Marketing Theory - Term Paper Example

Keeping in mind the concept of marketing theories and techniques, the establishment and operation of a new business venture would be discussed. The new business venture selected for this study is a book store. 1.2 Business Idea: Book Store The new business idea that has been considered for this study is a book store that would be set in California. The name of the book store would be “Book Worm”. However, setting up a business requires following the marketing theories and utilizing the strategies. In this section of the study, specification related to the new venture has been stated. 1.2.1 Mission and Objectives Book Worm’s mission is to offer quality books at the lowest possible price to the customers in California. The company would additionally allow customers to exchange old books and projects or assignments for their requirement (books, CDs and magazines). In order to attain this mission of the company, the objective of Book Worm would be: To offer hassle free purchase of new as well as second hand books, assignments and magazines at an affordable cost. To offer the students every university books and reading materials those are important to them at least possible price To offer online shopping experience to the customers along with the store To offer home delivery of products ordered within a specific area To attend break even in business within an year of commencing business To generate positive revenue at least after 4-6 months of inception To gain considerable amount of goodwill in comparison to the other competitors in the market (Ahmed 30-43). 1.2.2 Products and Services Book Worm will offer products as well as services. The products will range from text books (new as well as second-hand) for purchase, class notes, text books, audio book CDs on rent, etc. The text books available would include fiction and non-fiction books, subjects like business, physics, accounting, management, marketing, engineering and many more would be available. These products would be available through the store of Book Worm. However, services like information regarding textbooks or class notes for rent or sale, web links for assignments, or solved assignments would be available for sale on the website of Book Worm. Book Worm would be offering a wholesome academic assistance to the students (Barkema and Vermeulen 7-26). 1.2.3 Suppliers Suppliers have a major role to play in the marketing environment because they are one of the integral players in the supply chain. Book Worm would be selecting the book wholesalers in California to avail the books for the customers. The second hand books or old class notes and assignment can be procured from the students, so they will play the role of suppliers in this case. However, as the business grows in terms of size and revenue, Book Worm can also directly procure books from the publishers and their stockists (Belin and Pham 44-50). II: MARKET ANALYSIS This section of the study plays a major role in the discussion of marketing theory because ... Read More