Transcript Golden Dreams Marketing Project

Golden Dreams Bike Rental
and Repair Store
Team A
David
Kelvin
Amy
Dong
Manbir
Mohammad
Introduction
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Golden Dreams Bike Rental
Owned by Adam Craig
Nester’s Market Strip Mall
Been in business for 1 year
Main Problems
• Not enough clients during
the winter season
• Lack of advertisements in
central locations
• Limited variety of bikes
Facts
• 80% rental capacity in June, July and
August
– 50% in September and October
– 10% for rest of the year
• Currently have advertisements in:
– Pique and Whistler Question
– Free weekly papers
– Yearly cost: $5000
Assumptions
• Dude Taylor stays employed at the store
• Technology is unchanged
• No other bike shops open in the area
Competitive Analysis
• Competition:
– Large bike shop
• Strengths:
– Located at Whistler Mountain
Bike Park
– Caters to hotels and
individuals
SWOT: Strengths
• Large inventory space
• Dude Taylor for bike repairs and
maintenance
• Only bike store in the Nester’s Market
Strip Mall
SWOT: Weaknesses
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Currently have 2 broken bikes
Limited capital for expansion
Store hours can be revised
Limited variety of bikes
SWOT: Opportunities
• Rent town centre location
– More space and better car traffic
• Move to Function Junction
– Cater to local market and home owners
– Larger than current location
– Rent is lower, but may increase
– Close to new Whistler Creek development
SWOT: Threats
• Weather leading to low demand
– Winter season
• Competition
– Large bike shop
• If move to alternative locations:
– Higher rent
– New competition
Target Market
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16-30 year olds
Male and female
Sports-loving families
Risk takers
Health-conscious people
Weekenders
Recommendations
• Relocation
• Diversify products
• Promotion
Relocation
• Advantages:
– Bigger market (new target market)
– More inventory space
– Easier access
• Disadvantages:
– Higher expenses (i.e. rent)
– More competition
– Possibility of bankruptcy
Diversify Products
• Advantages:
– More potential customers
– More stable revenue during winter season
– Make use of idle inventory space
• Disadvantages
– Don’t know if products will have market
– More competition (i.e. Ski shop)
– Need more staff to look over new products
Promotion
• Advantages:
– Reach and attract more customers
– Free advertisements on the web
– Can create free website for store
• Disadvantages:
– More costs for advertisements
– Some customers and markets are not
responsive
Solution
• Establish a new mission statement
– Provide new service to community for sports
lovers (i.e. bike training)
• Diversify his products
– Have more variety of products for people of all
experience levels
– i.e. beginners to experts
• Establish customer excellence
– i.e. more public events for bikers
Plan of Action
Product
-Service-oriented
-Establish customer excellence through training courses and
public events
Price
-Set up a competitive price
-Promotions for beginners
-Discounts for regular clienteles (i.e. membership)
Promotion
-More public events for bikers
-Bike training packages for beginners
-Setup a website
-Advertise on social media websites
Place
-Remain in the same location because there is sufficient amount
of population
Plan of Action
1. Establish a mission statement
2. Schedule a training program for new and
beginner bikers
3. Create public events for bikers (i.e.
contests)
Plan Action
4. Setup a website and advertise on social
media websites
5. Have winter products available
i.e. ski bikes, toboggan, sleds
Course Concepts
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Diversification
Market penetration
STP
SWOT
Customer excellence
Marketing mix