Mikes Bikes Marketing Plan Essay

Executive summary: M3p bikes corporation is a bicycle manufacturing company that provides products and services to the local community of Sydney NSW. Our production plant manufactures a variety of bicycles which we sell to customers through a variety of retailers & wholesalers including bike shops, sport shops & discount stores. The main idea of the strategy is to take the middle route in regards to marketing, operations & finance. This way, we would not be lagging in any sector, and thus no other firm can take advantage of us in any sector. By marketing sure we have reputable investments in advertisement, public relations, distribution and etc, we would be able to watch the market and pounce on opportunities that may rise, while not worrying about all of our other sectors of business, that s for the very early rollovers (The introduction of mountain bike). For the next coming years we will be introducing another 2 different types of bikes, Road bike, & youth bike. Each of the 2 bikes will have its own  strategy. Our road bike product strategy will be based on high pricing, lower volume and that for the reason Road bike segment are not sensitive to price as other segments some will pay up to 2500$ for the right bike, all what customers care about in this segment is the Quality of the bike. We will not be focusing too much on advertising since this segment focus more on the advice of a sales assistance, word of mouth & Friends past experience. The youth bike segment product strategy will be based on low price, higher volume. Product has to be durable, but also relatively inexpensive while having the best image on the block. Youth Bike segment is very large, the demand for a product is determined by many factors in addition to the product attributes. These also include a focus on Advertising and distribution. All we want to make sure is that we are not lagging extremely behind in any sector, but at the same time not spread our money out in too many sectors without a focus. While maintaining a small balance, we will spend the majority of our funds in a sector such quality, so that we know that we have a great competitive edge in one area. Thus, we will be able to focus our products, lines of bikes, marketing around that one area to reduce dispersed expense. Over all, our team will do well in the industry. We will be able to maintain high sales and revenue that kept our management and staff motivated. Teamwork and morale in our firm is outstanding and we will be giving shareholders and a customer continues support. Our company is operating in a western capitalist economy with a population of approximately 15 million people. Customers are having high income and want from a particular bike to suit their individual needs. Market is separated into the three sections. The low cost Youth Bike, mid-range Mountain Bike and the high end Road bikes. Due to the very competitive market, government is regulating and prohibiting competition from other countries. Only local manufactures are able to produce, at the beginning just Mountain Bike segment, later on the rest two also. Consumers are not limited to a single market, many of them will be  purchasing multiple bikes, but all of them have specific preferences. Successful company will meet customer’s needs and maximize sales by growing the potential market size as well as taking sales from competitors. Every segment has different expectations most important things are design or style and technical specification. All products are sensitive because of life cycle and therefore needs to be modified through the years. Demand for the product is determined by many factors, like pricing, quality, advertising and distribution.   Consumers are able to choose to buy from three categories of retailers. Bike shops, sports stores and discount stores. Proportion is different for every bike. Every retailer is different with some specifications. Everything has to be combine, all the customers, retailers but also production needs. The better we could deal with this problem, the more successful the M3P bikes could be. Distribution is specific because the number of channels will decide to stock the products or not. It depends on the retail price, margin, unit sales history and also extra support.   Media are also playing very crucial role. There are 3 basic choices to advertising a product and public relations campaigns. There are television, internet and magazines.   Advertising is about raising product awareness level by running advertising campaigns. Every kind of advertising is sensible on different things. More money we are able to afford more multiple media are reach effectively. In the case of public relations, some products are more sensitive and some less. It also very important step to brand advertising. Having high brand awareness makes consumers more aware of company and more likely to buy their product. Maintaining a constant expand of branding is important in a process of gaining a loyal customer. Swot Strengths: – Ability to maintain the middle route – creating a well known international brand. – predict and utilize different advertising tools to create good product awareness. – Very efficient with our product output. – forecast sales extremely accurately – Producing high products on an affordable level – we are revolve around making sure we are not lagging behind in any major sector of our business so that other firms would be able to take advantage of us. Weakness – very high expenses on advertising and promotion, distribution & quality – Limited budgets Opportunities – opportunities lie within the branding bracket – continue to create a brand that is well known for quality and price. – continue to grow rapidly as a competitive force within the cycling industry. – Following the best distribution channels for every bike. – Following the safe side trying our best for not putting any debts, so we keep in control of our expenses for a certain point. Threats – threats come from our main competitors. – must continue to compete with the firms in price, quality & distribution. Vision: M3p bikes are dedicated to providing quality products and services to our valued customers at affordable prices. Mission statement: Provide quality and affordable products, Put customers first, Increase profits, m3p bikes is a manufacturer committed to make FUN affordable for everyone. We are committed to not only the sport of cycling, but the Joy that a long ride bike can bring. We spark healthy living family bonds in our community by having the most affordable prices and ensuring top-notch customer satisfaction. We make certain that everyone who buys one of our cycles also receives a basic safety guide. Above all else we here at m3p bikes believe in good, clean active fun. Values: Focus on customers, Social responsibility, Integrity, Teamwork, Opportunity and issue analysis * Mantain a brand that is well known for quality and price: M3p Bikes has the increasingly developed infrastructure for bicycles. * Rapidly grown as a competitive force within the cycling industry: While the bicycle industry is affected to some degree by the circular nature of the economy, bicycle and accessory sales never fall completely flat since there are many people that ride bikes regardless if it is economic boom or bust. * Competitors: There are another 6 companies competing the market with M3p Bikes. Key of success: * Reliability. * Convenience. * Unbeatable selection of quality. * Outstanding customer service. Critical Issues: M3p Bikes is still in the speculative stages as a start-up organization. The critical issues that it faces are: * The need to take a conservative approach to expansion. Expansion must not occur for the sake of growth in itself, but should occur because the customers will be better served. * Continue to build brand awareness, driving customers to M3p Bikes. * Maintain good relationships with suppliers. Goals & objectives Goals are the milestones by which achievement of the purpose statement are measured. The Goals also represent the vision for the company system in the future. In order to implement the purpose of the M3p Bikes Plan, the following goals are/will be established: 1. Mantain the high quality of sales and services that M3p Bikes is known for. 2. Maintain a financially healthy business and validate the trust and advocacy of other people in support of this business purchase. 3. Develop bicyclist safety Achieve monthly and yearly sales better than the previous year under the former owner. Focus marketing on our high quality to maintain current growth in sales and service revenue. General information about, Segmentation, targeting, strategies & marketing mix: Marketing Strategy * Promotional campaign: M3P Bikes will be visible at the two major industry trade shows. 75% of the retail bicycle shops attend at least one trade show a year. The shows provide retailers an opportunity to view upcoming products and chat with representatives from the companies as well place pre-season orders. This  campaign will also encourage retailers to stock and promote our bikes. We will provide them a small percentage of profit for that. Extra support is useful to achieve short term boost in distribution coverage as our product is new in market. We are offering discounts, brochures, trials to attract customers. Target market Bikes are such kind of transport system that can be used by all kind of people. we got 3 different kinds of bikes. In 1st year we are only focusing on mountain bikes. After 2 or 3 years of our company we are going to launch bikes in the market such as, Road bikes and Youth bikes. We have different target markets for these different kinds of bikes.