Marketing Management Week Three Activity 2 Week Three Activity Venkatesh Miryanam, Avinash Munja, Deliah Pyles, Hannah Thomas, Jacob Sposaro

Marketing Management Week Three Activity 2

Week Three Activity

Venkatesh Miryanam, Avinash Munja, Deliah Pyles, Hannah Thomas, Jacob Sposaro

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Week Three Activity 2

Week Three Activity

Venkatesh Miryanam, Avinash Munja, Deliah Pyles, Hannah Thomas, Jacob Sposaro

University of the Cumberlands

BADM533-A02: Marketing Management

Dr. Thompson

January 23, 2022

Product

           Biking is a popular worldwide exercise and leisure and is widely used in fitness, tourism, and transportation. Research and Markets (2021) projects that the overall market for bikes will grow by approximately 13% by 2026, with multiple models of bikes contributing to the proposed growth. Bikes serve many purposes worldwide and different styles such as road or mountain bikes, exercise bikes, and newly introduced e-bikes. Research and Markets (2021) explains that the diversity of bike offerings will increase demand and cater to influences such as fitness, eco-friendly transportation, and an increased global presence. 

We propose offering a molded memory foam bike seat adjustable to each rider. The design would enhance the comfort and satisfaction of riding. The proposal is based on the demand for bikes and the lack of this cushion style. Damon Ward shows that many bike seat cushions use memory foam and are popular in the market. The advantage of our proposed product is it would be moldable to each rider. The rider would receive a cushion and then sit on it like they were riding a bike. The foam would then mold to the ride and provide personalized cushion, support, and flex based on the rider’s body shape and size. This bike seat would be a cover that fits any standard bike seat and is made of memory foam that would adjust as riders shift and move. It would be like memory foam mattresses or shoe insole, which consumers have shown to value. The memory-foam type seat cushion would have the necessary support and flexibility (based on the rider’s body position) to provide improved comfort while riding. This would come in various thicknesses (firmness of the foam) depending on preference, fit all styles of bike seats, and magnify the biking experience.

Price

      Since this would be an innovative product and would provide riders with an enhanced comfort level, we could charge a premium price. Riders would view this cushion as valuable because it would quickly transfer between different bikes, be personalized to their body type, and negate the complaint of uncomfortable bike seats providing superior comfort for riding. Additionally, it would improve other cushions available in the market. Damon Ward (2021) shows that none of the top-selling, most popular bike seats are molded to each rider, and each seat has drawbacks. The product could command a higher price because of the value-added. Ward (2021) shows that the top seat cushions on the market range between $23 and $45. We propose charging a premium price of $60 per cover. This price is justified by the value-added and personalization while remaining in line with the competition. This would encourage the target market to pay a slight premium for greater satisfaction.

Promotion

Our audience is commuters, retired individuals, and those who ride bikes for fitness. We would start with SEO content, such as google ads and blogs posted on our website. This content will use key SEO words that will draw people to our site for content like five ways to bike comfortably or Top 10 must-have items for commuters. Running a Google Adwords campaign would help bring these sites and posts to the top of the search page and get more traffic.

Social media marketing is also a key player. Due to our audience, I would run Facebook ads targeted at the retired community and Instagram ads targeted at our commuters. We could explore the idea of partnering with a TikTok influencer, but I would not recommend running open ads on TikTok.

The actual promotion we will run is a website offer of 20% off your FIRST purchase when you sign up for the newsletter. This promotion would not count towards a past 1st purchase. The website offers 20% off a purchase when signing up for the newsletter. This will allow us to investigate our buyer demographics and see who our buyers are. I would also recommend a “money-back guarantee” if users don’t love the product after 30 days. The money-back-guarantee shows that we fully support our product and often gives buyers comfort in knowing they have a safety net for a little bit.

Place/Distribution

Based on having a primarily online presence in our marketing campaign and targeting customers through outlets such as Facebook ads, using Google AdWords, Instagram, and blogs, our distribution/place will be an online store where we will deliver directly from the manufacturer warehouse to the customer who places an online order. We will be using shipping methods such as USPS, FedEx, and UPS. Customers will pay the shipping cost, and we may offer a discount on shipping once a minimum purchase amount is reached. Since this location will be targeted, we will also provide our products at select retail locations in Boston, Massachusetts. We will also offer this product at select bike and fitness stores in targeted cities nationwide. Using only select retail locations for our product will let our customers know our products are “special” and not an ordinary product that can be purchased elsewhere at a lower price. It gives us an image of exclusivity and shows we offer a premium product. Using the direct-to-customer approach will cut out many costs related to our product’s distribution, stocking, and delivery. Our company will also have direct sales where the salesperson takes orders sent to the warehouse distributor for direct-to-customer delivery through our shipping partners.  

