Full Answer Section

Forces that make this a good market to participate in:

• Moderate supplier power: This means that suppliers have some bargaining power, but it is not overwhelming. This gives photographers the opportunity to make a good profit.
• Low threat of new entrants: The barriers to entry are relatively low, but it takes time and skill to build a successful pet photography business. This makes it difficult for new entrants to compete and gives established photographers an advantage.
• Low threat of substitutes: There are few substitutes for professional pet photography. This means that photographers have a relatively captive market.

Forces that make this a bad market to participate in:

• Moderate buyer power: Pet owners are increasingly willing to spend money on their pets, but they are also price-sensitive. This means that photographers need to be competitive on price.
• Moderate competitive rivalry: There are a number of luxury pet photographers, so there is some competition. Photographers need to differentiate themselves from the competition in order to be successful.

Important aspects of the market that the five forces model does not capture:

• The emotional connection that pet owners have with their pets. This is a key driver of demand for luxury pet photography.
• The growing trend of pet humanization. Pet owners are increasingly treating their pets as members of the family, which is also driving demand for luxury pet photography.
• The rise of social media. Pet owners love to share photos of their pets on social media, which is creating a new market for luxury pet photography.

Overall, the luxury pet photography market is a good market to participate in, but there are some challenges that photographers need to be aware of. By understanding the five forces model and the other important aspects of the market, photographers can increase their chances of success.