Peloton Bike
Potential segmentation
Based on studies and research, lack of marketing would result to a devastating failure of most businesses, for this reason, each industry strives for different marketing mechanisms as well as tactics with the objective of moderating the success. An example of a firm that embraces this strategy is one that produces Pelton bikes. The firm ensures that the product remains appealing to the buyers by invoking enthusiasm to preserve the customers’ loyalty. This paper seeks to evaluate the segment approaches used to divide marketing, deciding which to keep based on the evaluation criteria as well as choose a targeted strategy used in the marketing of Pelton bikes.
From a study conducted, marketing segmentation aims at dividing the market into smaller groups that are easy for the firm to manage. Though this segmentation and customer customization, a higher level of customer’s loyalty is achieved as well as attaining well-focused marketing plans. The company employs simple marketing objectives and goals as well as paying attention to its essential milestones. Besides, the anecdotes of employees, as well as the plans and goals, are vital elements of success.
Criteria for evaluating segments
The potential segmentation strategies employed by the firm have been subdivided into various groups such as; geographic, demographic, psychographic as well as behavioral. First and foremost, demographics is based on character traits of a population to capture the largest customer base from the entire community. Geographic segmentation, on the other hand, is based on the regional location where the firm seeks to supply the bikes. A study suggests that segmenting customers through the use of psychographics is among the best means of segmentation. This is because the product is produced targeting the hobbies as well as the interests of the customers. This segmentation aims at achieving attractiveness, quality, niche markets as well as brand recognition.
Lastly, behavioral segmentation is a more recent form of segmentation in which it considers the digital age. Based on behavioral segmentation, customers wanting a Pelton bike take three factors into consideration: degree of loyalty (the Loyalists), functions sought (the Ecosystem Users), and social acceptance (the Status Seekers). The Loyalists are the customers that have stuck with the Pelton brand, whereas the Ecosystem Users are those that seek to stay within Pelton’s ecosystem. Lastly, the Status Seekers are those who buy a Pelton product as a fashion statement. The firm employs ecosystem as a strategy of innovation and growth as it reaches for more customers.
Targeting strategies
The firm has settled on undifferentiated marketing as its targeting strategy. This based on the fact that the cost of developing separate products for the various segments will be overwhelming. The Peloton bike targets consumers with busy work schedules who have challenges leaving work in time to attend cycling classes. The bike and program are designed to provide interesting, addictive, and efficient technology for this target audience and friendly prices. Clients committed to their fitness are presented with an opportunity to obtain an instant indoor exercise bike from Peloton.