A Summer Project Report On ³Consumer behavior´ For financial daily (Specially focuses on financial newspaper readers)
Submitted to: Gujarat technological University & R.K College of business Management, Rajkot Master of Business Administration (MBA) Programmed (Batch-2009-11) Project Guided By: Mr.Nailesh limbashiya Submitted By: Pawar Ravi P. Roll no_77
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DE CLARATION
Myself PAWAR RAVI student stude nt of MBA of R.K. College Of Business Management hereby declare that the project project work on business standard ltd presented in this report is my own work and has been carried out under the supervisor of Mr. Nailesh lecturer department of business management. Limbashiya lecturer department My report is is submitted as part of of study curriculum and as a partial fulfillment fulfillment of the degree of MBA .I am also declaring that I am submitting this report on the training at business standard ltd regarding project study on the various var ious activity of the market and studying the consumer behavior . I guarantee that this project report has not been submitted for the awards to any other university for degree, diploma or any other such prizes.
Date Place
Ravi Pawar Signature
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PR EF EFAC E
Consumer behavior (in consumer business context) referred to as the study of when,
why, how, where and what people do or do not buy products. It blends elements from psychology, sociology, social, anthropology and economics. It attempts to understand
the buyer decision making process, both individually and in groups. In this modern era of business, Financial Newspaper plays an important role. It provides various information to the consumer regarding banks, share market, bonds, political issues, economic policies & other financial news. This information is used by the consumer in making certain decision. Thus, to provide the news according to the need of the consumer, to know the consumer¶s behavior is very important activity for the marketers. The following report is the study of consumer behavior who is reading financial newspapers. The research resear ch takes us stepwis e from the present and a nd finding for the future. uture. The recommendation rest on the basis of research work done and conclusion derived there off. To add to this, various graphs, frequency table, etc. have been added. Further, this analys es tray to bring to fore how the face fac e of newspaper newspap er market is changing in in India and how the customer is finally getting current information and service form market respondent. Thought this report, we summarize that we have strived to perfect ourselves in the best possible manner to report our research systematically and ethically.
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ACKNOWLED GEMANT
We, the below mentioned students of R.K. College of Business Management, Rajkot
are very sincerely thankful to Sir Nailesh limbashiya & Our HO D
Dr.N.m.khandelwal
who gave his valuable guidance to carry our project in a best
way and giving us the much needed support and full cooperation for our report.
We would like to thank our project guide Mr. Kunal
Panchal
who helped us in the
project and also we like to thank other staff member of Business Standard who has shown their cooperation.
We would like to extend our gratitude to Gujarat technical University and R.K. College of Business Management, Rajkot affiliated to the said university for giving
us the opportunity to increase our practical knowledge in the field of Consumer Behavior. We also thank all the professors and staff of the Institute for their valuable guidance and help throughout the project.
Last but not least, we are ar e also thankful thankfu l to all the people peopl e who helped us directly direct ly or indirectly in making this project report rep ort successfully.
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EXECUTIVE
SUMMARY
Consumer behavior can be said to be the study of how individual make decisions. Consumer Consu mer behavior research resea rch provides provid es information informatio n which will not only be useful in taking various marketing decision but also help to reduce the risk in decision making.
This project deals with behavior of those consumers who are reading different financial newspapers. We W e have personally surveyed the samples and gathered gat hered information through the questionnaires to study their behavior. We have used different questions in order to analysis the consumer behavior. More over we have also tried to cover the objective through questionnaire.
We have taken a sample size of 200 in order to analysis the consumer behavior and we have used Ahmedabad, Baroda as our sample location. This project will give you information on the following things like the satisfaction level of the consumer who are reading financial newspaper, why the consumer prefer a particular financial newspaper, the benefits and most important information obtain by the consumer while reading paper, consumer perception regarding the contents of financial newspaper, consumer behavior on the discount given by the financial newspaper & many more things.
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Index
Chapter
PARTICULAR
No Sec-1
NO.
INDUSTRY OVERVIEW y
1
History Of Print Media
Newspapers: A Brief History
4
y
Competitors
8
y
Organisation profile
10
y
Vision And Mission
11
y
Organizational Hierarchy
12
y
Product Portfolio
14
y
2
PAGE
DEPARTMENT DETAILS
21
Circulation Department
Space Marketing Department
Editorial Department
Scheduling Department
System Department
Production Department
Dispatch Department
Financial Department
Human Resource Department 3
SWOT Analysis
26
7s Formwork
27
ABC (Audit Bureau Circulation)
30
Sales And Distribution
33 6
RESEARC H WORK
Sec-2 1 2
LITERATURE REVIEW
36
RESEARCH METHODOLOGY
39
y
Research Objectives
y
Limitation
y
Target Audience
y
Sampling Method & Size
y
Data Collection
y
Questionnaire Form
y
Questionnaire Survey
3
DATA ANALYSIS AND DATA INTERPRETATION INTERPRETATION
43
4
FINDINGS AND RECOMMANDATIONS
53
y
Conclusion
y
Suggestion
LEARNING¶S FROM THE SUMMER TRAINING
58
BIBLIOGRAPHY
61
APPENDIX
62
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CHAPTER 1 Organizational Overview HISTORY OF PRINT MEDIA
History of print media and written communication follows the progress of
civilization which, in turn, moves in response to changing cultural technologies. The transfer of complex information, ideas and concepts from one individual to another, or to a group, underwent extreme evolution since prehistoric times. It has been 30,000 years later since the first recorded evidence of written communication and it is still dramatically changing. Nowadays perhaps faster than ever before due to amazing advances in technology in recent years. Technical breakthroughs alter the way we perceive the universe and manner in which we communicate with one another.
As long ago as 25,000-30,000 years B.C. first humans¶ painted descriptive pictures on cave walls. The narrative compositions left on the walls of Lascaux represented their own way of communicating with t he spiritual world and an d another. The well-preserved -preserved drawing depicted depict ed their deep r eligious beliefs, fears, and everyday life. The pictorial type found in caves of Southern France and Spain is the beginning of written communication for the human kind.
th
In early 19 century the industrial revolution brought major innovations in printing technology. In 1810, Friedrich Koenig applied steam power to printing press. Rotary steam presses replaced hand operated machines, doing the same job in a small fraction of the time. Typesetting was transformed by b y the introduction intr oduction of line-casting line-casting machines; first Ottmar Mergenthaler¶s Linotype (1889), and then the Monotype machine. Line casting allowed type be chosen, used, and then re circulated back into the machine automatically.
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The age of industrial revolution made transfer and interchange of written information between cities as well as continents readily available. In 1831 Joseph Henry invented the first electric telegraph, four years later in 1 835 Samuel Morse Formulated Morse code, and then in 1843 he also produced the first long distance electric telegraph line. At the same time, Alexander Bain patented the first fax machine. In 186 7 Thomas Edison patented his mimeograph, which was the first office-copying machine, which might inspire Chester Carlson, almost a century later; to invent the photocopier machine.
