With a reputation for being the “Intel of the bicycle business,” Shimano’s bicycle components can be found in most high/medium-end bicycles produced by leading frame manufacturers such as Trek and Giant. The firm’s components are part of groupsets that comprise gears, brake-related parts, derailleurs, cranksets, chains, bottom brackets, and cassettes. The newly developed high-end groupsets produced by Shimano tend to be first used by professional cyclists; then the technology ultimately flows to its entry-level groupsets. The company has a history of more than 100 years, with a strong brand that is backed by its reputation for quality. As a result, it now boasts a leading market share of about 50% in the bicycle components industry. While experienced cyclists will likely choose a brand based on individual preferences in usability, we believe a brand especially influences purchasing at the entry level in the high-end bicycle product category, which is where Shimano has a particular competitive advantage.