fiXt bikes

1. fiXt bikes • jenny yu | jessica churchill | nathan dixon | nicole rossi • adv 123 | eckstone | october 18, 2010

2. definition • fixed gear - bicycle that has no free wheel [it cannot coast], the pedals are always in motion while the bicycle is moving • wikipedia.com

3. original concept / idea • a do-it-yourself bike customization online shop

5. unique selling proposition • self expression

6. geographic demographics • urban / [major] cities • college campuses • bars • west coast

7. target demographics • 18-35 year olds • active • trendy [up to date on fashion] • non-commuters • live / work in town

8. target market • d-i-y-er’s / urban / retro / hipsters [culture] • mildly athletic • has disposable income • young professionals who work in town • the “green” market

9. general perception • out of 38 people surveyed: • favorable responses: 16/38 (42%) • neutral responses: 8/38 (21%) • unfavorable responses 14/38 (37%)

10. general perception cont’d • viewed as a trend / fad • strong love / hate trend • firm opinions on fixed gear bikes

11. general opinions ( + ) • ability to customize the bikes to their own personal style • unique

12. general opinions ( - ) • cost (when asked if $300-$600 was an okay price) • personal perceptions of people who partake in trend

13. price survey • $300-$599 • yes: 18% • no: 82% • *most fixed gear bikes are upwards of $400 - $1000

14. results of the survey • very few were interested in buying a fixed gear bike • those few had prior knowledge of fixed gear bikes • cited they would pay over $500 for a good one

15. new concept/idea • selling interchangeable parts of the bike to keep the cost down • different colors/styles of : handlebars, seat covers, paint sets, rims, wheel covers, led lights

16. types of advertising

17. advertising response • television and internet are obvious media choices, followed by target specific magazines • radios and newspapers are primarily negative responses

18. marketing plan • national television commercial to expose the brand • mtv, vh1, spike, comedy central, [adult swim], fuse • internet advertising on d-i-y websites to pull in customers to online store • facebook, threadless, vans, pandora, grooveshark • target specific magazines • biking, shoes, apparel, music, tattoos

19. environmental analysis • it’s a west coast trend • focus on college campuses / bar scene • no physical stores - online only • can approach “green” audience - no pollution

20. economic analysis • college students are poor • young professionals tend to have disposable income • selling individual parts will be cheaper [wholesale]

21. social analysis • interested audience usually already own a fixed gear • trend may / may not take off in other cities [i.e. east coast] • “bike party” social events

22. swot - strengths • serves target audience’s personal style • relatively low maintenance • people fall easily into trends

23. swot - weakness • cost • people who are into this trend usually have one already • hard to ride

24. swot - opportunities • can pull in more potential consumers, especially to areas that the trend is unknown • create a new market for low cost customized bikes

25. swot - threats • people who already own a bike • no interest • no money • loyalty to a certain brand of bike • personal perception of fixed gear riders

26. marketing/sales objectives • achieve a specific market share and recognition of brand

27. basic advertising strategy • (1) 30 second national commercial • online advertising on several sites • some advertising in urban d-i-y / apparel magazines • sponsor events [“bike party”]

28. issues raised • further research - we need a more concentrated survey targeted toward people who already own a fixed gear bike, not just the target demographic • find out reasons behind owning a fixed gear