Executive Summary
The scope of this project is to assist Hemp Heros – an Irish and UK-based company which uses only the best cannabidiol (CBD) and hemp – in the process of its diversification by creating a product line for pets. Having been founded in 2018, Hemp Heros has all the opportunities to apply its knowledge in the sphere of CBD and hemp to the sale of pet supplements in the UK and France.
It will be a research project aimed at market analysis, establishment of specific product offerings, and identification of the marketing strategy. Some of the specific goals include examining the market of pet supplements, rating relevant products, studying the possibilities of the sales channels, and estimating competitive advantages.
This overview will form the basis of Hemp Heros’ tactical market entry into the segment of pet supplements, where attention shall be paid to factors such as market analysis, product differentiation, and market entry approaches.
Project Introduction
a. Background Overview
Hemp Heros is a Young Innovative Irish and UK company that was established in 2018 to meet the market need for high-quality CBD/Hemp products (Hemp Heros, 2024). Organic Hemp Farmers in various parts of Europe supply the company raw materials that would go into their products. Thus, all the products made by Hemp Heros are based on Industrial Hemp, which can provide no psychotropic effect (Hemp Heros, 2024). This should be noted that the company supports research and development, which makes it one of the leaders in providing CBD Oil in Ireland.
b. Current situation/problem/opportunity
i) Thorough overview
This project will afford Hemp Heros the necessary knowledge and plan to successfully market pet supplements. Thus, through comprehensive market research on the identified products, the development of a sound go-to-market strategy, analysis of the sales channels, and the overall understanding of the competitive environment, Hemp Heros will be ready to be a successful player in the UK and France pet supplement market (Hemp Heros, 2024).
ii) Potential benefits of the company
Regulatory Compliance: When it comes to the issue of regulation, there is no doubt that Hemp Heros can be able to work more effectively and without legal complications hence solving the problem of inconsistency in the supply of their products in the market (Hemp Heros, 2024).
Product Innovation: The improvement of products can help engage the new customer and the customer on the other end is assured which leads to increased market share (Hemp Heros, 2024).
Market Expansion: Marketing management and cooperation with other companies like its competitors like Four Leaf Rover can assist Hemp Heros in ending up being a successful e-business and providing its products to new client groups in different areas (Four Leaf Rover, 2024 and Hemp Heros, 2024).
c. Background Analysis of the company
Figure 1: PESTLE Analysis
(Source: Self-created)
Political
Regulation and Legislation: The use of hemp as well as CBD products is legal, but it turned out that the usage is strictly regulated in contrasting countries (Hemp Heros, 2024). In Europe like in Germany and France, it is legal but strict rules are measures regarding the growth and sale of CBD and other products based on the hemp plant.
Economic
Market Demand: These CPG goods can be identified to include CBD and hemp products, which are on the rise due to improved awareness about their uses. Hemp Heros has the chance to grow significantly through such factors (Hemp Heros, 2024).
Social
Consumer Awareness and Perception: The consumers’ perception has a slight inclination towards natural and organic products which is a boon for Hemp Heros (Hemp Heros, 2024).
Technological
E-commerce and Digital Marketing: Developments in virtual selling techniques or electronic commerce offer a number one avenue for the expansion of market share by targeting a wider populace.
Legal
Compliance with Health and Safety Standards: Health and safety measures should be followed and respected. Despite this, the other disadvantage is that there are likely to be legal repercussions and reputational loss where there are weaknesses (Vardopoulos et al., 2021).
Environmental
Sustainability Practices: Hemp Heros’ approach of growing organic hemp and incorporating sustainability in their product also fulfils the current trend of customers’ preference for environmentally friendly products (Hemp Heros, 2024).
Aims and Objectives
a. One Aim
The overall aim of this project is to give Hemp Heros an understanding of the pet supplement industry and a roadmap to how they can enter this industry in the UK and other countries like France.
b. Objectives
- To investigate and research the market in the pet supplement industry in the UK and France.
- To identify a line of pet supplement products that can meet the needs and align with the preferences of owners, mainly in the UK and France.
- To analyse and create a focused go-to-market strategy to ensure successful launched and promoted Hemp Hero’s line of pet supplement products in the UK and France.
- To examine the sales channels used by the brands like online, pet shops and other retailers.
- To identify the key competitors and brands of the hemp and mushroom industry for pets in the UK and France.
c. Key performance indicators success criteria
Market Research Report Completion: Submission of the Competitors’ analysis, market size and growth rate of the two countries, the attitude of the consumer towards Micro telecom solutions and the regulatory structures of the two countries (van den Oever et al., 2023).
