Table of Contents
TOC \o “1-3″ \h \z \u 1. Executive Summary
2. Section 1
2.1 Philosophy
2.2 Vision
2.3 Mission Statement
2.4 Description of Business / Products
2.5 Target Market
2.6 Customer Base
3. Section 2
3.1 Sources of Competitive Advantage
3.2 Competitive Business Strategy
3.3 Marketing Mix
4. Section 3
4.1 Business Legal Format and organizational Structure
5. Section 4
5.1 Business Controls
6. Conclusion
6.1 Strategic Direction
7. Reference
1. Executive Summary
Precious Books Company is a new business and need to be known in the marketplace. This time, the company wanted to please Saudi Arabian audiences. This report provides intensive marketing and implementation plan, including the market segmentation plan that Precious Books Company can be used to meet the needs and expectations of Saudi Arabia audiences. To gain management buy-in, the integrated marketing communications plan for launching the Precious Books Company performances considered marketing approaches. Based on the analysis conducted, with Precious Books Company, they can be able to gain competitive advantage in Saudi Arabia community. This paper also tackles information about the strengths and weaknesses of the company and the marketing approach that should be considered.
2. Section 1 2.1 Philosophy
The company that will be given emphasis in this marketing plan is Precious Books Company. This book store is committed to excellences and that can be found on their efficient services. The company believed that their clients are their greatest asset and the company is dedicated to serve their needs.
2.2 Mission Statement
We are to become the leader in delivering or providing excellent service to our target audiences. Our company wants to make our services affordable to our target audience and to provide academic books to meet audience expectations.
We are deliver superior and high quality services for our audiences through the quality and academically related books and good relationship. Our company exists to attract and maintain audiences. When the audience adheres to its maxim, everything else will fall into places. Our company’s services will exceed expectation of our target audiences.
4. Business Aim / Objective
Precious Books is a new business established to provide all your academic Books and computer needs. We offer books that enables cognitive growth and to help the students in different universities have alternative sources aside from their textbooks. We provide computer systems, parts, software, etc. that will be suitable for your budget. Also the company is dedicated to ensure quality products and services before and after sales. Precious Books, we offer a secure on-line ordering process. A computer system provided to the universities at affordable cost and having the latest and fastest equipment built to satisfy the individual’s needs. And we offer office works software that would change the working place.
2.3 Description of Business / Products
As mentioned above, this business aims on providing academic services through books and computer related software. The lists of the product will be available for the on-line marketing purposes so that customers and clients will easily get the products information and the price.
Table 1
Previous Books Product Lines
Products
Product Description
Pricing
Books
Best Seller Academic Books
Books for children and adults
Magazines and other Journals
All the books are included especially those best selling books that are proven to help students achieve academic excellence. The company is offering clear prints for all the books and magazines that would be helpful for students.
The prices of the products are definitely lower and affordable for all the target consumers. The price will range from .95-.95.
Computer Products
Computer parts
Computer software (Office Automation and Collaboration Software)
School Computer
The company will provide all quality and up graded computer products that will be suitable for office needs and school needs.
The prices of the products will be depended on the needs of the customer or clients and that will include the services that will be offered together with the purchase products.
2.4 Target Market
For the Precious Books Company become successful the company must be able to determine first its target market. The company must used demographics to group or to determine the target markets of the company. Demographics include profiles of the consumers and these profiles would determine the behavior of the consumers. The Precious Books Company will make its focus on its target market in a different level of recognition. The total markets (consumers or clients) will be divided into smaller, comparatively homogenous groups. Basically, its goal is to group its customers with similar or analogous characteristics, behavior and needs. The main target is to offer its Academic book products to its target market demanding the said products and to offer quality computer system and tools to the customers from School to their office needs and to give proper marketing strategies for each consumer.
Demographics is used in order to statistically analyze the total market, subdividing the clients according to their ages, gender, income distribution most especially, diving them into Academic books customer and Computer system customers. Age will be from 4 years old Academic to adult ages , either male or female whose purpose is to make enhance their studies. For computer products, any age as long as computer literate. Office customers will be provided with different software and packages and School customers will be provided with simple computer tools both affordable and quality products.
2.5 Customer Base
The customer base will mostly cater those individuals within universities and other parts of Saudi Arabia who wishes to have a good academic skills and grants. It can be said that the target audiences also includes students from 6 universities in Saudi. This include, King Fahd University for Petroleum and Minerals, Ki g Faisal University and Prince Mohammad University which are located at Dammam and other three Universities including King Saud University, Imam Muhammad bin Saud Islamic University and King Saud bin Abdul-Aziz University for Health Sciences all located at Riyadh. It can be said that the marketing strategy of the company to penetrate these universities will be the same for all universities.
