Strategic marketing – bicycle shop Essay Example

not being a large company, we are a dedicated group that caters to bike enthusiasts, whether they are new or long-time cyclists. We firmly believe that reputations are earned through hard work, dedication, and attention to detail. As our business expands, our customers value and depend on the consistent combination of quality, price, and service we offer. Our goal is to effectively manage our growth while remaining faithful to our core principles of delivering top-notch, innovative bicycles at competitive prices supported by attentive and reliable customer service. To ensure efficient operations at Bunny Hop , we have assembled a team consisting of four salespersons , one cashier , one security personnel , one cleaner , and four service staff members . Our mission is to provide competitive prices for superior quality bicycles and maintenance service . Our vision is to establish ourselves as one of the top bicycle stores in Bangladesh within the next five years . We chose this business because biking has become a popular trend , with everyone wanting the latest models .We view the industry as profitable and full of potential, and we have a strong interest in seizing opportunities in this growing market. Our flagship showroom aims to offer high-quality bikes at competitive prices. We also have plans to expand this exclusive showroom to other locations where there is demand for our high-end bikes.

In order to gauge the demand for bicycles in our target market, we conducted an online survey using a multiple-choice questionnaire. The survey consisted of five objective and easily understandable questions. We surveyed 10 individuals primarily from the Absurdness area, where they either live or frequently visit

for study and other purposes. Our main focus was on university and school students.

One of the questions aimed to identify their primary concern regarding bicycles, with a majority expressing that they are concerned about performance and quality. This feedback reassures us that our products and services will meet their expectations. We strive to provide top-quality bikes and accessories within their budget while ensuring exceptional service that will never disappoint them.

Regarding how often people ride with cyclist groups, all options received similar votes, indicating that approximately 30% of our target market prefers to ride alone or use a bicycle for necessary transportation. However, the remaining 70% are more or less involved with cyclist groups, demonstrating a stronger interest in new bikes and accessories.This question was asked to assess the enthusiasm of our target market for bicycles. Our market segmentation strategy involves dividing the market based on demographic factors, including age, gender, family size, income, occupation, education, religion, race and nationality. We specifically segment our bicycle product based on age and gender considerations while also considering purchasing power. Demographic segmentation variables are commonly used to segment customer groups because consumer needs and desires vary with different age groups, even if they desire the same type of bicycle. Therefore, we will adapt product design and marketing strategies to cater to each age group's specific preferences. Gender segmentation is also commonly used in consumer marketing, so we will offer rides tailored for male and female cyclists. We will implement income segmentation by offering expensive and fashionable imported bicycles as our store is located in an exclusive residential area where high-end bicycles can be easily sold. Additionally, we will consider

customers' knowledge and educational status when segmenting products through a smart promotion strategy. Furthermore, when dividing the market into sections according to population density or location (world or states), we will take into account environmental factors such as climate as well as cultural aspects.Climate segmentation is a commonly used technique by many companies to target customers who make purchasing decisions based on weather conditions. In the USA, bicycle sales may be focused on areas near parks within a 100-mile radius. Some companies also consider out-of-state customers and concentrate their efforts in densely populated nearby regions. Cryptographic segmentation, often utilized in countries like Bangladesh, is a complex method of market segmentation that involves dividing the market based on customers' personality traits, motives, and lifestyles. This approach allows for a more personalized product offering. Customers have different preferences when it comes to bicycles - some prefer functional bikes for morning exercise while others seek stylish options for recreational rides. Therefore, our products will be categorized based on customer rationality and motives. Behavioral segmentation is determined by consumers' buying habits and usage patterns. For example, there are heavy users who frequently ride with groups or as part of riding clubs. Additionally, there are customers who purchase various types of bicycles for specific purposes such as mountain biking outside the city or navigating urban areas with road bikes. There is even a demand for BMW bikes among those who enjoy performing stunts.
Our main target market includes school and university students in or near the Absurdness area who need affordable transportation to reach educational institutions. Bicycles are an attractive option for them due to zero fuel costs, convenience for traveling

in groups, and the ability to maintain a fit physique. Additionally, we cater to middle-aged individuals who cycle as a form of exercise and prioritize their physical well-being. Cycling allows them to commute while saving time by avoiding traffic congestion and burning calories. Our ultimate goal is to establish a strong presence in the market by offering a wide range of bicycles and accessories at one location, along with repair and maintenance services.In contrast to other shops that have limited bike options for sale, we differentiate ourselves by offering a wide range of accessories and comprehensive repair services. When customers purchase bikes from us, they also receive a 20% discount on repairs (excluding regular maintenance). In the future, our plan is to introduce an exclusive home delivery service where customers can choose a bike from our website and have it delivered to their homes at no extra cost. While there is a small bicycle store in the Absurdness area, they are not considered our main competitor. Our significant competitive advantage lies in comparison to larger competitors in Dacha city such as Lion Cycle, G.S. Immix, and Kilocycle Exclusive who import bicycles from other countries. Some of these competitors also sell bikes to other stores and earn commissions on sales. One notable competitor called Kilocycle Exclusive specializes in selling local brand bikes like Raleigh bikes from Meghan Group. Most of these competitors are located far from the Absurdness area, primarily situated in Bangs at old Dacha and Diamonds areas. The Textron area houses the main store of Kilocycle Exclusive while Pantograph is home to a renowned bicycle repair and maintenance shop known as "Specialists". However, there

