Book Tower: Innovation and Marketing

This assignment delves into the development and marketing of a novel concept called 'The Book Tower'. This circular structure houses diverse books from various countries, including South Asia, Europe, and the Middle East. A key feature is a computer system with translators to make books accessible in different languages. The assignment analyzes the 'Book Tower's' pricing strategy (GBP 3 per book) and applies the four Ps of marketing to promote this unique product, aiming to increase revenue while enhancing visitors' understanding and appreciation of literature.

BUSINESS AND ENTERPRISE
AIMS AND PURPOSE
"The best way to predict the future is to create it". Product development is the
creation of commodities with new or antithetic characteristics that assists in offering
additional benefits to the customers. However, development doesn't always mean
"Alteration", it can be developed even with some "Modifications".
The product that is developed is "the book tower". In this tower various unique
books from different countries will be kept. In addition to this, it is decided that it will
have some advanced feature. The technical innovation which will added in the
installation of Book Tower will be a computer assisted system with all the details such
as author, publications, etc. Beside this, brief summary of the books, Journals, etc. will
also be fed in the system. Also, as different countries have their own languages so a
translator will be provided to the visitors to access the content. The primary purpose of
this development is to enhance the revenue from visitors by creating an advanced and
attractive product. Whereas, the secondary purpose is to amplify the knowledge of
books and to understand their significance.
APPLICATION OF MARKETING TOOLS
After developing a new product, it is very necessary to advertise it so that
maximum number of people can get to informed about this. This information will be
made them to access the place which will increase the revenue. To promote a
product's unique points, four ingredients can be used, these elements are known as
"The four Ps".
Product: It is that element for which the whole marketing operation is carried out and
hence, it is required to be effective. Presently, the product who is being marketed is
"the book tower". This circular structure is having the famous and important written
publications from various countries. The parts from where the books belong are the
South Asia, Europe, Middle-East places, etc. Besides this, the 'unique" factor in the
services is the assistance of computer system with translators to make the books
understandable for the visitors.
Price: In “the book tower” different number of unique books will be offered to the
consumers. Further, price per book in the Tate Modern Museum will be worth of 3
Promotion: Reader of the unique books can be of young or old people or both due
to which modern and traditional promotional strategies will be undertaken.
Therefore, social media, digital, newspaper and television methods of marketing
will be used to promote “the book tower” product within country.
Place: The selected product of Tate Modern Museum will be offered offline and
online both the ways. The reason is that, people who are interested in reading
unique books but unable to visit physically, can get services properly and enhance
revenue of the Museum.
TARGET MARKET
Various books provided in “the book tower” will be highly supportive for
conducting research and analysis in an appropriate manner. Therefore, target
market of the present product will be group of researcher and analyst.
JUSTIFICATION OF CHOICE OF ART
The idea of this creation was taken
from the 'Bable', a tower of hundreds of
analogue radios which is present in the Tate
Modern Museum. Artist Clido Meireles
prepared this tower in 2001 which is a large-
scale sculptural installation that takes the form
of a circle. The rationale behind selecting this
art is its popularity among the visitors. It has
been found that because of its attractive
presence, the tower is liked by all the persons
who visits the Modern Tate Museum.
CUSTOMER BUYING BEHAVIOUR
Consumers influence for purchasing any kind of product or service on the basis
of price, cost, easy availability, quality etc. In the present scenario, to assess behaviour
of researchers in order to use books offered in Tate Modern Museum price and
uniqueness will be considered at the majority level. Further, for enhancing buying of
customers “the book tower” will provide books at the lowest prices as compared to
rivals.
MARKET RESEARCH
In order to analyse purchasing behaviour of the researcher, survey will be
conducted and then reviews taken from them about the books offered by Museum.
Under this, questionnaire will be framed including various concepts like quality, price,
availability etc. and distributed among users of the unique books.
UNIQUE SELLING POINT
The point which makes differentiate to the particular product or service from
the competitors within market is known as unique selling point (USP). In the present
scenario, USP of “the book tower” will be uniqueness of the books along with at the
lower costs.
BREAK – EVEN ANALYSIS
The point at which condition of no loss and no profit for
the company come into consideration is called as break-even
point (BEP). Formula to calculate the BEP is stated below:
BEP in units = Fixed costs / Contribution margin per unit
= £24 / £2.2 = 10.90 or 11 books
Contribution margin per unit = sales price per book – variable
cost per book
= £3 – £0.8 = £2.2
BEP in amount = Sales price per unit * BEP in units
= £3 * 11 books = £33
On the basis of above calculation, it can be analysed that
when Tate Modern Museum will sell 11 books and generate
revenue of £33 then able to achieve break-even point.