Principles of Marketing Management

Principles of marketing management 1
PRINCIPLES OF MARKETING MANAGEMENT
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Principles of marketing management 2
Principles of Marketing Management
Market Segmentation
The new portable electric bike will first be introduced in Sydney. The chosen location is
the capital city of New South Wales. The economy of Sydney is made of manufacturing, finance,
education, and trading and generates more than $108 billion per year (City of Sydney, 2019).
These activities have made the city one of the largest economies in Australia and hence famous
in selling. Notably, in an economy like this introducing a new product is easy because there are
many prospective buyers with the ability to buy. The city has a population of more than 5.07
million people and is expected to grow (Population Australia, 2019). The main social classes in
Sydney range from working class to the affluent class. Due to these and more features, they
make Sydney the most attractive market to sell a new portable electric bike.
Target Market
There are varieties of e-bike models that seek to target diverse customers from the age of
16 years. However, the most significant target segment is more mature customers, especially old
riders. These customers may have special needs such as amputees, cancer patients, etc. Most
customers will come for the bike for its eco-friendliness and ease of use compared to
conventional bikes that run on fuel.
Differentiation
The new portable electric bike is electric motor powered and use a rechargeable battery
and hence eco-friendly (Spelta, 2015). Besides it being low emission is also save on power by
generating its power from pedals. It is also automatic, unlike conventional bikes that required too
much rider engagement. Also, the bike is light and easy to ride.
Positioning