Part B: Your Plan on Techno Bike Marketing Plan
Assignment 2: Part B: Your Marketing Plan
Due Week 6 and worth 240 points
In Assignment 2, using the same company from Assignment 1, you will focus on the company's mission, introduction, and branding.
Note: You may create and /or make all necessary assumptions needed for the completion of this assignment.
Write a four to five (4-5) page paper in which you:
Develop a branding strategy for your product that covers the brand name, logo, slogan, and at least one (1) brand extension.
Assemble a marketing strategy for your product, and determine an appropriate time table to implement your plan). Provide a rationale for your response.
Prepare a positioning statement. Include a perceptual map that shows your company's position against its competitors. From this map, create a statement that depicts your position. For example, “Our product is the fastest in its class for half the price.” Note: See pp. 54 - 55 in the textbook for examples of perceptual maps. You may use Microsoft Word, PowerPoint, or other equivalent software to create your perceptual map.
Examine the relevant consumer behavior for your target market. Explain the main reasons why the brand name, logo, slogan, brand extension, as well as the positioning statement and marketing strategy are right for the identified target market.
Develop your company's mission statement and company introduction.
Use at least three (3) academic resources as quantitative marketing research to determine the feasibility of your product / service. These resources should be industry specific and relate to your chosen product / service. Note: Wikipedia and other Websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student's name, the professor's name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
Analyze the marketing framework including the concepts of the 5Cs, STP, and 4Ps.
Examine the marketing science of customer behavior and products in the marketing exchange process and create dynamic strategies for competing.
Evaluate the basis for market segmentation and approaches to segmentation.
Evaluate target customer segments and positioning products within these segments.
Examine the marketing science of customer behavior and products in the marketing exchange process and create dynamic strategies for competing.
Develop branding strategies for existing and new products.
Use technology and information resources to research issues in marketing management.
Write clearly and concisely about marketing management using proper writing mechanics.
Techno Bike Marketing Plan
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Date of submission
Techno Bike Marketing Plan
Techno Bike
Techno Bike Inc. will be an enterprise operating in both the USA and China. The privately owned entity is entitled to five principals with the same goal of investing their wealth on the bike production. Furthermore, the team of management is all qualified professionals in the bike industry with up to date technology on the same. Thus, the enterprise will be designing as well as producing the bikes in Texas for the local markets. However, the bulk of its production will be conducted in Shanghai taking advantage of the availability of cheap labor with the required skills. Innovation is one of the strengths that Techno Bike will be used as a competitive edge since it will continue developing new and unique bikes with enhanced technology. Furthermore, the management is able to allocate enough resources to research and development to effectively improve its products that exceed the customers' expectations. The marketing plans and strategies that the enterprise will implement will ensure continued growth and elevate the profitability. These marketing plans will detail the best brand strategy for the bikes that will encompass brand name, logo, slogan, brand extension, and positioning statement.
Mission Statement
Techno Bike Inc. has an advantage of a dedicated team of knowledgeable cycling enthusiasts who improve the value to the many consumers through constant interaction. The enterprise is fortunate to get the opportunity to sell the products besides empowering the modern bike. Techno Bikes is committed to building a more bike-friendly environment, providing the consumers with high-quality cycling bikes, unyielding consumer service besides promoting the safe usage and advocating for bike transportation, organized rides, provide in-store classes and safe riding skills for the consumers.
Branding Strategy
Techno Bike Inc. has a long-term plan for the development and improvement of the bike brand to achieve its goal of capturing the 4% of the local market. The strategy is attached to the consumer needs, their emotions and the environment for competition. Therefore, the brand strategy will identify the purpose, consistency and the emotional impacts to the consumers that help them connect with the enterprise (Aaker, 2012). In addition, it will elaborate on the values, the promise of the enterprise to the consumers as well as the personality of the owners and the management. The strategy will ensure repeated communication of the brand identity to consumers. This will be accomplished through the use of the logo, color palette and the slogan for creativity to convey the brand. Therefore, the different market components that will be factored in include primary target consumers in Texas, competition, product and service mix and the unique selling propositions. Techno Bike Inc. brand strategy will have a purpose besides making a promise (Aaker, 2012).
Vico-jet
The name Vico-jet will be the brand name for the bikes developed by the techno Bike Inc. The name is derived from two words: victory and jet. In relation to victory word, the enterprise is associated with victory in competition at the global level especially on a larger market share and having a competitive edge over the competitors (Kapferer, 2012). On a separate note, the jet is associated with the speed of the competition. It is realized that most consumers especially the youth love competition and riding bikes as a form of exercise hence they associate themselves with victory and speed. Thus, achieving such victory and speed has some positive and memorable experiences. Furthermore, the name is easily pronounced, spelled and recalled by the majority of the consumers besides its association with sharpness, strength, and intelligence (Kapferer, 2012).
Logo
The logo is an important component of brand strategy since it communicates on brand identity. Therefore, a proper consideration should be provided to the type of logo that works best for an enterprise. Techno Bike invited its customers to give ideas on the varieties of suitable logos via websites and print projects. Therefore, techno Bike came up with a simple, visible and decent logo with bold graphics that made it stand out. The three colors used are visible and easy to read with good contrast. The image below illustrates the Techno Bike logo (Kapferer, 2012).
Diagram 1: Showing Techno Bike Logo and Slogan
514350243840Vico-jet You are part of the new experience00Vico-jet You are part of the new experience
The logo presented gives confidence and strength in branding due to its attractiveness to the target customers. Furthermore, it differentiates itself from the competitors’ logos as well as fulfilling the enterprise mission. Based on the above logo, Techno Bike has strived to accommodate the customers who struggle to connect the distorted pieces of the enterprise together. Thus, it has used a style guide using the color scheme on the picture and the tonal voice in the message to help the brand benefit as a whole (Kapferer, 2012).
Slogan: “You are part of the new experience”
“You are part of the new experience” as a slogan of Techno Bike Inc plays two critical roles. It communicates the importance of the brand to the target customers and inspires the team to feel great and proud of the products the enterprise offers. This slogan is developed based on the brand promise, position and personality hence it is easily articulated by any consumer and is based on the brand strategy in place to help in building the brand (Kapferer, 2012). On a separate note, “You are part of the new experience” slogan provides coherent and cohesive information to ensure consistency that gives an improvement on brand recognition hence will ensure customer loyalty. Furthermore, it is active and can be easily understood. Furthermore, the slogan can be used to create multiple marketing campaigns since it is associated with the urge of having a new experience (Kapferer, 2012). Elsewhere, the management of the Techno Bike has embraced the consumers’ emotions in the slogan. This is achieved through the creation of the community around the brand to connect the customers with the brand especially using the words such as “Y...