Strategic marketing – bicycle shop Assignment

Strategic marketing – bicycle shop Assignment Words: 3543

We believe that it will increase our knowledge and skills on these subjects. We also believe that this project will help us to develop our immunization skills in any business sector and we will be able to work better in the near future. Thank you for your supervision. Yours sincerely, Shadily Bin USAF Acknowledgement This project is the product of our endeavor, which is actually the reflection of continuous supervision of our course teacher Mr.. Sammy Aimed and our cordial effort.

Our gratitude goes to our most esteemed teacher who gave us his valuable advice, direct guidance, cordial inspiration and specially his valuable time to carry out this project. Without his sincere encouragement it would not be possible to accomplish this project properly. We are grateful, in particular to Mr.. Mozzarella Huge, founder member of Bitchiest for his valuable time to give us the interview more than once and providing necessary suggestions. While the discussion of some critical terms and plan, some of our elder brothers and sisters have helped us with their cordial effort.

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We cordially thank to all of them. Finally, we are grateful to some of our intimate friends for their collaboration in our weekly group discussions. Our special thanks to all of them for their cordial participation in different group discussions, actually they share their views, experience to make the report properly. We are highly indebted to all of them. Executive Summary: We are all about the freedom and empowerment of the bicycle. We’re not big, nor are we that small. Just a dedicated group of providing bicycles for people who love bikes- no matter if that love is new or long established.

Reputations are earned through hard work, dedication and attention to detail and as our business will grow our customers come to appreciate and depend upon the consistent combination of quality, price, and service that we offer. So we enter with the goal of effectively managing our growth to meet the rapidly increasing demand for our products while engaging totally committed to the fundamental principles – offering the highest quality and most innovative bicycles at the most competitive prices and with the most attentive and dependable customer service.

Bunny Hop is an established bicycle specialty store, offering retail sales of new bicycles, parts and accessories, clothing, and maintenance and repair service. It will be located in a heavily trafficked, university-focused area, Absurdness RA. For our store, we have selected a shop, which is about 1500 square feet. It will be partnership business including four partners. Their Jobs are specific but their contribution has a broader value to lead the business to climb the stairs of success. We will keep four sales persons, one cashier, one security, one cleaner, four service people.

Our Mission: To serve the highest quality bicycles and maintenance service at the most competitive prices. Our Vision: Within next five years we will try to be one of the best bicycle stores in Bangladesh. The Reason behind Choosing this Business: Nowadays riding bicycles is a craze. Everyone wants to have the latest model of brand new bicycles. This trend is becoming popular day by day. So, we think it is a eight business to select. We have potentiality in this sector of business and we have a keen interest in this trend. The market is also growing.

We are aiming to provide the highest quality bikes at the most competitive prices in our flagship showroom, this is where all the exclusive bikes are available. There are plans to expand the exclusive showroom to even more locations where our high end bikes are demanded. Survey Analysis: We have done an online survey to see the demand of bicycle to our target market. The primary data collection instrument for our research was multiple-choice questionnaire. We have selected 5 questions with multiple choices. The way we have designed our questionnaire was objective, expressive and easy to understand.

We have done the survey on 10 people. Most of them live in Absurdness area and the others come to this area often for their study and other purpose. We have done the survey on our primary target market, the students of university and school. IQ : Which of the following modes of transportation do you generally use to get from one place to another? In this question we wanted to know the transportation medium our target market use to travel. The highest vote is 40% got vote for car. Riding bicycles got similar votes. It explains that young people of Absurdness area ride bicycles more often.

Q: What do you think about the purpose of bicycling? In this question, we wanted to know the purpose of bicycling to our target market. Most of them has supported physical exercise. Transportation got the second highest vote. By this we have come to know that our target market is health conscious. They also ride bicycles for easy transportation. Q: If there is a bicycle store in Absurdness R/A, what you will expect from it? In this question we directly asked about the expectation that our target market have room a bicycle store in Absurdness area. Majority of them have voted for bicycles, accessories and maintenance service.