Product Development Milestones: Visited premises, the number of product concepts generated and experimented which entails the formulation of the products and testing of their safety.
Go-to-Market Strategy Document: The creation of a specific and sound go-to-market strategy document that implies the beginning of the marketing, distribution, and sales processes.
Sales Channel Partnerships: Supplier partnerships/contracts with one of the main sales channels/clients (Sharma & Jha, 2023).
Market Positioning Strategy: In terms of the location of Hemp Heros compared to the set marketplace, the formation and legal acts in the formation of positioning will expose Hemp Heros among the same type of companies.
d. Consequences for the company
Figure 2: Consequences of the Company
(Source: Self-created)
Revenue Loss: A major opportunity that the company lost mainly in the pet supplement industry is more revenue and profit, thus the company is limited from growing and becoming profitable (Elsacker et al., 2020).
Wasted Resources: This is suicidal to spend precious resources on innovative goods that are not consistent with the market needs of society (Jiang et al., 2020).
Lag Behind Competitors: Lack of identification of primary competitors like Four Leaf Rover and their actions leads to a failure to know the best practices that are adopted by leading competitors in the development of new products and market positioning hence the competition can be very difficult to surmount (Four Leaf Rover, 2024).
Theoretical consideration and underpinning
Critical discussion through review and analysis
Market Segmentation Theory is relevant for Hemp Heros since it allows the company to define its client’s requirements in the vast market for pet supplements (Cortez et al., 2021). This is especially important in the case of the UK and France as the customers may have different preferences concerning the pets.
Product Life Cycle Theory helps to understand the key activities and processes that accompany the management of the product’s presence in the market at different stages of its life cycle (Durana et al., 2021). This means that Hemp Heros can continue to grow, and adjust the strategies that will be used as the market expands from the introduction phase to the growth phase, and on to the potential maturity phase.
Hemp Heros also use Porter’s Five Forces Analysis to gather comprehensive information on the competition, overcome the barriers to market entry, and adjust the competition strategy against rivals like Four Leaf Rover. This will help in dissecting competitors’ influences and pressures and formulating long-lasting competitive strategies like unique selling points, product range, quality of ingredients etc (Anastasiu et al., 2020).
Innovation Diffusion Theory especially fits the situation where a new product is going to be launched in the market. Since Hemp-based pet supplements might need to be more well-known, realising how new products are taken within the market will assist Hemp Heros in controlling entry and growth phases appropriately (Pinho et al., 2021).
Consumer Behavior Theory focuses on the user and since it is a pet hotel, the two main users are the pets and their owners. Adapting goods and their promotion to the customers’ values can also greatly improve their reception in the market and customers’ trust in the brand (Setiawan, 2021).
Identification of problem/opportunity
Problem: The current weakness Hemp Heros has is the lack of information about the pet supplement industry, especially, in the UK and France and what consumers are willing to pay for the supplements. A lack of awareness of such could adversely affect the company from being able to launch the hemp-based pet supplements hence pulling out of the regions (Medeiros et al., 2024).
Opportunity: There is also one quite a big unexplored niche, which Hemp Heros should consider: there is a great potential for the brand to develop itself into a true supplier of all sorts of exceptional quality CBD and hemp products for pets. Therefore, Hemp Heros has a great chance to enter and take its proper place in the identified UK and French markets of pet supplements, by carrying out market investigation and assessment, identification the right product portfolio, and proper market positioning strategy (Arbach et al., 2021).
Project Methodology
Desk-based data sources
Online Retail Platforms and Marketplaces: The online stores are classified according to general merchandising stores (Amazon, eBay), pet merchandising stores (PetSmart, Zooplus) and supplement-selling stores (Gebashe et al., 2022).
Academic and Research Publications: Research papers, journals and academic works that are related to pet diet, CBD and other products extracted from cannabis plants.
Trade Associations and Professional Organizations: European Industrial Hemp Association, National Pet Food Manufacturers Association, UK, and similar associations in related industries (Irbe et al., 2021).
Evaluating the sources concerning aim and objectives
Criteria
- The platforms should contain a wide variety of pet supplement products, with a major focus on the inclusion of CBD and hemp.
- Peer-reviewed and published in well-recognized journals for the authenticity of the research.
- Well-recognized associations of hemp and pet supplement industries (Irbe et al., 2021).
Explaining project implementation
i) Gant Chart
Figure 3: Timeline
(Source: Self-created)
ii) Key milestone
Go-to-Market Strategy Development: Formulate and define a clear broad go-to-market strategy for the firm where it is necessary to include positioning and brand strategies in addition to promotional tactics (Mendanha, 2024).
