Product and Services
The Barcycle Business will provide a wide range of product and services to the customers. Tourist will be coming to Thailand to have fun, and this is the main reason why the business will be opening its doors for the tourists. Give them new experience which they have come to enjoy. Some of the services will include:
Taking the tourist to visit the beautiful beaches and places across Thailand. This will be to tour the tourist across significant tourist destinations.
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The Barcycle will be used for selling fast food and beverages to the tourist. This would be a vital source of income for the business apart from the touring service.
Offer scenic route day tours during the week.
Additionally, the bar bike can be used for private functions as well as scenic tours.
Pricing
The pricing strategy includes the four marketing Ps which are product, promotion, place, and promotions. Another essential aspect that are put into consideration included:
The value provided versus the price of the competitors
Match for what will be paid for
Maximize profit
Enable to reach market share goals and revenue.
Primarily, to avoid conflict with the customer, it will be essential to divide the prove of the products sold and price per ride. Each ride would cost $50 per individual, and it would be a two-hour event. Moreover, with prior booking, the Barcycle can be booked when the customer is willing to pay the booking fee. The prices of the products will depend on the price used acquiring them as they will be from different producers and distributors. Importantly, the price will be within customers reach.
Price communication
The willingness of a customer to purchase a product is determined by how the seller of the product communicates the prices. It is essential to be transparent when communicating the price to the client as the strategy used might turn them away. The strategies to use include:
Company websites. The client will have prior knowledge of what cost to expect when they take the Barcycle at the website indicates the price for each product and services.
Social media. Tourist like using social media and it would be much easier to communicate to the of the prices to expect as social media is cheap and reaches a wide audience.
Advertisement. The prices of the business can also be communicated through advisements on newspapers, televisions, and even radios.
The Barcycle itself will include prices for the service and products offered.
Promotion
The promotion of a business is vital in determining whether the business will be successful or not. Some of the best way that will be sued to promote the business include:
Promotion of the business through communication. This involves the use of business cards with name, logo, and contact information of the business.
Using the Barcycle as mobile billboards. All the Barcycles and vehicles belonging to the organization will be branded with advertisements having the business name, services offered, and contact information.
Social media. Social media such as Twitter, Facebook, and YouTube are one of the widely used tools in the world. They over the as broad audience and the business would benefit significantly through such mechanisms.
Blogging and writing articles
Cross promotion
Giving out freebies and business promotion
Seminar promotion
Social media
Nearly everyone across the globe uses social media, and it would be crucial for the business to open YouTube, Instagram, Facebook, and Twitter account to ensure they keep in touch with their client and inform them of the services the business is offering. Summarily, the business can use the social tool for advertisement by creating videos on the activities that the business is involved in. Moreover, social media can be used to determine customer feedback by conducting a poll to determine if the customer were satisfied with the services and products offered. Additionally, this will go a long way in helping the business identify the areas which need improvement as the customer will leave comments on issues they were not satisfied with.
Channels
The channels for distribution play a crucial role in determining the end product. Some of the aspects to think of include:
How the end-users buy
Managing the channel
Matching the end users wants and needs with the distribution strategy.
Finding a distribution channel
Selecting the best channel
There are some products that the organization will have to outsource and it is crucial they be delivered on time. The distribution channels need to be made as short as possible to ensure that the business does not incur extra cost leading to higher prices of products and services.
Financials
This is the most critical part of the business cannot be started with finances. The finances can be from several sources:
Bank loans. The management of the organization can approach a bank to secure a loan which will be repaid back with interest.
Personal investments. The entrepreneur can decide to put in some of his/her capital and assets to the business starts up.
Venture capital. In this situation, the business idea and plan is to represent to an interested party who the provides the venture capital if he or she like the idea and the get equity shares or capital.
The best source of capital would be the one with the minimal interest to allow ploughing back of profit to help the business establish itself quickly.
