Sales and promotions work to persuade non-customers to purchase a product. This is accomplished by creating a utility in the consumer’s mind that is superior to the cost of the product. This utility is then perceived as worth more than the purchase price, and the consumer may become a repeat customer.
Premiums
With the rise in online marketplaces, students can easily purchase textbooks at discounted prices. However, students need to be smart about the fees they pay. To find the best deals, students need to start looking for them early in the semester or they may want to check online resources like Chegg to help them save. While new physical textbooks usually stay the same throughout the semester, the prices of used physical textbooks can rise over time. In addition, it is possible to share books with fellow students and save money. Before buying a textbook, check with your professor or academic advisor for the books they require for their classes.
Open Educational Resources
Another way to save money is to use open educational resources or OER. OERs are copies of textbooks and teaching materials that are available for free. Many colleges encourage their professors to use them. Additionally, many bookstores offer scholarships for the purchase of textbooks. Some of them even provide free textbooks for students.
Another way to reduce the cost of textbooks is to cut down on personal expenses. For example, students can try to cut down on eating out and save that money to buy new course materials. They can also use the money saved to purchase alternative formats for the course materials they need. In addition, students can buy online textbooks instead of physical books.
The average student spends approximately $64 per year on textbooks. This is down from $63 in the previous academic year. However, this figure needs to consider the growing availability of digital learning materials, used textbooks, and rented materials. Furthermore, significant publishers have responded by offering rental services and low-cost options. This is a defensive move by the publishing industry.
There are also those who promote textbook subscription services that allow students to choose a plan that suits their needs. These subscription services guarantee a larger share of the market for publishers. However, many publishers require students to opt-out. Currently, only a few publishers control the majority of the market.
Cost of premiums
If you are a student looking for affordable books, try a campus bookstore. They often have a rental program that allows students to rent out textbooks. This allows the campus bookstore to resell the books to several students over a semester, dividing the costs of the books among them. Students can choose from either a New or Used copy, with New copies attracting a slight price premium. Students are required to return the books in good condition. This includes writing on them and preventing them from being stained or worn. Unfortunately, the rising costs of college textbooks are leading many students to forgo the required buying of textbooks. According to a recent study from Student Public Interest Research Groups, seven out of 10 undergraduates do not purchase one or more required books, putting their grades at risk.