Business life was irreversibly changed with in the introduction to the market of Remington typewriter (18 74). Journalism also became more accessible when in 1914 Howard Krum introduced Teletype. Knowledge of Morse code was no longer needed
to distribute information. Nowadays, the print industry goes through a dry spell. Printing becomes increasingly more expansive. To combat with this problem the industry increased use of digital printers that can efficiently produce high quality paper books on demand. CAP Ventures predicted that within five years, 80% of all print will be ordered via www. This created new model of publishingpublishing- so called e-publishing (on demand). The Th e printed book is currently under u nder attack by e-book. Present e-books are handheld ha ndheld devices in which books can be downloaded in a file form and read on a backlit screen using buttons butt ons to maneuver through thr ough text. text . There have been bee n also experiments experi ments with online book distribution by Stephan King, David Saperstein, Mary Higgins and others authors. The Indian entertainment and media industry is expected to grow at 18% compound annual growth rate (CAGR) and reach a projected size of Rs 1,00,000 crore by 2011 from its present size of Rs 43, 700 crore (for CY06), according to the 200 7 edition of FICCI Price water house Cooper¶s (PWC) annual report on the Indian entertainment and media Industry. The report states that the industry grew at 20% over the 2005 figure which was Rs 36,400 crore. For 2004, the figure was Rs 31,100 3 1,100 crore.
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The key reasons b ehind the growth are t echnological advances, positive government initiatives in terms ter ms of policy a nd foreign investment, inv estment, and energized initiatives by private media companies coupled with rising income levels and India¶s robust economic growth-led consumerism. Information and broadcasting Minister PR Dasmunshi will release the report at the opening of the th e FICCI-FRAMES FICCI-FRAMES event on March 26 in Mumbai. Sectorally, the Internet advertising industry is set to post the highest CAGR of 43%, rising from its current size of Rs 160 crores to Rs 950 crores in 2010. The Television industry is projected to grow 22% CAGR from Rs 19,100 crore to Rs 51,900 crore by 2011. The move towards CAS/DT H is considered the major driver for this growth with subscription revenues set to take the segment to the projected heights. ³The buoyancy of the Indian economy will drive the homes, both in rural and urban (second TV set homes) areas to buy televisions and subscribe for the pay services,´ the report said. The film and entertainment sector is expected to grow g row by 16% CAGR from Rs 8,500 crore to Rs 1 7,500 crore. The major reason for this high growth rate is that the industry is increasingly getting more corporative, highlighted by public issues of several film production, pr oduction, distribution and exhibition companies, compa nies, long ter m contracts between film production companies and directors/ actors and the fact that more than half of 2006¶s releases were by corporate rather than individual banners. The print media is expected to grow by 13% CAGR from Rs 12,800 crore to Rs 23,200 crore by 2011. ³Current estimates reveal that print media¶s reach in India has increased to 22 crore people. Print media is also the favorite segment for global investors with maximum foreign investment in this segment. The print media industry has much potential as 36.9 crore literate people in India are still not tapped by any publication,´ the report said.
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NEWSPAPERS: A BRIEF HISTORY
The newspaper as we know it today is a product born of necessity, invention, the middle class, democracy, free enterprise, and a nd professional standards. Pre-history "newspapers" were one-to-one in nature. The earliest variation on a newspaper was a daily sheet published in 59 BC in Rome called Acta Diurna (Daily Events), which Julius Caesar ordered posted throughout the city. The earliest known printed newspaper was in Beijing Beijing in 748. In 1451, Johannes Gütenberg uses uses a press to print a n old German poem, and two t wo years later prints a 42-line Bible -- the significance being the mass production of print products, ushering in an era of newspapers, magazines, and a nd books. By 1500, the genesis of a postal system can be seen in France, while book publishing becomes popular throughout Europe and the th e first paper mill can be found (England). Zeitung (newspaper) is a news report published in Germany in 1502, while Trewe Encountre becomes the earliest known English-language news sheet in 1513. Germany's Avisa Relation oder Zeitung, in 1609, is the first regularly published newspaper in Europe. Forty-four years after the first newspaper in England, the Oxford Gazette is published, utilizing double columns for the first time; the Oxford/London Gazette are considered the first true newspaper. The first North American newspaper, Public Occurrences Both Foreign and Domestic, was published in 1690 in Boston. The 1700s was a century in which market elements were created that encouraged the development of daily newspapers: rising literacy, the t he formation of nation-states, a developing postal system, and the proliferation of urban centers, a rising literary and philosophical tradition emphasizing democratic d emocratic involvement in government, and a nd technologies that supported newspaper production. In short, it was a great news century. The first daily newspaper was The Daily Courant in London, 1 702. In 1754, The Daily Advertiser in London uses the first four-column format. France's first daily newspaper appears in 1 777, Journal de Paris, while the first United States daily was the Pennsylvania Packet in 1 784.
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The rise of the middle class transformed newspapers in the 1800s. A penny (US$0.01) buys a New York newspaper in 1833, opening up the first mass market for newspapers. In 184 7, the telegraph telegra ph is used as a business tool, transfor tra nsforming ming far-away -awa y stories. In 18 73, an illustrated daily newspaper can be seen in New York. In 18 78 the first full-page newspaper advertisements appear, and in 1880 the first photographs are seen in newspapers, using halftones. With the basic technical groundwork for the modern newspaper in place by the late 19th century, t he story of newspapers in the t he 20th century c entury was was about ab out professional professional development and adaptation to t o changing changing consumer and a nd media markets. The story als o involved invol ved an evolving business bus iness model that rode an ever-growi ever-growing ng wave of mass-marke mass-markett advertising. Increased profitability and higher revenues attracted publicly owned corporations interested in buying newspapers from fro m descendants of company compan y founders, while simultaneou simulta neously sly exposing exposin g newspapers newspap ers to the whims whims of cash- and profit-hungry profit-hungr y stock markets. By 2000, newspapers were juggling priorities: fragmentation of news consumption, fragmentation of advertising investments, the advantages and disadvantages ages of being a mass medium, balancing the wants of the marketplace with the company's duty to provide the needs of the marketplace, a journalistic backlash against industry changes, the sheer physicality of ink-on-paper production and distribution versus digital distribution, increasing profit pressure surrounding the core print product, and extension of the company's core brand into other profit centers.
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ALL INDIA MEDIA PENETRATION AS OF 2010
Here
we can say sa y that in the present scenario media has been spread widely.
The share of Media is as below :o
Print Media
20%,
o
TV Media
41%
o
Cable and Satellite
16%
o
Radio
1 7%
o
Film
5%
o
Internet
1%
PORTER¶S FIVE FORCE MODEL ANALYSIS
Porter's 5 forces analysis is a framework for the industry analysis and business strategy development developed by Michael E. Porter of Harvard Business School in 1979. It uses concepts developed in Industrial Organization (IO) economics to derive 5 forces that determine the competitive intensity and therefore attractiveness of a market. 1.
The threat of substitute products:
y
T.V. Media
y
Magazines
y
Internet
y
Seminars and lectures of experts What can the factor of substitute product? pr oduct? 1.
buyer propensity to substitute
2.
relative price performance of substitutes
3.
Perceived level of product differentiation
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2.
