Measurable Marketing Strategy Cultures Case Study

1.0 Introduction of Measurable Marketing Strategy Cultures Case Study

Marketing strategies are a fundamental concept that plays an important role in providing the long-term planning structure for understanding the needs of customers in different regions. The Bike Palace is a new company that tried to enter the bicycle industry. Therefore, Bike Palace aims to build some carbon-based fiber bikes including 3D printing technologies. This new carbon bike facility provides the advantages of going anywhere. The materials that are used in the newly launched carbon fiber bike are lighter, less expensive, and have stronger features.

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Description of core unified pictures of company and brands

The Bike Palace used the open space features and showcased the only 3D printing bike model in the Bike showrooms. The prices of “carbon fiber bikes are comparatively expensive, however, Bike Palace tried to keep the overall price ranges of “3D printing bikes low as much as possible which might compete with other high-end “3D printing carbon Fiber bikes (Shankar et al. 2022). The Bike Palace invested a total of 1,500,000 during the 1st quarter and 500,000 for each 2 next quarter and got 2,500,000 additional amount for investing on “3D Printing Carbon Fiber Bikes.

Figure 1: Logo of Bike Palace

• Selection of one product from the simulation company: The Bike Palace targeted to introduce the 3D Printing of Carbon Fibers for customers in 4 different marketing regions.
• The goal of the core message: The key goal of Bike Palace is to inspire consumers' passion for cycling and develop a conscious, profitable alignment that aims to provide an exceptional cycling experience for any type of dedicated enthusiast to casual adventures for all categories of riders. The Bike Palace also aims to develop a passion for promoting sustainability experience.

2.0 Marketing best practices

2.1 Discussion of the importance of creating core marketing strategies or advertising strategies

The “core marketing strategy gives a clear framework by which the newly launched company Bike Palace can easily communicate with its targeted 4 marketing areas North America (NORAM), South and Latin America (LATAM), Middle East, Europe and Africa (Europe- MEA), and, Asia Pacific areas (APAC). From these four core regions, the Bik Palace targeted to launch this carbon fiber 3D printing bicycles in four separate markets Bangalore from APAC, “Rio de Janeiro from LATAM city, and Amsterdam from Europe-MEA city.

Figure 2: Four separated segmented markets to launch the new 3D printing Carbon Bikes by Bike Palace

These four different marketing cities provide different marketing opportunities to expand the newly launched 3D Printing Fiber Bikes in different locations. The higher prices of the carbon fiber bicycles limited the sales performance (Nam & Kannan, 2020). Therefore, Bike Palace targeted to launch moderate price structures for the higher performances of carbon 3D printing fiber bikes for the consumers in 4 distinct marketing places. Rising demand towards of 3D printing fiber bikes also increases the market competition for which Bike Palace divided the targeted consumers in 3 broad categories mountain region, recreation and Speed.

Figure 3: 3 selected market segments of Bike Palace

The market analysis found that the targeted customers are higher for the recreation categories, who love to do a little exercise and have fun and enjoy bike riding short excursions purpose (Play.marketplace-simulation.com, (2024). Therefore, Bike Palace tried to provide comfort and safety for this type of consumer with long durability.

Figure 4: Demand of 3 different categories of Bike Palace

Similarly, for the mountain segment customer groups prefer to get the experience of adventure and excitement for which Bike Palace tried to add premium features to the products with difficult travel experiences (Sheth & Parvatiyar, 2021). For the “Speed segment the Bike Palace targeted to provide the fastest, lightest with competitive features for providing powerful, premium features for the customers.

• Creation of core and tailored marketing messages:Therefore the company Bike Palace provides the core message of “Ride with confidence, safety and comfort to increase customer segmentation for 3D printing Carbon Fiber Bikes. Therefore, Bike Palace emphasized on development of competitive marketing strategies and advertising strategies by emphasizing both non-traditional and traditional sources.
• Description of the specific message for the targeted customers in each country:Based on marketing research, the strategies for the core markets of Bike Palace identified that the economic recession from the last two years is one of the big challenges that downtrends the overall marketing sales (Ali & Anwar, 2021). However, the performance of the Asian markets has a comparatively better position than the African, American and European territories (Bessing, 2022). Therefore, the new 3D printing Fiber bikes of the Bike Palace are expected to substantial improvements for the pleasure of all the bike riders. The distinct specific messages for 4 different regions of each country are described as follows.
• New York from NORAM’s city:Based on the diversified population with existing cutting-edge technology, Bike Palace can provide a specific message for emphasizing the durability, and availability of customized features and lightweight Carbon Fiber bikes with 3D printing technology help to advertise the core marketing strategies for Bike Palace. Based on these characteristics, the Bike Palace can emphasize on development of premium branding to improve the urban transportation cultures.
• Bangalore from APAC:The Bike Palace can provide the message for the features of cost-effective and eco-friendly transportation for leisure rides and urban communication purposes (Othman et al. 2020). Therefore, “core marketing can take the “merger and acquisition (M &A) strategies with the local bike industry and use the “Penetration prices for the price-conscious customers at the Bangalore bike industry market.
• Rio de Janeiro from LATAM city:The customers mainly use bicycles for outdoor activities. Therefore, Bike Palace can reflect its new 3D printing colorful technology that is used to launch the “Carbon Fiber Bike in the “Rio de Janeiro market . Therefore, Bike Palace can organize some beachside events and marketing campaigns. The Bike Palace can also communicate with the local artists to develop innovative designs for the “Carbon Fiber Bikes . The Bike Palace can also advertise on social media for advertisement purposes.
• Amsterdam from Europe-MEA city:The Bike Palace can provide the key message based on sustainability features for the long-distance, sustainable riding features. Therefore partnerships with the local cycling industries, and the organization of the workshops can help to expand the 3D printing of “carbon fiber bikes in Amsterdam.