3. Section 2 3.1 Sources of Competitive Advantage
Based on the given case, it ca be said that the source of competitive advantage of core competencies of PRECIOUS BOOKS COMPANY includes the management and their employees and staffs. Their main competencies are the ability of the management to determine the possible demands of their target audiences in terms academic needs and computer needs. Ensuring the quality of their products shown for their target audiences is another core competency of the company over their rival companies.
The strongest point of Precious Books Company is the ability of the company to provide modern and contemporary academic books for their clients through their highly trained and professional staff and professors. In addition, the PRECIOUS BOOKS COMPANY will also include programs that would help the students in their academic studies.
3.2 Competitive Business Strategy
The main goal of the company is to provide superior quality school that will cater to the needs of people who wants to be academically skilled. The company exists to attract and retain their target market. The objectives of the company are to maintain steady, positive, and growth each month in the Saudi Arabia market In addition, the company also aims to generate more sales for their performances and experience an increase in new clients who are turned into long-term clients. In addition, the company’s financial objective is to be able to be known as a book stores inside the universities
In a company like Precious Books, the firm has to try to attain this level of marketing position as a way of staying and maintaining sustainable competitive advantage. In this regard, the school must be able to determine an efficient and effective marketing approach to be successful in the Saudi Arabia market.
In addition, one of the objectives of the intended strategies of Precious Books Company is to improve their means of promoting their business to people who mostly need their help. This strategy will help overcome competition as well as increase profit margins. For this purpose, this intended strategy attempt to focus on their existing promotional aspects. Precious Books Company will change its focus to differentiate itself from the existing books and computer system and improve the business by filling the real need of adults and office workers or business professionals in terms of having a diversion for their computer software.
The approach that will be implemented as part of this marketing plan is the use of integrated communication. This can be used to create and sustain close relationship with the enrolled adults and office workers.
3.3 Marketing Mix
· Price:
Ø Our customers includes students from different universities which have been mentioned above
Ø The pricing approach tends to use the market penetration strategies since the company intends to have penetrated and enter the Universities market easily with eventual market control. In this regard, the initial price would be low as compared to the existing book and computer stores.
To be able to make the book and computer stores more appealing to the target market and as a new entrant, PRECIOUS BOOKS COMPANY will give its target audience an affordable cost with high quality academic services. The school will give the audiences a price which is lesser than the existing acadmic services in Saudi Arabia so that the target market will be encourage to try the services of PRECIOUS BOOKS COMPANY. Even if the company provides lower cost, PRECIOUS BOOKS COMPANY will also ensure that the cost tagged to its services and academic sessions is enough to give profit to the entire company. Precious Books Company will identify different regional or national consumers, distributors as our primary audiences.
· Place:
Ø The location of the school will be in Riyadh, this is to ensure that Universities in Saudi and their students will be easily see and avail their services.
Ø Our school is in the Commercial Building so it will near our target market and our customers.
For PRECIOUS BOOKS COMPANY, marketing placement and distribution strategy, the school intends to increase our market share for our newly developed academic approaches. In doing so, the school will integrate pricing, advertising and sales promotion strategies. In this regard, the school will be able to position and distribute our academic services in Saudi Arabia market, promote its new product and overcome strong competitors. As PRECIOUS BOOKS COMPANY aims to preserve its company standards and conduct efforts that will directly address its objectives, this growth strategy will be applicable.
Precious Books Company services will be distributed through the school establishment that will be provided to students who will enroll to the school. In addition, the service will also be distributed to the community within Saudi Arabia. In this way, our company will be able to cover a higher level of market coverage. The level of profitability in this distribution channel is relatively high as our services are directly made accessible to the consumers. In addition to retailers, the PRECIOUS BOOKS COMPANY will also be distributed through online market. By developing a company website that will cater to provide information online, PRECIOUS BOOKS COMPANY will be able to open a new channel at an even greater market range. This will also allow the active adults and problematic individuals target segment to be aware of the academic and computer store.
· Product:
Ø Individuals: audience who wants to improve their academic achievement
Ø Let the customers can be advance release of their minds
Precious Books Company philosophy is that whatever needs to be done to make the customer happy must occur, even at the expense of short-term profits. In the long term, this investment will pay off with a fiercely loyal customer base that is extremely vocal to our friends with referrals.
