Module 04 Product Marketing Project - Product Selection, Target Market, and Stra

Question

Module 04 Product Marketing Project - Product Selection, Target Market, and Strategies

Select a product you would like to market. This will be the product you will market throughout the project. For this assignment complete the following:

1) Identify your product.

2) Describe the target market for your product.

3) Using secondary research sources describe the industry and major competitors.

4) How has the industry evolved in terms of the product life cycle? Which product life cycle stage accurately fits the industry? Explain your reasoning using the information from assigned resources.

5) Explain which position will you take in the marketplace (market leader, challenger, follower, or niche)? What strategies will use? How would you adjust your strategy if there is an economic turndown?

Your assignment should be 3 - 4 pages, proofread for correct spelling, punctuation, and grammar. Be sure to cite your sources per APA formatting.

Explanation / Answer

1) The product selected here to market is books. The book is non fictional and has management lessons for its readers.

2) The target market for the product is students, working professionals, academicians and people with interest in reading about business related concepts.

3) The book industry is in its growth stage. The industry is evolving with technological changes. There are lot of means for sharing written knowledge through e-books, online subscriptions and online research reports on relevant topics. The financing structure has changed for the industry and there are newer concepts and opportunities available.

Major competitors are the Amazon Kindle, books sold through publishers like Tata Mcgrawhill, Oxford publishing which have built a relationship with customers and a distribution network. These days writers need to pay to the publishers for marketing the books which help them with editorial services and marketing.

4)The industry is in growth stage with evolving technology, competition and scope of business. Since there is more importance of learning in present times and use of practical knowledge for enhancing skills and professional opportunities there are growing possibilities in book industry.

5)I will prefer the niche position as it will help me to build a competitive advantage with less resources and focus on my specific area of interest. I will use the strategies of focussed digital marketing and increasing influence through online medium . In case of economic turndown, the strategy will not be much affected and the content of the books will be updated accordingly as per the current market conditions.

Sources : (Stage Five Book Publishing , Joseph J. Esposito,Volume 13, Issue 2: Reimagining the University Press, Fall 2010)

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