is currently a lack of good bicycle stores and repair shops in the Absurdness area which presents Bunny Hop bicycle store with promising opportunities.Bunny Hop can thrive in this area with its stylish and exclusive cycles, unique designs, and more affordable transportation options. Their home delivery service and convenient location on Absurdness ARIA road make it easy for customers to access. However, there are some weaknesses to consider, such as expensive floor rent and bicycles, as well as reliance on other service shops due to a lack of trained mechanics which may prevent Bunny Hop from offering competitive prices. Despite these challenges, there are several opportunities for Bunny Hop. The area has a large customer base, particularly among students who have high purchasing power. Low labor costs, online shopping options, home delivery services, and strong demand for bicycles also contribute to these opportunities. Furthermore,Bunny Hop has an advantage as the first business in the area to offer bicycles.
However, potential threats should be considered such as customers' lack of knowledge about branded cycles, possible traffic congestion in Absurdness ARIA due to its location,and political instability that may arise from unrest in the region or strikes impacting business growth.Additionally,the entry of competitors and concerns regarding bicycle theft and skepticism towards cycling also pose risks.In terms of PEST analysis: - Political factors play a significant role as political stability is crucial for sustaining business growthEconomic factors such as recession and market crashes have caused a lack of growth in the economy, impacting consumers' disposable income and savings. As a result, consumers are being more cautious with their finances and are looking for alternatives to reduce fuel costs, such

as purchasing bicycles.

On the social front, there has been an increase in cyclists riding together in groups. This trend has given rise to various biking groups like Bitchiest Cyclists, Pachysandra Cyclists, Dacha Northern Cyclists (DEN), among others. These groups frequently organize collective events that promote group bike rides.

Maintaining our store Bunny Hop comes with high expenses including generators, air conditioning units, fans, lights, and delivery costs. Thankfully, the impact of political instability on our business is minimal since we are located in Absurdness R/A where this instability has less influence compared to other areas.

Joining cycling groups serves as a source of motivation for individuals to purchase bicycles. Being part of these groups exposes them to different bike models and accessories while also receiving recommendations on the latest bicycles available in the market. Additionally, group members offer assistance with bike-related matters.

The increasing popularity of cycling has resulted in a higher demand for the newest bike models. This trend is widely accepted by society due to its time-saving benefits, exercise advantages, and positive environmental impact. Consequently, our business has experienced growth.Technological advancements have greatly improved the supply of bicycle accessories and services, including servicing, washing, and problem-solving. To effectively provide after-sales services, we maintain a customer database and use social networking sites and the internet for promotions.

Our main product offering includes various types of bicycles such as road bikes, mountain bikes, hybrid bicycles, track bikes, roadsters touring bicycles,and BMW bikes. Some bicycles will be imported from China and Europe while others will be sourced locally from companies like Meghan group.

Along with the bicycles themselves, we also offer a wide range of essential accessories like helmets, tail lights,

blinkers, front lights, tubes,forks,saddles,paddles,safety locks.brakes,t-shirts,jerseys,pants,and waterproof rain gear.Customers who purchase our bikes will receive complimentary hex wrenches and hex key sets.

In addition to selling helmets and other mentioned accessories above ,we also provide bike parts like headsets,bottom brackets spokes chains cables,and cable housings. Our pricing strategy is competitive in the market with prices similar or equivalent to those offered by competitors. However depending on the type and brand of bicycles,value-based pricing may also be considered.We have bicycles available at different price points, ranging from 10k-40k tasks, to cater to our target market's average income level. Our store is conveniently located in the Absurdness residential area near Block-A, which can be easily accessed from a busy main road. This location benefits both residents of the area and those living near Absurdness as it provides easy access for students attending ONUS and II-JOB schools, along with several other schools in this vicinity. Currently, these students rely on car or rickshaw transportation, resulting in significant delays due to traffic congestion. However, our store offers bicycle rentals to address this issue and meet the high demand for bicycles. This gives us a competitive advantage since neighboring areas lack good bicycle stores like ours (Goulash 2, Banana, Nekton, Rampart, Bad to Attar). By choosing Absurdness as our business location, we take into account these circumstances.

To ensure success through promotion strategies that appeal to our target market and raise awareness about our products and services:
1. Advertising on popular radio stations like Radio Fruit and Radio Today targets the younger generation.
2. Publishing articles about our offerings in influential newspapers such as Proctor All and Daily Star helps spread awareness.
3. Utilizing internet marketing

by placing virtual ads on Facebook, Twitter, and our website has revolutionized our approach.In order to reach a wide audience and share information about our company, we have implemented various strategies to maintain high standards in the current market for our bicycle store. These strategies include incorporating signs and graphics that add personality to enhance the store's image, as well as utilizing effective lighting to attract customers and make the merchandise more appealing. To highlight clearance and sale items, we utilize red POS signage. Additionally, recognizing the importance of distribution channel lessons and allowing salespeople to interact with customers is crucial for our company's strategy in gaining a competitive advantage that can be sustained over time.