As we are giving all of them together, we sure we will be able to satisfy the need of our target market. Some of them have voted for accessories and maintenance service. This is because may be they already have bicycles and they don’t want to buy a new one. So we have to be more careful about our selling accessories and repairing and maintenance service. Q: What is your main concern regarding bicycle? In this question maximum people have voted for the performance and quality of the icicles. We ensure our target market about the quality of our product and service.

We will give them the best quality bikes and accessories within their budget. We also give guarantee of our service that no one will ever get disappointed from our service. Q: How many times you go to ride with a cyclist group? In this question, all options got almost same votes. 30% of the target market are not involved with cyclist groups. May be they like to ride bicycle alone or they use it for necessary purpose like transportation. Other 70% are more or less involved with cyclist groups. People who involve with bicycle riding groups are more concerned about new bikes and accessories.

We have asked this question to learn about the intensity of eagerness we might find from our target market regarding bicycles. Market Segmentation: Demographic Segmentation Consists of dividing the market into groups based on variables such as age, gender family size, income, occupation, education, religion, race and nationality. We Segment our product (bicycle) based on peoples age, gender and also keep in mind about the buying ability of our product. We also keep in mind that as we might expect, anemographic segmentation variables are amongst the most popular bases for segmenting customer groups.

Consumer needs and wants change with age although they may still wish to consumer the same types of bicycle. So we will design and promote products differently to meet the wants of different age groups. Gender segmentation is widely used in consumer marketing. So we also keep rides specifically for male and female cyclists. Income segmentation based on peoples’ income. We will keep expensive and more stylish cycle exported from foreign countries. Because we know our store is in exclusive residential area. So we can sell expensive cycle easily. For that reason we will segment our product on the basis of their income.

We will segment our product on the basis of people’s knowledge and education status. We will use smart promotion strategy. Geographic Segmentation Geographic Segmentation based on our environment and culture. We would allow the store to break the market into sections by climate, density, market size, world or states. Many companies use climate if their products or services rely on the weather. Outside of our country like USA is more interested in targeting geographic locations o sale their cycle that are located near the park in a 100-mile radius.

They believe some customers will ride in from out of state, so in addition, they will target large- density areas nearby. Cryptographic Segmentation It is very complicated way to segment the market using chirography’s country like Bangladesh. Especially Cryptographic segmentation is segmenting a market based on customer’s personality, motives and lifestyles. Some people don’t like stylish cycle. They needed cycle to do exercise in the morning. Some customers needed funky and stylish cycle for ride. So we will segment our product on the basis of customer’s rationality and motives.

Behavioral Segmentation Behavioral segmentation is based on the buying and using behavior of the product by the consumer. For bicycle there are heavy users who mostly ride with a group or a member of a bicycle riding group. There are also some buyers who usually buy different bikes for different purpose. They use mountain bikes for long ride outside the city, road bike inside the city, BMW bikes to do stunts. Target customer: We are mainly targeting school and university students who live in Absurdness area or near Absurdness area or come to this area very often.

Our secondary targets are middle aged people who are more likely do cycling for exercise. We are targeting students or young people as our primary target for various reasons. They are, Students need to go to their institutions. But other mediums of transportation have high cost value. But income of our primary target market is quite low. That is why they will like to choose bicycle as it does not have any fuel cost. Young people like to travel a lot in a group. Having a bicycle make it lot easier to do so. Young people are now more concerned about their health. They want to be fit and look good.

