you can choose of one of 3 business model . or you can do your own Steve Herzfel
ID: 380775 • Letter: Y
Question
you can choose of one of 3 business model . or you can do your own
Steve Herzfeld: Velo Zephyr:
The first person we will meet is Steve Herzfeld, from Velo Zephyr. Steve is an inventor, working from his garage. He specializes in creating custom-made bikes.
Zach Schau: Pure Fix:
Then we will meet Zach Schau. Zach, his brother and two friends started their own company, Pure Fix, that specializes in fixed gear bicycles.
Shinola:
The third bike company is Shinola. Shinola designs specialized, custom bikes and uses a very unusual process to produce those bikes.
Q4) Describe the market structure in which you will be selling the product. Discuss the impact orn your business if you were to sell your product in a different market structure (e.g. monopoly). (1 Point) Q5) Describe your marketing strategy for your product? (1 Point) Q6) If you are planning to obtain investment, explain why you need investment? (1 Point)Explanation / Answer
1. The given conditions represent a oligopoly market situation where few firms compete in the industry. In case of monopoly market, the company can aggressively plan its move to capture as much market share as possible and charge a premium on its products.
2. The marketing strategy will include direct selling to customers, prospecting companies promoting adventure sports, cycling clubs etc. Most suitable approach is the use of focussed social media and other digital marketing methods to establish one to one contact.
3. Investment is necessary to improve and upgrade the tools needed to customise the products in more cost effective and quality centric way to improve customer satisfaction levels and increasing word of mouth publicity. Other areas where money can be used, are establishment of a digital marketing platform or an integrated customer communication platform or expanding the business to other markets.
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