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BikeArt is a start-up company. Marketing is critical to success and future profitability. The company offers art work constructed out of recycled bicycle parts.
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BikeArt possesses good information about the market and knows a great deal about the common attributes of the most prized and loyal customers. BikeArt will leverage this information to better understand who is served, their specific needs, and how BikeArt can better communicate with them.
|Industrial art collectors||8%||5,644||6,096||6,584||7,111||7,680||8.00%|
BikeArt is providing customers with cutting edge, creative art work designed out of recycled bicycle parts. BikeArt seeks to fulfill the following benefits that are important to their customers:
One trend within the art industry that BikeArt is riding on is the trend of art to utilize everyday items. This is seen with BikeArt's use of bicycle components. It can also be seen with other artists that go to junk yards to find pieces of metal and then weld the metal into objects such as animal lawn ornaments. The trend of creativity in the construction of art from everyday objects has picked up more and more artists over the last several years.
The world wide art industry is huge. Within the industry there are so many niches that artists fill. Art is used as a creative expression, as well as an investment that appreciates over time.
As stated before, one trend in the industry is to create art out of ordinary objects. BikeArt will leverage this trend to grow their business. BikeArt forecasts their market to grow at 9% for the next three years.
The following SWOT analysis captures key strengths and weaknesses within the company and describe the threats facing BikeArt.
BikeArt has several competitors:
BikeArt will sell artwork manufactured from recycled bicycle parts. The art work will be made by approximately three local artists, one of which is Steve's wife Shoodnt. Some of the featured products are: wall clocks, picture frames, chairs, tables, mobiles, wind chimes, book ends, kitchen utensil holders and many other products.
BikeArt's keys to success are the following variables:
BikeArt is still in the speculative stage as a retail store. Its critical issues are to continue to take a modest fiscal approach; expand at a reasonable rate, not for the sake of expansion in itself, but because it is economically wise to and continue to develop visibility.
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