Crossword Marketing Strategy – Marketing Strategy of Crossword: Shoppers stops services Ltd. is a wholly-owned subsidiary. It was founded in 1992. Since then, it has been selling books and other related items through departmental shops that are franchisees or company-owned outlets.
It has won numerous awards and honors. In 1998, it established the Crossword book award to recognize and reward the best Indian writers.
Crossword At A Glance – Marketing Strategy of Crossword
Company : Crossword Bookstores Ltd
CEO: Aakash Gupta
Founder: R. Sriram | K. Anita
Year founded: 1992
Headquarters: Mumbai, India
Annual Revenue: INR111.8 crore
Profit | Net income: INR9.2 crore
Number of employees : 232
Products & Services: Movies | Music | Toys | Stationery | Novels | Magazines | Compact disks, as well as Books on business, economics, cooking, fiction, health, religion, social, fashion, and travel.
Competitors: Lulu Mall | SSAB | Vietnam Book | Quang Ninh Book | Educational Equipment
Crossword Fun Facts: Crossword was ranked the 5th most admired retailer in India by Business world for the year 2004, it was the only book retailer in the top 10.
Marketing Strategy of Crossword
Crossword’s Marketing Strategy covers various aspects of the business right from segmentation and targeting to the overall mission and vision of the company and the various parameters which the company executes to become the top brand that it has in the market. So what is the Marketing Strategy of Crossword? Let us discuss.
Segmentation, Targeting, Positioning – Crossword Marketing Strategy
Crossword employs a mix of demographic segmentation techniques to make its different offerings available in the marketplace according to the customer’s choice and requirements.
Crossword uses a mix of mass targeting strategies and differentiated strategies to meet the needs of different customer groups.
Crossword is a platform that allows avid readers, writers, and literature lovers to have easy access to large books as well as novels by distant authors at one location. It uses a value-based strategy.
Crossword Mission Statement
Crossword Vision Statement
“A place and space for people who seek information, knowledge or just the pleasure of reading”
Competitive Advantage – Marketing Strategy of Crossword
Strong Parent Company: Crossword forms part of the Shoppers Stop group, which already operates with chains like Hypercity, Timezone, and Nuance Group. Crossword, which is a subsidiary of Shoppers Stop, has earned revenue of Rs. In FY 2016-17, 109 Crores.
Visibility of the brand Crossword has outlets in very few cities, which allows it to optimize ROI and also control its operational costs. It has outlets in cities that are targeted markets or where it can find potential customers for its offerings.
BCG Matrix – Crossword Marketing Strategy
BCG matrix allows companies to see where they stand with others in the industry.
Crossword has business segments like Books & novels and Toys. School & office accessories are also available. The company operates with the traditional marketing model. However, Crossword has become more popularized by the eCommerce site. Crossword’s business segments include Dogs in the BCG matrix (Crossword reported a net loss of Rs. 4.22 Crores for FY 2016-17
Distribution Strategy – Marketing Strategy of Crossword
Crossword offers its products through a variety of channels including 88 franchised stores located in selected cities, state capitals, and its online store. It provides interrelated services following the meta-market strategy which makes interrelated products and services available under one roof to different age groups.
Brand equity – Crossword Marketing Strategy
Crossword follows the traditional marketing approach and its stores are located mainly in the top cities in the country. This helps the company to create high visibility while optimizing its resource use.
It has been awarded numerous awards and recognitions, such as the Reid & Taylor Award for Best Retailer, Most Admired Retailer by the Business World, etc.
Competitive Analysis – Crossword Marketing Strategy
Companies that operate in highly competitive and unregulated books & stationeries markets are facing fierce competition. There are many bottlenecks, such as low entry barriers, high obsolescence probability, high promotional costs to decrease switching customers, and customers finding it easier to use digital platforms such as e-commerce websites. Amazon Kindle, ebooks, and stationery orders from e-commerce websites.
Market Analysis – Marketing Strategy of Crossword
Crossword’s market is highly competitive. Crossword’s performance is affected by the competition from national and local players, and changes in the lifestyle.
Customer Analysis – Crossword Marketing Strategy
Crossword customers include adults, children, and seniors who are interested in movies, books, music, toys, magazines, and related topics. Crossword caters to the diverse needs of readers and enthusiasts from the lower-middle-income group ad above.
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