Term-paper-marketing.docx

Term Paper MKT101 Sec:3 Spring2020 Submitted By: Ahmed Nabil

2019-1-10-335

Rafsan Haque

2019-3-10-135

Tanvir Ahmed

2019-1-10-306

Tahshina Khan

2019-1-10-162

Majrima Rahman

2019-1-30-035

Shuverthee Brinto

2019-1-10-143

Submitted To: Mashruha Zabeen Senior lecturer, Business Administration

Submission Date: 31 March 2020 Letter of Transmittal

31st March 2020 The Course Lecturer Principles of Marketing East West University Aftabnagar, Dhaka Subject: Term Paper Submission

Dear Mrs. Mashruha Zabeen We feel immense pleasure in presenting to you, the term paper as part of our course requirement. We found this to be truly challenging in many aspects. Writing this report was a very comprehensive learning experience for us. The report mainly revolves around the marketing practices and strategies of publications. We have tried our best to complete this term paper with respect to the desired requirements. However, if any explaining is required, we would be honored to oblige. Kindly accept this humble effort of bringing forward our research and findings on the subject matter.

Your sincerely,

Tanvir Ahmed Rafsan Haque Ahmed Nabil Tahshina Khan Shuverthee Brinto Majrima Rahman

Acknowledgement

1|Page

We would like to express our special appreciation and thanks to our course instructor Mashruha Zabeen to give us the opportunity to understand the circumstances of a book fair. We would like to thank our course instructor for inspiring us, she has been a tremendous mentor for us. We also want to thank to all the classmates who helped us to build this term paper. All the group members did a great job to stablish this project. This project is belonging to all the group members who struggled a lot for this. At last we want to thanks to the almighty Allah, without his will we cannot able to do this project.

Table of Content SL

Content

page 2|Page

1 2 3 4 5 6 7 8 9 10 11

Introduction Market Strategy: Segmentation Targeting Positioning Differentiation Marketing Mix: Product Price Distribution Promotion Conclusion Articles and Journals

4 5 8 9 10 12 14 16 17 18 19

Introduction Education is the main resource of economic growth, and books are the basic instruments of education. Society based on literacy means reading society which is library dependent. The books come from a book publisher to the library, and to the side of the reader. Established reading culture relies on a strong book publisher. For book publishing the publishing houses are in the central role as the publisher manages the partnership between writer and printer. The publisher who is the organizer of the entire undertaking, and who usually serves as the basic taker of book publishing's business risk. A creative and imaginative publisher can be of great help to an author and reader, as they can greatly benefit from the creative publisher's suggestions and visions. The publisher has three main jobs to do which are publishing, manufacturing and sales. The developed reading society, on the other hand, grows on the basis of a growing publishing industry. The publication of books is therefore the key to educational, social, and economic growth and therefore to alert hoods. Book publishing would be a pointless effort unless worthy books are given in reader's hands. The indicators are that Bangladesh is underserved and that the future demand for books is largely untapped. In order to learn more, we have visited the 3|Page

“Ekushey Book Fair” at Bangla Academy and visited 5 book publishing houses about the book publication process and readers’ point of view towards various kinds of books. The range of books that the read public wants is endless, and must keep up with shifts in their desires and preferences, resulting in publishing becoming a dynamic and high-risk industry. To produce a book and bring it to the reader's hand, teamwork is necessary. Every team member has a crucial part to play and can't exclude either of them.

Marketing Strategy Market Segmentation: Market segmentation is the actual process of identifying segments of the market and the process of dividing a broad customer base into sub-groups of consumers consisting of existing and prospective customers. Market segmentation is a consumer-oriented process and can be applied to almost any type of market. In dividing or segmenting markets, researchers typically look for shared characteristics such as common needs, common interests, similar lifestyles or even similar demographic profiles. So, market segmentation assumes that different segments require different marketing programs, as diverse customers are usually targeted through different offers, prices, promotions, distributions or some combination of marketing variables Once the customer segments have been identified and profiled, the marketer must decide which segment to target. Diverse customers will have different expectations. For instance, there may be

