本研究探討寵物保健食品市場中的創新商業模式，聚焦於首創以巴西蘑菇為原料的品牌牧菲斯。隨著寵物經濟的崛起，寵物保健品需求快速增長，癌症一直以來亦是寵物的頭號殺手,然而，具有防癌抗腫瘤功效的寵物保健食品卻寥寥無幾。牧菲斯品牌以敏銳的市場嗅覺，於2017年推出以奈米細胞破壁技術研發出創新的純天然巴西蘑菇寵物保健食品，並透過動物醫院通路銷售建立專業形象，同時與透過異業策略聯盟拓展市場。本研究採質化研究方法,透過文獻探討分析寵物保健市場現況、巴西蘑菇功效及商業模式創新理論，再藉由深度訪談和個案研究收集資訊，剖析牧菲斯品牌在價值主張、目標客群、通路、產品創新、行銷等方面的創新作為。 研究發現，牧菲斯的成功關鍵在於:1.首創以巴西蘑菇為特色原料，掌握了寵物食品應具備的適口性,導入奈米生物科技研發、功效透過動物試驗實證，開發出能輔助寵物抗癌、維持免疫力的優良產品;2.鎖定高度重視寵物健康的飼主;3.透過動物醫院通路建立品牌信任;4.持續拓展通路及知名度;5.整合線上線下教育行銷。然而，儘管牧菲斯以適切的經營策略和創新的商業模式在市場中站穩了腳步,競爭卻是日益加劇的，牧菲斯仍面臨品牌差異化、通路拓展、消費者教育等挑戰。本研究期待透過分析牧菲斯品牌發展歷程，解密其成功的關鍵點,為中小寵物企業的發展提供有益借鑒 ; 對整個行業的生態構建產生啟發意義。同時為相關研究奠定理論基礎，甚至為主管機關提供制定寵物食品法規的參考依據,相信秉持誠信的原則與精神，依循法規並持續創新商業模式,將是業者制勝的最佳方程式。

Abstract This study explores innovative business models in the pet health food market，focusing on the first-of-its-kind Brazilian mushroom Agaricus blazei Murrill-based brand IMMUNIFIX. With the rise of the pet economy，the demand for pet health products has grown rapidly. Cancer has always been the number one killer of pets. However，there are very few pet health foods with anti-cancer and anti-tumor effects. With a keen sense of the market，IMMUNIFIX launched innovative pure natural Brazilian mushroom(Agaricus blazei Murrill) pet health food in 2017 using nano cell wall-breaking technology，and established a professional image by selling it through animal hospital channels. This study adopts a qualitative research method to analyze the current situation of the pet health care market，the efficacy of Brazilian mushrooms and business model innovation theory through literature discussion，and then collects information through in-depth interviews and case studies to analyze the value proposition and target customers of the brand IMMUNIFIX. Research has found that the keys to IMMUNIFIX’s success are : 1. It was the first to use Brazilian mushrooms as its characteristic raw material，mastered the palatability that pet food should have，introduced nano-biotechnology research and development，and proved its efficacy through animal experiments，and developed a product that can assist pets. Excellent product to fight cancer and maintain immunity; 2. Target pet owners who attach great importance to pet health; 3. Build brand trust through animal hospital channels; 4. Continue to expand channels and visibility; 5. Integrate online and offline education marketing. However, IMMUNIFIX still faces challenges. This study hopes to discover useful reference for the industry. At the same time，it will lay a theoretical foundation for relevant research. We believe that following regulations and continuing to innovate business models will be the best formula for success.

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