Electronic Media and Source for Marketing - Book Report/Review Example

? Marketing Report Contents Introduction 4 E-Marketing 4 Situation Analysis 5 Marketing Mix Review 5 Product/ Service Perception 6 Market size, Market Potential and Market Trends 7 Target Market, Segmentation, Profiling 8 Competitor Research 8 Objective 9 SMART Objective 9 Marketing Objectives 9 Communication Objective 10 Strategy 10 Marketing Tactics 11 Application 12 Marketing Action Plan 12 Control 13 Reference List 16 Executive Summary Unlike last few decades, present consumer is exposed to a large number of media. Thus concentrating on only one or two media is not sufficient enough for ensuring that the message has completely reached and generated awareness in the individual. This has increased the importance of electronic marketing. Electronic marketing covers a range of multiple online media sources which ensures that the customers are touched with the brand through every media vehicle, they come in contact with. It is a 360 degree approach in marketing which enables the marketer raise brand awareness and subsequently brand experience though various touch points. However, electronic marketing can only be successful if it is accompanies with strategies influencing the customer perception from different touch points also, such as print media, advertising, television, outdoor media, etc. In the present report, a situational analysis has been done. E- Marketing has been taken as a strategy for branding and promotions of the newly established library in Birmingham. The target customers fall in the age group of 18-25 years. Since this generation is mostly customer savvy and addicted to internet and other social media activities, using electronic marketing to target these customers will be of sustainable advantage. SOSTAC format have been applied for the development of situation, objectives and strategies. From the specified strategies, tactics, applications and action plans have been recommended. A proper control analysis has been done to identify the future issues and recommended future strategies to control them. Introduction The Library of Birmingham is the new library that has recently completed its construction. Upon completion, this will replace the Birmingham Central Library, based in Birmingham, United Kingdom. The Library of Birmingham is the new extension of the Central Library having modern technology and state of art infrastructure. The new library is a 188 million pounds project. The central library was completed in the year 1983 and was opened for public in the year 1984. Central library is considered as one of the most popular and visited libraries of the country. With the opening of the new library, many new services will be launched. Since it is completely new establishment, most of the products and features of the library will be ungraded and advanced. E-Marketing A description of electronic marketing will be use for digital technologies and electronic devices in order to sell and promote products and services. According to authors like Xing et al (2004) and McQuitty and Peterrson (2000), the percentage of people accessing the internet and involving in online data gathering about products and services has grown over the years. Business has grown all over the world with the advent of electronic marketing (Joines, Scherer and Scheufele, 2003) and it will create huge marketing opportunity for the organisations (Pollack, 1999; Hoffman, 2000). Electronic marketing can also be defined as an online channel through with customers and marketers enter into a transaction phase for sale and purchase, which benefits both parties. According to Meuter et al, (2000) internet marketing can be explained as a virtual platform where services and products existing as digital information can be exchanged with the help of channels which are informative. In this type of media, people and groups create, share and exchange ideas and information through online communities and networks (Mangold and Faulds, 2009). Electronic media is different from traditional media in many ways such as reach, quality, frequency, immediacy, usability and permanence (Strategic Direction, 2002). The amount of budget spend on electronic media has also increased in the last few years (Kalla, 2005). According to authors Burt and Sparks (2003), the economy has witnessed the evolution of the internet or online marketing for enhancement of the efficiencies of businesses. Such innovations have been successful in increasing pressure on the way traditional formats are working (Dholakia and Uusitalo, 2002). Some authors like Dennis, Harris and Sandhu, (2002) have suggested that the future of marketing lies in establishing multi-channel format. Situation Analysis Marketing Mix Review The seven Ps of marketing mix are basic ingredients for developing a marketing strategy. The seven Ps with respect to the newly constructed library for Birmingham are as follows; Product - In this context the products are essentially the books and other reading materials in the library. Since the newly established library is one of the few established and modern libraries in Birmingham, most of the customers and especially the young generation prefers going to this advanced library. Price- since it is a national library; the visitors come here for reading and information. However, the library also rents books and other reading material on a regular basis. The library also offers membership, with a time frame of 6 months and 1 year. Place In the context of The Library of Birmingham, it is the only big library constructed in Birmingham. The government has planned to demolish the older library as soon as the new library starts functioning properly. The library is equipped with state of art facilities and up to date reading materials. Promotion Print Media Since the target public for The Library of Birmingham is young generation between age group of 19-25 years, print media will be a good outlet to promote the trust. A weekly cover article or information on the daily newspaper of a series of advertisement will ensure enough recognition in the minds of customers. This can be the first step for the branding campaign and is very useful for generating awareness about the library and the opportunities provided by the organization (Galbreath, 2009). To target the young audience, the