Kwiggle Bikes Free Essay Example, 3000 words

Likewise, in tandem with this approach, it is also necessary to allocate a certain portion of the marketing budget to perform an analysis of what the competition is doing and how similar products are being marketed. As has been previously indicated, many firms fall short of this; due to the fact that they are solely interested upon marketing their own product or service and do not consider the way in which existing entities have already determined best practices with respect to how this might be engaged. As such, seeking to participate within this exploratory process is an essential complement of seeking to maximize marketing success and reduce the overall amount of money that might be spent otherwise. Examples abound of firms that have utilized best practices within a particular industry as a means of seeking to promote their own self interests and marketing strategies. Accordingly, Kwiggle understand that this approach is an essential complement towards maximizing the overall visi bility of the marketing strategy for the target demographics; without wasting large portions of the marketing budget on approaches that would be less than fulfilling (Tolme, 2014). We will write a custom essay sample on Kwiggle Bikes or any topic specifically for you Only $17.96 $11.86/pageorder now From an analysis of the product, and an understanding of the key target demographic, the marketing strategy for this particular consumer good will is concentric upon for phased approaches. Naturally, further information and detail with respect to what amount of time each of these phases will be provided, as well as the monetary marketing resources that could be utilized within them, will be discussed at greater depth further within the analysis. Additionally, the marketing communication strategy that has been indicated for this particular product launch is one of a funnel approach. Within this final approach, the engagement within a specific demographics starts in a limited context; then it proceeds to a wider population (McMillan, 2014). Not surprisingly, the overall amount of time and the overall amount of money that will be spent within the â€Å"final approach† is commensurate with the stage at which the marketing communication plan exists. For instance, less money and le ss time will be spent on engaging customers within the early phases of the product as compared to later phases of the product. This is ultimately a function of the fact that in overall smaller number of individuals will be targeted by the marketing campaign within the early stages as compared to the latter stages. Accordingly, one of the first stages that will take place in conjunction with seeking to market particular product in question is with respect to the social media phase. Kwiggle Bikes Free Essay Example, 3000 words The attitude of customers is also highlighted in the context analysis to understand their decision making behaviour (Fill, 2009). Preference of Customers The bicycle industry of Europe has a long history and folding cycles is one of its major features. Europeans have often been found to cycle regularly to their workplace especially during the peak hours. The flexibility of the product has often invoked customers to use folding bicycles. U.K. for instance has been facing consistent growth of folding bicycles as consumers are preferring to use folding cycles because of the ease it eliminates the worry of finding spaces in parking lots of their destination. It has also been found that many commuters who had initially considered travelling by tube rail had switched over to using folding bikes due to their convenience (LSE, 2010). According to latest reports the sales of folding and city bikes has gone up and 248,600 units were sold in 2011. In the financial year of 2012-2013 the market share of folding bikes had increased by 9.5% (COLIPED, 2012). These figures indicate that the future prospects for Kwiggle look strong. Competitor Analysi s Competitor analysis involves locating the major competitors of the company by applying both industry-based and market-based framework. We will write a custom essay sample on Kwiggle Bikes or any topic specifically for you Only $17.96 $11.86/pageorder now There are both direct and indirect competitors for Kwiggle. According to industry estimates, the 26% cycling industry market share belongs to mobility bikes including folding bikes, 62% market share belongs to the leisure group industries and 12% belongs to the sports cycle category (COLIPED, 2012). Indirect competition of Kwiggle can come from Trekking bikes, BMX, EPAC and ATBs (COLIPED, 2012). Direct competition can come from Dahons, Brompton, Birdy and Bikerton to name a few. Dahons is the leading player in the folding bicycles industry and it had experienced robust growth in sales amounting to 32% in 2008 (The Independent, 2014). All these direct competitors provide folding compact bicycles to the customers in the market. Brompton H6L, for instance provides features similar to that of Kwiggle and it is adaptable to any weather conditions. Raleigh Stowaway 3 is another specimen that comes with gears as well as luggage racks. Carrera Transport may also provide stiff competition to Kwiggle on the basis of its low price range and the light weight features. Similarly Tern Link P9 and Airnimal White Rhino are few of the other competitors. However, the folding bike to be launched by Kwiggle is superior compared to its peers in terms of weight and design (The Independent, 2014).