4|Page

customers who will value a differentiated, high quality service, while others may be more pricesensitive. Not all firms have the resources to serve all customers in an adequate manner. Trying to serve the entire market cannot be a good idea. The overall aim of segmentation is to identify high-yield segments. These are likely to be the most profitable groups of customers, or may hold potential for growth. Hence, the most lucrative segments will usually become target markets Classifications of Market Segmentation: The traditional variables that may be used for market segmentation can be grouped into four main categories: (i) Demographic; (ii) Geographic (iii) Psychographic; (iv) Behavioral and Demographic Segmentation: Demographic segmentation involves dividing the market into groups that are identifiable in terms of physical and factual data. The demographic variables may include; age, gender, income, occupation, marital status, family size, race, religion and nationality. These segmentation methods are a popular way of segmenting the customer markets, as the demographic variables are relatively easy to measure. In the publishing industry demographic segmentation is one of the key factors. Publishers mostly segmenting themselves by using this strategy. Where they can target a group of people where his offered books or products fit in. according to the needs and wants publishers segments their market. For academic books the segment is already well established and no need to put an extra effort as there is always a group of people who are students need the academic books for educational purposes. And the creative books market segment is also very wide. Publishers always try to focus on one or two segments 43 individually. Like the publications those are publishing academic books do not always focus on creative writing market. And creative writing publishers does not focus on academic books. There are also different categories for different segments. “Bisshoshahitto Bhaban” & “Shobdoshoily Publications” segmented their customers by different age group. there are books for children’s, novels for young group people, history for another group of people and so on Geographic Segmentation: 5|Page

Geographic segmentation involves selecting potential markets according to where they are located. This segmentation approach may consider variables such as climate, terrain, natural resources and population density, among other geographic variables. Markets can be divided into regions because one or more of these variables could differentiate customers from one region to the another. For example, those individuals who are living in wet and cold climates will favor warm, sunny destinations for their holidays. This issue could greatly affect competition among airlines for certain destinations, particularly during the peak holiday seasons. People come to retailer’s book shop or book fairs to buy the book. And publishers know where they should go to find the targeted market. As academic publishers they distribute their books near to the academic institutions so that where they can find easily to buy their books. “Pencil Publications” organize 8 to 10 fairs every year to introduce their books to the readers. And then send their books to the retail stores.

Psychographic Segmentation: Psychographic segmentation could be used to segment markets according to personality traits, values, motives, interests and lifestyles. A psychographic dimension can be used by itself to segment a market, or it can be combined with other segmentation variables. The psychographic variables are used when purchasing behaviors relate with the personality or lifestyles of consumers. Diverse consumers may respond differently to the businesses’ marketing efforts. While researching the book publishers and their market segmentation we didn’t see any publishers segmenting their market according to this variable.

Behavioral Segmentation: Behavioral segmentation is defined as the segmentation of the market according to individual purchase behaviors. Behavior-based segmentation is conspicuous with the benefits sought from the product, with the identification of specific buying behaviors, in terms of shopping frequency and volumes of purchase etc. 6|Page

Targeting

The success of a marketing strategy relies a great deal on the ability of marketing strategists to identify a company’s target market. A target market refers to the group of potential customers at whom a company’s marketing is being directed. The target market is the group of customers that a company will try to reach out to in the form of advertising, because they are the people most likely to buy the kind of products the company sell We are working to identify the target market of the five publication houses of Bangladesh; Charulipi, Mohakal, Pencil, Bisshoshahitto Bhaban, Shobdoshoili. We get to know the following information about their target market: Charulipi: From the survey, it is observed that this publication targets their whole market based on demographic characteristics such as age, income and gender. They publish different categories of book for different age group. As like, books for children, teenagers, young and adult people.

7|Page

Mohakal: “Mohakal” has always been a creative publication house since 2012. They publish creative books like novels, stories, science, space science, religion

every group of people and

they have the audience of every age. They have books for teenagers as well as for adults. Pencil: This publication house has completely different target market. They mainly sell the academic books for students, so their main target market is the students from the school to their higher degree. Basically, they are following niche marketing in their publication and target the one large group of people. Bisshoshahitto Bhaban: This publication has books of all categories. They sell poetry books, story books novels and many more. They prefer, every age group, income, gender, occupations. They don’t focus only on one particular group or segment. They try to cover the whole market and set their target market based on mass marketing. Shobdoshoili: The target market of this publication is the same as the Bisshoshahitto Bhaban. They mainly sell all categories of books for all group of people and always try to encourage the creative writing.

