Question

price judgment importance within a bike company. how to compare prices with other competitive companies and how to make a bike brand stand out and bring in revenue.

Answer 1

Bike companies have to consider a lot of factors and take definite decisions to be successful in the market. There are a lot of companies in the marker and quite a few of them are successful. Some brands will have their bikes sold just on the basis of their reputation. So market for bikes is very competitive.

To be successful in any market, quality and price are pivotal. If quality is maintained at a great level, and optimizing the prices, the bikes will be very successful in the market. To compare prices of various bike manufacturing companies, purpose must be considered. Not all bikes are for a same purpose. Sports bike is a lot different from normal domestic bikes.

Always, the company must try to make feel the customer that the features of the bike are very good given the price. Quality must be given utmost importance. For the sake of price quality must not be compensated. For higher end bikes, company must take orders and supply the bike as per specifications detailed in the order. Company must have skilled technicians so that the performance would be satisfactory. The design of the bikes must not be overboard, it must be simple and robust. If the customer orders for a particular design, theses changes can be incorporated into the bike. Prices must be set so that all these considerations are taken. At first trials must be done. For example, for lesser prices, the bikes must be sold without expecting much profit. If successful, then prices must be increased but ethically. Revenue will be automatically obtained if successful in the market.

Not every company can build a brand in the market, but correct combination of quality and prices can take a long way.