Bicycling is the most effective way to keep the body and mind fit and working. We are targeting middle aged working people as our secondary target market for some reasons. Like, They are now more concerned about their body. They don’t want any diseases like cardiac disease or diabetes. That is why they want to do exercise. But because of Job and other works, this segment do not get time to do physical exercise. For them, cycling is a best way fulfill their demand. They can go to their working and other places riding bicycle. It will save their time form traffic Jam and burn calories. Market Positioning:

We basically position our business in our target customers mind by providing almost all types of bicycles and accessories under one roof so that they don’t have to go to anywhere else. Moreover, we are also providing repair and maintenance service to our customers. No other store gives all these things together. So we can position our product in customers’ mind that they will get everything they want related to bicycles in our store. Differentiation Strategy: Our main differentiation strategy is we are giving all types of accessories and maintenance service. No other shop give service with the bicycle.

There are other bicycle service shops but they don’t sell bicycles. They sell a few accessories. So we are differentiating our business from our competitors by selling bikes, accessories and also by providing repair and maintenance service. Moreover, people who will buy bikes from us, will get 20% off in repairing services (not in regular maintenance service like wash and lube). Besides, In future when we start making profit, we’ll provide a very unique service which is home delivery service. So customers won’t have to come to our store to get their bikes. They’ll choose bike form our website and e will deliver it to their home free of cost.

Competitor Analysis: There is one small bicycle store near Absurdness area but we do not consider it as our main competitor. Because we will have a huge competitive advantage than other big competitors in Dacha city. We have a very few big competitors like Lion Cycle, G. S. Immix, Kilocycle Exclusive who are bicycle dealers and buy many bicycles from other countries. Some of them sell bikes to other bicycle stores and get commission on sales. Kilocycle Exclusive sells local brand bikes like Raleigh bikes of Meghan Group. But all of these stores are located far from Absurdness RA.

Most of the stores are located at Bangs at old Dacha and others are located at Diamonds area. The main store of Kilocycle Exclusive is at Textron area. There is also a famous bicycle repair and maintenance shop, “Specialists” which is located at Pantograph. That means there are no good bicycle stores and repair shops near Absurdness area. That is why Bunny Hop bicycle store has a bright future if we open it in Absurdness area. SOOT Analysts: Strengths Stylish and exclusive cycle. Unique design and first time in this area Less expensive transportation with huge supply Branded Cycle Home delivery service

In a middle center of Absurdness ARIA road. Well decoration and Comfortable to move. Weakness Expensive floor rent Expensive bicycle As we don’t have enough trained mechanics so we have to depend on other service shop or other expertise Our price will not be low from present market price. So we can’t get any competitive advantage here. Opportunity Lots of customer (especially students). Customers buying ability is high. Low cost of workers. Online shop and home delivery are available Huge demand of cycle. Customers are very eager to buy bicycles No business rival, as we are the first in this area so there will be no competitor for us.

So we will get a first mover advantages. New and untapped market Threats Customers’ lack of knowledge about branded cycle. Absurdness ARIA internal traffic Jam The political unrest situation can be a threat for us. Entry of competitors. Stealing of bicycles. Negative perspectives and doubts about the cycling concept. High maintenance costs(Generator, A/C, Fan, Lights and delivery costs) PEST Analysts: Political Factors The strikes will affect the normal growth of the business and hence political stability is important for any business.

Our store is situated in Absurdness R/A, where political instability will slightly affect our business. Economic Factors The economy was under recession due to the share market crash and the continuing phase of almost no growth in the market snatched away the disposable income and the savings of millions. As a result of this, the spending power of consumers is steady as they are not yet confident about their current financial situation. That is why they want to minimize their cost of fuel and buy bicycle. Social Factors At present many bicyclists ride in a group.

Thus a lot bicycle riding groups have been created recently. Some of the famous cyclist group are Bitchiest, Pachysandra Cyclists, Dacha Northern Cyclists (DEN) etc. Yuckiest in these group arrange an event to ride bicycles together. It is seen that people who Join these groups, have a tendency to buy bicycles more. They can see different models of bikes and accessories when they ride with these groups and they are also get suggested about the latest bicycles in the market. Members of these groups help each other in the matter of bicycles.

