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Golden Dreams Bike Rental and Repair Store

Golden Dreams Bike Rental and Repair Store

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Golden Dreams Bike Rental and Repair Store

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  1. Golden Dreams Bike Rental and Repair Store Team A David Dong Kelvin Manbir Amy Mohammad

  2. Introduction • Golden Dreams Bike Rental • Owned by Adam Craig • Nester’s Market Strip Mall • Been in business for 1 year

  3. Main Problems • Not enough clients during the winter season • Lack of advertisements in central locations • Limited variety of bikes

  4. Facts • 80% rental capacity in June, July and August • 50% in September and October • 10% for rest of the year • Currently have advertisements in: • Pique and Whistler Question • Free weekly papers • Yearly cost: $5000

  5. Assumptions • Dude Taylor stays employed at the store • Technology is unchanged • No other bike shops open in the area

  6. Competitive Analysis • Competition: • Large bike shop • Strengths: • Located at Whistler Mountain Bike Park • Caters to hotels and individuals

  7. SWOT: Strengths • Large inventory space • Dude Taylor for bike repairs and maintenance • Only bike store in the Nester’s Market Strip Mall

  8. SWOT: Weaknesses • Currently have 2 broken bikes • Limited capital for expansion • Store hours can be revised • Limited variety of bikes

  9. SWOT: Opportunities • Rent town centre location • More space and better car traffic • Move to Function Junction • Cater to local market and home owners • Larger than current location • Rent is lower, but may increase • Close to new Whistler Creek development

  10. SWOT: Threats • Weather leading to low demand • Winter season • Competition • Large bike shop • If move to alternative locations: • Higher rent • New competition

  11. Target Market • 16-30 year olds • Male and female • Sports-loving families • Risk takers • Health-conscious people • Weekenders

  12. Recommendations • Relocation • Diversify products • Promotion

  13. Relocation • Advantages: • Bigger market (new target market) • More inventory space • Easier access • Disadvantages: • Higher expenses (i.e. rent) • More competition • Possibility of bankruptcy

  14. Diversify Products • Advantages: • More potential customers • More stable revenue during winter season • Make use of idle inventory space • Disadvantages • Don’t know if products will have market • More competition (i.e. Ski shop) • Need more staff to look over new products

  15. Promotion • Advantages: • Reach and attract more customers • Free advertisements on the web • Can create free website for store • Disadvantages: • More costs for advertisements • Some customers and markets are not responsive

  16. Solution • Establish a new mission statement • Provide new service to community for sports lovers (i.e. bike training) • Diversify his products • Have more variety of products for people of all experience levels • i.e. beginners to experts • Establish customer excellence • i.e. more public events for bikers

  17. Plan of Action

  18. Plan of Action • Establish a mission statement • Schedule a training program for new and beginner bikers • Create public events for bikers (i.e. contests)

  19. Plan Action • Setup a website and advertise on social media websites • Have winter products available i.e. ski bikes, toboggan, sleds

  20. Course Concepts • Diversification • Market penetration • STP • SWOT • Customer excellence • Marketing mix