Marketing Plan on Quarter 4 Decisions
During Quarter 4, you and your team will present a marketing plan that will qualify you for funding from venture capitalists. Follow the instructions in the Conscious Capitalism simulation and the guidance of your instructors when preparing and presenting the plan. In addition, you are to complete the Quarter 4 decisions in the Conscious Capitalism simulation and submit the decisions by the deadline shown in the simulation.
Velo Co is an established bicycle specialty store, providing retail sales of new bicycles, maintenance and repair services, clothing, and parts and accessories. Velo Co is situated in a heavily trafficked, university- concentrated area. Velo Co prides itself on the integration of quality product lines, collaborative customer service, and a knowledgeable sales workforce. As a result, Velo Co has adequately met the needs of their existing market who are residents, students and tourists.
- Students, youths and low-income families who use work bicycles as a means of transportation.
- Tourists and individuals with interest in biking sports who love mountain bikes. This group use bike for recreation or competitive riders.
Market and Financial Performance
Velo Co predominant market is the university student populace, sportspersons, and adventurous individuals. The university grounds lack ample parking space, and also bicycle transportation is morecost-effective, time and space-effective in the university neighbourhood. As long as new undergraduates arrive yearly at the University, our market segment growth isguaranteed. This explains why the total performance of the company is 7.562. The bicycle industry is mainly competitive with diverse styles and makes widely accessible in various outlets. Also, alternative recreational equipment is publicly available. This has affected the market performance of Velo Co mostly their secondary market of sports and adventurous people hence a score of 0.18.
Velo Co has promoted customer awareness about its products and services through PR grassroots that has made the business know customers and Sports Magazine that has written several articles about Velo Co. However, for Velo Co to improve its marketing effectiveness from a score of 0.66 to over 0.8 and capitalize on the firm’s future and create wealth, it should embrace online bicycle sales. And also catalogue sales and services. Since the predominant target market are youth, the youths like trendy products, so its prudent for Velo Co to invest in higher-tech cruiser style bikes with several gears and great brakes for the college populace.Similarly, the firm should explore social media as a marketing tool because it has awidespread reach with a possibility for viral marketing and traffic created can be exceptionally targeted.