Sales Channel Analysis: The objectives of this paper are to assess and describe the most suitable sales and distribution channels in the United Kingdom and France.
Competitor Analysis: A competitor analysis report containing information about the competitor across the specified criterion, his or her products, and a competitive position in the market.
iii) Required resources
The main resources required are the Market research team, product development team, sales and distribution expert, competitor analysis and many more (Mendanha, 2024).
Project risks and ethical issues relevant to the problem and Objectives
Overview of any potential problem
Product Line Development: Testing and adaptation to ensure that pet supplement products match the specific needs and preferences of various countries’ pet owners can be time-consuming (Zhang, 2023).
Go-to-Market Strategy: Complexity in strategy formulation in effectively penetrating and competing in the pet supplement market can be overwhelming, more so in established brands’ markets.
Sales Channels and Distribution: This is only through trial and error that the most efficient sales channel for each market will be established: online, pet shops, or retailers.
Competitor Landscape: The pet supplement market, for all its potential, might just be saturated with too many established players, making it hard for any new entrant to make their presence felt (Zhang, 2023).
The potential risk of completing the project
| Objective | Potential risk | Impact | Likelihood |
| To investigate and research the market in the pet supplement industry in the UK and France. | Poor decisions may be made due to inadequate or incomplete market data. | High | Medium |
| To identify a line of pet supplement products that can meet the needs and align with the preferences of owners, mainly in the UK and France. | Product offerings are out of place against local market preferences or regulations. | High | Medium |
| To analyse and create a focused go-to-market strategy to ensure the successful launch and promotion of Hemp Heros’ line of pet supplement products in the UK and France. | Poor marketing plan on the launch with poor market penetration of products. | High | Medium |
| To examine the sales channels used by brands like online, pet shops, and other retailers. | Misjudging optimal sales channels or inefficiencies in the distribution network. | Medium | Medium |
| To identify the key competitors and brands of the hemp and mushroom industry for pets in the UK and France. | Underestimating available competition or missing major players when analyzing the market. | Medium | Low |
Table 1: Identification of potential risk
(Source: Self-created)
The potential ethical issue of completing the project
| Objectives | Potential ethical issues |
| To investigate and research the market in the pet supplement industry in the UK and France. | Concerns regarding data privacy |
| To identify a line of pet supplement products that can meet the needs and align with the preferences of owners, mainly in the UK and France. | Misleading products claims |
| To analyse and create a focused go-to-market strategy to ensure the successful launch and promotion of Hemp Heros’ line of pet supplement products in the UK and France. | Ethical marketing practices |
| To examine the sales channels used by brands like online, pet shops, and other retailers. | Fairtrade and labour practices |
| To identify the key competitors and brands of the hemp and mushroom industry for pets in the UK and France. | Intellectual Property Infringement |
Table 2: Identification of potential ethical issues
(Source: Self-created)
Data collection and stakeholders at potential risk
Data Collection: Ensure that all data collected is treated according to the data protection acts. Try not to gather excess personal data, and ensure as much data anonymization as possible.
Stakeholder: Monitor the stakeholders’ interests, including customers and partners, to make sure that marketing activities are conducted in line with ethical standards and the expectations of all stakeholders (Vardopoulos et al., 2021).
Conclusion
The use of Hemp Heros’ current range of products in the pet industry also presents promising markets in the United Kingdom and France. Thus, thorough market research, the invention of new products, and the construction of the right and unique market entrée can help the company enter this market. The success of the activities will, however, require a consideration of latent risks and ethical issues.
