].
Design:
For the design of the tracking device, the following features will provide a preview
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- LORA transceiver
- Cortex M0+ processor
- GPS (low power and multi constellations)
- 4 Mb of storage (for Data logging)
- Bluetooth (for direct connection to iPhone/Smartphone/laptop/tablet)
- USB port
- CR2450 coin cell of 650ma providing 1-year battery life- the removable battery can be used
- Size of FB-45 (2.75” x 1.4” x 0.7”) polycase
- The design would be based on shut down and turn on of the device on a time basis or by the movement sensor
- Waterproof
- Weight: less than 1 oz [2].
These features are decided by looking into the various designs of the other competitor tracking devices and the discussions of individuals on forums debating the best possible design for a pet finder tracking device. The price range after looking at the various prices offered by the other similar products gives an idea that it will be lower than $150 per device. We have to keep under this price range to stay competitive in the market [3]. The product marketing and promotion strategy are needed to be effective and very strategic as there is lower awareness of the product and its benefits.
Problem Analysis
Existing and established brands with similar features to compete with our product was already present in the market. They have their established markets, products, marketing strategies, PR and even customers. Find My Pet will have to break through these competitors to establish its position in the market. Even with a better product, no one will buy one if it does not know that it exists. A healthy, aggressive marketing strategy would be needed to complement the product innovation. For breaking through all the advertisements and promotions that our target market is constantly bombarded with, Find My Pet would need to promote itself in the areas which are most relevant to eh pet owners. There should be a healthy investment required in the marketing and promotion sector. Find My Pet can arrange a big launch event in the form of a Pet Show to market itself and make its potential customers know about its existence and benefits.
The Low Battery Life Challenge is one of the most crucial challenges which are faced by the Wearable industry. The main challenge in the adoption of the pet wearable machines is their lack of longer battery power to complement the consumption of the services provided with it. The GPS tracking systems, real-time tracking consume a lot of power from the battery. This battery can be consumed in five days at maximum only when it is not used extensively.
In intensive usage, it can wear out in just a day. This challenge is expected to be erased from our device Find My pet. However, if not found practical enough or implementable can cause a serious problem regarding our competitive position and project credibility. It is a challenge faced by the whole industry in which this shortcoming in their devices threatens the company’s growth. Soon the solution will be found. However, it should be us with our high investment in the R&D.
The problem Analysis shows grave problems. The need of brand awareness calls for an effective strategy to convince the loyal customers of other brands. The high cost involved in the technology needed to support our device is also higher than our competitors. The limited number of functions can also become a limitation for the adaptation of the product. The high competition, the need for longer battery life and high investment needed in R&D are imperative to the success of the project. These problems can become a weakness and even a threat to our business model. However, if tackled strategically, wisely and on time; these shortcomings can be mitigated through our strengths in the areas of Research and development and product innovation. We can leverage our capacity to add more features to our product by using the Research and development.
Competitive Analysis
It is evident that an increase in the social awareness and the potential advantages of the wearable pet devices will further increase its demand in various regions of the world. The increment in the disposable income and the rising trend of interest in technology and injectable devices predominantly in the developing countries like China are expected to increase substantial market share. The GPS technology-based tracking devices are expected to emerge as the dominant technology because of the increasing demand of the pet wearable devices regarding monitoring and security needs [4].
Many companies have already marketed their pet trackers using different technologies. Some are using similar ones like us. The combination of the wearable devices, data analytics technology, and the mobile applications were always expected to raise opportunities in future. Some companies are also offering the option of providing cloud-based data storing and analytics services. The main challenge which has been faced by the market is the lack of battery time. The GPS system and the Bluetooth system consume a lot of battery life [5]. Usually, the battery life of these devices ranges within a few days; not more than five days. The cost of the wearable device is also quite high making it only accessible to high disposable income holders. These are the areas where we are offering to create a more leveraged position. Our device will provide higher battery life up to 1 year with a removable option like in Smartphones. We will also aim to offer it at the relatively lower margin to tap the market. These trackers are currently being sold at $ 99 to $299 per device. We are aiming to be cost-effective and position our product at $150 or lower to penetrate the market. The longer battery life will also complement our low pricing providing us the competitive position.
Bibliography
[1] Global Market Insights. “Pet Wearable Market worth over $8bn by 2024.” Global Market Insights. August 21, 2017. Accessed April 11, 2018. https://www.gminsights.com/pressrelease/pet-wearable-market
[2] Arjan, S. “Is anyone already working on the PetFinder use case? The Things Network. October 10, 2015. Accessed April 11, 2018. https://www.thethingsnetwork.org/forum/t/is-anyone-already-working-on-the-petfinder-use-case/387
[3] Amazon.com. “Tagg GPS Pet Tracker – Dog and Cat Collar Attachment.” Amazon. April 11, 2018. Accessed April 11, 2018. https://www.amazon.com/Tagg-GPS-Pet-Tracker-Attachment/dp/B0077I42S4
[4]Global Market Insights. “Pet Wearable Market worth over $8bn by 2024.” Global Market Insights. August 21, 2017. Accessed April 11, 2018. https://www.gminsights.com/pressrelease/pet-wearable-market
[5] Grand View Research Inc. “Pet Wearable Market Size, Share & Trends Analysis Report By Technology, By Application (Identification & Tracking, Behavior Monitoring, Facilitation, Safety, Medical Diagnosis), And Segment Forecasts, 2018 – 2025.” Grand View Research Inc. February 1, 2018. Accessed April 11, 2018. https://www.grandviewresearch.com/industry-analysis/pet-wearable-market
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