Ø Promotion:
· Promotion will go to the Universities which include King Fahd University for Petroleum and Minerals, King Faisal University and Prince Mohammad University which are located at Dammam and other three Universities including King Saud University, Imam Muhammad bin Saud Islamic University and King Saud bin Abdul-Aziz University for Health Sciences located in Dammam and Riyadh,
· Corporate advertising for students to identify the book and computer stores
PRECIOUS BOOKS COMPANY will use print advertisements, and video advertisement and the context of e-marketing. The communication and promotion strategy will tend to reach customers from all over Saudi Arabia. Since the trend in the market place is the use of e-marketing, PRECIOUS BOOKS COMPANY will also include a website to make our company more accessible even in the international market. Pamphlets must be prepared to be given to the community and the market place. The pamphlets include the summary of the information given about the significance of academic skills on having quality living. It can be said that before the school program will start, the facilitator must be able to determine which topic will be given emphasis and who will be the participants. The book and computer stores curriculum will identify the specific needs of different clients. In terms of the academic curriculum design, the facilitator may use the preceded/process mode. Since the project give focus more on outcomes and not on inputs, it can be said that such program design is appropriate to use. The most successful advertising will be banner ads, TV ads and inserts in the Saudi Arabia premises as well as a PR campaign of informational articles and reviews also within Saudi Arabia.
4. Section 3 4.1 Business Legal Format and organizational Structure
4.1.1 Premises
One of the important things to consider is to find the right premise for the business. This is a very crucial aspect because the profit will depend on how and where a company established the business and launch it. Since Precious Books Company is a school, the company should consider investing on building premises. Herein, the management should buy a space for establishing the business in the central market of Saudi Arabia. Finding a place in market hub locations can be helpful for making Precious Books Company be known in the Saudi Arabian market.
4.1.2 Recruitment and Personnel Management
The management of the company must be able to implement effective human resource management, specifically in terms of recruiting and selecting the most appropriate personnel to make the business a success.
The company will use an effective recruitment and selection approaches so as to hire skilful and efficient managers and instructors and psychologists to ensure competitiveness of the business in market and they also use standardized human resource management policies to ensure smooth operations in the entire region. These primary activities are the first steps done in hiring people. In selecting the right employee in the managerial position, the organisation takes note of several factors; however, positive work attitudes and technical skills appear to be the most prioritised qualities needed from employees to be hired (Rowden, 2002) in Precious Books Company.
The position that should be considered includes the following:
Table 1
Description of Employees to be recruited
Designation
Degree/Diploma
Work Experience
Professor:
Master in Worldview Studies
Professional Diploma in Education
Over 15 years
Senior Instructor:
Degree in Worldview Studies
Professional Diploma in education
Over 10 years experience
Account Clerk and reception
Bachelor in Office Administration/
2 years experience in doing clerical works.
The work of the senior instructor and professor will be integrated to ensure that goal and purpose of the client in doing the lesson will be met.
5. Section 4 5.1 Business Controls
5.1.1 Management
The management will be responsible for handling overall operations of the Precious Books Company, including the marketing and business strategies. The management are also responsible for public relations operations to ensure that the company has been able to reach their target market upon their launch. The management is also responsible for reviewing and monitoring the situation in the business quarterly to know achievement of the company each quarter and what should be done to increase public awareness. All in all, the management must be consistent across organizations.
5.1.2 Sales
The employees including the t faculty members department are exemplary when it publishing new books and computer systems to meet the needs of the students at different universities. The knowledgeable employees are a leap against its competitors and the sales team is responsible for making the business a success. In addition, the company will have experienced professors and instructors to meet the needs of the clients.
5.1.3 Costs
These are the estimated costs that will be considered upon the launch of the company. The advertisement of the entire project focuses on the TV, Newspaper ads, flyers as well as the Internet. Each TV advertisement causes 0 dollars per 30 second ad per station. The newspaper ads cost 0 per advertisement; furthermore, the flyers cost 0, where in .10 each (Jacksack 2008).
Communication
Estimated Quantity
Estimated Cost Per Unit
Estimated Subtotal
Flyers
5,000
.10
0
Television
10
0
000
Website
1
0
0
Sponsorship
3
0
0
Total
750
This communication and marketing costs will focus on the relationship of the organization towards the primary market.
