Promotion and Pricing Strategies: Customer Need Identification and Marketing Mix Analysis for MoveUp Online Bookstore
Overview
This paper outlines MoveUp's business strategy for an online bookstore, focusing on identifying customer needs through multiple research methods including surveys, interviews, competitive analysis, and focus groups. The paper analyzes the marketing mix components, specifically the product offering (books and research materials) and pricing strategy (fixed automated pricing), to establish a framework for business success and customer satisfaction.
What this coursework covers
- Identifying Customer Needs: explores existing data analysis, online and physical interviews, competitive analysis, and focus group methodologies
- Marketing Mix - The Product: describes MoveUp's offering of books and research materials accessible through online platform
- Marketing Mix - Price: discusses pricing strategy based on the automated nature of the business with fixed pricing model
Preview
Promotion and Pricing Strategies
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For a business to be successful, various things require to be addressed. An entrepreneur must identify the needs of the customers in a particular market. The business should also ensure that the products, prices of products, and location are convenient for the consumer. MoveUp has created a plan to identify and satisfy customer needs and an advertisement plan and budget to run the business successfully.
Identifying Customer Needs
There will be various strategies for identifying the needs of the customers. MoveUp will go through any existing data on what customers usually want (Sauro, n.d). This will involve perusing previous surveys on the demand of books online to identify which books are most demanded (Sauro, n.d). This method will also help reduce the costs that would have been used on researching the same material and provide a pivot to start working on.
The business will also conduct online and physical interviews for the customers and other shareholders. Potential customers will be questioned on the business’s online platforms to identify what customers would want and other feedback such as the problems they face when they access other online book stores (Sauro, n.d). The information will be recorded to identify preliminary requirements (Sauro, n.d). This feedback will help provide solutions to existing problems in the business and, at the same time, provide better customer experience.
There will be an analysis of the direct competition.