Positioning: Positioning is arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the minds of target consumers. Types of Positioning StrategiesThere are several types of positioning strategies. A few examples are positioning by: Product attributes and benefits: Associating brand/product with certain characteristics or with certain beneficial value. Amongst the publishers we interviewed, “Pencil Publications” is using this positioning strategy. They have their own website where readers can easily find all of their books and can order books from there. Product price: Associating brand/product with competitive pricing. Customer seek that product which he/she can buy at lower price from others. “Charulipi Publications” is following this. They're offering same books as others but at lower price by giving discount on them.

8|Page

Product quality: Associating brand/product with high quality. “Shobdoshoily Publcations” is following this strategy. They always publish high quality writing. Infact they have slogan "Lekhok noy, Lekha chapi" Competitors: Making consumers think that your brand/product is better than your competitors. “Bisshoshahitto Bhaban” is following this strategy. We asked some of the visitors why they prefer "Bisshoshahitto Bhaban" than other publications they said this publication works with all the great authors and they don't publish random books without knowing the quality.

Differentiation Today, the product of the vast majority group transforms into buyer business, scientifically controlling the company and fulfilling the demand of customers has become a big challenge. Differentiation of the component is used as a reference to the solution. Because of the rapid growth of the Internet, more people tend to read from other outlets such as digital media, rather than books. Publications can publish books based on trending authors. There are many websites where readers review the books of the authors. By looking at the reviews, publications can publish books of that particular author. 

Product Differentiation: As most people prefer to read books online, publications can create an online platform where readers will be able to buy the books online and read it. This is a convenient way for both the publishers as well as readers.

9|Page

Amongst the publishers we interviewed, “Pencil Publications” seemed trying to differentiate their products more than others. They have their own website where readers can buy the pdf versions of their book’s and can read easily. Which actually making it easier for the readers to read the books. 

Price Differentiation: Companies keeping the price comparatively lower than their competitors differentiate them in the market. Customers tend to buy at a lower price which give them a competitive advantage. “Charulipi Publications” has gone for this differentiating strategy. When we analyzed the price of the books in the market it looks like this publication is selling the books at a lower price and they even got banners which shows how much discounts they giving in their famous books.



Service Differentiation It is the design and delivery of a service to have unique and valuable characteristics relative to other services in the market. In many countries around the world, publish-on-demand (POD) make consumers able to get exactly the books they need and save producing cost at the same time. As printed books cannot be sold out because the readers’ reading interest changes rapidly. POD make Presses can publish less quantity of books for test marketing before the official publication. Reader can contact the publishers for the books they demand and the publishers will provide the books readers demand. Improving services like POD in book publishing business actually highlights the company’s name amongst other competitors. We have seen “Charulipi Publications” & “Shobdoshoily Publcations” both are giving customers POD service better than any other publishing house. Which is obviously giving them a good impression. Customers feel more comfortable buying from them because of the improved service they are providing.



Image Differentiation Publishers may differentiate itself from its competitors by image, the particular image or its logo and symbols, its advertising, its events other sources of differentiation. Publishers can make creative logo for their branding purposes in order to gain competitive advantages. They may also differentiate in the media. Publishers can communicate with their target group on print media, electronic media and social media. 10 | P a g e

“Bisshoshahitto Bhaban” is maintaining a great image in the market. We asked some of their customers, why they are buying from this publication. Most of them said that they have been buying books from them for long time. And when we asked why, they said, this publication works with all the great authors and they don’t have to think much about the quality of the writing. So “Bisshoshahitto Bhaban” built an image which differentiate them from their competitors 

Channel Differentiation One of the ways a publisher can differentiate their offerings in the minds of the consumers. They can differentiate their offerings through their channel’s coverage, expertise, and performance and thus may achieve competitive advantage. Publishers can start selling books online and introduce the online delivery system as most readers prefer convenience. They can also create outlets in different areas where they will sell the books. Publishers can also go for direct marketing such as Tele marketing, couponing, Email marketing.

