Bangladesh University of Professionals - BUP

BUSINESS
MANAGEMENT
ASSIGNMENT
February 2024

Department of Finance and Banking

Course Name: Principles of Management
Chapter : 09

Prepared by Prepared to
Team Triblazers Mohammad Robaitur Rahat
 ASSIGNMENT
Bangladesh University of Professionals- BUP
Mirpur Cantonment, Mirpur- 1216

Course Name: Principles of Management

From;
Abdullah Al Mahmud -23221508027
Abdullah Al Rafi -23221508037
Sadia Islam Prome -23221508073
Saifullah Hemel - 23221508021
To;
Mohammad Robaitur Rahat
Lecturer
Department of Finance & Banking
Faculty of Business Studies
Bangladesh University of Professionals
(BUP)

Date of Submission: 26/02/24

Introduction:

Book World Bookstore has been open for two years and is completely operational. This implies
that the book world has seen many changes in business, including booms and recessions. It has
experienced the most rigorous competition, as well as being a leading rival and danger to the
majority of new market entries. Strengths, Weaknesses, Opportunities, and Threats (SWOT) is a
technique for analyzing all of the variables that have made a company enterprise stronger by the
day.

The current mission of the organization:

An organization's vision and mission, when combined, provide a broad, overarching sense of its
direction. To work toward these general aspirations, organizations must also establish goals—
narrower objectives that should provide clear and visible guidance to employees as they do their
everyday tasks. The most effective objectives include Specific, Measurable, Achievable,
Realistic and Time-bound.

MISSION:

Our objective is to give quality but affordable books for education, pleasure, self-development,
and self-fulfillment to everyone who needs them by:
Providing a diverse selection of books to please our customers.
Exceeding our consumers' expectations regarding their book requirements
Making our books available in the marketplace.
Acting as agents for both consumers and publishers, we seek to better our clients' lives by
providing educational and enjoyable books while also supporting the cause of our publishers.

VISION:

Our mission is to become Bangladesh’s largest and most successful book distributor, as well as a
household name in the south East Asian Sub-region.

External analysis:
Strength of the bookstore:

Book World Bookstore, which has been in existence for two years, was built on vital and
distinctive foundations that have allowed it to come this far. First and foremost, the Bookstore is
well-known for providing high-quality items and services in large quantities. The books available
in the bookstore are of the highest quality, having been produced and printed on the best printing
press in the country. The books are also delivered in big quantities, ensuring that consumers
never run out of the things they desire. Customer value is Book World's hidden strength. The
second and most significant strength is age. The fact that the Book World store has been in
operation for two years puts it ahead of young firms that are just entering the market, and thus
the continuation of its operations and management strategies based on the argument that it is
slightly older and more experienced in the market is an advantage. It is clear that Book World
bookshop is growing quickly in comparison to companies that have been in the bookselling
business for longer than two years, and this adds to its already strong points.
Being able to differentiate your goods in a market when doing so is extremely difficult puts your
company ahead of the competition. In addition to offering their products in bulk, which are
books and book-related products in various formats, they also cater to the tastes and preferences
of their diverse customer base by offering books in a range of sizes, colors, and shapes.

Weaknesses of the bookstore:

Although the bookstore has many strengths, as seen above, it also faces a number of difficulties
that, if not addressed promptly and effectively, could ultimately result in its demise. Among
these are ineffective methods for product promotion; this is because general advertising is always
highly expensive, and low product promotion leads to low consumer penetration for a business
with little turnover, such as a bookshop, which already has narrower profit margins
Another vulnerability is poor pricing strategies, which occur when managers set inflated prices
that, if greater than those of other market competitors, may scare off clients and result in lower
sales volumes. Reduced profit margins may result if these prices are set lower than the going rate
because consumers may get concerned about the quality of the goods being supplied.
Another drawback is an inadequate strategy for product distribution; as a result, clients may not
receive the products in a sufficient amount or, if they do, it may be too late and they may have
had other possibilities. Using lengthier chains of distribution causes delays.

Opportunities of the bookstore:

The bookstore should keep taking advantage of its many opportunities. There is a growing
demand for books of all kinds because of the world's growing population and generations'
increasing need for intellectual knowledge.

