GoldSpeed

Market Definition and Segmentation

A. Market Segmentation
Geographic Segmentation:
 The target costumers of GoldSpeed business are the willing to
commute by bicycle to work and the people who want a stable,
comfortable bike and a full range of accessories for their rides.

 The GoldSpeed business is expected to be in demand throughout the

year, especially when the pandemic came because the Philippine
government has immensely limited the use of public transportation.

Demographic Segmentation:
 From ages 3-10 years old; Teens – ages 11-20; Adults and even the
Senior Citizens.
 The product can use by both gender (male and female)
  It targets people with different level of social classes (AB-E)

Physiographic Segmentation:
 GoldSpeed targets customers are people who loves to have an
adventure with their colleagues, family and friends.
 GoldSpeed target customers are people who wants to have a
affordable and comfortable transportation.

Behavioral segmentation:
 It targets customers who loves to work out and exercise and to have
fun with their family and friends using our products.

B. Target Strategy
GoldSpeed is a bike and e-bikes business that targets the Filipinos
Families and Workers who wants to have a comfortable bike and e-bike for
their outdoor activities and for those willing to commute by bicycle to
work. We can see this everyday especially to teens that is why we came up
an idea that can also push them to the places they want to go. We offer a
good quality of product that is affordable which ranges only from 650-
50,000. GoldSpeed will be offering these target customers with the goal of
producing a comfortable and good quality bike and e-bikes at a low price.

C. Positioning Strategy
Having a business competitor is not easy, that is why it is important to
our company to know the other company’s strengths and weaknesses. The
purpose of this competitive comparison is to reposition a competitor's
product in the minds of the target market. This strategy will be beneficial to
us particularly if we have a strong competitors because we'll get to know
their strengths and weaknesses which we can utilize to improve our
product. The product will be promoted through flyers, posters, tarpaulin
and video advertisements to attract customers. GoldSpeed business will
provide a high-quality product at an affordable price.
Also, to determine where and how to position our GoldSpeed product in
the marketplace is by identifying our customers and providing answers to
numerous questions and listen to their feedback in order to develop an
effective and successful positioning strategy and also for us to improve our
product.

D. Product / Service Strategy

GoldSpeed business brand is our key asset, which offers a high-quality
bikes and e-bikes at an accessible price, and excellent customer service to
ensure that our consumers have a pleasant shopping experience at our
store. Because having a satisfied customer helps our store to be more
known to other people and that is our key of success. GoldSpeed Shop’s
purpose is to attract customers by making them feel special and safe
through our products and design.

E. Pricing Strategy
In determining the pricing strategy for GoldSpeed, the key factor to
consider is the primary target market, which consists of workers and
students. Also, our products are determined by how much we spent on
production, manufacturing, and distribution.

 Kid’s Bike Php 650-3,000

 Mountain Bikes Php 3,000-15,000
 Japanese Bikes Php 2,000-10,000
 E-Bikes Php 13,000-50,000
 Secondhand Bikes Php 1,000-5,000
 Bike Parts and Accessories Php 250-5,000
 When purchasing a new bike from GoldSpeed Shop, the consumer is
given 90-day service at no charge and 10% off all accessories for one full
year. The cost to the shop for the 90-day free service offered with all new
bikes is built into the price of the bike. We are also offering discounts or
promotions if they buy our products in cash or if they buy more of our
product. This method is beneficial for our promotions since it can affect
customers' purchasing decisions. This method is great for clients who are
price sensitive. We could also place a product with an original price next to
it so that customers can see how much money they will save if they buy this
reduced item.

F. Placement / Distribution Strategy

The GoldSpeed business is located in Muntinlupa City, as well as in the
other part of Philippines. We are able to deliver to distant places using our
own delivery service, J&T Express, and LBC. Our payment methods can be
cash on delivery, thru online payment, and credit/debit card. There is an
800 square foot shop that is dedicated to repair and maintenance. All bikes
and e-bikes remain on the show floor so that no bikes go unseen when a
customer enters the shop. Accessories, on the other hand, are inventoried
at a minimal level. The GoldSpeed business plans to do the direct
distribution strategy and use deliveries for the orders on websites such as:
Shopee, Lazada, Instagram, Facebook and Twitter. The social media
platform would be used to know the feedbacks from the consumers so that
the company will be aware of how their services and products appeal to
their consumers.
To attract our customers, we would be displaying our logo in front of the
store, flyers are also available and we could put some posters / tarpaulin in
places where many will see and notice. We could attract more customers
through posting online and advertising our online store for those people
who prefer to shop safe and conveniently. For our walk-in store, social
distancing, wearing of face mask would be strictly observed.
G. Promotion Strategy
Our business is a brand new bike and e-bike store in Muntinlupa and
other part of the Philippines. We made video commercials and online
platforms to market our firm to online customers in order to get people's
attention. For walk-in clients, we'll create flyers to distribute and place
posters or tarpaulins in areas where a lot of people pass by to offer them
with further information about our product. We will have discount for
those walk-ins and a free shipping voucher or 50% discount for those online
buyers, which will attract more buyers to buy our goods.