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Business Communications Essay

1282 words - 6 pages

Collegiate Textbooks
Market Analysis Report

Prepared for:
Ms. Evelyn Dallas
English 225: Written Communications
National College of Business and Technology

Prepared by:
Fencellio McCoy
ISE Student
National College of Business and Technology

June 17, 2013
CONTENTS
PAGE

Executive Summary………………………………………………………………………………iv

Introduction………………………………………………………………………………………..1

The Costs of Textbooks are Too High for the Average Student…………………………………..1

Place in the Industry……………………………………………………………………………….2

Description of the Competitors……………………………………………………………………2

Competitive Strategies…………………………………………………………………………….2

Outlook……………………………………………………………………………………………3

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They are the consumer and can dictate which medium they receive the information as well as what price they are willing to pay. If they are unified and mobilized, the publishers will have no choice but to adapt to their consumer base.

Introduction
In the United States of America, colleges and universities charge students millions of dollars per year to obtain the textbooks necessary to acquire their education. These charges are, in most cases, separate from the constantly increasing tuition. Textbook cost the American student $1,168 per year on average and some textbooks can cost upward of $300 for upper level classes. (Kingkade) With these costs constantly rising every year, students are finding ways to acquire the information in the textbooks without paying the hefty price.
In this ever developing market, the major publishers must adapt to the changing technologies tactics that students are using to avoid paying full price for their products. Hybrid and tablet versions of textbooks are becoming more popular among college students. There is also a burgeoning market for rental textbooks that charge a fraction of the price for the ability access the information for a limited time Students have access to the textbook material from a variety of sources and if publishers want to continue to profit, they must change the way that they offer their products.

The cost of Textbooks Are Too High for the Average Student
The class of 2013 carries an average of $35,000 of debt upon graduation. (Kingcade) Through student loans, private loans and credit card debt. Students are expected to pay an average of $1,168 annually, out of pocket, to attend the classes required for graduation. The costs of books are not normally covered by scholarships which are usually used for tuition only.

Figure 1
Average Debt Carried by Each Graduating Class

Source: US Census Bureau

Place in the Industry
There are 21.6 million college students in the United States. (Kolowich) The number of students that are enrolled multiplied by the average amount paid for textbooks per year makes publishing a billion dollar industry. College students are encountering record amounts of debt and a dwindling job market. This has led many of these students to share, copy, rent and even steal textbooks. Students consistently complain about new editions of textbooks being issued every year with minor changes from the previous version.

Description of the Competitors
Pearson, Random House, McGraw-Hill, Scholastic and Cengage are the largest textbook publishers in the United States. (Publishersweekly.com) McGraw-Hill, Pearson and Cengage have made an effort to provide both hybrid and online versions of their textbooks for a reduced price to students. Smaller publishers offer online and hybrid textbooks standard.

Competitive Strategies
Major colleges and universities receive a commission of 20 percent of every textbook sale and a greater percentage once...

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