Put yourself in the position of an entrepreneur who is developing a new
product
to introduce into the market. Briefly describe the product. Then, develop the
segmentation and targeting strategy for marketing the new product. Be sure to
discuss (a) the overall strategy, (b) characteristics of the target market and (c)
why that target market is attractive. Provide justifications for your decisions.
A new brand of electric bicycles will be introduced to the market. They are eco-friendly
and customizable and will be named “Bikeco.” The electric bikes will be designed for
people living in cities and for people who enjoy the outdoors. The target audience
values sustainability, convenience, and customization. Bikeco will provide high-quality
electric bikes with several riding modes. Users will also be able to customize the bike’s
look.
(a)
Segmentation and Targeting:
Bikeco will target environmentally conscious city commuters and people who ride for fun
and who are looking for an elevated biking experience. The brand will make sure to
push forward the bikes’ sustainability, personalization, and convenience it will give users
who commute a lot every day. Bikeco’s intention is to be seen as a premium electric
bike that is sustainable and stylish.
(b)
Characteristics of the target market
The audience consists of three main segments: city commuters, outdoor lovers, and
personalization enthusiasts.
The city commuters live in urban or suburban regions and use bikes for everyday
commutes. They are careful of their carbon footprint and need a convenient mode of
transport for running errands. They are aged 25 to 45.
The outdoor lovers segment is people who enjoy outdoor activities like going on trails or
just biking for fun. They love adventure and value eco-friendliness as well. They need a
bike for both urban and leisure riding.
