Given the situation that Pierre LeBlanc's bicycle shop is facing falling sales due to the depressed economy, he could consider the following product-mix strategies to stay competitive and attract customers:
1. Product diversification: Pierre could expand his product line to include a wider range of products in addition to European speed bikes, such as mountain bikes, electric bikes, or other types of bicycles. This could help to attract a broader customer base and diversify his business, making it less vulnerable to changes in demand for any particular type of bike.
2. Product bundling: Pierre could offer packages of products or services to customers, such as a maintenance plan or accessories, bundled with the purchase of a bicycle. This could add value for customers and increase sales, while also differentiating his shop from the nearby Walmart store, which may not offer such services.
3. Product differentiation: Pierre could focus on differentiating his European speed bikes from those sold at Walmart by offering unique features, designs, or materials that set them apart. This could help to justify the higher prices and appeal to customers who are willing to pay more for high-quality, specialized bikes.
Overall, a combination of these strategies may be the most effective for Pierre, as they can help to increase sales, differentiate his shop from the competition, and appeal to a broader customer base.