Final answer:
Repositioning the high-end trail bike involves altering the marketing mix, product design, pricing, and promotional strategies to better meet the target market's needs and to distinguish the bike from its competitors.
Step-by-step explanation:
Margo’s company plans to reposition the high-end trail bike it introduced last year. This process typically involves changing the marketing mix to better meet the needs of the target market, altering the product’s perceived value, and distinguishing the bike from competitors. Often, repositioning a product like a trail bike could involve updating the design, changing the pricing strategy, enhancing features to appeal to a more upscale market, or shifting the promotional tactics to emphasize different product benefits.
For instance, if Margo’s company received feedback that the bike was exceptional on rugged terrain but overpriced for the current market segment, the repositioning might include lowering the price to match consumer expectations while highlighting the bike’s durability in marketing campaigns. Moreover, the company might update the bike with new, innovative features that justify a high-end categorization. Perhaps, they could partner with a notable mountain biking athlete to create a brand ambassadorship that elevates the bike’s status in the trail biking community. Ultimately, the goal is to align the product’s position in the market with the target consumers’ expectations and needs, thus boosting sales and improving market share.