Currently the country, this can put many people
Currently there are many bicycle manufacturers however a majority of these don’t specialize in folding bikes but the current biggest folding bike manufacturer in the UK is Brompton which generated a revenue of 28.4 million pounds as per 2016 there are also a number of other competitors such as Giant Bicycle, A-bike and GOGObike currently the market is not too big so The Bicycle Shop has a chance to compete with these companies who are already in the market as the market share of the folding bike market sector is only 0.4% and started back in 2010. The target market for the bicycle will be for those who are on the move a lot, students for example who may catch the bus and need to walk the rest of the way to college or University or those office workers in big cities who don’t want the risk of getting their bike stolen or the trouble in finding parking spaces so they would rather take the bike with them.Things that could influence the folding bike market, attracting more consumers to the market will be a rise in petrol costs causing many consumers to want to travel by public transport or bike but then there’s the risk of their bike being stolen or still having to walk a majority of the distance to work or university, therefore, they will start to look at folding bikes which are lightweight portable and unlikely to be stolen definitely in big cities or high crime cities. A negative influence on the market which may cause no one to consider getting a folding bike will be the “FREE” download and go bicycles where you download an app and scan a code on the bicycles (which are placed all around the city) which unlocks the bikes and you can ride it. This has a negative impact on the folding bike market as this kind of transportation is very cheap and doesn’t involve carrying around a bag with a bicycle costing over 250 pounds, if the download and go bicycle market where to grow worldwide the folding bike market, as well as the standard bicycles, will have a huge decrease in the market share.A major influence on the market will be the increasing number of bikes being stolen around South East England and other places around the country, this can put many people off in buying a bike, however, those who need to buy a bike or use one will be encouraged to get a portable folding bike as the chances of the bike being stolen is near to nothing.Brompton which is the UK’s biggest folding bike manufacturer has used social media and word of mouth as their way of marketing their product they also use UGC ( user-generated content ) to show how happy their customers are with the product. throughout social media, they interact with their customers as well as updates on a regular basis creating lots of customer engagement. Another thing that Brompton do is use Twitter as a way of telling users about competitions and events as Brompton see Twitter as the fastest way to update their customers.Product Quality – The bikes are built by a highly qualified team in London Image – The product is seen as a lightweight easy to use portable transport device for all genders and situations Use occasion – The bike is made for use in the city and can be used when there are sudden weather changes the bike can also be taken on holiday with you.Variants – What differs the company from other bike manufacturing companies is that they have a very powerful design which is to design a bike which is lighter, folds faster and neater than any other folding bike.Features – The features here are the bike is fully customizable up to six gears when folded it is less than half its expanded size Support – The support that the company gives its customers is creating video tutorials and step by step guide on how to fold the bike adding accessories to the bike and how to setup the bike.Warranties – The company have a warranty which states that if the bike was brought after April 2002 it has a 5-year warranty on all main components and a 2-year warranty on non-wearing components any defects during this time they will replace the component s for free Promotion Marketing communications -Advertising – Brompton had produced a commercial for rapid transit which is a local bicycle shop in chicago’s wicker park neighbourhood Sales promotion – Brompton uses a technique for promoting their product and increasing sales that many marketing agencies would say is a risk however it turns out to be very successful for brompton they encourage their customers to take photos of different places they go with the bike and posting it on social media UGC (user generated content) with the hashtag #MyUnseenCity public relations – Brompton uses twitter to engage with their customers answering questions and responding to posts, Brompton find twitter as the fastest way to engage with their customers Political FactorsCurrently there are many people cycling on major roads, South west trains and brompton are working together to encourage people to have low carbon journeys by using bikes and trains.Many people like brompton bicycles as its extremely portable and can even be taken on holiday as its slightly smaller than an average suitcase.Economic Factor – Although 75 percent of bromptons bikes that are produced are exported they still make their bikes in the UK.Social Factor – Brompton bike got an award of a lifetime contribution to design this shows many customers that Brompton actually put effort into designing their bikes.Technological Factor – When taking the bike to work on holiday by train, bus or plane a protective bag for the bike will be necessary as there is bound to be some bumping and scratching however brompton has made this protective bag double up as a basket or trailer to fit at the back of the bike when unfolded therefore being able to carry shopping around with you with ease.