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Target Market

Discuss about the Marketing Strategy Recommendations For Book 50@50.

Target Market

Target market of a particular business refers to the set of customers whose needs the business aims to fulfill. This particular report highlights upon the target market for the book 50@50 by Nicole Ives. The author has written a book which targets customers and makes them aware about what life after 50 looks like. Therefore the target customers for this particular book would include customers who are aged between 50 and 65.

The target market would include men and women both. Avid readers would be specifically targeted for this book. This is because people do not start reading at a later age and hence it is important that the customers targeted are avid readers since a long time.

The book is targeting customers across Australia and America but can also be made available worldwide through online platforms.

Positioning Statement:

The positioning of a product throws light on the image of the product in the minds of its customers. This positioning is important in order to establish the right goodwill of the product in order to enhance customer engagement. The positioning of the book would be done as a fun, enlightening book that paves the way for people entering their 50s. The book would be a guide and a mentor for people and hence will be positioned as a source of learning and attaining wisdom.

 

The product is the core, actual and augmented offering of the book. The core product is the most primary offering (Kolb, 2015). It is important for customers to understand that the core offering in this case is a book by the Author Nicole Ives. The actual product is the content of the book and the availability of the book across various online and offline platforms. The book will also be available in paperback as well as hard cover. The product is an essential part of the marketing mix as it is the primary offering of the business. The augmented product involves the deeper offerings of the book. In this case, the augmented product includes the purpose of the book which is aimed at helping the older generation of the society understand different facets of how to lead their lives. The book also talks about the interactions these people have with others including their family members, friends and acquaintances.

This book offers to provide customers with a deeper insight about how they can face the coming years of their old age. The book also helps them understand how they can work upon making it better and worthwhile. The book also offers its younger customers a source of enlightenment for what they might face when they enter their late 50s. There are a number of fears and apprehensions in the minds of people. A lot of them maybe demotivated at that age and lack liveliness. Therefore, this book will help its customers in paving a better way forward for their old age and guide them to live a more fulfilling life at that stage of their lives.

The author already has two books published under her name and therefore the third book comes with a certain amount of trust and expectations. The author has tried to help people in their 50s by sharing experiences of different people from varied parts of the country. This collection of different experiences can act as a source of learning for people who read this book and may even get answers to a lot of their questions.

Effective pricing strategy of a product is imperative to the success of the business (Armstrong et. al., 2015). Pricing strategy determines how the book will be priced. This largely depends on how marketers anticipate that the book will be positioned and demanded across the market. Pricing strategy helps in understanding how much will the customer be willing to pay for the particular product or service (Spann et. al., 2014). In order to price the book in a manner that will be most effective for the business, a price skimming strategy must be adopted.

Positioning Statement

Price skimming refers to pricing a particular product high in the beginning and then slowly and gradually reducing the price in order to cater to the lower income groups and enhance customer base (Shaw, 2012). Initially, the book needs to create a certain amount of anticipation in the minds of customers so that on the day of the launch, they would be willing to pay a high price for the product. Over a period of time, when the targeted customers have purchased the book, the price would be gradually reduced. This would enable more customers to buy the book and hence the customer base would increase.

The pricing strategy of the book must effective enough to target different customers belonging to various segments of the market. It is also essential that the book ties up with various Ecommerce giants including Amazon. Customer who will buy the book through these platforms could be given a small discount to encourage purchase. This will enable the book to garner attention of the online shoppers as well.

Psychological pricing strategy must also be applied to the book in order to encourage customers to impulse buy the product. The idea of psychological pricing is to list the product price as a little less than a round number for example 20.99 or 22.98 (Hinterhuber & Liozu, 2014). This creates an illusion of the product priced at a discount in the minds of consumers. Psychological pricing works best when the product is kept at an eye level to the customers. This includes products that are sold at physical stores and shopping malls.

With a period of time, the price of the product must be brought down in order to increase target customers and reach out to those consumers who have yet not purchased the book. This price skimming as well as psychological pricing strategy can be effectively utilized in order to increase customer base, generate revenue as well as set a competent position in the market.

Promotion strategies are adopted by businesses to reach out to customers in an effective manner (Singh, 2012). There are various promotion strategies that can assist the publishers as well as Nicole Ives to reach out to a large audience. These strategies can include the following:

Social media marketing

Social media refers to the process of promoting a product or service through social media platforms including Facebook, Instagram, Twitter or even Snapchat (Tuten & Solomon, 2017). The advent of social media in the recent years has taken the world by the storm. The snapshot below throws a clear light upon the increasing use of social media and its acceptance across the globe..

Product Strategy

Therefore, in order to target a wide audience through a single channel, social media can be effectively used as a tool to create and enhance awareness about the book. Social media communities including those on Facebook and Twitter can also be used to effectively garner customer feedback about the book and spread the word across a wide customer segment.