organization can select the largest distributed magazines in terms of popularity and numbers and advertise their library to built awareness among the young customers. Outdoor Media Outdoor media strategies involve placing billboards, signage and flyers across public hangouts and major public places of the region (McEvoy, 2001). The organization can also go for public transport as medium like advertisements on buses and local trains travelling in and around the region. Press Releases Press releases can be an effective way for publicity. Through a strategic press release the organization can give critical information about the changes and the modifications done in The Library of Birmingham and opportunities available for readers and other interested parties (Nash, 2000). People – the target customers for the new library are youngsters of the age group 18-25. They are the primary target of the library and the current strategy of the management aims to increase the footfall of this target group. However, once the library achieves the objective, it will expand its customer base by expanding its visitor base to other demographics. Physical Evidence - the newly established library boasts state of art infrastructure. It is the largest public library based in United Kingdom. The library is also equipped with the largest public cultural space in entire Europe. The library is equipped with technically advanced gadgets such as high security system, fire alarms, cameras etc. Process- the library is equipped with computers which help the visitors and customers to find out the exact book they are looking for. Apart from that, the staffs working in the library are very friendly and service oriented. This provides differentiated advantage to the library for its long term growth. Product/ Service Perception Online brand search and information sharing has become one of the most acceptable methods of communication, especially among the young generation. Online sources and internet as a marketing technology has been increasingly considered as a very versatile medium and gaining popularity among consumers also. With the help of electronic marketing it becomes easier to reach a large base of target customers, within a short span of time and with much lesser budget (Beri, 2007). For creating positive perception in the mind of the potential customers, the newly established library can opt for social media as a measure for increasing brand perception. For this, the management team can conduct a telephonic survey to find out the present level of brand awareness among the potential library visitors. The result general will be useful in creating appropriate strategies for further penetration. Market size, Market Potential and Market Trends The newly constructed library has a number of facilities which can attract potential visitors. The newly constructed library will have to plan strategies to attract new customers through sources like e-commerce or community networks and web blogs. Tablets and Smart phones are increasingly becoming an integral part of our life. The library can create mobile applications for customers. Technology is a major external environmental variable which has the capacity to influence the decision on development and procurement of many products and services. This new technology will benefit both library and customers. Customer satisfaction will rise because services will be readily available, services will be more personalized and shopping will be more convenient. To gain competitive advantage, the newly established library has introduced a number of interactive marketing services, and innovative online marketing strategies to engage the customers on mobile channels. The present market trend is volatile and unpredictable. Economic slowdown has turned consumers more sensitive towards price. After the recession, companies have seen a gradual shift from brand consciousness to price sensitive consumers. There has been a gradual shift in online reading and buying through online sites. This can reduce the overall footfall and the popularity of the library. To find out the present market trend and the future potential and the acceptability of the newly established library among the target customers, a consumer survey was done. Consumers between age group of 18-25 were targeted. The target medium was online customer survey and the sample size was 100. Out of the total sample of target customers, 70 percent responded positively with respect to the new establishment. From the survey it is clear that the new library has been positively perceived by the customers. Target Market, Segmentation, Profiling The library boasts a huge brand name and large base of loyal customers. The library id equipped with long history and huge resource of books and other reading materials. The newly constructed library has a range of high quality and latest reading materials. The new university will widen the product range and can act as strength. In order to tap the potential target market, further diversification and introduction of new reading materials will be required. The newly constructed library should focus on the marketing and distribution, for proper profiling and segmentation of the market. Since the target market id young generation of age group 18-24, the library should aim for latest edition magazines and books. New dedicated device such for social networking websites will also increase the footfall and overall awareness of the library. The library should take into consideration strategies such as new products establishment so as to cater to more markets. Competitor Research The Library of Birmingham is the new library that has recently completed its construction. Upon completion, this will replace the Birmingham Central Library, based in Birmingham, United Kingdom. In this context, the new library faces competition from smaller libraries around Birmingham. Since this library is one of the well known and most popular libraries, threat of existing rivalry is low. Apart from this it is the only big library constructed in Birmingham. The library is equipped with state of art facilities and up to date reading materials. Thus, it can be said that there are no major competitors in the immediate surroundings. The major threat for the library is the growing popularity of online sources such as Wikipedia, Amazon, and