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Marketing Plan
Target Market
We have based our market segmentation on the internet usage rate according to customers’ age. Segmenting the market by the customers’ age gives us an opportunity to choose and target our potential market by size, selecting those segments that seem to include more customers. After careful research, it was concluded that our company’s target market will be represented by two age groups: Age 18-29 and Age 30-49, who are supposed to be most frequent users of internet, as well as most frequent buyers of books (Morales).
Industry Trends
The analysis of the overall book market tendencies revealed that the greatest market shares are occupied by Adult Non-Fiction, Adult Fiction, and Juvenile Fiction. It is also clear that book market is constantly growing, as well as prices for books. That is why the market of used book has a great potential since it might become a highly qualitative alternative to the existing bookshops, and propose both multiple choice and reasonable pricing (Rosenthal).
Goals
Starting as an online used-books store servicing reading population of Ohio, we are going to expand our business activities by covering as a big share of US book market as possible. We strive to position ourselves not as a customary company with an add-on “cause” factor. Our goal is to position ourselves in the minds of our potential customers as a company greatly concerned about its social and environmental responsibility considering it the core of our business. Since we are focused on selling used books, we want to establish a well-organized and successfully operating network of books exchange that will never fail to provide us with necessary product, preventing our company from being short of demanded items for sale. Customer satisfaction is our major goal. We are also planning to occupy a comparatively large market share.
Strategies
We are planning to maintain book drives and accumulate used books and textbooks through a network college campuses and partnerships with libraries all over US. We will also buy up secondhand books from our potential customers which we hope will encourage them to use our additional trade/payback services. We believe that books can change the world. Because we accept as true the fact that most books has long-lasting value we see our mission as assisting our customers to find new homes for superfluous books. That’s why we’re so concerned about attempting to provide the best price, assortment, customer service, and overall shopping practice.
We focus on the people we serve, on the environmental responsibilities we have, and on the profits we gain by operating successfully. The key aspect of our marketing strategy is to operate in line with our overall organizational mission which is to bring literacy and possibilities for self-development to people all around US.
Yearly Marketing Budget
Total : $25100
Marketing Mix
“LaBook” is an online store of used books. We provide a wide range of different types of books of various genres and specializations. We also provide shipping and handling of the ordered products all over the Ohio (for the start), and hope to eventually be able to serve the entire book reading population in US. In addition, trade/payback services are going to be provided. Customers are appreciated to sell their books to our online store, where they can get special discounts and choose something from our book collection.
Our major pricing objectives are market share and profit. The constraints we are going to face are competition and costs of buying up the selection of books. We prefer to apply such pricing methods as penetration and discounting pricing (aimed at attracting customers by competitively low prices), customary prices (dictated by environmental factors such as channel of distribution, competitor’s pricing, costs of operating the business) and standard markup pricing (adding fixed percentage of approximately 15 -20% to the cost of each item). We are going to sell with a low price on a value principle.
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