T5_MARKETING PLAN Final
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Running head: MARKETING PLAN
1
Marketing Plan
Grand Canyon University
MKT-607: Marketing Management
October 25, 2023
Marketing Plan
Executive Summary
Carbon Crafter Bikes (“CCB”) stands as one of four leading carbon 3D printing companies specializing in carbon fiber bikes. Our product line includes five distinct bike types, catering to recreational, speed, rough terrain, and comfort riders. Our mission is to empower cyclists globally with innovative, sustainable, and performance-driven bicycles tailored to meet the diverse needs of our riders worldwide. The global bicycle market is experiencing a growth rate of approximately 3%, with North
America and Europe showing promising signs of recovery from recent declines, offering our business significant growth opportunities. In our first 3 quarters, we have experienced consistent growth in assets and equity, increasing from $1,587,696 in Q2 to 2,400,653 in Q3. Given our steady increase and #1 industry ranking, CCB is seeking additional funding to invest in new technology, expand sales outlets, increase production capacity, and enhance system improvements. CCB presents an exciting investment opportunity in the thriving cycle industry. Our innovative, sustainable, and diverse product line, combined with initial solid sales performance, positions us for growth in North America, Europe, and beyond. Situational Analysis
CCB operates within different internal and external factors that influence and determine how it performs in different market segments. The growth of the bicycle sportswear market has been boosted by an increase in the interest among individuals in bicycle events as they focus on participating in sports and leisure activities. The three inter-related environments in which CCB operates are the industry, the geographic market, and the country. PESTEL analysis assesses the brand, making it easier for the business to understand the environment that it operates in. Political factors play an important role as the company needs to understand the political aspects 2
Marketing Plan
as it focuses on its expansion strategy. Politically stable countries create a more suitable environment for the company to grow. Political influence helps the company grow, such as the imposition of higher tariffs on the importation of luxury bikes.
With greater state economic growth of the country in which the company is operating, it is in a better position to expand and grow since there are increased opportunities available in the different market segments that the business serves. The GDP of the country is a crucial element in the success of CCB. Demographics in the country plays an important role when it comes to social factors affecting the performance of the business. The company targets youths with its luxury bikes as well as considers the average population age by offering them bikes that are stronger and more stable. Technological factors make it possible for the company to use advanced technology to develop unique bikes that stand out in the market as they meet the changing tastes and preferences of the customers. Different environmental elements affect the company. CCB is committed to achieving a better global environment through its environmental policy. Legal factors play an essential role in determining how the company performs in different
markets that it enters. There are many rules and regulations that the business needs to follow so that it may undertake its operations without disruptions. The company follows the pollution standard norms as it undertakes its activities.
The elements of promotional mix used in CCB include sales promotion, personal selling, public relations, publicity, and advertising. The company uses different advertising media such as magazines, outdoor means, and newspapers to advertise its products. Through sales promotion, the company offers short-term and non-routine incentives to customers as well as dealers (Sujan, 2023). Personal selling involves face-to-face communication that helps the company present the products to prospects as it focuses on selling the products. CCB focuses on 3
Marketing Plan
placing commercially significant news in mass media as a way of mass communication about the
products offered by the company. Through public relations, the company has been able to maintain constructive relations with different parties inside and outside the business. Integrated marketing communications have made it possible for a company to create a multi-pronged campaign in the market targeting a wider audience (Simplilearn, 2022). Through communications, the business has been able to know the right channels that will target the right audience with the right message.
SWOT Analysis
A SWOT analysis is a globally recognized tool to identify within the organization the strengths, weaknesses, opportunities, and threats on the path to success. The fallacy is focusing on strengths and weaknesses first – by altering our mindset, we can conduct a much more substantial analysis by looking at opportunities and threats first (Minsky & Aron, 2021). To conduct the CCB SWOT analysis, we will first analyze the environmental factors (threats and opportunities) and then explore our internal strengths and weaknesses.
The opportunities within the global carbon fiber bike market are clear. The market is rapidly expanding, as evidenced by the market size. In 2022, the carbon fiber bike market size was USD 3.01 billion, estimated to be USD 3.24 billion in 2023. It is projected to grow at a CAGR of 7.69% to hit USD 5.45 billion by 2030 (Research and Markets, 2023). Currently, CCB
is a small fish in a huge pond, but growth quarter over quarter has shown there is plenty of market share to be had. There is an opportunity to expand beyond our four locations. Additionally, our speed series has performed beyond expectations. This leaves room for more models with enhanced features. We also have room for massive growth in both recreation and 4
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