January 2001
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Table Of Contents 1.0
Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
2.0
Situation Analysis . . . . . . . . . . . 2.1 Market Summary . . . . . . . 2.1.1 Market Demographics 2.1.2 Market Needs . . . . 2.1.3 Market Trends . . . 2.1.4 Market Growth . . . 2.2 SWOT Analysis . . . . . . . . 2.2.1 Strengths . . . . . 2.2.2 Weaknesses . . . . 2.2.3 Opportunities . . . . 2.2.4 Threats . . . . . . . 2.3 Competition & Buying Patterns . 2.4 Products Offered . . . . . . . 2.5 Keys to Success . . . . . . . . 2.6 Critical Issues . . . . . . . . .
3.0
Marketing Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 3.1 Mission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 3.2 Marketing Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . 8 3.3 Financial Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 3.4 Target Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 3.5 Positioning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 3.6 Strategies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 3.7 Marketing Mix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 3.8 Marketing Research . . . . . . . . . . . . . . . . . . . . . . . . . . 10
4.0
Financials . . . . . . . . . 4.1 Break-even Analysis 4.2 Sales Forecast . . . 4.3 Expense Forecast .
5.0
Controls 5.1 5.2 5.3
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Wheelie Deals 1.0 Executive Summary Wheelie Deals is a wholesale distributor that serves the retail bicycle industry. Wheelie Deals will carve out a focused niche within this industry, providing closeouts, last year models, and seconds. Large wholesalers will occasionally have a closeout to offer, however, the availability of special deals is spotty. As prices continue to rise, and people's discretionary income decreases, more and more people are attracted to finding good deals. This trend will allow Wheelie Deals to generate sufficient business to reach and conquer profitability. Wheelie Deals will quickly become the #1 source of deals that will provide retail shops with above average margins. Wheelie Deals will grow rapidly and take away market share from the more traditional wholesalers. Wheelie Deals is lead by Dan Psycle, MBA, a veteran of the bicycle industry. Dan has modeled Wheelie Deals off an already successful wholesale distributor business model and will quickly gain market share. Profitability will be reached by month eight with profits of $61,000 by year three.
2.0 Situation Analysis Wheelie Deals is entering their first year of business. Through careful market research, it is forecasted that Wheelie Deals will be well received. A cohesive marketing strategy will be required to bring the company to where it would like to be in terms of revenue. The company offers a wide range of closeout and other specials of assorted bicycle components and gear to retail bicycle shops.
2.1 Market Summary Wheelie Deals has compiled good information regarding their market and the target customers that make up the market. Wheelie Deals will leverage this information to better understand who is served, their specific needs, and how Wheelie Deals can better serve them.
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Wheelie Deals
Target Markets
Independent bicycle shops Chain bicycle shops
Table 2.1: Target Market Forecast Target Market Forecast Potential Customers Independent bicycle shops Chain bicycle shops Total
Growth 9% 8% 8.61%
2002 12,458 8,045 20,503
2003 13,579 8,689 22,268
2004 14,801 9,384 24,185
2005 16,133 10,135 26,268
2006 17,585 10,946 28,531
CAGR 9.00% 8.00% 8.61%
2.1.1 Market Demographics The profile for Wheelie Deals' customer consists of the following geographic, demographic, and behavior factors: Geographics • The area served is the entire United States. • The total targeted population is 20,503 bicycle shops. Demographics • Small bicycle shops (<$125,000 in yearly sales). • Large bicycle shops (>$125,000 in yearly sales). • Each shop typically serves a geographic area of 45 miles. Behavior Factors • Tend to go out of their way looking for deals, looking for ways that they can save money, and pass the savings onto the customers. • The shops will often have last year's model bicycles.
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Wheelie Deals
Table 2.1.1: Target Market Analysis Target Market Analysis Market Segments Independent bicycle shops Chain bicycle shops
Characteristic -
Characteristic -
Characteristic -
Characteristic -
Characteristic -
2.1.2 Market Needs Wheelie Deals is providing retail bicycle shops with a wide assortment of bicycle-related items, including clothing and components significantly discounted from the normal wholesale prices. Wheelie Deals seeks to fulfill the following benefits that are important to its customers. • Selection: A wide selection of components, wheels, clothing, bicycles and accessories will be offered to the customer. • Accessibility: The entire catalog is available to all bicycle shops in the U.S. • Customer Service: The customer will be impressed with the level of help and attention that they receive in all interactions, whether sales, returns, etc. • Competitive Pricing: Because all of Wheelie Deals' products are closeouts, specials, etc., they will be better priced than other wholesalers.
