Current Market Situation
With the rising awareness about the environmental degradation through emissions, customers across the globe have started taking efforts to do their bit for reducing emissions. Coupled with the rising fuel prices, this has created the need for alternate modes of personal transportation that is cost effective and relatively eco-friendly. Various companies across the globe, specifically based in China have flourished with the concept of electric bikes that meet both these requirements. With government support and policies, many consumers have been forced to adopt these alternatives and change the way they travel. The benefits of such a product are not limited to cost and eco-friendliness and various niche markets have also been explored by various players that have created new market segments as well. There are various products available for various segments and purpose for which they are to be used. It ranges from everyday transport to special adventure sports as well. The Australian market is currently segmented with various players focusing on specific types of products and hence the level of competition that exists in the market is not too intense.
Taking the current market situation into perspective a new electric bike for the teenagers would be launched in the New South Wales and Queensland area that would be priced below the market levels. This product would associate with the user’s requirement of style and fashion by means of graphics designs. Considering the target market, advance channels of marketing like social media, various events for off-roaders and billboards would be used to create the product awareness and interest to purchase. This would be achieved by means of various videos that would be launched on social media with associated fan pages and discussion forums for users to exchange views. The events would give the target audience to have an actual interaction with the product and hence create instant engagement. Coupled with the promotional discount of 10% for first 100 registrations, this plan is likely to connect well with the audience.
The plan seems to fall in place with the current market trends and level of competition that exists. Basic budgeting and timelines have been defined for the plan with a contingency action as well. The regular reviews on the quarterly basis would help in checking the validity and sanctity of the plan. In case the plan doesn’t work out, necessary updates and modifications have to be made into it.