CHAPTERfour

Marketing and the economics of publishing

Chapter 4

Marketing and the economics of publishing IML 601

After completing this lesson, the student will be able to Understand the principles and techniques of book marketing Identify the customer needs Describe the issues of book promotions

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Introduction
a) Marketing refers to all activities concerned with the flow of goods and services from the producer to the consumer. b) It includes the various physical movements of the product including the pricing,

wholesaling, transporting, and retailing the product. Also involves packaging, design and advertising.

c)

Marketing may be said to include everything that has to do with how the products including in publishing industry are sold.

Source : taken from Google image

The Concept of Marketing

Concept 1:
Selling focuses on the needs of the seller; marketing; on the needs of the buyer. Selling is preoccupied with the sellers need to convert the product into cash; marketing, with the idea of satisfying the needs of the customer by means of the product and the whole cluster of things associated with creating, delivering, and finally consuming it.

Concept 2:
Social marketing which suggests that nonprofit organizations need to understand that marketing is not about selling, and not about promotion, but about service and adding value, and that to be successful non-profit organizations must understand marketings fundamental principles.

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Chapter 4

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Kotler, an authority on marketing, defines marketing as concerned with the effective management by an organization of its exchange relationship with its various markets and publics. Marketing is an attitude, a philosophy which influences the style of management itself. Kotler goes on to define marketing management further as the analysis, planning,

implementation, and control of programmes designed to bring about desired exchanges for the purpose of personal or mutual gain. It relies heavily on the adaption and co-ordination of product, price, promotion and place for achieving an effective response. Kotlers definition of marketing concept states that the societal marketing concept is customer-oriented backed by integrated marketing aimed at generating customer satisfaction and long-term consumer welfare as the key to organizational goals. There is a need for the promotion of books and reading in society, and for those concerned to adopt a marketing approach that will ultimately reach target markets segmented according to prevalent characteristics. Two important issues to be borne in mind in developing a reading society, and in improving book publishing and sales are that: 1) 2) marketing is matching product with customer, and products should be in harmony with the other Ps in the marketing mix.

The book (product), their customers accessibility (or lack of it) to where products are sold (place), the price they will be willing to pay, and how to persuade the potential customers to purchase books (promotion) are all crucial in successful book marketing. Matching books with customers calls for a shift from the present-day product and production conceptual approaches to publishing to the market orientation approach.

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Marketing and the economics of publishing IML 601

Chapter 4

Book marketing

Book marketing means the management, the distribution and all the related activities of profit-making organizations in market which is related with books.

Marketing and promotion of e-books in academic libraries

E-books are viewed as having the potential to be even more significant for libraries and learners than e-journals, because of the longstanding centrality of textbooks to learning in higher education (Armstrong et al., 2006; Rowlands et al., 2007). Indeed, the digital format offers many opportunities for books to be developed as interactive learning resources, and in some cases substituting for locally designed learning resources and experiences. However, at this point in time, many academic libraries are only in a position to make a limited list of e-books available, and are highly dependent on publishers decisions concerning the availability of and licensing arrangements for e-books.

For example, in a recent large-scale study Newman and Bui (2009) found that amongst 138 librarians from 13 countries, 44% of the participants indicated that their libraries currently own or subscribe to 10,000 or fewer e-books. However, they predict a significant growth in their e-book budgets in the next five years. Hence, as Anson and Connell (2009) suggest libraries need to be better prepared for a future in which e-books may be as important, or more important, than print books.

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Chapter 4

Marketing and the economics of publishing IML 601

4.1

The principles and techniques marketing

Advance Information Sheet the promotion assistant prepares the books advance information sheet (AIS) which contains bibliographic information, synopsis, blurb, contents, main selling points, market profile, author biography. It is then mailed three to nine months ahead of publication to all the people who help sell the book They need the information to enter the title in their catalogues to secure advance orders.

You have now reached the stage where you should be able to discuss the content of the topic with your group. Identify the basic principles and techniques in marketing.

4.2

Study of consumer needs

Around manuscript delivery, the author completes a questionnaire. The author will supplies personal information, a biography, a advertisement, a short synopsis, the books main selling points and intended readership or applicability courses, lists of print and broadcast media that might review or publicize the book.

