Marketing Report: Outlining a strategic plan for Rad Power Bikes to enter the Norwegian market. The report justifies this move by highlighting Norway’s eco-conscious culture, strong e-bike market growth, and supportive urban infrastructure.
Key points from the report include:
- Target Market: The ideal customer is a tech-savvy, environmentally aware urban dweller aged 20-40, residing in major cities like Oslo and Bergen, who is looking for a sustainable and affordable alternative to car ownership.
- Marketing Objectives: The first-year goal is to capture a 5% share of the target market, aiming for approximately 15,000 unit sales. This would generate an estimated $36 million in revenue with a 12% net profit margin. The company also plans to build brand awareness through digital advertising and influencer partnerships.
- Mode of Entry: The recommended strategy is a hybrid direct-to-consumer (DTC) e-commerce model combined with strategic partnerships with local retailers. This approach minimizes risk while leveraging existing brand strengths and offering customers the chance to test the bikes.
- Competition: The market is moderately intense with premium international brands and local e-bike companies. Rad Power Bikes plans to stand out by offering a high-quality product at a more affordable price point and by partnering with local repair shops for after-sales service.
- Product & Price: The report suggests tailoring the product line to Norway’s unique climate and terrain by adding features like weather-resistant coatings and winter-ready tires. The pricing strategy is value-based, aiming to be more accessible than luxury brands while maintaining a healthy profit margin.
- Communication: A digital-first communication strategy will be employed, utilizing platforms like Instagram and TikTok, and localizing content to align with Norwegian values and language.
- Challenges: Key challenges identified are currency fluctuations, seasonal demand, and adhering to local regulatory compliance.