Apply Week 3 Market Analysis Research.docx DAT/565 Market Analysis Research Univ

Apply  Week  3  Market  Analysis  Research.docx    DAT/565  Market Analysis Research  University of Phoenix  DAT/565  Business overview, Mission, and Vision  Market analysis  My businesses competition would be places like Petco and Petsmart as they are very stiff competition in our business space. We are a business that is new to the game, but when it comes to market size in the year 2019-2020, seventy seven percent of American households, or 85 million households own at least one pet. That number has only gotten larger since the COVID pandemic as one in three people or thirty percent of Americans adopted a pet (Insurance Information Institute, Inc., 2021). When it comes to the pet store and all the services that we provide, I wanted to take an average on what pet owners would spend in a year on their pet for things like treats, food, grooming, and miscellaneous other purchases. With spending and the type of pet owned considered, I took the conservative route and said in a year about $500 is spent as long as your pet is relatively healthy and multiplied those probable scenarios with the households that own at least one pet.  Expected Market Value: Raes Pet Palace  Assumptions  Probability p(x)  Unit(s'000)  AvgU. niPtric(e$)  MarkeVt alu(e'$000)  Pessimistic  0.3  84900  450  38205  Most Likely