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The actions taken in regards to the marketing plan are based on the brand profitability derived from the financial performance. The brand profit for VALOR, Roli Royce 2, Yeeezy Peeezy, and Speedy Gee are $642505, $438153, $90863, and $164675 respectively. Therefore, the former one can be considered as the most profitable product. In the case of the market performance, major media inserts are equal to 32. They are General New Magazines, New Venture Magazines, Business Magazines, Sports Magazines, Biking Magazines, Health & Fitness Magazines, and Leisure and Entertainment Magazines. Therefore, in the World Market, two ads were used, which are Yeezy Ride for the worst-performing Yeeezy Peeezy brand and Roll In Style for Roli Royce 2 with the keyword Recreation. The former brand was the most successful in terms of clicks, which is equal to 225.
Total industry Search Engine Results for Valor Bikes company showed 6906 impressions and 283 clicks with a budget of $1251. The next actions involved four ads for each brand called Valor Fast for VALOR, Roll-In Style for Roli Royce 2, Yeezy Ride for Yeeezy Peeezy, and Be Speedy Gee for Speedy Gee. VALOR brand was primarily in Speed category and Roli Royce 2 was in Recreation one. In addition, Yeeezy Peeezy was also dominant in the Recreation class, and Speedy Gee was associated with Speed. The following step involved the assessment of organic SEM results, where Recreation bikes demonstrated the keywords, such as Lightweight recreation bikes and Carbon fiber recreation bikes. They also included Cruiser bikes, Recreation bikes, Adult recreational bikes, and Hybrid bicycles.
The marketing plan mainly focused on recreation bikes through ads, such as Yeezy Ride and Roll In Style. Both of these ads included a web page investment of $3000 for each one. The low-performing brand attracted customers through tailor-making and special prices, and the latter is critical in setting a markup (Juneja, n.d.). The second brand used carbon fiber and comfort as key factors. It is important to note that the click-through rate for the Yeezy Ride was equal to 11.61% and the total amount of clicks was 401. Therefore, the outcome was manifested in the fact that for paid SEM results for Valor Bikes Company were Valor Fast, Roll-In Style, and Yeezy Ride.
Discussion
The marketing plan was derived from both financial and market data, where Yeeezy Peeezy was the least profitable and recreational bikes were in demand, and thus, the focus was also shifted to the Roli Royce 2. The departure was based on Search Engine Marketing, where the exposure of the selected brands was promoted through websites and search engines. The significant event was marked by the major boost in popularity of Yeeezy Peeezy bike. The outcome can be observed in the SEM results, where the Valor Bikes Company search shows three major brands. Valor Fast was already popular, but currently, Roll-In Style and Yeezy Ride ads are also more exposed due to paid advertising.
In the current situation, the internal strengths are that all three brands are in demand. The weakness is the lack of expandable market demand for Speedy Gee. The opportunity lies in the potential increase in speed bikes in popularity, and the threat is that the marketing plan did not promote non-recreation products. Therefore, SWOT analysis can give invaluable insight into the marketing approach determination (Kotler & Keller, 2015). The goal is to become the top recreation and speed bikes seller in the market, which can be achieved through product development performance focus (Mu, 2015). Therefore, the company Valor Bikes has a specific market segment and precise focus in the industry.
The cultural aspect of the organization needs to revolve around the health and well-being of a persons life. Bicycles are an ideal mode of transport that has substantial supporting evidence for the activity. In addition, it is eco-friendly due to the lack of exhaust gases and other polluting agents. Therefore, the overall culture within the company needs to focus on health and the environment. It is stated that firms offering sports services exhibit more innovative work behavior when they possess a healthy organizational culture (Eskiler et al., 2016). In other words, Valor Bikes needs to be proactive in advocating for health and the environment through its employees.
The customers comprising the target market segment should mainly possess the same set of values as the company itself. They are either interested in health and sports or care about the environment. These individuals need to observe and feel that the company reflects their attitude towards the issues of pollution and diseases. There should be the perception of belongingness to Valor Bikes as both promoter and advocator of a healthy lifestyle and environmental awareness. In the case of competition, there is a large pool of bicycle producers. However, the intensity of the market competitiveness is reduced by the companys deliberate focus on recreation and speed as key features of its products. It is stated that exhibiting corporate social responsibility in highly competitive markets allows an organization to become more valuable (Sheikh, 2019). In other words, the proposed approach towards the environment and health will ensure that Valor Bikes become the top company in the industry.
References
Eskiler, E., Elkici, S., Soyer, F., & Sari, I. (2016). The relationship between organizational culture and innovative work behavior for sports services in tourism enterprises. Physical Culture and Sport Studies and Research, 69(1), 53-64. Web.
Juneja, P. (n.d.). The 7 Ps of services marketing. Management Study Guide.
Kotler, P., & Keller, K. L. (2015). Framework for marketing management. Pearson.
Mu, J. (2015). Marketing capability, organizational adaptation and new product development performance. Industrial Marketing Management, 49, 151-166.
Sheikh, S. (2019). Corporate social responsibility and firm leverage: The impact of market competition. Research in International Business and Finance, 48, 496-510.
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