Marketing Management

Week Three Activity 2

Week Three Activity

Jacob Sposaro

University of the Cumberlands

BADM533-A02: Marketing Management

Dr. Thompson

January 19, 2022

Product

Biking is a popular worldwide form of exercise and leisure and is widely used in fitness, tourism, and transportation. Research and Markets (2021) projects that the overall market for bikes will grow by approximately 13% by 2026, with multiple models of bikes contributing to the proposed growth. Bikes serve many purposes worldwide and different styles such as road or mountain bikes, exercise bikes, and newly introduced e-bikes. Research and Markets (2021) explains that the diversity of bike offerings will increase demand and cater to influences such as fitness, eco-friendly transportation, and an increased global presence. 

We propose offering a molded memory foam bike seat adjustable to each rider. The design would enhance the comfort and satisfaction of riding. The proposal is based on the demand for bikes and the lack of this cushion style. Damon Ward shows that many bike seat cushions use memory foam and are popular in the market. The advantage of our proposed product is it would be moldable to each rider. The rider would receive a cushion and then sit on it like they were riding a bike. The foam would then mold to the ride and provide personalized cushion, support, and flex based on the rider’s body shape and size. This bike seat would be a cover that fits any standard bike seat and is made of memory foam that would adjust as riders shift and move. It would be similar to memory foam mattresses or shoe insole, both of which are well received by consumers. The memory-foam type seat cushion would have the necessary support and flexibility (based on the rider’s body position) to provide improved comfort while riding. This would come in various thicknesses (firmness of the foam) depending on preference, fit all styles of bike seats, and magnify the biking experience.

Price

           Since this would be an innovative product to the market and would provide riders with an enhanced comfort level, we could charge a premium price. Riders would view this cushion as valuable because it would quickly transfer between different bikes, be personalized to their body type, and negate the complaint of uncomfortable bike seats providing superior comfort for riding. Additionally, it would improve other cushions available in the market. Damon Ward (2021) shows that none of the top-selling, most popular bike seats are molded to each rider, and each seat has drawbacks. The product could command a higher price because of the value-added. Ward (2021) shows that the top seat cushions on the market range between $23 and $45. We propose charging a premium price of $60 per cover. This price is justified by the value-added and personalization of the product while still being in line with the competition. This would encourage the target market to pay a slight premium for greater satisfaction.

Promotion

Place/Distribution

Strategy

References

Bicycle Market - Global Industry Analysis. (2021, November). Research and Markets.

Ward, D. (2021, October 13). Stay Comfortable With the Best Stationary Bike Seat Cushions. Sports Illustrated. Retrieved from https://www.si.com/review/best-exercise- bike-seat-cushion/