Although the magazine industry brought in 14.84 billion dollars last year Kiki is competing in a niche market group of girls between ages nine and fourteen who want a fashion magazine that also has design based content. Kiki 's product is unique due to the fact that most other magazines in this area are either focused on fashion and dating advice, or are strictly educational. Kiki 's product looks to be a mix between the two, and will show young girls that they can have style and substance. For Kiki to be able to determine its long term profitability and growth it is imperative that they gather accurate market research from a variety of first and secondhand sources, and implement a marketing plan that shows parents the value of their product
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This can only be achieved if Kiki is able to accurately estimate its overall target market, and also be able to find a balance between educational and fashion information. Kiki 's resources are best served creating and using their own firsthand sources, and using the secondhand sources gathered by other groups and competitors. Kiki should first find the total number of girls in the US ages nine to fourteen and multiply that by .48 ( readership in their segment) to find its overall target market. This number sets the upper limit of subscriptions, and will allow the company to see what market share they will need to be able to remain solvent as well as avoid using advertisements. Kiki should also use the released financials of its competitors and chart their profitability against its magazine price to see if there is a correlation among them to find at what price they should charge for their magazine to maximize their own profitability. With these numbers in mind Kiki should use firsthand analysis of both parents and kids, because in their industry they need to develop a magazine that parents want their children to read, and that children actually want to read. Assuming that mothers are the ones paying for these subscriptions it would be beneficial to Kiki to send them targeted surveys to …show more content…
To combat this problem Kiki will have to be strategic in the way that they seek out new customers, and efficiently use its marketing resources to target nine to ten year old customers. Kiki can overcome this obstacle by marketing to seven and eight year olds by buying ads in magazines that are for a younger readership. Although this may seem like Kiki would be funding its competitors it would actually allow Kiki to pull readership away from these magazines as readers begin to question if they are too old for this style of magazine. Another strategic marketing plan would be to target moms of second and third graders and send them a flyer that outlines the benefits that reading at an early age provides, and also show data that Kiki has helped their readers have increased confidence in themselves. One last way for Kiki to address this problem would be to work directly with the schools and give all 3rd graders a free subscription in the hopes that they would get hooked, and continue their paid subscription for the next four years. This last strategy although costly up front would allow Kiki to really expand its readership, and because it is 100% reliant on circulation revenue this is the most important aspect of their business
This can only be achieved if Kiki is able to accurately estimate its overall target market, and also be able to find a balance between educational and fashion information. Kiki 's resources are best served creating and using their own firsthand sources, and using the secondhand sources gathered by other groups and competitors. Kiki should first find the total number of girls in the US ages nine to fourteen and multiply that by .48 ( readership in their segment) to find its overall target market. This number sets the upper limit of subscriptions, and will allow the company to see what market share they will need to be able to remain solvent as well as avoid using advertisements. Kiki should also use the released financials of its competitors and chart their profitability against its magazine price to see if there is a correlation among them to find at what price they should charge for their magazine to maximize their own profitability. With these numbers in mind Kiki should use firsthand analysis of both parents and kids, because in their industry they need to develop a magazine that parents want their children to read, and that children actually want to read. Assuming that mothers are the ones paying for these subscriptions it would be beneficial to Kiki to send them targeted surveys to …show more content…
To combat this problem Kiki will have to be strategic in the way that they seek out new customers, and efficiently use its marketing resources to target nine to ten year old customers. Kiki can overcome this obstacle by marketing to seven and eight year olds by buying ads in magazines that are for a younger readership. Although this may seem like Kiki would be funding its competitors it would actually allow Kiki to pull readership away from these magazines as readers begin to question if they are too old for this style of magazine. Another strategic marketing plan would be to target moms of second and third graders and send them a flyer that outlines the benefits that reading at an early age provides, and also show data that Kiki has helped their readers have increased confidence in themselves. One last way for Kiki to address this problem would be to work directly with the schools and give all 3rd graders a free subscription in the hopes that they would get hooked, and continue their paid subscription for the next four years. This last strategy although costly up front would allow Kiki to really expand its readership, and because it is 100% reliant on circulation revenue this is the most important aspect of their business