The Key Features in the Current UK Cycling Market - Assignment Example

Marketing Analysis Table of Contents Introduction 3 a)Summary of the Key Features in the Current UK Cycling Market 3 b of the Target Market and Development of a Positioning Statement to Open Bicycle Shop in Oxford 4 c)Identifying Key Elements of Marketing Mix Approach and Recommending Effective Measures 4 Marketing Mix Approach 4 Conclusion 5 References 6 Introduction The prime intent of this assignment is to critically summarise the key features of the UK cycling market in the context of its size and current trends. Moreover, the assignment tends to assess two major factors relating to external environment that have major influence on the demand of bicycle in the respective market. In order to gain an in-depth understanding, the assignment makes a deliberate attempt towards analysing the “target market” for the proposed bicycle shop and developing an effective positioning statement that takes account of competitors in Oxford. Nevertheless, the discussion of the assignment endeavours to identify the key elements of marketing mix approach by analysing these and provides effective recommendations in relation to the primary objective of commencing bicycle shop in the growing market of Oxford. a) Summary of the Key Features in the Current UK Cycling Market The overview of the current bicycle shop business industry in the UK has long been witnessed to attain major growth since the preceding few decades. In relation to the emerging trends, the bicycle business industry in the UK has been apparently witnessed to accomplish 8.5% growth in the year 2012 (Reed Business Media, 2013). In the context of size, the cycling market of Oxford is noted to gain continuous development especially across the locations adjacent to the universities and other educational areas (Farrelly, 2014). According to the recent observation of the market, the size of the cycling market in Oxford is mainly covered by a wide range of demographics including the income level, gender along with current social status of the customers (Grous, 2011). Correspondingly, the emerging trend of using bicycle by the students and other customer groups in an immense manner is also noted to ensure a major opportunity for the marketers to successfully attain their desired commercial goals (Association of the European Two-Wheeler Parts’ Accessories’ Industry, 2012; Transport for London, 2010). It is worth mentioning that the aspects including strong social inclusion and greater focus on environmental protection related interests of the customers can be duly regarded as the major external environment factors leading to increase the demand of bicycle in Oxford (Nielsen, 2010). b) Description of the Target Market and Development of a Positioning Statement to Open Bicycle Shop in Oxford The recent trend regarding the use of bicycle in Oxford has been viewed to experience continuous development. In relation to an in-depth observation, it is evident that the city of Oxford along with its surrounding areas are experiencing continuous growth due to the usage of bicycles for different purposes. The customers’ trend in this particular target market can be witnessed to gain stable growth with regard to their annual household income level. Moreover, increasing awareness to reduce negative impact on the environment that might be derived from the automobile products can also be duly considered as a major aspect in increasing the use of bicycle in the particular target market i.e. Oxford (Cycling Cultures, 2012; Grous, 2011). Based on the above discussion, it can be stated that the increasing demand of bicycle is a major opportunity for the marketers to build their respective sustainable position. In this context, an effective positioning strategy plays an imperative role for them (Strydom & Müseler, 2005). Improving customers’ perceptions along with their buying behaviours would be regarded as a major set of objectives of positioning strategy for the bicycle shop. These will certainly aid the bicycle shop to establish a strong position in the respective market of Oxford by delivering wide range of quality based products to each group of customers (Kotler, 2000). Besides, the positioning strategy of the proposed bicycle shop will focus on demonstrating its exceptional mobility-system and environmental-friendly attributes that can enable to increase its value as compared to the similar products offered by other competitors operating the similar business in Oxford (Baines & et. al., 2011). c) Identifying Key Elements of Marketing Mix Approach and Recommending Effective Measures Marketing Mix Approach Product The product for the proposed bicycle shop business will be highly focused on maintaining adequate quality, consistency and permanence. Moreover, addressing customers with respect to their respective preferences need to be taken into concern for ensuring a rapid augmentation in its demand in the emerging cycling market of Oxford. Price A value-based pricing strategy will be implemented in response to each bicycle provided to the customers. It is anticipated that the strategy will certainly enable in raising the value of the bicycle shop and help in establishing a strong position in the business market of Oxford. Place The selection of the potential areas of the city i.e. Oxford seems to be a major opportunity for the marketers in gaining continuous growth in the cycling market of the region. It would be vital to mention that a particular place adjacent to the universities or other academic institutions will be quite beneficial for the proposed bicycle shop to attract the customers, resulting in raising product sales at large. Promotion The promotional strategy for the proposed bicycle shop will include a process of increasing awareness and building relationship with each customer group in the target market. In this regard, the strategy will also encompass an effective use of social media deciphering the conduct of advertising activities, which can enable the shop to attract as well as retain huge figure of potential buyers in Oxford. Conclusion Based on the above analysis, it can be ascertained that the cycling market in Oxford is one of the emerging sectors to accomplish continuous growth as well as development. According to the current trend of the market, the customers are highly preferred to accept the use of bicycles for different purposes, which ultimately raise the opportunity for the entrepreneurs or the marketers to achieve strong hold in the said market. In this regard, an effective utilisation of the above discussed elements relating to marketing mix might prove to be quiet beneficial for the proposed bicycle shop to establish a strong position in the business market of Oxford by a considerable degree. References Association of the European Two-Wheeler Parts’ Accessories’ Industry, 2012. European Bicycle Market 2012 Edition. Industry & Market Profile (2011 statistics). [Online] Available at: http://www.coliped.com/docs/issuu/European%20Bicycle%20Market%20&%20Industry%20Profile%20-%20Edition%202012.pdf [Accessed June 10, 2014] Baines, P. & et. al., 2011. Marketing. Oxford University Press. Cycling Cultures, 2012. Cycling Cultures: Summary of key findings and Recommendations. Key Findings. [Online] Available at: http://www.cyclingcultures.org.uk/Final-report-cycling-cultures.pdf [Accessed June 10, 2014] Farrelly, T., 2014. 2014 Cycling Trends and Predictions. News. [Online] Available at: http://road.cc/content/news/105613-2014-cycling-trends-and-predictions [Accessed June 10, 2014] Grous, A., 2011. The British Cycling Economy. ‘Gross Cycling Product’ Report. [Online] Available at: https://corporate.sky.com/documents/pdf/press_releases/2011/the_british_cycling_economy [Accessed June 10, 2014] Kotler, P., 2000. Marketing Management Millennium Edition. Prentice Hall. Nielsen, T., 2010. Wheels on Fire. Director Profile. [Online] Available at: http://www.director.co.uk/MAGAZINE/2010/10_November/bicycle-sector_64_03.html [Accessed June 10, 2014] Reed Business Media, 2013. British Bicycle Market Expands by 8.5% in 12. Sales & Trends. [Online] Available at: http://www.bike-eu.com/Sales-Trends/Market-trends/2013/4/British-Bicycle-Market-Expands-by-85-in-2012-1231255W/ [Accessed June 10, 2014] Strydom, P. J. & Müseler, D. L., 2005. Strategic Positioning of the Namibian Red Meat Industry by 2005. Agrekon, Vol. 37, No. 4, pp. 505-516. Transport for London, 2010. Analysis of Cycling Potential. Transport for London. [Online] Available at: https://www.tfl.gov.uk/cdn/static/cms/documents/analysis-of-cycling-potential.pdf.pdf [Accessed June 10, 2014]. 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