6. Conclusion 6.1 Strategic Direction
6.1.1 Future Opportunities
Since PRECIOUS BOOKS COMPANY is not that familiar with the local Saudi Arabia audiences, conceptualizations of the value propositions of the business performances and entertainment are highly in synch with the traditional culture and entertainment in the Saudi Arabia audiences. In this regard, marketing approach come relatively easier to PRECIOUS BOOKS COMPANY management to enter Saudi Arabia audiences to reach their target market easily. Such market situation should be taken advantage by the management to gain competitive edge against other entertainment industries, which are performing in front of Saudi Arabia audiences to gain attention and informing them the benefits of book and computer stores to release negative energies.
6.1.2 Future Threats
In terms of the threats, one of the threats facing Precious Books Company is with regards to the expenses and the inability to provide enough financial resources for each performance to be made within the specific market place. Aside from these, the threat of the exiting entertainment company may also affect the market entrants of Precious Books Company at Saudi Arabia audiences.
6.1.3 Future Direction
Based on the analysis, the company is in need of a comprehensive marketing strategy to ensure market success in the Saudi Arabia audiences. For this strategic development plan, it is recommended that the management of PRECIOUS BOOKS COMPANY should focus on managing all their employees and talents of the company. In addition, to be able to maximize their advantage in entering the Saudi Arabia audiences, the management should be able to manage this strategically. In line with the marketing development, the company should maximize the use of their financial resources in the latest trends in the market environment. They also need financial resources, to sustain their strategic development in considering employee trainings to ensure that the changes in line with their interactive media planning sill be successful.
There are various factors that affect the success of the company market entry strategy. One of these is the context of organisational culture. Accordingly, with an enhanced organisational culture, and change, both the management and the employees are extremely involved in a constant joint effort to enhance the quality of the firm’s products or services at every level through strategic renewal. This then involves an impact similar to that of a chain reaction in which, the united goal of the organization to improve its services will eventually enhance their customers’ satisfaction and minimize the firm’s total costs. Another factor includes the leadership ability of the management (Appelbaum, St. Pierre & Galvas, 1998). The role of the leaders for example, is significant in developing organizational efficiency to successfully implement strategic changes. According to Bohn (2002), efficient leaders have the ability to view the future. They are equipped with compelling abilities to visualize where things will naturally end or lead to. Unlike other people, individuals with leadership abilities see things that are not noticeable or obvious to others. In addition, leaders have the ability to build and establish confidence to others (Bohn, 2002).
It can also be said that the resources, capabilities, and business environment of an organisation or industry can all contribute to the efficacy or success of implementing this strategic changes for Precious Books Company. The company should then design a project plan for this strategy. Important resources that will serve as the strategy’s framework should be prepared. It is also suggested that the company develop a monitoring system, which will regularly evaluate the strategy’s progress. This will be helpful for detecting problems ahead of time as well as in implementing strategy changes or improvements.
In this strategic development, it can be said that the commonness of the two is the initiation of the strategic planning. Accordingly, strategic Planning is part of the strategic development wherein the management team identifies ways and techniques to initiate the development or execute their objectives. Strategic planning can be utilised when an organisation intends to instigate or initiate a certain project, in this case the PRECIOUS BOOKS COMPANY information technology development and interactive media development and the marketing strategy development that will enhance the competitiveness of the organisation (Elkin, 1998).
The strategic plan for each development, specifically in terms of their resource planning, assures that the company only utilised a strategic planning approach that will benefit the company to achieve its goal. In this manner, the management of PRECIOUS BOOKS COMPANY should be able to incorporate strategic planning and implementation in line with its resources for both strategic developments.
7. Reference
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Bohn, J (2002), ‘The design and development of an instrument to assess organizational efficacy’, Proceedings of the Academy of Human Resource Development, March.
Bowers, MR, Martin, CL & Luker, A 1990, “Trading places: Employees as customers, customers as employees”, Journal of Services Marketing, vol. 4 (Spring), pp. 55-69.
Clowe & Baack (2007). Integrated advertising, promotion and marketing communications 3rd edition. Pearson Prentice Hall, 2007, 56
Czinkota, MR & Ronkainen, IA (2004). International Marketing. Thomson: South Western.
David, HR (2003), Strategic Management: Concepts and Cases (Eighth Edition). Prentice-Hall, Inc. New Jersey: pp. 137-138.
Jacksack, S 2008, Setting a Marketing Budget, Score, viewed November 24, 2008, <http://www.score.org/m_pr_11.html>
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