Essay on Marketing Analysis : Bike Size And Price Range

Essay on Marketing Analysis : Bike Size And Price Range

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Industry
There are three separate market segments: road bikes, mountain bikes, and youth bikes. Each of these segments range in differences such as size, price, product sensitivity, product preferences, and consumer viewing habits. Frequently, customers were interested in finding the lowest price to fulfill their needs. Our firm speculated the upgrading the mountain bike would encourage our customers to spend more money for a better quality bike; however, we discovered that customers were not interested in paying the extra money for an improved bike.
All of these factors are important to monitor as this will directly affect the decision making process. Bike size and price range will help to determine the size of the market as far as existing competitors and estimate the base price in each market segment. Product dimension sensitivity and preference indicates the expectation of the products from our consumer’s viewpoint. It is important to interpret the market segment reports and to analyze how the segments are influenced by advertisement such as televisions, magazines and internet. It is important to invest money in advertisement media to attract consumer in each market segment without over spending or under spending. The media viewing habits help to determine the best way to reach the customer for each segment.
Customers were looking for a well branded bike with high quality and the lowest price. Depending on the market segments, the customers had different preferences of what they wanted from a company. Customers influenced by advertisement options, price, quality, public relations, and many other factors that strongly altered their buying decision.
The segments changed throughout the entire simulation. In the beginning, we ...


... middle of paper ...


...d our money in each segment. For example, in the first year we were given the option to spend $500,000 to invest in advertising. We decided on using all $500,000 which gave us the highest awareness and shareholder value for that year. As the rollovers continued we made a few errors in terms of financing our budget for marketing, which mirrored in our attempt to sell the highest amount of bikes.
Conclusion
Each rollover taught us a valuable lesson, from pricing strategy to which direction we wanted our company to move, to gaining ultimate control over the company. By gaining more access per rollover, we were able to figure out the different areas of the simulation slowly. We learned how to control each internal area and the range of interconnected between all of those areas. In the end, we had to be able to make changes that positively altered our other operations.

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