Marketing Mix Product: Definition: In marketing, product is an article or good that is made to be sold, usually something that is manufactured by an industrial process or something that is grown or obtained through farming:

Introduction of Product:  Product introduction is a business process through which a new product is launched, debuted or published in the market for general users and or businesses. Products can be split into two broad categories:

11 | P a g e

Goods – physical products that you can touch and feel, like food and clothing Services – products that are non-physical – watching a film, having a hair-cut Product introduction may also be called a product launch.

Classification of products: Goods or products are classified as either consumer goods or industrial goods. Consumer goods are produced for the personal use of the ultimate consumer, while industrial goods are produced for industrial purposes. There are many goods, such as typewriters and stationery can be classified as both industrial and consumer goods. Types of classification of products include convenience goods, shopping goods, specialty products or unsought goods. Convenience goods: A consumer product that the customer usually buys frequently, immediately, and with a minimum of comparison and buying effort. Normally it`s a low-priced product. These products are mostly available at all convenience stores. These can be classified into the following categories:

- Staple products - Impulse products - Emergency products Our 'Buzz Light' have noticed that 'Mohakal Publication' is following this process. There are not so much famous writer's books. They are publishing few new comers book and selling them at a cheap price. So, for these minimum buying efforts customers are buying those frequently. Shopping goods:

consumer goods that are usually purchased only after the customer has

compared price, quality, and style in more than one store. The price is comparatively higher. They compare for: *Suitability & Quality *Price & Style 12 | P a g e

The 'Shobdoshoily' publication is providing Shopping Products. They have gathered a lot of information in front of their stall. And price is little higher so that their books are being sold less frequently. Specialty products: Specialty goods are those considered unique by the buyer, customer will go to any length to seek out and purchase them. They are containing unique characteristics and they the brand value with a few purchase locations. 'Bisshoshahitto' and 'Charulipi' publications are like this. They have published few famous writer's demandable books. Those publications have the brand identification. They didn't give advertise on newspaper. Their identity is their advertisement with a unique customer basis. Unsought goods: Unsought products are those consumer products that a consumer either does not know about or knows about but does not consider buying under normal conditions. Most new innovations are unsought until consumers become aware of them. Unsought products require much more advertising, selling and marketing efforts than other types of consumer products. There is an interesting publication stall named 'Pencil' who are selling from magic method to kids’ poem & mathematical game's books. That looks so good and new innovation. People are not used to with this type of book. So, they need advertise about their goods in both social media & newspapers.

Price A product price is integral to the offering made to the customer as it will be understood as a component of the package, not something apart. There are several elements that need to be shuffled to achieve the best outcome. The price is what the customer ineluctably pays but it will be discounted to retailers and whole sellers who sell on behalf of the organization. Within the publication house, the cost of a book to publish is different for the quality of the paper and sometimes it’s predicated on the author’s demand for how much money the author wants for the books. So, the publishers follow several pricing strategies for the different authors' books. Pricing Strategy 

Product Form Pricing:

13 | P a g e

Most of the price of the books are generally set by product form pricing. Product form pricing is basically setting different prices for different variants of the same product. The actual copy of the book usually charges higher. There is Bisshoshahittore also different price for different types paper. If it is white print paper the price is a little bit higher than the newsprint papers and there are also 15% discounts for the buyers which are set by the publishers. 

Author Based Pricing There are several strategies for the author some want money percentage of the total sale so then publishers follow the forms predicated pricing. But some authors want money for the book reach in the market, in that case, they set the price in such way that the investment that book turns remuneratively lucrative.