It is imperative for managers to champion the creation of products that satisfy the growing needs
of the market. Additionally, the workforce is extremely skilled and possesses the necessary
knowledge at the managerial and operational levels of the company. This is the outcome of the
nation's efficient and effective educational system. The well-organized financial systems that
offer loans at extremely low rates are another source of funding available to the bookstore.

The bookstore should therefore think about pursuing such loans as a maximizing approach to
support their growth and growth-directed goals. Additionally, the management needs to create a
department dedicated to talent management that can draw in experts. Dangers to the bookshop

Threats to the bookstore:

The bookshop faces many risks in addition to a plethora of opportunities, such as unstable
financial systems brought on by its reliance on banking operations, particularly in times of
economic crisis.

Another danger to its operations is fierce rivalry from businesses in the same sector. Technology
is advancing so quickly that paper and other printed materials will eventually become obsolete.
A significant amount of money is needed to meet this quick transition, and if it is not done so at
the proper moment with the appropriate steps, the bookshop may go out of business. In this
instance, management can create suggestions for the financial authorities about improved
methods of preserving a sound financial system; contemporary production equipment can also be
placed to keep up with the latest advancements in technology.

Differentiation strategy:

The goal of differentiation is to give the customer access to a wide range of products. The target
consumer's taste and preferences have a vital role in this. The Book World bookstore bases its
product differentiation on size, which stems from the need that different consumers may have
different needs when it comes to portability.

Books and book goods are shaped differently as a differentiation strategy because Book World
bases its consideration of shape on the idea that youngsters desire and find it amusing to read
books with funny shapes.
The bookstore must make sure that their books are categorized into colors that suit their
customers regardless of where they are from and what colors they prefer, taking into account the
diverse customer base's affiliations with and perceptions of colors (Kotler & Armstrong, 2008).

For instance, children find the vivid colors more appealing than adults do. Differentiation adds
values and increases sales, which in turn increases profitability. It is essential to the value of
goods and services. Concentrate on providing a wide and well-chosen selection of books to suit a
variety of tastes, including marginalized voices and specialized genres. Our top priority will be to
make sure that our patrons have a warm and inviting space that includes friendly staff, cosy
reading nooks, and maybe even author readings or book clubs.
Implementing Strategies:
We will try to reach more people outside of the actual store, we plan to have a strong online
presence that includes an e-commerce platform. This can entail providing online ordering, home
delivery, and pickup choices along with e-books and audiobooks. In order to support literacy
programs, we will collaborate with local schools and libraries, hold literary events, book
signings, and workshops, all while actively engaging the local community. To reward loyal
consumers, we'll put in place loyalty or membership programs that provide them early access to
new releases, discounts, and other benefits. We may work together with nearby companies,
educational institutions, or cultural institutions to jointly promote events or provide discounts,
building a feeling of community and growing the clientele. To advertise new products, exclusive
deals, and forthcoming events, we'll make use of social media, email newsletters, and targeted
advertising. To establish a specialized market and establish ourselves as authorities in a given
field, we'll think about focusing on a specific genre, subject, or format (like rare books, children's
literature, or academic materials). We will integrate environmentally conscious methods into our
operations, such providing paper products that are recycled or obtained sustainably, cutting back
on plastic packaging, or helping out local printers and publishers. In order to remain relevant and
satisfy changing preferences and demands, we will routinely collect client input and modify our
strategy accordingly.

Evaluating results:
Relevant KPIs including sales income, profit margins, customer satisfaction ratings, foot traffic,
and inventory turnover rates will be observed. To determine successes or failures, compare these
measures before and after putting the SWOT analysis-derived strategies into practice.Within the
target market sector of the bookshop, we will track changes in market share. We will evaluate
how strategic initiatives have affected market positioning and ascertain whether the bookstore
has gained or lost market share in comparison to rivals. We plan to obtain client feedback via
questionnaires, reviews, and face-to-face contacts. Determine whether clients see improvements
in areas that were before thought to be threats or vulnerabilities. In addition, we'll assess if
clients are taking advantage of chances and strengthening their positions.