Top Assignment Samples
Reference List
Anastasiu, L., Gavriş, O., & Maier, D. (2020). Is human capital ready for change? A strategic approach adapting Porter’s five forces to human resources. Sustainability, 12(6), 2300. https://www.mdpi.com/2071-1050/12/6/2300/pdf
Arbach, C. T., Alves, I. A., Serafini, M. R., Stephani, R., Perrone, Í. T., & de Carvalho da Costa, J. (2021). Recent patent applications in beverages enriched with plant proteins. npj Science of Food, 5(1), 28. https://www.nature.com/articles/s41538-021-00112-4.pdf
Cortez, R. M., Clarke, A. H., & Freytag, P. V. (2021). B2B market segmentation: A systematic review and research agenda. Journal of Business Research, 126, 415-428. https://portal.findresearcher.sdu.dk/files/180049214/B2B_Market_Segmentation_JBR_accepted_1.pdf
Durana, P., Michalkova, L., Privara, A., Marousek, J., & Tumpach, M. (2021). Does the life cycle affect earnings management and bankruptcy?. Oeconomia Copernicana, 12(2), 425-461. https://cejsh.icm.edu.pl/cejsh/element/bwmeta1.element.ojs-doi-10_24136_oc_2021_015/c/articles-19233663.pdf.pdf
Elsacker, E., Vandelook, S., Van Wylick, A., Ruytinx, J., De Laet, L., & Peeters, E. (2020). A comprehensive framework for the production of mycelium-based lignocellulosic composites. Science of The Total Environment, 725, 138431. https://www.researchgate.net/profile/Elise-Elsacker/publication/340459458_A_comprehensive_framework_for_the_production_of_mycelium-based_lignocellulosic_composites/links/5fc79ca492851c00f8454172/A-comprehensive-framework-for-the-production-of-mycelium-based-lignocellulosic-composites.pdf
Four Leaf Rover, (2024). Our Strory. Retrieved from: https://fourleafrover.com/our-story [Retrieved on: 1st August 2024]
Gebashe, F. C., Naidoo, D., Amoo, S. O., & Masondo, N. A. (2022). Cosmeceuticals: a newly expanding industry in South Africa. Cosmetics, 9(4), 77. https://www.mdpi.com/2079-9284/9/4/77/pdf
Hemp Heros, (2024). About Us. Retrieved from: https://hempheros.com/pages/about-us [Retrieved on: 1st August 2024]
Irbe, I., Filipova, I., Skute, M., Zajakina, A., Spunde, K., & Juhna, T. (2021). Characterization of novel biopolymer blend mycocel from plant cellulose and fungal fibers. Polymers, 13(7), 1086. https://www.mdpi.com/2073-4360/13/7/1086/pdf
Jiang, Q., Chen, G., Kumar, A., Mills, A., Jani, K., Rajamohan, V., … & Rahatekar, S. (2020). Sustainable sandwich composites manufactured from recycled carbon fibers, flax fibers/PP skins, and recycled PET core. Journal of Composites Science, 5(1), 2. https://www.mdpi.com/2504-477X/5/1/2/pdf
Medeiros, F., Aleman, R. S., Gabríny, L., You, S. W., Hoskin, R. T., & Moncada, M. (2024). Current Status and Economic Prospects of Alternative Protein Sources for the Food Industry. Applied Sciences, 14(9), 3733. https://www.mdpi.com/2076-3417/14/9/3733/pdf
Mendanha, D. (2024). Driving sustainability in the automotive industry: bio-coated materials and modern strategies. Academia Materials Science, 1(2). https://www.academia.edu/2997-2027/1/2/10.20935/AcadMatSci6188/pdf
Pinho, C., Franco, M., & Mendes, L. (2021). Application of innovation diffusion theory to the E-learning process: higher education context. Education and Information Technologies, 26(1), 421-440. https://www.researchgate.net/profile/Claudia-Pinho-4/publication/342591250_Application_of_Innovation_Diffusion_Theory_to_the_E-learning_Process_Higher_Education_Context/links/60f1a1790859317dbde7a28b/Application-of-Innovation-Diffusion-Theory-to-the-E-learning-Process-Higher-Education-Context.pdf
Setiawan, B. (2021). Personal norm and pro-environmental consumer behavior: an application of norm activation theory. ASEAN Marketing Journal, 13(1), 40-49. http://repository.ibik.ac.id/1299/1/2021%20Budi%2013213-67555805-1-SM.pdf
Sharma, A., & Jha, A. (2023). Application of biopolymers in clothing and fashion. International Journal of Pharma Professional’s Research (IJPPR), 14(4), 1-21. https://ijppronline.com/index.php/IJPPR/article/download/341/252
van den Oever, M., Gursel, I. V., Elbersen, W., Kranendonk, R., Michels, R., & Smits, M. J. (2023). Regional supply of herbaceous biomass for local circular bio-based industries in the Netherlands (No. 2415). Wageningen Food & Biobased Research. https://library.wur.nl/WebQuery/wurpubs/fulltext/630159
Vardopoulos, I., Tsilika, E., Sarantakou, E., Zorpas, A. A., Salvati, L., & Tsartas, P. (2021). An integrated SWOT-PESTLE-AHP model assessing sustainability in adaptive reuse projects. Applied Sciences, 11(15), 7134. https://www.mdpi.com/2076-3417/11/15/7134/pdf
Zhang, D. (2023). Fire-Safe Biobased Composites: Enhancing the Applicability of Biocomposites with Improved Fire Performance. Fire, 6(6), 229. https://www.mdpi.com/2571-6255/6/6/229/pdf