MKT FPX 5410 Assessment 1 Marketing Mix Project for Spokin’ Wheels MKT-FPX5410 Digital Marketing Optimizing the Marketing Strategy for Spokin’ Wheels: A Comprehensive Analysis
Introduction
Spokin’ Wheels is a local bicycle shop with two distinct locations: its original store, established several years ago, and a newer location that opened just a few months back. The shop specializes in selling both new and used bicycles, providing repair services, and offering a variety of bicycle accessories and clothing. Additionally, Spokin’ Wheels organizes weekly group rides every Sunday morning. To enhance the business’s marketing efforts, one partner will focus on internal customer-facing processes, while the other will define the marketing mix. Given the service-oriented nature of the business, an approach rooted in service marketing is most effective. According to Kar (2019), “The 7 P framework is one of the most popular frameworks for deciding a marketing strategy, right from strategy formulation to actual implementation.” The 7 P’s—product, price, place, promotion, people, physical evidence, and process—will guide this analysis. Additionally, the 5 S’s of digital marketing—sell, speak, serve, save, and sizzle—will be integrated into the marketing strategy to leverage the digital landscape effectively.
Product
A product is defined as either a tangible item for consumer purchase or a service provided to meet customer needs. Spokin’ Wheels offers both tangible products and essential services. To enhance the value of our offerings, integrating “digital value” and building a strong online reputation are crucial. While purchasing a bicycle typically requires physical presence, the complexity of our products presents opportunities for a robust online presence. This digital presence can educate and guide customers, potentially facilitating a Research Online, Purchase Offline (ROPO) approach (Caffery & Smith, 2017, p. 66). To optimize Spokin’ Wheels’ online presence, questions such as how we can assist our customers, what needs we can address online, and how to enhance their online experience should be considered. Implementing QR codes can also add value by connecting customers to additional online information, benefits, and experiences (Caffery & Smith, 2017, p. 66). By focusing on specific products, Spokin’ Wheels can leverage the online platform to highlight its strengths and enhance its value proposition in the cycling industry.
Price
The global reach of the internet has intensified competition, making transparent pricing essential. Online buyers have numerous options, which compels sellers to adopt strategic pricing approaches. Tools like cookies—session cookies, persistent cookies, third-party cookies, and HTTP cookies—can track consumer behavior and aid in pricing strategies (Geeks, 2019). While cookies can provide insights into pricing preferences, it is important to remember that quality and service often outweigh the lowest price. Highlighting the value-added services provided by Spokin’ Wheels can justify the price and strengthen customer relationships. Additionally, offering rental or leasing options for bicycles can attract customers who prefer lower upfront costs while generating additional revenue through interest. Monthly subscriptions or rental options for cycles can provide flexibility and increase sales for Spokin’ Wheels.
Place
The “place” in marketing refers to the location where products are purchased, distributed, or consumed (Caffery & Smith, 2017, p. 78). Establishing a robust online presence is as vital as maintaining a physical store, as it allows reaching broader markets beyond the immediate area. Social media platforms are instrumental in building this presence. For instance, maintaining a Facebook business profile can increase visibility through followers and engagement. Encouraging customers to check-in or tag Spokin’ Wheels on their social media can amplify brand awareness. Running online contests and promoting reviews on platforms like Google or Yelp can further enhance visibility. Distribution also plays a role; selecting a reputable distributor for online orders and shipping accessories or apparel can boost Spokin’ Wheels’ online reputation and efficiency (Caffery & Smith, 2017, p. 81).
Promotion
Promotion is closely linked to the concept of place, as both involve enhancing brand visibility. Online promotions can range from simple pop-up ads to engaging social media campaigns. For example, Wendy’s has gained notoriety for its witty Twitter interactions, demonstrating how creative promotions can boost brand engagement. Various promotional tools, including online communication channels, can be utilized to extend reach and effectiveness (Caffery & Smith, 2017, p. 81). However, challenges such as integration, creativity, and resourcing must be managed to ensure successful pro