Marketing

FORMATTING – 0.25 POINTS DEDUCTED FOR EACH GUIDELINES NOT FOLLOWED!

1. Use 12 point Times New Roman font throughout.2. Use double-spacing throughout.3.  Have a cover page with your name, assignment number and date of submission.4.  Every scenario will require research – follow APA guidelines (in-text citations and a References page).

Here is a link to learn more about proper APA

citing:https://owl.purdue.edu/owl/research_and_citation/apa_style/apa_style_introduction.html

SUBMISSION

Submission via Canvas: Each student must submit their paper digitally (MS Word documents only) via the Turnitin drop box provided on Canvas by the day/time indicated. The assignment’s drop box will be posted on Canvas in the “Assignments” section of the course website. If a due date/time is missed, the assignment submission will NOT be accepted late.

GRADINGGRADING SCALE FOR EXECUTIVE SUMMARY

CriteriaRequirements

1. There are only a few minor writing mistakes and 10% or less quoting and 10% or less Turnitin plagiarism count

2.Criteria Requirement (Application(for each of the three sections)

Connects the marketing concepts used to ALL of the decisions made by the student.

3. Quality of Content (for each of the three sections)

Content for section addresses expected content completely

4. APA Formatting Overall

All of the in-text citations and References listing adhere to proper APA formatting

ANSWER

Market Research for Bicycle Shop at Northridge

One Segmenting decision for business Markets

The kind of market segment for bicycles in the US helps analyze and identify a distinct market segment. It also formulates a specific policy or plan purposed to advance bicycle usage in each segment. The best market segment to use in this market research is a segmented business market segment. Segment nine provides a clear and in-depth segmentation dimension for businesses or organizations in the market. To offers multiple choices of things to consider while analyzing a bicycle market. For instance, the segment allows us to search on the relationship between various vendors in the bicycle market at Northridge. For instance, there is Samson eBikes, Burbank Bike Shop, Hitchwheels, among others. Each has its unique branding that creates good loyalty from its customers. The segment allows me to analyses the nature of customers at Northridge. These range from manufacturers, service producers, government agencies, military, non-profit organizations, or other retailers. The bicycle shop will partner with the best bicycle manufacturer that is the giant Bicycle. It is a Taiwan based manufacturer whose bikes are most demanded all over the world (2021).

On the geographic aspect, the shop will be set up in Northridge, the neighbourhood in Los Angeles. In this region many people like to cycle as a hobby, means of movement from one point to another, sporting among other reasons. The segment also allows a research n how the product will be used.  Also, it illustrates the type of buying situation that is found at Northridge. It constitutes decentralized, peer influences, straight rebuy or new-task buying. The nature of purchasing method is another crucial aspect that this method looks into. Most Northridge buyers like internet bids, negotiation contracts, physical assessment, and specific brands. This is from the research conducted by other vendors (Li et al., 2013).

Two Segments

A consumer segment is critical for analyzing the behavioural dimension, that is, the demographics, geographics, psychographics, among others. Their preferences and tastes drive most consumers of Bicycle. A typical customer refers to that person who rides a couple of thousand miles in a year individually or as a group. A psychographic character of bicycle riders has their goals embedded probably on the miles they need to cover within a given period. This is their lifestyle at large. Most people who use bicycles are middle-aged people. From 14-35 years. Also, males are more attracted to the riding world than females. This demographic is also not married as they have minimal time to be with their families. They spend their time achieving certain miles at given times. They like operating their jobs rather than being employed to have a good time for their cycling. Even if employed, they always seek employment at organizations that will give them enough time for their hobby.

The type of Bicycle they aspire to purchase is tied to the best brand there is in the market. They are not loyal to a specific brand but go for the best available brand in the market. This group is also is willing to the market price for the preferred commodity. They are not interested in the cost of the product but the brand. The kind of product that I will carry for them while launching the shop is a free-riding suite. This will be good even to attract customers and brand ourselves. Other products will include rented bicycles for competition or entertainment services to a registered group and not individuals. Other products such as on-road and track bicycles, off-road bicycles, X-road and hybrid bicycles will only be available for sales (WIRE, 2021).

The other segment that I will look at is finding the relevant segment dimension. Also known as specific dimension. This is more experienced, primarily when a person seeks to buy a particular brand of products. This type of dimension begins with all the potential dimensions that are tied to purchasing behaviour. Then the move to a qualifying dimension is relevant primarily to a customer type in the product market. After they are done with quantifying dimensions, the customers concentrate on determining the dimensions or the product type. These are the factors that affect the consumer’s purchases of a specific type of product. Finally, they concentrate on determining the dimensions that are the specific brand. This is the most significant dimension that generally affects the customer’s choice of a specific brand.

The demographics of middle-aged people characterize this type of segment. From 24-35 years old. They are specific to the brand of the Bicycle they want to acquire. The best place to locate our shop is at Northridge Estates. This place is well-populated with lots of potentials to expand our market. These people usually use bicycles as their form of travel from one point to the other. They do this to maintain their healthy lifestyle.  They usually decide on the type of Bicycle by brand. Unlike the other segment, they are loyal to a specific brand. Even if the cost of the associated model is high, they will look for another little bit cheaper but of the same brand. The type of products that need to be carried for this particular group is various quality bicycle gears and bicycles from one brand model. They will be there for sale, and renting services will not be allowed. Other products such as on-road and track bicycles, off-road bicycles, X-road and hybrid bicycles will only be available for sales (WIRE, 2021).

References

Li, Z., Wang, W., Yang, C., & Ragland, D. (2013). Bicycle commuting market analysis using attitudinal market segmentation approach. Transportation Research Part A: Policy And Practice, 47, 56-68. https://doi.org/10.1016/j.tra.2012.10.017

WIRE, B. (2021). Bicycle Market 2020-2024 | Environmental & Economic Benefits of Bicycles to Boost Growth | Technavio. Businesswire.com. Retrieved 24 July 2021, from https://www.businesswire.com/news/home/20200611005558/en/Bicycle-Market-2020-2024-Environmental-Economic-Benefits-of-Bicycles-to-Boost-Growth-Technavio.

Yelp.com. (2021). Retrieved 24 July 2021, from https://www.yelp.com/search?find_desc=Bicycle+Shop&find_loc=Northridge%2C+CA