Google etc. The substitute competitors will be online websites providing free online reading opportunities and buying facilities. The consumption patterns are highly dependent upon the countries cultures. However, since the economic scenario is changing and customers are looking for options, high threat exists from substitute products. Technology has also given products such as kindle which are almost a mini-library. To tackle the above situation, the library can establish an online platform where it can provide its resources to students and other customers. Apart from that, the library should also advertise itself with the objective of promoting the infrastructure and huge resources the library is providing and persuade the customers to come to the library and read. Objective SMART Objective To find out the performance gap of the library of Birmingham, SMART analysis has been implemented. Specific The objective of the library specifically states that the library would like to increase foot falls and membership of the organization within a stipulated time, rather than aiming for a more general approach, like to become more profitable. Measurable The objective of the library specifically states that the library would like to increase the number of visitors from 1.25 million – 3 million in the first year of opening the New library. Achievable Before setting the objective, the library has analyzed its resources and capabilities through external and internal environmental analysis. It has been found out that the external environment is positive with the construction of the new library. The government has supported the project and the project has little influence of the current economic and political scenario. Realistic The library has also analyzed its internal environment. With the help of customer survey and internal discussion with the management, the library has made realistic goals of achieving footfalls and visitors more than 1.25 million. Time scaled This element is achieved by the objective which includes a timescale of 12 months or 1 year. Marketing Objectives To generate substantial interest in The Library of Birmingham from the target audience, in order to position the library as a new generation and technologically advanced library Position The Library of Birmingham as the best destination for peaceful reading and state of art facilities, providing variety of experiences in reading for all ages and demographics. Increase the membership of the library for sustainable growth and long term partnership. Increase the number of visitors by more than 1.25 million in its first year of opening Communication Objective Internal communications to generate pride and equip staff with necessary skills to act as ambassadors to the national library. Proactive, two-way communications to create interest in the newly established library and demand among youngsters as well as other social groups and to build awareness among the locals about the rich heritage of the library. Involve in promotional activities which will fulfil the objective of maximum reach and delivers the exact message in the most effective manner. Strategy With the help of the situation analysis and objectives defined, a proper strategy has been formulated (Koksal and Ozgu, 2007). These strategies have been formulated after analysing the strengths, weaknesses, opportunities and threats associated with the newly constructed library. The library is well known and one of the most popular libraries of England. The newly constructed library should use this established brand image for further brand strengthening. The main internal weakness for the library is poor distribution and lack of awareness. For this, the organisation can make strategies to reach the target customers. The library can use various online mediums and social platforms to connect with the customers. In order to make the library of Birmingham first preference for target customers, the brand needs to involve in competitive strategy. The brand needs to promote those facilities which are unique. These include, spare room, theatre and an advanced recording studio. Since these facilities are available only in the Birmingham library, this will provide a competitive landscape for the organisation and give sustainable advantage to the library. The major threat for the library is the growing popularity of online sources such as Wikipedia, Amazon, and Google etc. Technology has also given products such as kindle which are almost a mini-library. Other weakness which the library faces is that customers need to visit the library in order to read books and other purposes. Thus, location is also a limiting factor. To tackle the above situation, the library can establish an online platform where it can provide its resources to students and other customers. Apart from that, the library should also advertise itself with the objective of promoting the infrastructure and huge resources the library is providing and persuade the customers to come to the library and read. Marketing Tactics The library of Birmingham is a newly constructed building. Although, the brand name and the image are same, only the building and location have been new. Thus, it can be said that the library followed market penetration strategy with the establishment of new library of the same name and similar brand image. The present political and economic scenario of the UK government has provided many opportunities for the growth as well as awareness of the newly constructed library (Gurdgiev, 2011). To fulfil the employee legislations the UK government has encouraged the retailers to provide job opportunities ranging from lower paid, flexible and locally based to higher paid, higher skilled and centrally located jobs. This will give an opportunity for the newly established library for easy recruitment and selection options. The library has engaged itself in employing a large number of students, elderly and disabled workers. Though political trends will have little effect on the construction and management of the library, it can be concluded that government has seen this development as positive and will support further developments in this area. Economic and political information and researches are always in demand and preferred by students as well as professors. These topics are of mass interest and books and