The threat of the entry of new competitors
Profitable markets that yield high returns will draw firms. The results are many new entrants, which will effectively decrease profitability. Unless the entry of new firms can be blocked by incumbents, the profit rate will fall towards a competitive level (perfect competition). competition).
economies of product differences brand equity
capital requirements
access to distribution
learning curve advantages
expected retaliation by incumbents
government policies
3.The intensity of competitive rivalry Total NO. Of competitors of BUSINESS B USINESS STANDARD are THE ECONOMIC TIME BUSINESS LINE FINANCIAL EXPRESS MINT
number of competitors
rate of industry growth
exit barriers
diversity of competitors
informational complexity and asymmetry
level of advertising expense
Economies of scale
Sustainable competitive advantage through improvisation
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COMPETITORS Competitor is something which any company cannot avoid. Staying in a democratic country and ruling as monopoly is not possible. What the only way is to face a deal with competition. Competition can be severe and can be mild. The intensity will depend on your own firms¶ position and your competitors¶ position. The following ar e the competitors of Business Standard.
The Economic Times
The financial Express
Business Line
Comparison of Business Standard with its Competitors
SR.
PARAMETER
NO. 1
Price
BUSINESS
THE
ECONOMIC BUSINESS
FINANCIAL
STANDARD
TIMES
LINE
EXPRESS
Weekdays-3 Weekda ys-3 Rs.
Weekdays- 3&3.50 Rs
Weekdays-4 Rs.
Mon to Fri ± 4 Rs.
Weekend -6 Rs.
Weekend- 10 Rs.
Weekend -4 Rs
Sat- 6 Rs. Sunday ± 8 Rs.
2
Collaboration
Kotak Mahindra Benett & collman
The Hindu
Indian Express
3
Stock
market BS 200, 6 full Less pages
analysis
page of share
Less
Less
information
details 4
News
Only Business
Business + General
Business
+ Business
General 5
Publication
Own
house 6
Pages (Avg)
22-26
Bennett, Collaman & The Hindu
Indian
Co. ltd.
express
12-22
15
18-20
14-20
7
Color of pages
Pink
Pink
White
8
Updates
No
Week
update
on No
Pink No
Sunday 9
Language
Easy
10
No. of location 12 cities
Easy
Hard
Moderate
11 cities
14 cities
11 cities
of Publication 11
n
Position in the 2
1
st
t
4
r
3
Market
So from above table what analysis can be possible?
Business Standard is very less priced financial paper, which provide With good schemes.
Business Standard is only news paper pap er which provides pr ovides 8 pages pag esof stock market related news.
It is unique selling point(USP) for business Standard that it provide BS 200 page with full analysis of 22 key parameters.
Though with very positive point with Business Standard, it has some problem or can ca n say drawback, drawbac k, like service.
It is the only point that The Economic Time is market leader, and that is, its parent company ³Times Group´.
Though The Hindu has very good content, it¶s not selling in the Gujarat so much, it deliver to client¶s a ddress at 12:00 noon around. around.
So that we can say that if Business Standard does something for brand awareness than it has good potential market to cover.
The financial Express is not providing very good scheme and also very less reader in the market.
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BUSINESS STANDARD is the country's most respected business daily, being the first choice of serious business readers. It is published in colour from 12 centers in India - Mumbai (formerly Bombay), New Delhi, Kolkata (formerly Calcutta), Bangalore, Chennai (formerly Madras), Ahmedabad, Hyderabad, Chandigarh, Lucknow, Kochi and Bhubaneswar and Pune. The newspaper believes in free, fair and independent journalism and strives to inculcate these values in its editorial staff. The journalism practiced by BUSINESS STANDARD lays equal stress on quality, credibility and accuracy. BUSINESS STANDARD has the country's best economic journalists and columnists working for it. It is edited by T.N. Ninan, perhaps India¶s best-known best-known business journalist, who had earlier undertaken underta ken a complete complete and highly succ essful revamp of The Economic Times and was responsible for its phenomenal growth. Apart from a business newspaper, BSL publishes several periodicals, including BS Motoring, Indian Management, Asian Management Review, a quarterly publication, ication, and two regional regi onal language business newspapers ± BUSINESS STANDARD in Hindi and BUSINESS STANDARD in Gujarati. The
H indi indi
newspaper is published
simultaneously from seven centers ± Mumbai, Delhi, Chandigarh, Lucknow, Bhopal, Patna and Kolkata. Mumbai, Ahmedabad Ahmedabad and Rajkot. The company sees content creation, content processing and content management as its core competence. It offers complete outsourcing solutions for organizations which want to bring out in-house or private publications but lack the people and/or resources to do it cost-effectively. The web properties of BSL, including the online edition of Business Standard, include businessstandard.com, bsmotoring.com, bshindi.com and bsgujarati.com.
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At business-standard.com, you have access to one of the best repositories of Indian and global business news. Apart from the flagship publication, the website also features content from The Smart Investor (weekly), The Strategist (Weekly) and BS Motoring (monthly).
Vision
To stand at respectful position in this marathon and also keep up with the pace of the changing needs of their value readers.
To win more and more readers r eaders to their cause.
In addition of being backed up by a strong product, company needs to deliver 1005 of it.
Mission
The mission is to expand the market share of BUSINESS STANDARD by creating a new market and by taking bites from competitor¶s market share.
BU SINESS SINESS
H ET H ICS
BUSINESS STANDARD is neutral and most credible financial newspaper.
Business Standard is a discipline of collecting, analyzing, verifying, and presenting information regarding current events, trends, issues a nd people.
A look at History BUSINESS STANDARD STANDARD «. A standard paper for business business class.´ When you¶re sure´ is what is always attached with Business Standard. Print media has bought considerable changes in the life of people around the globe. Even our freedom fighters considered it a powerful p owerful weapon. And it still continues to show its important presence presenc e in this changing world scenario. Business Standard Ltd. was incorporated on 15th December, 1975 under the name of ³Desh Publication Pvt. Ltd.´ This was changed to 18
³Business standard Limited´ on 23rd November, 1995 the head office of the company is located at Delhi. The company is managed, under the leadership and guidance of the board of directors. The company has completed its 30 years in the year 2005.The company believes in ethical conduct through professional management and has forward looking outlook.
Organizational Hierarchy Business Standard has the country¶s best economic journalists and columnist working for it. It is edited by T. N. Ninan, perhaps India¶s best known business journalist, who had earlier undertaken undertak en a complete a nd highly successful reva mp of The Economics Times and was responsible for its phenomenal phenomena l growth. Among the other senior journalists in the team are A. K.Bhattacharya, former editor of The Pioneer and associate editor of The Economic Times, and Shyamal Majumdar, former resident editor of The Financial Express.
Important figures 2.4.1 Readership of Business Standard: Business Standard is India¶s second largest and fastest growing newspaper having growth rate of 300% in past four years. It has a readership over a quarter million.Its readership profile encompasses the brightest and the best from India¶s business and finance communities, Readers come from varied occupations in the field of business, finance, government, policy makers and academics, stock brokers, decision makers, researchers and students and observers of the Indian Economy.
Dept: The main departments of the Business Standard are Market Development Department an also known as Circulation Department, Scheduling Department, Space Marketing Department, Editorial Department, System Department, Production Department an Dispatch Department.
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Attraction: Rich with lovely supplements and vibrant sections on personal finance, banking, careers and technology, travel, books and review of arts and cultures are the major attractive sections. It is the most reliable and affordable business newspaper available in Gujarat at Rs. 2/- on weekdays and Rs. 6/6/- for the weekend edition. editio n.
