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- All Subjects: Marketing
- Creators: Schlacter, John
- Resource Type: Text
To gain insight into the state of the industry and current position of independent bookstores, I will first examine the past fifty years of the brick-and-mortar bookstore, followed by a Porter’s Five Forces analysis of the industry threats and a SWOT analysis to compare the strengths and weaknesses of independent bookstores. Next, the patrons of independent bookstores will be discussed with a focus on the two largest consumer groups of Millennials and Baby Boomers, their characteristics, and the opportunities they provide to bookstores. After this there will be an exploration of the competitors to brick-and-mortar bookstores, focusing on Amazon and then touching on some of the other rivals to bookstores’ consumer base. The next section will be an in-depth analysis of a variety of bookstores across the United States, with attention to their successful practices, goals, concerns, and failures. First, there will be a comparison of industry success and failure through case studies of Borders and Powell’s bookstores. Next, there will be a comparison of five beloved independent bookstores across the country to share their varied competitive advantages that are the secret to their success. Finally, there are primary source interviews with the employees of three major Phoenix bookstores, which provide insight into the goals, current projects, attitudes, and inner strengths of these businesses. Finally, the thesis will conclude with a section offering solutions and suggestions for independent bookstores to pursue based on the primary and secondary research discussed above. These recommendations are focused on five key areas:
• Community
• Consumers
• Store Design
• Technology
• Diversification
Ultimately, the information provided by this research and these interviews indicates that while vital business changes are being pursued by independent and chain bookstores across the United States, the independent bookstore shows no signs of disappearing in favor of online vendors or e-readers.
First, the environment in which the company was operating in during its first quarter of business is examined, along with the strategies that were in place at that time. Included in this first section is also a comprehensive competitive analysis that examines how Rille & Co. fits into the competitive market. Next, the success of the initial strategy for Rille & Co. is analyzed through a SWOT analysis of the company’s standing as of Fall 2015. Finally, the third section of analysis contains key recommendations and alterations to the original strategy in order for the company to experience continual growth and success.
In all, if Rille & Co. implements the strategies outlined in this marketing plan, it should be able to continue business for years to come. The most important aspects of operation for the business are its internal organization, finding clients with the correct fit, and boosting its website’s SEO to better implement inbound marketing techniques. For an agency, it tends to be difficult to focus on these internal problems when clients’ needs come first. In this case, Rille & Co. must prioritize its own operations to better meet the needs of clients.
As Rille & Co’s first year of business is coming to a close, it is extremely important to note how far the company has come, despite any obstacles that made for an exciting first year. The agency is well on its way to achieving the standards of success it set for itself, but the agency’s success is also measured in its resilience and adaptability – necessary traits for any agency (or company, for that matter). With huge changes on the horizon, now is the time for Rille & Co. to demonstrate its resilience and adaptability again – coping with the loss of an integral employee and adapting to the needs of clients who may not be financially sound. The team should be proud of the work accomplished, and although it is the “end of an era,” Rille & Co. should prepare itself for the adventures that have yet to unfold.
Micro influencers have become extremely powerful in terms of swaying buying patterns among consumers. This thesis examines the greater impact that micro influencers have on brand marketing. This was completed through a literature review that highlights the evolution of marketing, influencer marketing, discussing reach, relevance, and resonance, and Generation Z’s purchasing decisions. In addition, we conducted an online survey through Qualtrics that allowed us to analyze the impact social media influencers have. The results of our research indicate that TikTok is used most frequently, but Instagram is where social media influencers are followed most. From our data, we concluded that Generation Z is most influenced by authentic, genuine content created by influencers regardless of follower count. We recommend that a brand interested in reaching Generation Z (we refer to the brand as “Brand X”) use micro influencers, as our research shows that genuine relationships are valued among this generation. We believe that micro influencers are the most valuable to use as they are able to create meaningful relationships with consumers due to their reach, relevance, and resonance with the individuals their content reaches.