Marketing Strategies Section 1: Introduction The speciality bike manufacturing company named Global Bikes Company, located in Melbourne of Australia, should largely consider the various elements of macro-environment for the purpose of attaining its various expected business targets…
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The main purpose of this essay is to develop an effective marketing strategy for Global Bikes Co. considering various significant aspects. The different major aspects include the identification of the target market, setting marketing objectives and the facets of marketing mix strategies of Global Bikes. Section 2: Target Market The target market for Global Bikes can be identified by executing certain market segmentation variables on the basis of four major categories that include demographic, psychographic, geographic and behavioural environment. The important market segmentation variable of the demographic environment is concerned with the aspect of age structure. Fundamentally, the demographic environment is very much important for the business organisations due to the fact that it significantly deals with certain vital components such as market size and population among others. In this regard, Global Bikes must consider the significant factors of age structure in relation to the segmentation variable of demographic environment while implementing its marketing strategies. In this connection, the company should emphasise largely upon the different age groups of different people that include the teenage, children, young, old age and adults. Thus, it can be stated that the Global Bikes should target its customers or people belonging to the age group of 10-50 years that largely constitute the students, workers and children among others (Thomas, 2007). In terms of segmentation variable in relation to psychographic market environment, the Global Bikes should consider the lifestyle factor of the target consumers that generally include their attitudes, interests, emotions, values as well as beliefs. With the intention of developing effective marketing strategies, it is very much necessary for the business organisations such as Global Bikes to strictly consider the attitudes and the interests of the consumers regarding the purchase of their products. In this context, regarding psychographic market segmentation, the target market or the consumers of Global Bikes would be those customers who enthusiastically possess utmost interest towards the products such as bicycles and related accessories. This particular consideration upon the interests along with the attitudes of the customers on the basis of psychographic or lifestyle market segmentation ultimately would contribute to attain noteworthy competitive position along with expected business goals for the company (Wright, 2006). With due consideration to the behavioural market environment, Global Bikes should emphasise upon the segmentation variable of knowledge of particular products, adequate implementation of the products along with the development of understanding regarding the responses towards the different products that are generally represented by the customers. In this context, the behavioural aspects based market segmentation tends to encourage the marketer or the business organisation to possess deeper understanding of the buying procedures of the customers. Moreover, the aspect of behavioural segmentation environment can also assist the business organisations to largely identify their potential target markets. The conception of behavioural segmentation generally include certain decisive facets such as adequate application of a specific brand, buying procedures of the customers, effective decision criterion and finally the attitudes along with the preferences of the decision makers (Beide, 2003). In terms of the
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“Marketing Strategies Essay Example | Topics and Well Written Essays - 2750 Words”, n.d. https://studentshare.org/marketing/1398006-marketing-strategies.
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