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Description
The purpose of this thesis is to examine the current state of the brick-and-mortar bookselling industry, with particular focus on independent bookstores and their strengths and weaknesses, and synthesizing recommendations for these bookstores to reinvent themselves in a rapidly changing market. This examination is highly relevant given recent concerns that, with the rise of e-retailers like Amazon and the closure of bookstore chain Borders, brick-and-mortar bookstores may be superseded by new digital vendors. Independent bookstores are thought to be at a particular disadvantage to these retailers, given their limited size and resources, as well as the lack of capital or consumer base that a larger chain like Barnes and Noble can draw upon to invest in emerging technology. With these more limited financial opportunities, independent bookstores must find different ways to not only keep abreast of the technology that consumers are coming to expect from modern businesses, but attract customers.
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.
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.
ContributorsPorrell, Kelly Maria (Author) / Montoya, Detra (Thesis director) / Schlacter, John (Committee member) / School of Historical, Philosophical and Religious Studies (Contributor) / Department of Marketing (Contributor) / Barrett, The Honors College (Contributor)
Created2017-05
Description
This honors thesis study aimed to gain a better understanding of millennials and how to effectively use interactive marketing to advertise to this generation. The thesis was broken up into three segments. The first segment includes a literature review on: identifying and comparing within the millennial generation, millennials impacts on marketing, and an introduction to interactive marketing. The second segment covered the methodology study including the application of the research findings to analyze the effectiveness of interactive marketing and the shift brands have made to reach millennials. Lastly, the final section covered an overall conclusion and recommendations. This paper first identified who the millennial generation is and discussed the differences between the older and younger millennials among the generation as a whole. Then the paper moved into defining what interactive marketing is and how it is being used and targeted towards the millennial generation. The next section identified the key differences within the millennial generation and the main areas in which this generation impacted brands and the company's interactive marketing efforts. The research suggests what the most influential take-a-ways from the millennial generation are and how brands shifted in order to better target the new types of consumers. Additionally, the information obtained from understanding the millennials' perspective on interactive marketing provide companies a better idea of how to market to them. Lastly, the recommendation checklist for companies to follow on how to create a successful interactive marketing advertising campaign helped to position brands in the most efficient way possible when entering this new form of marketing and specifically targeting millennials.
ContributorsRamsey, Victoria Rebecca (Author) / Eaton, Kathryn (Thesis director) / Montoya, Detra (Committee member) / Department of Marketing (Contributor) / School of Community Resources and Development (Contributor) / W. P. Carey School of Business (Contributor) / Barrett, The Honors College (Contributor)
Created2017-05
Description
The consumer decision making process is becoming less complicated, as consumers are turning more and more to social media and peers for reviews and suggestions of new products to purchase. Changes in purchasing trends, along with other external factors, have created a perfect environment for influencer marketing to become more effective for brands than traditional marketing strategies (including television, print, email and radio advertising)—by reaching the right target market with easier ways to track conversion rates and other returns on investment. This thesis looks at the factors that go in to influencer marketing, including why brands utilize this strategy—in terms of budget, returns on investment and best practices for finding the perfect influencers. It also looks at influencer marketing from the view of the influencers themselves. This thesis looks at the spectrum of influence and the motivation and goals of each level—from macro-influencers to micro-influencers and brand advocates. To better understand the research presented in this thesis, a case study of a successful brand, analysis of influencers and a creative project are all presented.
ContributorsOakes, Katherine Danielle (Author) / Montoya, Detra (Thesis director) / Giles, Bret (Committee member) / Department of Supply Chain Management (Contributor) / Department of Marketing (Contributor) / Department of Information Systems (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
Description
As social media continues to grow, so does the need to have a strong online presence that exhibits a unique personal brand. However, with social media platforms ranging from Twitter to Instagram to LinkedIn, it is a challenge for Millennials to know how to build a personal brand that is appropriate for all potential audiences. More than just friends and family are viewing our social media profiles; it is common practice for potential employers too and it can be difficult to cater our social media for both. This thesis looks at how personal branding has evolved with the rapid expansion of social media and the relationship between the two. It also looks at the importance of personal branding and best/worst practices for social media. Although there is an emphasis of professional networking platforms in my primary research, I also discuss how social media affects our personal, along with our professional, relationships. There is also a focus on the types of perceptions people make about someone’s personal brand based off of what they see on social media. To better understand people’s perceptions of social media as it relates to personal branding, I conducted interviews with job recruiters and administered a survey, which tested recommendations collected from the first interviews.
ContributorsLee, Juliana A (Author) / Montoya, Detra (Thesis director) / Schlacter, John (Committee member) / Department of Finance (Contributor) / Department of Marketing (Contributor) / Barrett, The Honors College (Contributor)
Created2019-05