A Strategic Marketing Concept

A keen commitment to identifying a strategic marketing concept based on an analysis of the current market environment led us to settle on the concept of selling second-hand items. These could include books and other materials with competitively tailored prices to enter the market. Specific target customer audiences were projected to be students from NYS and others finding value and interest in our second-hand items. However, the need to understand the needs, buyer behavior, and other salient characteristics of the target market could be a strategy for positioning the store in the market.

Designing specific research constituting 4 personas was a vital design tool tailored for understanding and defining the characteristics behavior of the target market. Several variables for meeting customer needs and expectations and the best approach for identifying and matching their needs with the salient features of our services were identified. These could be a core driving force in establishing a strong partnership with the customer. Findings from the research brought to light four target audiences.

The first persona was identified to be a student from Columbia University majoring in economics. The motivating factor about the student was the need for several textbooks specific to his area of study. In addition to that, the student is a part-time employee working near the proposed store with easy access to the store. One competitive advantage was the ability to verify the condition of a book before purchasing, unlike competitors like Amazon.com who offer items whose condition cannot be verified before purchasing them. Besides, previous experiences of purchasing second-hand books without a means of verifying their condition reinforce the emphasis on purchasing from the new store. Besides that, the new store could be a target place for him to sell his second-hand books, thus adding value to the approach.

The second persona targeted was one majoring in product design. A key advantage of proximity to the new store was improved access and quick product delivery. Comparatively cheaper pricing of various art materials in addition to the value-added approach of using websites to provide customers with real-time information and access to stock levels, focus on customer needs and expectations, are further advantages of the new proposal.

A 35 years old freelancer, specializing in web design and whose occupation demanded a variety of magazines as reference sources were the next target audience. Required materials could be readily acquired from students majoring in design. In addition, the freelancer could provide a cheaper source of second-hand magazines and art articles, an added advantage for the new store.

The fourth persona, a student studying fashion design after a foundation program was another target audience. The foundation course demands a lot of expensive studying materials which she will need to sell as she progresses in the course as such materials may not be needed as later. Her confidence in the new store stems from her disappointment with the service offered at Amazon.com, a projected rival, due to their failure to promptly address customer complaints. A typical scenario took her two weeks before the marketing department could respond to her request, a situation that has been experienced by several people, putting the new store at a competitive edge with Amozon.com.

"Looking for a Similar Assignment? Order now and Get a Discount!

Place New Order
It's Free, Fast & Safe

"Looking for a Similar Assignment? Order now and Get a Discount!