Economics of publication house: A newspaper cost is Rs. 18-20 to the publication house at Business Standard. The cost is covered from fro m the advertisements advertis ements that they t hey receive, receiv e, which is the work of the space spac e marketing department i.e. collecting advertisements for the dailies. Companies will give ads, in only those newspapers in which their audience lies and it also depends on the circulation a readership figure. Therefore to attract cash rich advertise ad vertisers, publication house has to first create that class of audience, then only, they will be able to attract advertisers, which is the main source of the revenue for Business Standard. Positioning Statement of BUSINESS STANDARD ± ³W hen hen you¶re sure´: To succeed in a futurist environment, one requires a strategy. This is true for an organization profit and non-profit in as much as it is for individual. The art of action planning, to achieve a specific goal is called strategizing and the action plan is called ed strategy. To manage the distribution channel properly is not the only that the market development department has to perform. The department has to take care for the necessary steps required to tape the opportunities prevailing in the market.
Achievements:
Business Standard is one of the newspaper in India to have sought Foreign Direct Investment
Business Standard also has an annual series of awards to felicitate outstanding leadership in the corporate corporat e world.
Content tie up NDTV
ABC approved 20
Product Portfolio About BUSINESS STANDARD Newspaper (Ahmedabad Publication)
A newspaper which is published from MON to SAT (Sunday edition published only at Delhi and Bombay)
Price at the weekdays is Rs. 3/- and on Saturday is Rs. 6/-
The size of the newspaper is 50, or 51 or 52 cms. in length and 32.9 cms. Width.
Supplements with newspaper:
Monday:
The Smart Investor
Tuesday:
The Strategist
Saturday:
Weekend
8 pages on Sock Market.
Six full pages on stock details both in Graphical and
alphabetical method
BS 200, which top 200, companies share details on calculating
22 key parameters.
Formulae specifications.
Mutual Fund details on full page coverage. c overage.
Insurance schemes on half pages
Guidelines before the details of stocks to let the people kno w How to read stock pages and the abbreviations.
The accent west section for Gujarat
Individual industry news on individual full page coverage.
Collaboration with the international newspaper ³FINANCIAL TIMES´ London
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6 distribution centers in Ahmedabad
Nehrunagar
Paldi
Income Tax
Khanpur
Kalupur
Maninagar
Provides 4 magazines free annually. annua lly.
The Banking Annual
BS 1000
The Billionaire Club
Fund Manager
Editions from Monday to Friday have a main edition of about 12 pages with Colored pages in the front and the rest are black and white. The following areas are focused:
National and International news
Economy and Policy news
Infrastructure news
Companies news
Editorial pages
Crossword, Sudoku
Education News
Business law
Section II is the MONEY AND MARKETS
Stock market news
Money and currencies
Metal an intermediates news
Commodity news
BS 200
Share prices in a alphabetical order
Mutual fund and insurance 22
ABOUT SUPPLEMENTS
U ESDAY: T U T H E STRATEGIST
Theories and practices of business managements.
Brand related news
Notes by management thinkers Book worm
Quiz
column
U RDAY: SAT U W EEKEND
Life and fashion
Living
Entertainment
Motoring
23
ABOUT MAGAZINES
A magazine is a periodical publication containing a variety of articles, generally financed by advertising and/or purchase by readers. They are often printed in color on coated paper, and are bound with a soft cover.
U AL 1) T H E B ANKING ANN U
Banking Annual, the one spot information providers regarding everything related to banks. Banks are not only gives you security but many more things. To get an all round view of banks functioning and their future action, banking annual provides with all.
Banks valuation
Banker of the year
Innovation bought and which would be coming in the near future
Data¶s related to banks.
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2 ) BS 1000 S 1000
BS 1000 is a detailed guide to India¶s top 1000 companies. The issues of BS 1000 mention those depressing times, providing data on the impact of the slowdown on corporate, the deterioration in their financials, how they coped with crisis. Not just bad phases but also the success stories are mentioned.It also peeks into the future, where which industries booming, with what phase, with what strategies, etc are are the main features:
discussed. Below
3 )
BS awards.
1000 best companies
ranking and performance of the leaders of the country
1000 companies growth, gross profit, net profit, etc
T H E B ILLIONAIRE CLUB
This is the only magazine with the listing of India¶s billionaire. Billionaire club is much more than providing the order of rich people, providing the slid down or slid up of individuals, it is also a snapshot of the changing trends in the Indian economy. By focusing on the spotlight; it showcases the creators of value in the economy. It too has certain other features which are:
A list of the richest people of the country cou ntry
New person added add ed to the list
Salary details of CEO & MD 25
4 ) F U U ND
MANAGER
Fund Manager, as the name suggests that t hat it gives giv es a full insight to t o the fund¶s investment. It focuses on facts and figures on mutual funds. The fund manager seeks to rank mutual funds schemes and also rate the best fund manager of the year. Below given are the few additional features of the Fund Manager:
Risk return rating over 600 60 0 funds
Futures of new fund offerings
Best fund pick
T H E STRATEGISTS
The strategist is the combined edition of the entire strategist supplement which published weekly with the newspaper. The strategist contains the pick of the articles over the previous year and a half. The objective of the annual recollected magazine is to gibe µthe best¶ to the BS reader. The main motto of the magazine being to take out the strategies out of book, to understand the classic pitfalls of the big brands, to understand many other other things with practical case studies.
T H E W E W ORLD ORLD O F B-SC H OOLS OOLS
It focuses on o n the best B-scho B-schools ols of India with wit h the articles artic les like the th e B-school -schoo l Roadmap, what matters the most courses, faculty of infrastructure, when you go for B-school hunting, etc provide the all kind of answers to the mind of a b-school seeker. Hence it gives what students want ³An Answer´
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H A B O U T OT H ER STAND MAGAZINES
MOTORING
Motoring is a stand monthly magazine. It gives all the information related to cars and bikes. It gives information about upcoming models, features and specialties of them. The entire edition has something special in them. Certain expert¶s interview related to the automobile industry.
INDIAN MANAGEMENT
It is also a stand monthly magazine. It is made especially for the management students. The students get all the information they need through the magazine. It is a one point access to cutting edge ideas in management. It gives:
Superior management coverage coverage
Delivers latest management theories
Opinions from thought leaders
Global trends and innovations
Insights from carefully analyzed case studies
Book reviews.
27
Chapter 2 Functional
Areas of the company
A brief department detail to give an idea of where the things are placed in BUSINESS STANDARD is as follows:
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MARKET DEVELOPMENT DEPARTMENT / CIRCULATION DEPARTMENT
This department is responsible for the circulation of the newspaper in the whole region. This department also looks after the daily back room operations which include giving print orders for the regular supply of subscription, complementary copies and sponsored copies are also being distributed by this department. They also check the dispatch and payment received for the month. To expand the market of the newspaper by adding more customers to its list. They are the people who not only think about a bout selling the the newspaper but also how to promote it.
SPACE MARKETING DEPARTMENT
It is the major source of revenue generation for any media industry. Because the actual cost of the newspaper goes up to 18/- to 20/- Rs. And sold at Rs. 3/-.So the advertisements are the medium to compensate for the cost generated. I was taught about the marketing department contact different corporate for advertisement and the channel through which the advertisement comes and are prepared and how the space is allotted depending upon the t he space given by the editorial department. There is an agent in between the client and the publisher, which helps in making the arrangements of ads. How this media get advertisement from clients?