2.1.3 Market Trends The market trend for the last six to nine years has been an erosion of margins for bicycles. Profits are recaptured through higher margins found in accessories and service departments. Because the bicycle shops must rely on accessories and service to generate profit, it makes it increasingly difficult for local shops to compete with the large mail order houses. Consequently, there has been an exodus of customers heading toward the mail order catalogs. It would be quite attractive to the local bicycle shops if they suddenly had the capacity to compete with the mail order houses. Currently, the industry is served by 10-15 different wholesalers. Each wholesaler has their own niche to some degree, but generally they have a fairly wide product offering. Bicycle retailers in need of parts will contact a distributor and purchase their products from them. Some or most of the wholesalers have a sale or closeout section, but this typically makes up a small percentage of their business. It is well known that the margins in the retail bicycle industry are small. 30% for the bicycles, 75% for components, and 100% for clothing. Closeouts are a great way to increase store traffic and significantly help out the shop's bottom line with nice margins.
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Wheelie Deals
Market Forecast
30,000 25,000 20,000
Independent bicycle shops
15,000
Chain bicycle shops 10,000 5,000 0 2002
2003
2004
2005
2006
2.1.4 Market Growth From 1991-1999 bicycles shops enjoyed growth of up to 11%, primarily from the popularity of mountain bikes. Within the last year and half, sales of mountain bikes have grown flat, decreasing overall bicycle shop growth to 4%. The one saving grace to this predicament is a resurgence of growth for road bicycles. This recent growth is in part fueled by America's Lance Armstrong's domination of professional cycling in the last three years of the Tour de France. What makes this all the more incredible and inspirational is the fact that his first Tour win came two years after recovering from what was thought to be terminal cancer. The other factor that has contributed to the resurgence of road bikes is the increase in bicycle paths and bicycle lanes that has been built within the last several years. While the retail bicycle industry is not forecasted to grow at the same rates as it did in the early nineties, it is likely to grow around 6% a year for several years. Since the wholesale bicycle industry is so tied together with the retail side, growth rates for the two generally mirror each other.
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Wheelie Deals
Target Market Growth
9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% Independent bicycle shops
Chain bicycle shops
2.2 SWOT Analysis The following SWOT analysis captures the key strengths and weaknesses within the company, and describes the opportunities and threats facing Wheelie Deals.
2.2.1 Strengths • Strong relationships with many different manufacturers, often negotiating an exclusive distribution deal with them. • Excellent staff who are well-trained cycling enthusiasts who recognize the need to ensure complete customer satisfaction. • A wide selection of goods.
2.2.2 Weaknesses • The difficulty of raising visibility among all of the perspective customers. • The nature of the industry which does not have a smooth, constant flow of goods (specials and closeouts). • Predicting what products will sell is difficult and since closeouts by their nature are purchased in big lots, a wrong choice could create a glut of inventory.
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Wheelie Deals 2.2.3 Opportunities • Wheelie Deals' business model addresses the problem that the retail industry faces decreasing margins. • The ability to spread fixed costs over a larger area as sales increase, increasing profit margins. • While the bicycle industry is affected to some degree by the circular nature of the economy, bicycle and accessory sales never fall completely flat since there are many people that ride bikes regardless if it is economic boom or bust.
2.2.4 Threats • Entry into this market niche from an established distributor, recognizing this is the area for growth in the industry. • A decrease in the willingness for manufacturers to sell their closeouts to retailers via wholesalers, instead selling all of their excess directly to the mail order houses.
2.3 Competition & Buying Patterns The major competitors are: • Seattle Bike Supply: this is a national distributor with several warehouses spread out across the country. Seattle sells some closeout products, but they make up a small portion of their business. • Quality Bicycle Products: this is a relatively high-end bicycle component distributor that operates on a national scale, however, they only have one warehouse in Minneapolis, MN. • Riteway: this is a national wholesaler with multiple warehouses. Riteway has an extensive product catalog and does offer a decent amount of closeouts, in part due to a minority holding of the GT bicycle company. Bicycle retailers tend to favor one type of distributor for certain things. Some variables that influence decision is price, availability, shipping time, and available terms. The retailers will often use one main wholesaler and aggregate as much as possible into an order to save shipping costs.