Social media has also been proven effective in conducting word of mouth publicity (Saravanakumar, 2012). The publishers can start a community specifically for the book with the use of right hashtags and hence increase awareness about the book.

Event marketing

For a book to be effectively launched and marketed, events play a significant role. The book launch event as well as other forms of event marketing can be conducted to make sure that the book reaches a large audience (Daniel et al., 2012). The book must specifically aim to be a part of events where the majority of the audience consists of older adults. Event marketing allows brands to target a large customer base at the same time under a single roof.

Book readings should be organized and older adults must be invited to these readings to increase awareness about the book and generate an interest in the same. The publishers should also tie up with various events where the book can be sold by sponsoring a small amount of money.

Influencer marketing

Influencer marketing is a fairly new concept but is garnering attention these days. The idea is to promote the product or a service via an influencer (Weiss, 2014). These influencers can be social media celebrities, TV actors, politicians or any personality who has a large following and hence can influence the market in the favor of buying the product (Sammis et. al., 2015). In this case, the publishers can reach out to leading social media celebrities and get them to promote the book. This can be done by sending free copies of the books to these influencer. Once these influencers tweet, post or comment about the book on social media platforms, then automatically, their followers will generate an interest in the book and hence may buy the book.

Conclusion.

50@50 is the third novel of author Nicole Ives which highlights the experiences of different people in their fifties. The book is authored with an aim to provide people with a deeper insight about how they can or should lead their life at this stage of their lives in order to make the most of it. People have shared their experiences and their interactions and Nicole has beautifully compiled them in a manner that helps readers learn from different experiences and guide their life in the same manner.

The targeted audience for the book includes people in their fifties or those who would be entering their fifties in a short span of time. The book is positioned as insightful, full of wisdom and interactive. For the book to reach out to a large audience, 50@50 must be priced high at first and then the price must be gradually reduced. This price skimming strategy will help the book gain a wider readership.

The book must be promoted through social media channels, events and with the help of influencers. These strategies must be effectively conducted to generate awareness and set the right positioning in the market and eventually lead to increased revenues (Baker, 2016). The above strategies can help the author and the book’s publishers to reach out to a wide set of readers and increase the book’s readership throughout Australia and America.

Reference List.

Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction. Pearson Education. United States.

Baker, M.J., 2016. What is marketing? In The Marketing Book (pp. 25-42). Routledge. United Kingdom.

Daniel, M., Bogdan, G. and Daniel, Z., 2012. The use of event marketing management strategies. Procedia-Social and Behavioral Sciences, 46, pp.5409-5413.

Hinterhuber, A. and Liozu, S.M., 2014. Is innovation in pricing your next source of competitive advantage?. Business Horizons, 57(3), pp.413-423.

Kolb, B.M., 2015. Entrepreneurship for the creative and cultural industries. Routledge. United Kingdom.

Sammis, K., Lincoln, C. and Pomponi, S., 2015. Influencer marketing for dummies. John Wiley & Sons.

Saravanakumar, M., 2012. Social media marketing. Life Science Journal, 9(4), pp.4444-4451.

Shaw, E.H., 2012. Marketing strategy: From the origin of the concept to the development of a conceptual framework. Journal of Historical Research in Marketing, 4(1), pp.30-55.

Singh, M., 2012. Marketing mix of 4P’s for competitive advantage. IOSR Journal of Business and Management, 3(6), pp.40-45.

Spann, M., Fischer, M. and Tellis, G.J., 2014. Skimming or penetration? Strategic dynamic pricing for new products. Marketing Science, 34(2), pp.235-249.

Tuten, T.L. and Solomon, M.R., 2017. Social media marketing. Sage. United Kingdom.

Weiss, R., 2014. Influencer marketing. How word-of-mouth marketing can strengthen your organization's brand. Marketing health services, 34(1), pp.16-17.

Cite This Work

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My Assignment Help. (2019). 50@50: A Fun, Enlightening Book On Life After 50. Retrieved from https://myassignmenthelp.com/free-samples/marketing-strategy-for-book-5050.

"50@50: A Fun, Enlightening Book On Life After 50." My Assignment Help, 2019, https://myassignmenthelp.com/free-samples/marketing-strategy-for-book-5050.

My Assignment Help (2019) 50@50: A Fun, Enlightening Book On Life After 50 [Online]. Available from: https://myassignmenthelp.com/free-samples/marketing-strategy-for-book-5050
[Accessed 21 May 2024].

My Assignment Help. '50@50: A Fun, Enlightening Book On Life After 50' (My Assignment Help, 2019) <https://myassignmenthelp.com/free-samples/marketing-strategy-for-book-5050> accessed 21 May 2024.

My Assignment Help. 50@50: A Fun, Enlightening Book On Life After 50 [Internet]. My Assignment Help. 2019 [cited 21 May 2024]. Available from: https://myassignmenthelp.com/free-samples/marketing-strategy-for-book-5050.

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