Actually Actual ly this media have their agents ag ents who collect contract co ntract from rom the clients and then this agent decide that, what is the expectation of client. So on that bases agent selects any media. Advertisement is generally designed by agent but only circulated by media. So sometime media also design some advertisement, but they get client from only agents. a gents.
29
EDITORIAL DEPARTMENT
Editorial is considered as the backbone of the print media because without any good matter to publish and which is not edited nicely it is just a crap for the readers. Readers want to have the columns with good matter, so without having an effective and efficient editorial team no newspaper can grow.
This department collects the news mainly from the News Agencies and they have their own network net work to publish pub lish the articles artic les too. The news can c an be by telephon telep hone, fax or through internet or other communication medium. This news is edited and then sends to the Mumbai and Delhi for the adjustment. The group Managing Director of the Business Standard is MR. A. K. Bhattacharya
SCHEDULING DEPARTMENT
This department deals with the scheduling of the edited matter and the advertisements. It is the work of this department to adjust and frame the edited matter with the advertisement, by allotting the empty space to the advertise, which matter and advertisement should be in which page is the looked out by scheduling people. For this scheduling the department for ms a dummy A-4 A-4 size, adjusting th e editorials and the ads in that paper to know the place of the same in the original size paper.
SYSTEM DEPARTMENT
System department is responsible for the communication network as well as all the technical related problems in the company. All the branches of Business Standard are linked with V_SAT and with the dedicated leased line along with the Head Office.
30
The most important work of the system department is to connect all the telephone line with EPBX system and connect all the branches to the head office with Hot Lines, which helps to reduce STD cost of the company. The system department at Ahmedabad receives a facsimile copy of newspaper everyday and forwards its printout on the butter paper to the production department.
PRODUCTION DEPARTMENT
After receiving the facsimile copy on the butter paper from the system department the work of production product ion department depart ment starts. This butter copy is framed on the aluminum plate. This plate is then fixed in the printing machine and then as per the printing orders the printing starts. Machine which is used for the production is known as Film Processor which costs approximately Rs. 2.5 lakh. The machine is divided into four different units i.e. Developer Unit, Fixed Unit, Wash Unit, and a nd Dryer Unit. Production Department Depart ment is used mainly four colors for the hard copy, which are Black, Yellow, Cyan and magenta. Some colors are used at the time of the final printing of the newspaper at press. Raw material for this department is paper and aluminum plate. Print comes in the th e form of reel. The cost of reel is Rs. 10000.
DISPATCH DEPARTMENT
Dispatch department is responsible for the regular dispatch of the total number of copies at various destinations at the right time. It is also responsible for how many copies should be reach at each center i.e. local or upcountry. There are about 46 upcountry and 6 in Ahmedabad. The distribution at these centers is very important to be on time. Even the commission has to be taken off. The function of function department is to generate rush mail and put it on the parcel. Rush mail shows the number of the copies in the parcel and its destination address. With this a route control statement is also there for each taxi driver, which shows the number of parcels for each and every destination, comes under his route. There are also two other department without the company cannot be run. Those department without which any firm is incomplete. 31
FINANCIAL DEPARTMENT
This department is responsible for all the financial matters. Matters are related to salary, operational expenses and other expenses. expens es. It is also responsible for th e cutting the cost of the publication. p ublication.
HUMAN
RESOURCE DEPARTMENT
This is the department responsible for the HR supply in the company. For Business Busin ess Standard Standar d this department depart ment is not in Ahmedabad Ahmedab ad, but it is in Mumbai. Mumba i. It means that the Business Standard has a centrally located HR department who takes care of the supply in any a ny of the branch. All these departments identify the need of the customer i.e. the quality and pricing demanded by the customers. In this industry this strategy is very important as the selling price of the newspaper is always less than its cost of production. The main reason for this type of pricing is to create awareness and generate reading behavior amongst the audience of the the newspaper.
Hence all these departments are interlinked and proper cooperation and
coordination is a must in the newspaper industry. This helped me in getting a better understanding of teamwork, and the importance of every second, because newspapers are published daily and a delay of single second or a minute mistake can lead to a blunder.
32
SWOT analysis of Business Standard
STRENGT H
WEAKNESS
OPPORTUNITY OPPORTUNITY
approach Not creative
Systematic
THREAT
Can give an extra page Continuous
covering all sectors.
on Ahmedabad related monotonous approach. news
Nominal price
Monotonous
approach Can introduce a new Low Pricing Strategy
of Headlines
. Separate
Money
& No
own
segment on Sunday
publication Potential
Market section with 8 house
Market Toughest
Availability
Competition
pages
The Economic Times
Segregation of news In supplements
Display
of
sometimes
creates
fuss.
Over view of the whole News week
From
is
given
ads Can have tie-ups with a renowned ads.
is
sometimes
invery lengthy.
weekend Provide
general
awareness in terms o investment.
33
brands
for
7µS¶ Framework
34
STRUCTURE Structure of Business Standard is very simple and straight forward. The people to be reported are not many and so it is very simple to be part.
Mr T.N. Ninan
(Chief Editor/Publisher)
Mr.
A.K. Bhattacharya
Ms. Akhila Urankar
(Managing Director)
(President)
Mr. Rakesh Shah
Mr. Abhay
(VP Marketing)
(VP Sales)
Mr.
Kaushalendra
(Institution)
West Zone
North Zone
Mr. Ashish
Mr. Rakesh Sharma
Chakraborty
(Zonal Manager)
(Zonal Manager)
Pune
Ahmedabad
Mr. Anant
Mr. Mukund
35
Shukla
SYSTEM A group of interacting, interrelated or interdependent elements forming a complex whole is a system. System of interaction is very free in Business Standard. People love to eat together at lunch time, stay there with each other in all times be it good or bad. Legally they follow a hierarchy. The system is well defined and well managed. STRATAGY The science and art of using all the forces of a nation to execute approved plans as effectively effect ively as possible possibl e during peace peac e or war is strategy strat egy. Strategies Strategi es vary from time to time but what remains are the truthfulness and the attitude. For the Business Standard what matters is its firm value and so all the t he strategies are planned accordingly. accor dingly. STYLE The way in which the work is to be done or expressed is Style. Business standard is trying to do everything openly but with a blast; a blast to make the others move from their chairs. They believe in slow but steady st eady reach to top so that t hat readership is strong. STAFF Staff comprises of the people working in the Business standard. People working together specialized in their own areas of concern. But one thing is made sure that everyone¶s work at Business standard is challenging. Everyone is appreciated for their work and they all work as a group. SHARED VALUE Shared Values are what engender trust and link in an organization. Shared values are also the identity by which an organization is known throughout its business areas. These values valu es must be stated as both corporate corpora te objective object ive and individual indivi dual values. valu es. And at Business Standard people have joined the individual and corporate goals; if necessary people are also ready to devote hours even after their service hour. SKILLS Proficiency, facility or dexterity is acquires or developed through training or experience is skills. Skills are at times found inbuilt and most of the times is expected to learn on job. This helps them to understand the stupid mistakes that they might do in a recent job oriented. 36
ABC ±AUDIT BUREAU CIRCULATION C IRCULATION
The ABC is a non-profit, self discipline, voluntary organization consisting of publishers, advertisers and advertising agencies. It has done pioneering work in developing systems to verify the circulation data published by those newspaper and periodicals, which have earned the right to display its emblem. Facts and figures which are checked and certified by an independent body are a very important tool in the hands of the advertising adv ertising business community.