Table 2.3: Growth and Share Analysis Growth and Share Competitor Competitor Competitor Competitor Competitor Competitor Other
Price $0 $0 $0 $0 $0 $0
Growth Rate 0% 0% 0% 0% 0% 0%
Market Share 0% 0% 0% 0% 0% 0%
Average Total
$0.00 $0.00
0.00% 0.00%
0.00% 0.00%
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Wheelie Deals 2.4 Products Offered Wheelie Deals is a wholesale distributor of bicycles and bicycle components. Wheelie Deals specializes in closeouts, last year models, and seconds. Some of the manufacturers that Wheelie Deals sells are: • • • • • • • • • • • • • • • • • • • • •
Shimano; Campagnolo; White Industries; Syncros; Mavic; Chris King; Tioga; Michelin; Easton; Rock Shox; Answer Racing; Salsa; Race Face; Sweet Parts; Grip Shift; Ritchey; Wellgo; Pearl Izumi; Bellweather; Swobo; And many more manufacturers.
2.5 Keys to Success The keys to success are: • Unbeatable selection. • Outstanding customer service. • Good inventory management.
2.6 Critical Issues Wheelie Deals is still in the speculative stages as a wholesaler. Its critical issues are: • Continue to take a fiscal approach, expand at a reasonable rate, not for the sake of expansion in itself, but because it is fiscally prudent to do so. • Continue to build brand awareness, driving customers to Wheelie Deals. • Maintain good relationships with suppliers.
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Wheelie Deals 3.0 Marketing Strategy • Trade Shows: Wheelie Deals will be visible at the two major industry trade shows. 75% of the retail bicycle shops attend at least one trade show a year. The shows provide retailers an opportunity to view upcoming products and chat with representatives from the companies as well place pre-season orders. • Advertisements: Wheelie Deals will be advertising in Bicycle Retailer, THE industry magazine. Ninety-eight percent of the bicycle shops in America receive a copy of Bicycle Retailer making the advertising opportunities especially valuable. • Website: Wheelie Deals will develop a website that includes a current catalog of their offerings. This will be the most up-to-date source of product information and availability. All advertising activities and trade show presence will highlight the website as an indispensable source of information.
3.1 Mission Wheelie Deals' mission is to create the largest selection of closeout bicycle parts. We exist to attract and maintain customers. When we adhere to this maxim, everything else will fall into place. Our services will exceed the expectations of our customers.
3.2 Marketing Objectives • • • •
Increase repeat customers by 6% per quarter. Decrease the cost of customer acquisition by 5% per year. Create general awareness of Wheelie Deals within the retail bicycle industry. Increase the catalog of products by 15% a year by skillfully communicating to the manufacturers the success of this business model.
3.3 Financial Objectives • A double digit growth rate for the first five years. • An increase of the profit margin by 3% a year. • Profitability within one year.
3.4 Target Markets The two segments that Wheelie Deals will be targeting are: • Independent Bicycle Shops: The large majority of bicycle retailers are independently owned sole proprietorships. They are usually owned by one person and range from three to ten employees, depending on the season. • Chain Bicycle Shops: Although chains are not the predominant business form, most large cities (over 200,000 people) have at least one chain serving the community. Sometimes the chains are franchises with different owners, other times they are same owners with multiple stores. The majority of sales will be to the independent bicycle shops. The reason for this is most of the Page 8
Wheelie Deals chains have a very uniformed product offering that does not deviate for specials and closeouts. The chains tend to value consistency of product offerings at the expense of increased profit margins on special items.
3.5 Positioning Wheelie Deals will position themselves as the premier bicycle wholesaler of closeouts, specials and other deals, providing retailers with increased margins. Wheelie Deals will leverage their competitive edge to ensure the proper positioning. Currently wholesalers in this market are not specializing their product lines. Everyone tends to carry a fairly wide range of things. It is a clear advantage to be focused and only concentrate a specific niche. By focusing on closeouts, retail shops can contact Wheelie Deals and always find products that offer very nice margins, uncharacteristic of the bicycle industry. The trend of the industry in general is of consolidation. By offering value-added services such as closeout items which provide the retailer with better than average margins, Wheelie Deals is developing value that creates a steady flow of customers helping to not force them into a consolidation arrangement until they are truly ready.
3.6 Strategies The main objective for Wheelie Deals is to position themselves as the premier source for bicycle and bicycle component deals within the U.S. The marketing strategy will seek to first create customer awareness regarding the products offered, then develop the customer base, and finally work toward building customer loyalty and repeat business. The message that Wheelie Deals seeks to communicate is that they are the one-stop source for great deals. This will be done using several different methods. The first method will be participation at the national trade shows. Wheelie Deals will develop a visible booth to highlight the products that they offer as well as communicate to the manufacturers that they are a source for getting rid of their overstocks. Wheelie Deals will also be developing advertising in the Bicycle Retailer, the premier industry journal. Lastly, Wheelie Deals will have a robust website displaying all of the different products that they have as well as current availability, and the option of ordering online.