2.2 Presentation of research supporting marketing measures to the individual culture and marketers

Differentiation of individual market segments and cultures:The Bike Palace targeted 4 key areas Bangalore, “Rio de Janeiro , Amsterdam and New York region. Distinct cultures in these four regions help to develop the “core marketing strategies for Bike Palace by which Bike Palace can maintain its diversification strategies (Kurdi et al. 2022).

• New York from NORAM’s city:The overall lifestyle of New York City provides the conductive infrastructure for introducing the 3D printing Fibre bikes for the diverse group of population.
• Bangalore from APAC:The rising demand from young professionals towards using sustainable, eco-friendly transportation options helps to promote the newly launched 3D printing fiber bikes for the Bike Palace. Therefore, the key message of Bike Palace should be focused on comfort, sustainability, and eco-friendly bike riding opportunities.
• Rio de Janeiro from LATAM city:Similarly, “Rio de Janeiro have an active lifestyle with vibrant cultures that provide suitable options for growing fiber bikes. The presence of a warm and comfortable climate with scenic landscapes encourages the customers to do outdoor activities (Goldman et al. 2021). However, the increasing consciousness to mitigate the environmental problems in the region of Latin America emphasized eco-friendly sustainable transportation solutions like 3D Printing carbon Bikes.
• Amsterdam from Europe-MEA city:The Amsterdam consists of a well-established bike-friendly cycling culture for which Amsterdam is looking for innovative eco-friendly riding advantages (Hunt & Madhavaram, 2020). Therefore, the introduction of sustainable, etc.-friendly 3D printing Carbon bikes will receive the potential opportunity for increasing marketing sales for “3D printing Carbon Fiber bikes .

2.3 Description of the integration process of non-traditional and traditional sources into a marketing message

Non-traditional marketing and traditional marketing are two important marketing channels that provide different types of communication and advertisement strategies by which the Bike Palace can improve the marketing strategies for the “Carbon Fiber Bikes with 3D printing. Therefore, the integration of non-traditional and traditional marketing messages helps to enhance the marketing advertisement for the “Carbon Fiber Bikes with 3D Printing in the selected four regions.

• Utilization of both non-traditional and traditional sources:Utilization of both the “non-traditional and traditional sources helps to develop the advertisement sources of Bike Palace which is discussed as follows.
• Bangalore from APAC:Traditional marketing sources like advertisement, television, email marketing, broadcasting, and newspaper advertisement are the traditional marketing sources that can be used by the Bike Palace for advertising the new “3D Printing Carbon Fiber Cycle in the Bangalore region to attract the attention of the young populations of the Bangalore (Varadarajan, 2020). Similarly, young professionals and the population widely use different types of social media platforms like Instagram, Facebook, and YouTube. Therefore, integration of this type of non-traditional marketing sources helps to integrate the customer segmentations.
• Amsterdam from Europe-MEA city:Similarly, Bike Palace can use different types of printing advertisements through newspaper ads, emails, broadcasting through TV, outdoor advertisements through signage or billboard posters can be used as a traditional marketing message for “3D carbon Fiber Bikes for Bike Palace (Phir, 2020). On the other hand, different types of non-traditional marketing tools like influential marketing, content marketing, digital marketing, and experimental marketing through different tools like Snapchat, and Instagram can be used to send the message for product descriptions in Amsterdam.
• Rio de Janeiro from LATAM city:The Bike Palace can use “traditional marketing as an outdoor advertisement of banners, billboards, radio advertisements, Television, and direct mail can be used to provide a marketing message of “3D printing Carbon Fiber Bike . The “non-traditional marketing like Instagram, Facebook, blogs, and influential marketing can help to advertise the new products of Bike Palace.
• New York from NORAM’s city:The Bike Palace can involve personal selling, outdoor advertisement of posters, radio, or television by using commercial ads will help identify the attention for 3D printing Carbon Bikes for Bike Palace (Jung et al. 2020). Different types of “non-traditional marketing channels like SEO marketing, digital marketing, Instagram, Twitter, and YouTube will help enhance customer engagement for the “3D Printing Carbon Fiber Bik in New York City.