What information does an Audit Report provide? pr ovide? o
A total average of distribution is provided.
o
Market coverage
o
Public access
o
Distribution by issue
o
Geographic distribution
o
One day distribution
o
Other details: The explanatory paragraph provides supplemental information and disclosures and includes an explanation of audit methodology.
An advertiser would like to know the fact and figures before investing his money in advertising. An advertiser ought to know how many people buy a publication and in which area. The ABC gives all these vital facts every six months i.e. January to June and July to December. The ABC figures are not the outcome of opinions or guesswork but they th ey are the result of rigid, in-depth and a nd impartial audits of paid circulation of member publications by independent and leading firms of Chartered Accountants working in accordance with the rules procedures prescribed by the bureau.
37
ABC AUDIT:What is ABC and how it is working? ABC: The main function of ABC is to evolve, lay down a standard and uniform procedure by which a member member publisher shall compute compute its net paid sales. The circulation figure so arrived at is checked and certified by a firm of Chartered Accountants which are approved by the Bureau. The Bureau issues ABC certificates every six months mont hs to those publishers publ ishers whose wh ose circulat ion figures confir c onfirm m to the rule rul es and regulations as set out by the Bureau.
From a modest beginning it has grown to remarkable proportions. ABC's membership today includes 411 Publishers of national and regional importance, 151 Advertising Agencies, 51 Advertisers & 20 New Agencies and Associations connected with print media and advertising. It covers most of the major towns in India.
Facts and figures which are checked and certified by an independent body are a very important tool in the hands of the advertising business community. Thedetails of ABC certified circulation figures are available online to all members of the Bureau at no extra cost.
An Advertiser would like to know the facts and figures before investing his money in advertising. An Advertiser ought to know how many peoplebuy a publication and in which area. The ABC gives all these vital facts every six months. The ABC figures are not the outcome of opinions, claims or guesswork, but they are the result of rigid, in-depth and impartial audits audits of paid circulations circulations of member member publications by independent and leading firms of Chartered Accountants working in accordance with the rules / procedures prescribed by t he Bureau.
38
The Policy formation body of the Bureau is the Council of Management consisting of elected representatives from publishers (8), advertisers (4) and advertising agency (4) members of the Bureau. To assist the Council of Management an Executive Committee is appointed by the Council, to guide and oversee ov ersee the day-to-day working of the Bureau. The Executive Committee consists of Publishers, Advertisers and Advertising Agency Members of the Council. The Council of Management and the Executive Committee meets regularly as often as required. The Chairman is elected annually by the council of management.
Few important issues to take care as per ABC certification: certif ication: y
Trade terms to agents on subscription copies should not exceed
y
In case of dailies-40% of the subscription price
y
In case of weeklies-45% of the subscription price
y
Publishers have to maintain the full record of subscribers with their address, name and signature.
y
There are two types of panels for auditing: au diting:
y
Auditors Panel
y
Publishers Panel
39
SALES AND DISTRIBUTION A sale is a transaction, dealing, trade or what? Sale can have different meanings but what is the most important thing in it, is to understand the importance of it. Without sale no revenue can be generated but just earning revenue is not to sale, it is the right type selling to the right customer with the right attitude. Customer relationship is most important, maintaining the brand image is also important. Delivering on the brand promises becomes a moment of truth in any customer relationship. This moment of truth can be either positive or with negative impact on the customer¶s perception about your brand. There might be great marketing communication and a highly superior product, but the buying experience always stands between the seller and the customer. If the customer has a negative impact about the product then it is a direct deterioration of the brand equity. Hence, sales and distribution is a vital activity. Sales hence comprises of the outcome of what all which was done to manufacture that product. Success of selling department is the success of the company.
Business Standard is the product where the maximum demand would be in the early morning. It is highly perishable product. The product should reach the customer in due time otherwise the importance is lost. Hence time management is something very vital for the sales and distribution people. Hence I can mainly divide the supply of the newspaper in two main categories: y
Pre press activity
y
Post press activity
Pre press activity involves all the editorial departments work where they have to collect the news and it has to be given to the production department in a prescribed limit. This time limit is said as the cut off time or releasing time. Post press activity is the distribution. Business Standard has divided Gujarat in two main section, i.e. Ahmedabad Ahmeda bad and upcountry market. This upcountry market has about a bout 46 centers.
40
Business Standard gets involved in many kinds of sale activity. They are: o
Subscription Sale : A one year or two year by subscription by paying fixed amount is sale by subscription
o
Cash Sales: Customers when paying the amount to purchase a newspaper directly to the book stall in cash then the t he sale is said to be a cash sales. sa les.
o
Line Sales Line sale is the in which it is post paid billing. When the customer gets the Business Standard copy through throu gh the vendor and pays in the end of month, it is line sale
o
Institutional Sales Few corporate, hotels and colleges take copy in bulk, which is said to be as institutional sale. Business Standard has the responsibility till the delivery at their doorstep and further distribution is on the company or the t he institution concerned
o
Corporate Sales In corporate sales, executives have to do cold calling or they have to take appointment from the concerned person and then after meet, executive must convince the th e client. If it is big corporate and staff are such t hat, they read rea d financial daily at their home, ho me, then for bulk subscription they have to try.
41
DISTRIBUTION Distribution is exactly for maintaining the brand equity in the market. The promises which were made to the customers can be fulfilled by the proper channel and the right time delivery of the th e newspaper.
How Business Standard reaches to you?
42
Chapter 2 Literature Review All consumers¶ have their own favorite advertising medium. Some people prefer television commercials (especially children) and there are people who prefer new types of advertising. For example wireless advertising. Okazaki claim most of the Japanese mobile users are willing to use wireless advertising and keen to µclick¶ such ads. In fact nowadays most people around the world are able to receive wireless advertisements since most people own mobile phones. Age, gender, personality have always being used in many study to see whether it affect consumer behavior. Unlike other media, however, advertising is more pervasive in people¶s lives increasing the likelihood that consumers outside a target market will be exposed to messages that are not intended for their viewing. It is increasingly simple for these consumers to pass along negative word-of-mouth through web logs (³Blogs´) and other new media technologies.
Understanding
consumers¶
personal
and
psychological
factors
perspective is particularly important and may possess strong purchase influence behavior and brand recall towards the product, services and companies.
Advertising as marketing tools:
Advertising is an important part to the marketers for promotional mix. Its helps in creating brand image and product awareness. Advertising is one of the most popular tools that are used by the companies for convince and communicate With the target buyers and customer¶s .There are many different ways of defining advertising and whether it is the traditional way, or its interactive part, definitions vary from mindset to mindset. Whether in the form of online or traditional, the purpose of advertisement will be to persuade and attract people to the product, services or even brand. bra nd. Not only must the advertisement effectively ectively communicatio n the desired message, but the individual audience must be willing to "buy into" the desired message. In other words, for the advertisement to be effective, the communicati commu nication on must be sent and received. recei ved. The designation designa tion of advertising advert ising certainly rtai nly reflects the claimed desire of most marketing practitioners to communicate openly and honestly with consumers. Indeed the law in most countries forbids false or deceptive advertising. Marketers justify advertising by arguing that advertising is 43
intrinsic to markets a nd fundamentally beneficial to t o the customer. Writes that those thos e wishing to encourage attitude change and ignore the effects of the above variables do so at the risk of having contra dictory dictor y effects to the original origina l intent. By way of example examp le, an appealing r ealtor may provide pr ovide convincing convinci ng messages in a high-gloss magazi ne targeted towards first-time buyers that a particular subdivision is the pla ce to buy into. However, if there is no means given as to how these young couples are to afford such
houses, the message may be ineffective as these prospective clients assume that they cannot afford to live in such an area. Cognitive effects also are studied by Beerli and Santana who in trying to come up with a new measurement system for advertising effectiveness, look into the copy of a print ad and what factors will be the most effective in persuasion. persuas ion.