3.7 Marketing Mix Wheelie Deals' marketing mix is comprised of the following approaches to pricing, distribution, advertising and promotion, and customer service. â&#x20AC;˘ Pricing: The pricing scheme will be a complex formula that takes into account profit margin, the forecasted period that the product will be inventory, and the availability of the product to other wholesalers. â&#x20AC;˘ Distribution: All products will be distributed from Wheelie Deals warehouse to any shop in the U.S. â&#x20AC;˘ Advertising and Promotion: Wheelie Deals will use a multi-pronged advertising campaign to generate visibility.
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Wheelie Deals â&#x20AC;˘ Customer Service: Retail shop personnel will be surprised at the level of customer service that they receive. Wheelie Deals' business practices and customer training emphasize the importance of exceeding customer's expectations. If this is accomplished, profits are virtually guaranteed.
3.8 Marketing Research During the last industry trade show, Wheelie Deals was able to conduct two focus groups with various retail shop owners/employees. The focus groups were designed to elicit information regarding the owner's buying habits. Through careful development of the questions as well as skillful observation and recording of the focus groups, these activities generated a wealth of information. The focus groups supported Wheelie Deals belief that their business model is likely to be successful. Wheelie Deals was also able to conduct a survey at the trade show. While some of the shop owners partook in the survey, the primary goal of the survey was to gain insight to the different manufacturers and determine their willingness to 1) use Wheelie Deals as a resource for unloading extra product, and 2) their keenness on negotiating exclusive distribution agreements with Wheelie Deals. A fair amount of time was spent on the preparation of the survey. Dan was able to leverage his knowledge of probability and statistics to create a statistically accurate and significant survey. Without the assurance that the survey was significant and accurate, the conclusions would be worthless.
4.0 Financials This section will offer a financial overview of Wheelie Deals as it relates to the marketing activities. Wheelie Deals will address break-even analysis, sales forecasts, expense forecast, and how they link to the marketing activities.
4.1 Break-even Analysis The Break-even Analysis indicates that $31,846 will be needed in monthly revenue to reach the break-even point.
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Wheelie Deals
Break-even Analysis $15,000 $10,000 $5,000 $0 ($5,000) ($10,000) ($15,000) ($20,000) $0
$10,800
$21,600
$32,400
$43,200
$54,000
Monthly break-even point Break-even point = where line intersects with 0
Table 4.1: Break-even Analysis Break-even Analysis: Monthly Units Break-even Monthly Sales Break-even
71 $31,846
Assumptions: Average Per-Unit Revenue Average Per-Unit Variable Cost Estimated Monthly Fixed Cost
$450.00 $225.00 $15,923
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Wheelie Deals 4.2 Sales Forecast The first month will be used to secure warehouse space, set it up to accept inventory. and hire personnel. During the first six weeks relationships will be established with many different manufacturers of parts. These relationships will be based on Wheelie Deals willingness to take all of their closeouts. Typically, the manufacturer will call several distributors and eventually will find someone to take some or all of their product. Wheelie Deals increased willingness to take all closeouts will create an incentive for the manufacturer to contact Wheelie Deals first. Month three will mark the first decent month of sales. It is forecasted that sales will steadily increase after this month.
Monthly Sales Forecast
$45,000 $40,000 $35,000 $30,000 $25,000
Independent bicycle shops
$20,000
Chain bicycle shops
$15,000 $10,000 $5,000 $0 Jan Feb Mar Apr May Jun
Jul Aug Sep Oct Nov Dec
Table 4.2: Sales Forecast Sales Forecast Sales Independent bicycle shops Chain bicycle shops Total Sales
2002 $186,930 $121,505 $308,435
2003 $335,458 $218,048 $553,506
2004 $365,454 $237,545 $602,999
Direct Cost of Sales Independent bicycle shops Chain bicycle shops Subtotal Cost of Sales
2002 $93,465 $60,752 $154,217
2003 $167,729 $109,024 $276,753
2004 $182,727 $118,773 $301,500
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Wheelie Deals 4.3 Expense Forecast The marketing expenses will be budgeted to ramp up before and slightly after the two major trade shows each year. The website expenses however, will be consistent throughout the year.
