How you have segmented the market for your product/service?

Segmentation involves finding out what kinds of consumers with different needs
exist. Market segmentation is the process of dividing a target market into smaller, more
defined categories. It segments customers and audiences into groups that share similar
characteristics such as demographics, interests, needs, or location. For example, the four
types of segmentation are Demographic, Psychographic Geographic, and Behavioral.
The segmentation for a bicycle renting service is done by focussing on school students, style,
speed and performance of the bicycle.
How you have selected your target market/s for your product/service?
Targeting in marketing is a strategy that breaks a large market into smaller segments to
concentrate on a specific group of customers within that audience. Companies use target
marketing to learn more about their consumers and thus create advertisements for specified
groups to maximize response.
The target group for this bicycle renting service is school students. They are the one who uses
bicycle mostly.
How you developed a positioning strategy for your product/service in the minds of your
prospective target market/s.
Positioning defines where your product (item or service) stands in relation to others offering
similar products and services in the marketplace as well as the mind of the consumer. A
good positioning makes a product unique and makes the users consider using it as a distinct
benefit to them.
The positioning strategy used here is giving a stylish bicycle at a lower price per hour when
compared to other competitors. And also by using the website/App they can book for an
bicycle immediately. The bicycle can be taken by them at the same area from where they are.
Provide a detailed timeline for your promotional activities accompanied by your
reasoning.
 Promotional activity can be carried out using social media sites.
 Organize Group Community Rides.
 Marketing Through E-mail.
 Have Direct Contact With The Customer Through Online Booking.
 Get Listed In the Business Directory.
Allocated budget for the promotional activities.
Here are the top four methods for setting an advertising budget used by the most successful
independent businesses:
1. Fixed percentage of sales.
2. Comparable to the competition.
3. Objective and task-based.
4. The maximum amount.
· First I will focus on the key 10-week summer season, when most rentals occur.
· I estimate rental bicycles average a 40 percent utilization rate during the summer season, or
in other words, are rented for an average of 28 days.
· Therefore, the total rental days during the summer season are 28 days per bicycle x 1,300
rental bicycles = 36,400 rental days.
· Then I adjust for off-season rentals. I estimate that 85 percent of the rentals occur during the
summer season, so the total rental days including the off-season would be 36,400/0.85 =
42,800.
· Then I estimate the average daily rate to be Rs.100. Multiplied by 42,800 rental
days, I therefore estimate the total current market for bicycle rentals to be 100 x
42,800 = 42,80,000.
Overall coherence amongst the above 3 STP crafted
Coherence: A brand should speak with one voice through all the elements of the marketing
mix. Only when all these factors work together success can be attained. Proper segmentation
should be done , after segmenting the target group is to be identified. Then positioning in the
minds of the target group is to be made. After these steps promotional activities is to be done
to promote the service.