Chose newspapers:
because of the limited amount of research into advertising Effectiveness which has been carried carri ed out using this medium and also becaus becau se it is easy to discriminate discriminat e between betwee n different Advertisements in the press because of a more active audience participation, the individual being able to choose freely whether or not to read a particular advertisement as well as the place and time in which s/he chooses to do so.21 Curlo and Ducoffe also study attitude effects combining research in perception to multiple stimuli and attitude-towards-the-ad models in a single persuasion model, which looks at ad-evoked goals as a s a factor in measuring consumer attitude. attitude.
Marketing Communication
In their communication-based model of relationship marketing, Dunca n and Moriaty (1998) argue that the essence of communication with consumers consu mers is a two-way exchange that is built on balance, symmetry, and reciprocity. This means that consumer cooperation is necessary for a true dialogue to be carried out, and consumer feedback needs to be incorporated as a key component in the marketing process. Through such two-way interactive exchanges, information is shared among various stakeholders, including consumers, and a common understanding is established between firms and their customers. Duncan and Moriaty (1998) state that such consistent, interactive communication among stakeholders is central to building brand relationships and delivering value. More recently, Gummesson (2004 ) makes a similar 44
observation that interaction should be the third essential business activity besides the traditional production and consumption activities. Such as the Internet, firms and consumers now no w communicate communicate constantly and Instantaneously on a broad range ran ge of issues. Communication Communicatio n shifts from one-way one-way to A two-way process, and consumers are brought to the forefront as they gain more Control over the process ( Hoffman offma n and Novak 1996; 199 6; Stewart and Pavlou Pavl ou 2002). As a result, consumers' idiosyncratic needs and preferences are likely to have a Bigger impact on the processes and outcomes of marketing communication. This Development is reflected in findings from the relationship marketing literature Showing that consumers differ in how much they would like to engage in relational Behavior with firms and that such differences can affect a ffect customer relationship (Oderkerken-Schoder, De Wulf and Schumacher Schumac her 2003; Quality and buyer behavior (Oderkerken-Schoder, Sheth and Parvatiyar 1995). Overall, the new role and nature of com munication in Marketing calls for a better understanding of the interaction process, especially the Critical role consumers play in this process.
45
CHAPTER-3 RESEARCH METHODOLOGY
In the internship program all our teammate have to do research on the consumer behavior that read financial daily, and along with that we have to do sales. So on daily bases I make survey of 10 people and knew their views regarding financial daily they read. In this survey the main goal is to market development and product development. Market development means how to penetrate the market and how come to know about views of reader who read financial daily. So I made a questionnaire, through which we can come to know that whatbusiness standard should do to penetrate and product development.
Research Objectives
To penetrate the market, or can ca n say MARKET DEVELOPMENT.
If company wants to develop their product than which criteria should be considered. So PRODUCT DEVELOPMENT.
To understand the consumer Behavior.
Research methodology states how the research study is under taken. It includes specification of research design source of data, method of primary data collection, sampling design and analysis procedure a dopted. Research methodology stat es what procedures were employed to carry out the research study.
46
Limitation
The main shortcoming of the project was that the generalizations have been made based on a restricted sample of 100 respondents.
Because of a small sample size consisting of Ahmedabad consumers only it might happen that introducing new strategy for BS cannot be completely applicable throughout the country.
Area of the project is limited to Ahmedabad city only so the conclusion may be biased.
The collection of primary data is comparatively difficult and sometimes the question of non-response arises because the people may not like to disclose the information.
Respondents to whom we questioned about the product did not take the survey seriously and answered the questions just for t he sake of answering
47
Research Design Data Source
Primary data source- Questionnaire Secondary data sourcesource- Company website
Sampling area
Ahmedabad, & vadodara
Sample size
200
Sampling method
Quota sampling
Research instrument
Questionnaire
Method of contact
Personal
TARGET AUDIENCE The financial newspapers generally cater to the following target audience:
Corporate executives
Investors and Stock brokers
Businessmen
Bankers
Management students and professors
Chartered Accountants & other Professionals
Students
SAMPLE SIZE The numbers of readers of business newspaper were decided on the basis of different types of occupation a nd their designation. desig nation. Sample size of 200 2 00 wastaken for the research. There was also some limitation to take such small sample size. Lake of time is the main limitation to tale such su ch small sample size.
48
DATA COLLECTION Since, data collectio coll ection n signifies signifi es a very crucial place in a pilot survey; surve y; I have have collected lect ed primary data by personal interview through structured questionnaires. I had used only this method because of time constraints. There is also very less scope in my topic to get information from secondary source. Because to know the behavior of readerI must take their interview.
QUESTIONNAIRE FORM The questionnaire for the purpose of this study was carefully drafted and very well developed. Proper care has been taken in asking the questions, in wording them and in maintaining the sequence of the question. question. The questions asked were in open-ended and close-ended form, open-ended question were to get customer¶s customer ¶s own views and in close-ended -en ded questions, quest ions, multiple multip le-choi -choice ce questions and dichotomies questions were included.
QUESTIONNAIRE SURVEY This part of the data collection method can be termed as ³quantitative ³quantitative survey´ survey´ and the th e questions were very specific. The data has been analyzed based on the statistical factors and been described through a graphical analysis in the further pages.
49
CHAPTER-3 DATA ANALYSIS & DATA INTERPRETATION Q.1) How frequent you read financial Newspaper?
Frequency
Percentage
Regularly
138
69
Occasionally
62
31
Total
200
100
percentage
31 Regularly Occasionally 69
Interpretation: From the above graph we come to know that around 69% of consumer Read financial newspaper regularly. While 31% of consumer read newspaper Occasionally.
50
Q.2) which financial newspaper you read?