Monthly Expense Budget $3,000
$2,500
$2,000
Trade shows $1,500
Advertising Website
$1,000
$500
$0 Jan Feb Mar
Apr May Jun
Jul
Aug Sep Oct Nov Dec
Table 4.3: Marketing Expense Budget Marketing Expense Budget Trade shows Advertising Website Total Sales and Marketing Expenses Percent of Sales Contribution Margin Contribution Margin / Sales
2002 $6,000 $6,700 $1,200 -----------$13,900 4.51% $140,317 45.49%
2003 $8,000 $8,000 $1,500 -----------$17,500 3.16% $259,253 46.84%
2004 $10,000 $11,000 $2,000 -----------$23,000 3.81% $278,500 46.19%
5.0 Controls The purpose of Wheelie Deals' marketing plan is to serve as a guide for the organization. The following areas will be monitored to gauge performance: • • • •
Revenue: monthly and annual. Expenses: monthly and annual. Repeat business. Customer satisfaction.
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Wheelie Deals 5.1 Implementation The following milestones identify the key marketing programs. It is important to accomplish each one on time and on budget.
Milestones
Marketing plan completion
Website development
Trade show #1
Advertising series #1
Trade show #2
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Table 5.1: Milestones Milestones Milestone Marketing plan completion Website development Trade show #1 Advertising series #1 Trade show #2 Totals
Plan Start Date 1/1/01 1/1/01 1/1/01 3/1/01 10/1/01
End Date 2/1/01 2/1/01 2/31/01 6/1/01 12/31/01
Budget
Manager
Department
$1,200 $2,000 $2,700 $2,000 $7,900
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Wheelie Deals 5.2 Marketing Organization Dan Psycle will be responsible for the marketing campaign. Dan will outsource some of the creative work, as well as the trade show booth construction.
5.3 Contingency Planning Difficulties and Risks • Problems getting a sufficient source of product. • Unexpected costs in the warehousing and distribution of the goods. • An entry into the closeout market by an already existing wholesaler. Worst Case Scenario • Determining the business cannot support itself on an ongoing basis. • Having to liquidate equipment to cover liabilities.
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Appendix: Wheelie Deals Table 4.2 Sales Forecast Sales Forecast Sales Independent bicycle shops Chain bicycle shops Total Sales
Plan Jan $0 $0 $0
Feb $3,455 $2,246 $5,701
Mar $8,544 $5,554 $14,098
Apr $12,457 $8,097 $20,554
May $15,478 $10,061 $25,539
Jun $17,454 $11,345 $28,799
Jul $18,545 $12,054 $30,599
Aug $25,855 $16,806 $42,661
Sep $22,787 $14,812 $37,599
Oct $21,987 $14,292 $36,279
Nov $20,254 $13,165 $33,419
Dec $20,114 $13,074 $33,188
Direct Cost of Sales Independent bicycle shops Chain bicycle shops Subtotal Cost of Sales
Jan $0 $0 $0
Feb $1,728 $1,123 $2,850
Mar $4,272 $2,777 $7,049
Apr $6,229 $4,049 $10,277
May $7,739 $5,030 $12,769
Jun $8,727 $5,673 $14,400
Jul $9,273 $6,027 $15,300
Aug $12,928 $8,403 $21,330
Sep $11,394 $7,406 $18,799
Oct $10,994 $7,146 $18,139
Nov $10,127 $6,583 $16,710
Dec $10,057 $6,537 $16,594
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Appendix: Wheelie Deals Table 4.3 Marketing Expense Budget Marketing Expense Budget Trade shows Advertising Website Total Sales and Marketing Expenses Percent of Sales Contribution Margin Contribution Margin / Sales
Jan $2,000 $500 $100 -----------$2,600 0.00% ($2,600) 0.00%
Feb $2,000 $500 $100 -----------$2,600 45.61% $250 4.39%
Mar $0 $600 $100 -----------$700 4.97% $6,349 45.03%
Apr $0 $700 $100 -----------$800 3.89% $9,477 46.11%
May $0 $700 $100 -----------$800 3.13% $11,969 46.87%
Jun $0 $700 $100 -----------$800 2.78% $13,600 47.22%
Jul $0 $500 $100 -----------$600 1.96% $14,700 48.04%
Aug $0 $500 $100 -----------$600 1.41% $20,730 48.59%
Sep $0 $500 $100 -----------$600 1.60% $18,199 48.40%
Oct $2,000 $500 $100 -----------$2,600 7.17% $15,539 42.83%
Nov $0 $500 $100 -----------$600 1.80% $16,110 48.20%
Dec $0 $500 $100 -----------$600 1.81% $15,994 48.19%
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