Therefore, the above section elaborately explains how the integration of “non-traditional and traditional marketing helps to increase customer segmentation in 4 chosen regions.

2.4 Presentation of information on calculating the “Return on marketing investment (ROMI)

The “Return on marketing investment (ROMI) helps to identify the marketing effective strategies by identifying the marketing automation process for the Bike Palace in different quarters. Therefore, the ROMI can be calculated as follows.

Figure 5: Calculation of the ROMI for Bike Palace

Gathering all relevant information, it is found that the total revenue from selling the “3D Printing Carbon Fiber bike in 4 distinct regions increased the revenue growth (Peter et al. 2021). In quarter 2, the revenue growth was 300,000 which gradually increased to 1719876 in the 3rd quarter.

Discussion on cost-effective measurements

The cost-effective measurement strategies develop planning for increasing the marketing sales for 3D printing bikes in 4 different regions by increasing customer engagement, discount rates, marketing campaigns, and surveys and advertising through different types of social media tools.

Presentation of results for measurement of the plan

Presentation of the risk measurement planning for Bike Palace is identified through its income statements, and balance sheet which are given as follows.

Figure 6: Balance Sheet of Bike Palace

The gradual increase in the total assets from quarter 1 to quarter 3 indicates profitability from selling 3D printing Fiber bikes by Bike Palace.

Figure 7: Based on distinct cultures the different market demands for “3D Printing Carbon Fiber Bike

The above figure identified that the demand for the recreation type of 3D printing Carbon Fiber Bike is higher in the “Asia Pacific region of Bangalore. Similarly, for the mountain 3D printing bike demand is higher in the New York region (Katsikeas et al. 2020). Speed-wide demand is also higher in New York, indicating that Bike Palace will receive the highest profitability in the Mountain and Speed category in the New York area.

2.5 Incorporation of 3 academic credible sources

According to Bessing, (2021) emphasized on development of marketing strategies for sustainable carbon Fiber bikes. The author elaborately emphasized how the usage of eco-friendly sustainable materials helps to integrate innovative technologies for innovations of sustainable designs for the bike industry (Bessing, 2021). The author emphasizes the adoption of sustainable materials for capturing eco-friendly bicycles in the competitive markets.

Figure 8: Benefit of using the innovative design in the production of bikes

Usage of CAD modelling is a core design strategy that is used as a useful tool for sustainable business practices in the industry.

According to Kurdi et al. (2021) critically describe the impact of the integration of the traditional kind of “marketing mix model for developing customer satisfaction levels in competitive markets. The author emphasized how digital tools help to improve customer satisfaction in the digital marketing context (Kurdi et al. 2021). The author highlighted that implementation of the digital tools and online advertisement influenced the consumers' purchasing decisions. Social media easily helps to reach the new customer group by which the new brand can easily enter into the foreign markets.

Figure 9: Impact of the Digital Markets on influencing purchasing decisions in new markets

The above figure critically highlighted the implementation of different types of non-traditional marketing tools like online advertising through using different types of “social media channels , websites, emails, and other websites help to improve the marketing channels in the new markets.

According to Goldman et al. (2021) critically describes the role of digital marketing startegies for entering into the emerging markets. The author highlighted different

Figure 10: Impact of digital innovation in emerging markets

The author describes how digital marketing enhances customer segmentation in the digital marketing context. The author also identified how customer orientation increases in emerging markets.

3.0 Conclusion

The “marketing strategies play an important role for expanding the business in different cultures. The Bike Palace is a new company that is going to introduce a new eco-friendly, sustainable “carbon Fiber Bikes with 3D printing technology. The Bike Palace chose a total of four locations of Bangalore, New York, Amsterdam and Rio de Janeiro to expand the innovative bikes for the customers. This marketing strategies with the integration of both the “non-traditional and traditional marketing approaches through the integration of different tools of Instagram, Facebook, billboard and TV helps to enhance the customer segmentation process. The above report clearly defined how Bike Palace can change its marketing strategies based on the distinct cultures in distinct locations. Finally the above section also highlighted adoption of different marketing tools of both “non-traditional and traditional help to improve the market segmentation and sales growth of Bike Palace.

Reference list

Journals

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Website

• Play.marketplace-simulation.com, (2024) [Retrieve from: https://play.marketplace-simulation.com/mpl/web7/engine.php?tpl=student&resource=proformacashflow&parentResource=pro-forma-accounting&tab=workspace&quarter=3&language=en-us [Retrieve on: 12.10.2024]