In the webinar on Monday we discussed marketing and marketing strategy. The marketing perspective is producing and promoting a product that reflects the customer and the customer’s needs. Without identifying a customer and a need, the value proposition cannot be delivered well. However, importance must be placed on marketing planning.
Marketing planning ensures that sub-divisions of a company (ie. A Publishing company) tie together their strengths with the market needs and takes into consideration the existing and expected competitors. It also involves analysing their own organisation (eg. Size, diversity of company operations, finances, resources) and skill sets to ensure all bases of the process are covered.
However, an issue with the publishing industry today is that publishers are too focused on selling products to an already established market (ie. readers) rather than establishing a value proposition for non-readers and cracking this market. With this, they miss opportunities and risk innovating and expanding the market, which is, in my opinion, what they should be doing. However, the logic is understandable; book lovers are guaranteed to buy what publishers produce, however publishers could risk their reputation and finances on developing innovative content and products targeted at a non-reading market to increase their interest (and expand the company’s market), which could fail and hit the company hard.
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