Marketing Books-a-Million Essay

2738 WordsApr 6, 201411 Pages
Books-A-Million Market Plan Books-A-Million Inc. went public in 1992 with 2.6 million shares at $13 a share. In 1993 it released an additional public offering of 1.25 million shares at $23 a share. On 02 March 2014, those shares are selling for $2.25. The marketing plan is to do mass expansion and try to out sell direct superstore Barnes and Noble, mass merchandisers like Wal-mart and Target, online retailers Amazon.com, independents, and e-merchants specializing in e-books. Expansion has been the focus since the early 1990s and over the last few years comparable same store sales to previous years has been down or flat-lining. The new marketing plan needed to thrive in today’s economy is a service based bookstore that captures and enthralls superconsumers. Superconsumers can generate free publicity and advertising, while contributing to as much as 50% of revenues. Driving superconsumers into the stores and online can be done through services provided by stores, directly. Story time for kids, book fairs, book groups, tutoring sessions, and educational seminars can drive people into the store. Once in the store, catering to the consumers needs is the focus of the team members. Retraining of management and employees is the main cost for this marketing effort, but should be repaid immediately once the superconsumers begin a word of mouth campaign about Books-A-Million Inc. Same store sales can be tracked and consumer habits can be followed through the rewards card already provided by Books-A-Million. The target market of the new plan will be college educated with a heightened focus on educators. Social media provides a free and simple means of targeting the groups needed to increase revenues. Processes already in place will account for tracking the effectiveness of the new marketing plan. Once superconsumers are identified then the company can cater the marketing plan

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