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4.3

Display, promotions, book fairs, book reviews

a)

Display
The books or other publication materials can be displayed on various formats of book display shelves, for example display wall shelves, glass display shelves, etc.

b)

Promotions
Free publicity and public relations

Engineering free publicity in the print and broadcast media is more important in consumer book publishing than in any other effort.

Publishers should make a contact with press and magazine editors, journalist, radio and television producers.

At the manuscript stage, the publicist targets the market and formulates a publicity plan.

The key part is identifying the appropriate media that would be interested and helping them making decision.

Coverage is gained from features, author promotions, press releases, parties etc.

Other publicity involves informing the trade press about the firm, distributing bound proof copies to influential people, entering titles for literary prizes, helping to plan and attend exhibitions, maintaining contact with the publishers association etc.

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Chapter 4

Marketing and the economics of publishing IML 601

c)

Book Fairs
There are many other book fairs in various countries; and many specialised fairs as well. Examples of book fair at international level are Frankfurt Book Fair, London Book Fair, Singapore Book Fair, and International Book Fair. At national level, examples are: KLCC Book Fair, Popular Book Fair Malaysia, KL Book Festival. Book fairs have existed as meetings for trade since books were invented. Originally they were places where merchants could buy and sell manuscripts; they have always had an international element, and even the earliest book fairs were patronised by dealers from various countries. Book fairs can now be divided into two main categories: Rights fairs, where publishers sell rights in books to publishers from other countries, and also meet agents and representatives; and Selling fairs where books can be sold to the visitors from the stands. Kuala Lumpur

d)

Book Reviews
Once bound copies are received, a review list is prepared, tailor-made for the title, taking account of the authors ideas and contacts. The review copies are sent out with a review slip which details the title, author, price, binding, ISBN and publication date and request a review.

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Chapter 4

You have now reached the stage where you should be able to discuss the content of the topic with your group. Discuss on how to promote book publications.

4.4

Royalties
Royalty is a payment made by one party and another for ongoing use of an asset or intellectual property All book publication royalties are paid by the publishers

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Marketing and the economics of publishing IML 601

4.5

International markets, E-commerce applications

It would have been perverse to focus our attention away from the processes that actually create the value for the majority of publishing businesses that is the value chain leading to the printed product. But we have remained aware that e-publishing has huge potential for publishers, particularly in reducing the massive costs involved in physical distribution, opening up hitherto uneconomic geographical markets, and in creating new revenue streams via innovative products and services. It also has unpredictable consequences for the value chain, perhaps leading to the elimination of some players, the entry of new competitors and the creation of new intermediaries. This potential threat and opportunity has been repeatedly examined in the last few years, not to mention being the subject of a great deal of hyperbole. Rather than adding to this by speculating about what might happen, we have tried to focus on the observable effects in the whole value chain of epublishing at the user interface. There is a strong awareness of the efficiencies to be gained by using ICT in both the transaction process and the production process. According to our survey, the emphasis until now has been on supporting transactions with customers rather than with suppliers, although advertisers are in a sense both customers and suppliers and there are similar issues of definition in other sectors, eg journals. Publishers in general plan to increase their investment in e-commerce and ICT to enhance their competitiveness. While most of publishers were most or quite likely to enhance their e-commerce and e-business activities in the next three years, assuming general economic growth. The publishing industry shows very strong awareness of the potential for ecommerce and e-business technologies in optimising editorial and production processes and sales and marketing and ordering processes. The potential for creating new products and services is mainly seen as a more long-term objective (looking 10 years out) with the exception of journals and books.

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Chapter 4

4.6

Factors Affect the Market

Reading habit Language Economy Publication concept Education level Existence of new author Source : taken from Google image

4.7

How to Increase Market

Translation ICT technology Variety Special program

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Chapter 4

Marketing and the economics of publishing IML 601

At this point you should be able to: Understand the principles and techniques of book marketing Identify the customer needs Describe the issues of book promotions

a) b) c)

Briefly explain the concept of marketing Briefly explain the element of royalties in publishing. Briefly explain the differences of these concepts: Display Promotions book fair book review

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