Compare Actions Taken Concerning the Marketing Plan
GearTrek’s market plan has undergone a complete transformation from the start. The improvement has been significantly noticeable from each quarter to the next for the eight quarters analyzed. Based on the financial performance reports analyzed, GearTrek has been able to utilize such information to make crucial and effective marketing and branding changes. The measures taken involved a detailed investigation of the target segments of needs and wants. The examination helped us create a marketing strategy where GearTrek’s brand will dominate the overall bicycle and bicycle accessories market in the United States and the surrounding regions (Ott Palladino, 2016). GearTrek is, thus, commanding a reputable lead of 52% of the market share ahead of competition.
The market plan has also boosted Gear Trek’s performance to gain a favorable rating for investments. The same improvement has been evident in the company’s brand judgment, where it leads its competitors by the end of the second year. An analysis of the company’s balanced scorecard indicates GearTrek’s financial performance failed to meet the projected profits over its competitors. It is thought that company’s marketing effectiveness was started prematurely, however, GearTrek’s recent performance promises a steady rise in profitability and viability going into the long term.
Departures from the Marketing Plan, Justification, and Outcome
On departures from the marketing plan, we altered GearTrek’s marketing plan on several points throughout the last four quarters. A prominent driving factor in the divergence included the highly increasing demand for bicycles and bicycle accessories, which improved the company’s overall gross profits way beyond what was projected in the marketing plan and even the previous figures. To ensure that GearTrek could attain the set goals, the company embarked on aggressive advertising, research, and sales channel since more accessible cash and investor funds were available. Expansion into new markets, for example, Amsterdam, Paris, London, and New York where new offices were opened during quarter six of the plan.
Regional profits have been soaring shown by the percentage of sales revenue in the eighth quarter, which kept abreast with the figure from bigger competitors. Pricing varied significantly from plan to plan in the bicycle hiring and riding gear purchases as the company unleashed a high price to a higher margin with considerable success. The company was able to gain a huge chunk of the market share to become a formidable competitor, and as such aims to keep the prices lower in future to maintain customers. GearTrek has proven to be a competitor in the dynamic market of bicycle products and accessories, which it has positioned itself for continued success (Mari, 2021).
Review Significant Events That Affected the Company/Market
It is difficult for companies to avoid change, especially during this age of technology and information. the most significant challenge GearTrek has had to weather has been the battle to gain control of the market in the new areas it set up offices (i.e., London, Paris, and Amsterdam). The company failed to consider multiple market research data and did not create different brands during the first year of the market plan implementation. The company, further, faced competition in its bid to become a market leader. It also failed to take the necessary risks during the first quarter, which led to problems beating the established competitors.
Further, slow adjustments in brand recognition have also been a problem for Gear Trek. The company’s marketing success has been based on customer satisfaction through the quality of bicycle products and accessories. The eighth quarter data places GearTrek at a better demand than established competitors, an indication that GearTrek is on the right path to success.
References
Mari, C. (2021). Twenty years of marketing in the Italian bicycle market: Cannondale 1998– 2017. In A Business History of the Bicycle Industry (pp. 103-131). Palgrave Pivot.
Ott Palladino, K. (2016). Five ways to tell your brand’s story. Entrepreneur, 44(4), 36-42.
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