journals related to these topics are in mass demand (Levine, 2013). Economic factors are generally outside the power and control of the library, but they can have profound effect on marketing mix and performance of the company. The newly constructed library can take advantage from this environment by establishing itself as an up-to-date and advanced modern library having all information and reading materials of the current economic scenario. Application Markets have realised that to build a strong brand community of loyal consumers, it is very important to create a strong presence in the social medium (Casalo, Flavian and Guinaliu, 2007). Many advanced and newly established libraries worldwide have introduced new and interactive digital sites for their customers. These websites are digitally enhanced, with exclusive content and videos. Together, they provide a unique buying and social media experience which is unmatched. With the help of personal interaction, brands are now able to target customers according to their specific needs and requirements, through mediums such as emails, personalised invitations and letters, specific discount offers, etc. Since it is a new construction, the library of Birmingham will have to penetrate the market in order to generate awareness and brand recognition. With the application of proper electronic and other media sources, the newly constructed library can generate proper brand awareness and brand recognition among the target customers. Some of the media sources which can be used to generate brand awareness are; Radio- radio can be used as a good target medium as most of the young generation are addicted to radio. The library can use a survey to find out the radio which is most popular among youngsters and advertise their newly established library. Print media- the target customers are magazine savvy. Most of the young students prefer reading magazines covering topics such as educational information, latest trends etc. the library can target these specific magazines to reach these customers and increase brand awareness of the library. Social media- using social media to reach the target customers will be a useful marketing strategy. With the help of internet and social media platforms such as Facebook and Twitter, the library can advertise itself. This will be helpful in creating mass awareness about the brand, since almost all of the youngsters use these social media platforms. Marketing Action Plan The marketing action plan will provide a time line of activities and key actions within a stipulated time frame. Management Strategy Activity Timescale Idea generation and brain storming Primary research Analysis of initial results Formulation of marketing plans Delegation of plans to different departments Conduction of marketing and branding activities Analysis of the results Meeting with internal management team. Customer survey Use of statistical tools Internal strategy making. Hiring marketing consultant Using office boards, mails, meetings. Organising campaigns advertising programmes Review of profits and overall increase in footfalls. 2 Weeks 1 Month 2 Weeks 2 Weeks 2 Weeks 6 Months 3 Months Control From the analysis of external and internal business environment, it is very clear that the present market environment is volatile. Customer preferences are constantly changing and loyalty to a certain product or service is decreasing. Today’s customers are much more demanding and powerful compared to what they were 10-15 years ago. The major reason for this is increased options in products and services, increased competition between companies, higher disposable income and higher expectations from the consumers. Thus, to be sustainable in the market, it is very important for any organisation, to keep implementing appropriate changes and strategies to keep the customers satisfied and loyal. The control tactics of the library of Birmingham can be described with the help of Ansoff matrix. This matrix will explain the appropriate strategies that can be used during different situations in the stages of a product or service lifestyle. Existing Product New Product Existing Market Market Penetration Market penetration involves penetrating into the existing market with the existing product. It includes strategies such as specific advertisements, pricing strategies or minor product developments. Product Development Product development is launching new products or services in the existing market. This strategy is useful when the existing distribution channel is strong and the organizational resources are capable of introducing new product or service in the market. New Market Market Development Market development involved finding new markets for the existing products. This can be new segment in the current market or can be a completely new market. Diversification Diversification can be vertical integration or conglomerate. It is generally described as introducing a completely new product or service in a new market. It includes lots of capital investment, research and development stages, and analysis of the market. From the situation analysis, the external and internal environmental factors have been analyzed and it is very evident that electronic media has emerged as a true winner and ultimate source for marketing and promotion of the newly established library. Though the old library of Birmingham has shown steady growth in terms of revenue and footfalls, the sustainability of the newly constructed library is exposed to various risks. As discussed earlier in the macro environment analysis, constant changes in the economic and social factors might interrupt the normal flow of the library’s processes. Strong product portfolio and a broader range of books and reading materials can be the future strength of the food restaurant chain. Strict business operations also result in cost effectiveness. The growing prospects of e-commerce offer a huge opportunity for the library, as more and more number of people has started buying books through online sources. The growth of web based stores can also provide opportunity for the company. Below are some of the strategies of promotion for electronic media and supporting media to enhance the effectiveness of electronic and social media. Reference List Beri, 2007. Marketing research. 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