Strategy

           We are successful in developing a molded memory foam bike seat cushion that provides comfort and a smoother experience for the individual bike rider. There is a need to select the target market to develop an effective marketing plan. A target market can be defined as a specific segment of customers willing to purchase the product increasing organizational sales (Chang et al., 2020). We would also deal with two types of the target market where there is an involvement of both B2C type and B2B type where my organization can directly sell the product to the consumers and sell it to the retailers and wholesalers. As everyone is fond of bikes nowadays, the developed product bike seat cushion offering comfort and flexibility would have a target market of any gender, which may be men, women, and children. It would also attract the older ones who love to ride bikes (Oster & Werner, 2017).

We want to target those who ride bikes for fitness and middle-aged and older people as they require more comfort while going to their workplace. We would also like to target people from distant areas as they must cover a lot of distance on their bikes. We would also like to target San Francisco and Boston, where individuals are fond of riding a bike (Chang et al., 2020). Being a hilly terrain area, the bike riders face difficulties enjoying their ride. Many people would purchase the introduction of molded memory foam bike seat cushions to provide a smoother and more flexible riding experience, even in the hilly area. Our focus would be to attract middle-aged and old-aged people to buy the product by marketing the individuals’ benefits by purchasing the easily moldable and flexible bike seat cushion (Oster & Werner, 2017). Additionally, we will target those who bike for fitness as the seat cushion. A better cushion would improve their overall workout experience and enhance the satisfaction and health benefits. 

In any business, better and more effective product distribution methods will help add value to the company. Bike seat selling will require distributing strategies such as wholesalers, retailers, and direct sales to the identified customers. Direct sale of bikes to customers will be among the distribution strategies whose primary focus will be facilitating brand interaction with its customers to help build a customer services experience. This aspect will highly contribute to the creation of customer loyalty (Geier, 2021). Direct selling will involve the use of brick-and-mortar locations, door-to-door sales, and tale marketing. Oher distributing strategies that may be considered are selling via intermediaries and dual distribution.

Before establishing, a bike seat business, it will be advisable to consider its location and intended customers. With this regard, the primary target market for bike cushion selling will be recreational cyclists, serious competitors, parents, commuters, and parents with schooling children. This mix is a good target market since they require comfortable bike seats for severe reasons. Children use bikes to facilitate the get to school without wasting time along the way. Also, commuters will be required cycles to help them reduce the cost of transport and traffic jams that could otherwise waste their time. Therefore, reaching out to these people will help create a reliable customer base. Perhaps serious competitors have a higher demand for quality bike sears that will help them win such rallies. Creating a sales forecast for this group of customers will ensure that many cyclists are enticed to visit and shop from the brand (Geier, 2021).

Having considered the most appropriate target market for bike and cycling products, the best location will be Boston, Massachusetts. This is the most suitable city for bike business because from stats, it has been found that this city has the best bike score of over 70.5. secondly, the city has the highest number of commuters who love biking to and from work. Additionally, Boston has around 5.31 miles of protected biking lanes, an aspect that makes it the most suitable headquarter for bike business in the United States (LINDSEY, 2020).

References

Bicycle Market – Global Industry Analysis. (2021, November). Research and Markets.

Chang, W.-P., Shen, I.-H., Wen, C.-P., & Chen, C.-L. (2020). Age-Related Differences Between Young and Old Adults: Effects of Advance Information on Task Switching. Perceptual & Motor Skills, 127(6), 985–1014.
https://doi.org/10.1177/0031512520930872
 

Geier, B. (2021, June 2). Most bike-friendly cities in America – 2020 edition – SmartASset. Retrieved from https://smartassest.com/checking-account/most-bike-friendly0ctities-2020

LINDSEY, J. (2020, November 30). All of the different types of bikes—Explained. Retrieved from https://www.bicycling.com/bikes-gear/a23067076/types-of-bikes/ 

Oster, M.-M., & Werner, L. A. (2017). The Influence of Target and Masker Characteristics on Infants’ and Adults’ Detection of Speech. https://doi.org/10.1044/2017_JSLHR-H-60464 

Ward, D. (2021, October 13). Stay Comfortable With the Best Stationary Bike Seat Cushions. Sports Illustrated. Retrieved from https://www.si.com/review/best-exercise- bike-seat-cushion/

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