For some people riding bicycle has become a trend and so they are more likely to buy latest model of bicycle. However, society has accepted the trend of riding bicycles as they are time saving, good exercise and pollution free. Thus all these factors positively affect the sales and growth of our business. Technological Factors One of the key macro-environmental variables that have directly influenced the supply of accessories, servicing, washing and problem solving of bicycle is set up a new technology. We will keep database to keep record of the customers who buy our product.

It will help us to provide them after sales services. For promotion, technology has been diverted to social networking sites as well as internet. It has become a popular and easiest way to run promotional activities. Bicycles The main product of our business is bicycle. We have planned to sell different types of bicycles like road bike, mountain bike, hybrid bicycle, track bike, roadster, touring bicycle and BMW bike. Some of the bicycles will be imported from China, Europe and other places and some will be bought from local company like Meghan group.

Accessories We will also sell some important accessories like, helmet, tail light, blinker, front light, tubes, fork, saddle, paddle, safety lock, breaks, t-shirt, Jerseys and pants, waterproof rainwater etc. We will provide hex wrenches and hex key sets to our customers absolutely free with the bikes. Some other parts such as headsets, bottom brackets, spokes, chains, cables, and cable housings will be sold to cyclists who prefer to work on their bikes themselves. Price: We can promise many popular & quality bicycles and accessories within a reasonable price.

Our pricing strategy will be competition-based pricing where price will be close or quite same to our competitors or we are going to follow value-based pricing strategy. Different types and brands of bicycles cost different. There are 10000-40000 take bikes and there are also 40000-100000 take bikes. We would like to keep all prices of bicycles in our store. But we will also consider the average income of our main target market and would likely to keep bicycles that match their income. So we will keep 10,task to 40,task bicycles more because our target customers are quite comfortable to buy bicycles within this price range.

Place: The location of our store is in the Absurdness residential area. It will be close to the entrance gate of the area Block-A. We have chosen this place because it is close to the main road which is very busy all the day. It is a convenient place for both the residents of this area and also for the people live near Absurdness area. In Absurdness, there live many students of ONUS and II-JOB. There are also many schools in this area. All these students go to their institutions by car or rickshaw. Sometimes they have to sit for a long time in traffic.

Again in Absurdness, most of the stores are situated near the gate. So people have to come to that place for their daily needs. But this place is clumsy with traffic. It wastes time of many people who live inside Absurdness far away from the gate. If they have bicycle, it’ll be very helpful for them to overcome this problem. So, the need of bicycle is quite extreme in this area. On he other hand, there is no good bicycle store from Goulash 2, Banana, Nekton, Rampart, Bad to Attar. So in this area zone we believe that there are no such competitors which will be considered as threat to us.

That is the reason we think that this is the perfect place to run our business. Promotion: Promotion is necessary for every business. In recent decays no business can be imagined without promotion. This is why we have come up with different modern promotional strategy. Advertising: We can simply cast our ads on different FM radio. Young generation is fond of FM radio. That is how they will find us more quickly. We can cover, radio fruit and radio today. We can also publish our writings about products and service facilities in daily newspaper or magazine like Proctor all, Daily star etc.

Internet Marketing: Internet marketing is a dynamic and revolutionary idea which has become a very important medium of marketing recently. So, Our Company will definitely engage in internet marketing. In this way, by putting up an ad virtually, a lot of people will come across the information about our company. In doing so we would have to run our promotion on our faceable page, twitter page and our own website. Physical evidence: For a proper bicycle store we have planned a bit more than other stores. We are following some concepts to maintain high standers in the current market.

Some factors are: Signs and graphics will add personality to a store’s image Good lighting can highlight merchandise sculpt space, and capture a mood that enhances a store’s image. POS (point of Sale) signage for clearance and sale items tends to be in red to draw a consumer’s attention. People: One of the key components of a firm’s strategy is how to achieve and maintain competitive advantage. We all know about the role and importance of the lessons in the distribution channel and salesperson access to the customer as a means of achieving competitive advantage.

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