Why do I mention this place here on the Modern Marketing blog? The Silk Market is a superior model for pure marketing genius. All Modern Marketers could take a lesson or two from this business.
For a brief analysis, let's take a look at their fundamentals:
- Positioning Statement - a destination for tourists and locals where everyone can find the lowest prices on all types of fun products and have a fun time buying.
- Value proposition - find the product you want at the lowest possible price and have a fun and unique, once-in-a-lifetime shopping experience
- Product - product is the experience, not the actual products being sold although there is the allure of the faux branded products
- Price - lowest price in the city depending on how good you can negotiate
- Place - direct retail shopping at the market
- Promotion - global word of mouth is enough for this outfit. If you go to Beijing, you'll hear about it and want to visit. If you visit, you will buy something. Oh, and it's all cash transactions, but don't worry if you run out of cash, there are ATMs on every one of the 5 floors.
What a great case study for the next MBA marketing class!