Product Form Pricing Author Based Pricing Charulipi Publications

Bisshoshahitto Publications

Mohakal Publications

Pencil Publications

Shobdoshoily Publications

Discount & Allowances The publication generally allows some discount to the buyer. It is usually expressed as a percentage of sale prices. A seller may allow either of the trade and cash discounts or both of them. Most publications adjust their basic price to reward customers for certain responses such as volume purchasing, preorder of the books. Discounts can be granted as a cash discount, a price reduction to buyers who buy a larger volume of books. Typical discount term looks like “15% flat discount on 5 books purchase”. Also, a preorder discounts, preorder the books online to get 10% discount. Allowances refer to another type of reduction from the list price. For instance, trade-in allowances are price reductions given for turning in an old book when buying a new one. Especially in the book publications, trade-in allowances are very common. 14 | P a g e

Distribution Distribution is considered as the most important part of marketing mix. Authors and publishers need to be clear on how they'll get their books into the hands of customers. Here is some information about the distribution method of these five publications: Geographical Coverage: From the survey we get to know that, most of them sell their books in every city of Bangladesh. They have at least one permanent book selling shop in Dhaka city and few of them have multiple outlets all over the country. They also provide the online shopping facility (ex: rokomari.com) so that people from rural areas can easily purchase their books by ordering them from online. Apart from “Ekushey Boi Mela” they also arranged small book fairs in different location throughout the whole year.

15 | P a g e

Distribution Channel: We know that a distribution channel is mainly all about the wholesaler/distributor, direct/internet, direct/sales team, consultant, dealer, retail etc. in case of the publication houses, wholesalers and distributors are the two main channels for getting the book. The retailers like bookstores, as well as libraries and schools. From the retailer the customers can get the books. Transportation: These publications use the book carrier truck / freight car as their transportation to reach the books to the customers. They also promote the fast delivery service for the online based customers. For that now a days the publication houses are using bikes to deliver the books to the customers.

Promotion: Promotions refer to the entire set of activities, which communicate the product, brand or service to the user. The idea is to make people aware, attract and induce to buy the product, in preference over others. Types of Promotion: Advertising: Advertising means to advertise a product, service or a company with the help of television, radio or social media. It helps in spreading awareness about the company, product or service. Amongst the publishers we interviewed most of them do their promotions by advertising. They use social media mostly. 16 | P a g e

Sales Promotion: Sales promotion uses both media and non-media marketing communications for a pre-determined, limited time to increase consumer demand, stimulate market demand or improve product availability. Charulipi and Mohakal publications follow sales promotion. Personal Selling: The sale of a product depends on the selling of a product. Personal Selling is a method where companies send their agents to the consumer to sell the products personally. Here, the feedback is immediate and they also build a trust with the customer which is very important. Amongst the publishers we interviewed no publishers follow personal selling strategy. Public Relation: Public relation or PR is the practice of managing the spread of information between an individual or an organization (such as a business, government agency, or a nonprofit organization) and the public. A successful PR campaign can be really beneficial to the brand of the organization.

Conclusion In conclusion, we may say that publishing industry in Bangladesh has been a constant struggle to overcome the constraints. With the implementation of the National Book Policy and strengthening of the institutions responsible to provide infrastructural support, the publishing industry is destined to become viable. Moreover, if Bangladeshi publishers are able to advance and sustain their existing achievements, there should be no difficulty for the industry to step safely into the next century. Other thing is that book publishing industry of Bangladesh is not ready yet to take advantage of the opportunities inherent in the digital revolution. Publishers still derive most of their sales revenue from the traditional retail business model, they will also have to take care of business as usual while ramping up for the future. Our publishing industry still affected by many existing and potential regulations, some of which could affect its 17 | P a g e

competitiveness and others its cultural diversity and plurality. The full range of existing and potential regulations and their interaction should be monitored to ensure that their total impact does not seriously inhibit the continuing development and sustainability of the industry.

Articles and Journals

Websites and Images:

Charulipi: http://publishers.com.bd/CharulipiProkashon/About/

18 | P a g e

Mohakal: https://bd.linkedin.com/in/moniruzzaman-monir-5b5763191

19 | P a g e

Pencil: https://pencilpublications.com/

Bisshoshahitto Bhaban: http://publishers.com.bd/BishhoshahittoBhobon/Books/ 20 | P a g e

Shobdoshoili: https://www.shobdoshoili.com/untitled-2-01/

Thank You

21 | P a g e