Best Book Market Analysis

4.0 Market Analysis Summary:

The U.S. college student market is a growing yet under-served niche market. The U.S. Department of Education expects the U.S. college student market to grow from 15.8 million students in 2003 to 17.2 million in 2008. According to a Harris Interactive study conducted in the spring of 2002, college students spend an estimated $200 billion dollars per year. As of 2003, it is estimated that college students were spending $1.4 billion online. 4.1. Market segmentation:

Best Books is a business that provides online services to the users to buy an appropriate book; moreover, it also has the option to rent a book .This is a very good opportunity for those who cannot afford money to buy a book. Best books also supports

Most of them who belong to this age group read stories, novels and entertainment books. Some of them who are preparing for a specific job concentrate on current issues and the articles related to their subject.

Married with school-aged children: Couples with school-aged children spend 34 to 42% more on books. They try to gain more knowledge so that they can share with their kids. They read all kinds of books such as Autobiography, Fiction and Mysteries. Statistics show that 28% of 25-34 year olds and 24% of 35-44 year olds have bought a children’s book.

Adults:

Adults between the ages of 18 to 24 and senior citizens 65 and older spend the least amount on book purchases. This age group spends their leisure time for enjoyment and only a few of them buy books. . Total 2005 book sales reached $5,648,001,040 averaging $50.38 per household. Between 1997 and 2002, total spending fell 9%. The decline was less for books than for the newspaper or magazine industry and the decline in new book sales could be attributed to competition and used book sales.

4.2.2 Market

It will be started as a medium scale industry and it can gradually grow globally on increasing users. In the past five years as there is increase in the use of internet, book purchase through the medium of internet is also increased. From fiction to comics, from textbook to novels, book purchase on internet has become the easiest and cheapest method for buying and selling books. Firstly, book sales are classified into two parts the new book sale and used book sale. Studies in 2009 by Krey, Clow, & Babin found that 96% of students purchase or rent the required textbook for college. Thus the students who buy textbooks online have a positive attitude towards money and who are not satisfied with the university bookstore. Also freshmen are more interested to buy textbooks from the campus book store. We supply books to the Universities, retailers and for airport