Newspaper
Frequency
Economic Times
102
51
Business Standard
36
18
Financial Express
28
14
Business Line
7
3.5
DNA Money
4
2
ET & BS
12
6
ET & FE
5
2.5
ET,BS & FE
6
3
Total
200
100
Interpretation: It can be clearly seen in the graph that 51% of the th e consumer read Economics Times. Economics Times holds more market share as compared to any other financial newspaper. Business standard stands second. It holds a market share of 18% while Financial Express stands third which holds 14% of market share & Business line holds a market share of 3.5% 51
Percentage
Q. 3
since how long have you been reading a financial daily? daily? Year
Percentage
Below 1 year
18
1 to 4 year
20
5 to 10 year
22
10 to 15 year
26
Above Abov e 15 year
14
18
26
22
20
14
Below 1 year
Interpretation:
Q. 4
1 to 4 year
5 to 10 year
10 to 15
year
Above 15 year
26% of the reader is since 10 to 15 years years old old to read financial financial daily
which of the financial daily has the most understandable languages? languages? 1) Business standard - 55%
3) Business line ± 09%
2) Economic times - 25%
4) Financial express- 11%
Financial Express 11%
business line 9%
Economic times 25%
Business standard 55%
Interpretation: In financial daily newspaper 55% of reader prefers to business standard for easy and graphical representation 52
particular financial Q.5) Are you satisfied with your purchase decision of a particular newspaper? Frequency
Percentage
Very satisfied
127
63.5
Somewhat satisfied
53
26.5
Moderate
20
10
Somewhat Dissatisfied
00
00
Very Dissatisfied
00
00
200
100
Total
Percentage
Very satisfied 10
0 Some what satisfied
26.5
Moderate 63.5
Some what Dissatisfied Very Dissat isfied isfied
Interpretation: Around 63.5% are highly satisfied with the purchase decision they have made. 26.5% of the readers are somewhat satisfied While 10% of consumer feel they are moderate. Not a single consumer are Dissatisfied by the th e purchase decision.
53
Q.6) which is the factors you take in to consideration before purchasing financial
newspaper? Factors
Frequency
Percentage
Stock information
71
35.5
News coverage Price
61
30.5
14
7
News coverage & Stock 43
21.5
information Discount
11
Total
5.5
200
100
Percentage
Stock information 5.5 News coverage
21.5
35.5 Price
7
News coverage & Stock information Discount
30.5
Interpretation: Around 35.5% of the consumer says stock information is the factor that will be given important before purchasing financial dailies. While 30.5% of consumer said they will be giving importance to News coverage. Around 7% of consumer cons umer told tol d they will wil l be taking the factor of price before purchase decision. Around 21.5% of consumer told they will be giving importance to both News coverage & stock information. Here we can clearly see that price & discount is not a big factor for f or the consumer. 54
Q.7) why do you refer a particular newspaper(s)?
Frequency
Percentage
Simple language
06
3
Financial News
43
21.5
Quality
52
26
Authentic news
43
21.5
Authentic news & quality
23
Financial news & quality Total
11.5
33
16.5
200
100
Percentage Authentic news news 3 16.5
21.5
Quality financial financial news
11.5 26 21.5
Authentic news & quality Financial news & quality simple language
Interpretation: From the above graph it can be clearly stated that 26% of people refer a particular financial newspaper due to the quality. Around 21.5% of consumer refers a particular financial newspaper due to authentic news & financial news. 11.5%, 16.5%, 5%, & 3% of consumer refers a particular newspaper due to authentic news & quality, financial news & quality & simple language respectively.
55
Q.8) Do you purchase business daily at a normal price or under any scheme?
Frequency
Normal price
75
Percentage
1
87.5
Scheme
27
13.5
Total
200
100
Percentage
13.5 Normal Normal price Scheme 87.5
Interpretation: From the above table we can clearly state that 8 7.5% of people purchase business daily at a normal price. While 13.5% of consumer purchase financial newspaper under scheme.
56
Q.9) if you are given any discount on the yearly subscription of financial newspaper
then which newspaper you will subscribe?
Newspaper
Frequency
Percentage
ET
105
52.5
BS
37
18.5
FE
28
14
BL
7
3.5
DNA
2
1
ET,FE & BS
12
6
ET & FE
9
4.5
Total
200
100
percentage 4.5 6 1
ET
3.5
BS FE
14 52.5
BL DNA ET,FE ET,FE &
18.5
BS
ET & FE
Interpretation: Around 52.5% of people told that they will be purchasing Economics Times if they are given discount on the yearly subscription. 18.5% & 14% is in the case of BS & FE respectivel respec tively. y. While around 6% of the consumer consu mer told they will be Purchasin Pur chasing ET, FE & BS if they are given any discount on the newspaper. Around 3.5% of consumer told that they will purchase Business Line if they are given any yearly discount. While 4.5% of consumer will purchase ET & FE if they are a re given any yearly subscription
57
Q.10) which is the most important benefits you gain from reading business dailies?
Benefit
Frequency
Percentage
investment
51
25.5
decisions
50
25
analytical skills
23
11.5
business Knowledge
18
9
effectiveness at work
22
11
Investment & decision
33
16.5
Business Knowledge
3
1.5
Total
200
100
Percentage Invest ment
Decesion
16.5
1.5 25.5
analytical skils
business knowledge
11
effect effect iveness at work
9 25 11.5
Invest ment & Decesion business knowledge & investm ent
Interpretation: From the above graph we can come to know that around 25.5% of consumer gets the benefit of making investment while reading financial newspaper. 25% of consumer told that they get the benefit of decision making. 11.5% of consumer told that they can increase their analytical skills while reading financial newspaper. 16.5% of consumer said they get the benefit of both investment & decision making while 1.5% of consumer told they get the benefit of business knowledge a nd investment. 58
Q.11) Are you satisfied with the content of financial newspaper you are reading?
Frequency
Percentage
Very satisfied
121
60.5
Somewhat satisfied
57
28.5
Moderate
22
11
Somewhat dissatisfied
00
00
Very dissatisfied
00
00
Total
200
100
Percentage
Very satisfied 11
0 Some what satisfied Moderate
28.5 60.5
Some what Dissatisfied Very Very Dissatis fied fied
Interpretation: From the above graph we can state that 60.5% of consumers are very satisfied with the content of financial newspaper. While 28.5% of consumers are somewhat satisfied with the content of financial newspaper. While 11% of consumers are moderate with the content of financial newspaper.
59
FINDINGS AND RECOMMANDETIONS
Findings
I came to know about the preference of customers after doing the activity of market tapping.
People have different needs and wants, so one should be able to understand their needs and wants in order to sell the product.
Business standard is the second most preferred newspaper in the areas surveyed.
Most of the readers agree a gree that the t he language used in BS is simple simple for them.
The supplements of BS are fairly popular amongst target audience which is good for the brand.
News covered by the newspaper i.e. the coverage plays an important role. Readers feel that the lack of news coverage may lead them to change the newspaper they read. Some of vernacular readers have switched to English daily only because of their need to improve their English but the percentage is negligible.
News channels and Internet media has affected the reading pattern of the readers up to a considerable extent.
60
The basic idea of reading a newspaper is to gain information and knowledge; hence the news coverage is a dominating factor in newspaper purchase as well as reading.
Due to increase in the th e usage of Internet, people p eople prefer to do surfing on the net n et and thereby collect more information on the different aspects simultaneously.
Lack of airline industry news
Agriculture industry news is not provided.
Service problem is the main problem with BS, because in our survey I met so many people who did not get news paper on daily basis.
There is also one finding that font size of stock market related news is very small so that they are not happy ha ppy with it.
Some clients said that whatever hidden news shown by ET those news are not covered by BS
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Recommendations From the study carried out and the analysis of the result obtain from the survey, the following suggestion and recommendation can help the firm to improve upon the product. 1) Add the news on IT and Information in much more detail
2) Increase the number of centers from where the news paper is available
3) Increase the font size of stock detail
4) Give more job related advertisements
5) Improve print quality
6) Come up with new creative advertisements
7) Build proper positioning in the minds of the readers
8)
Give certain small small vouchers package at the time of any other festivals.
9) Service check calls at r egular intervals.
10) Publishing their Club and giving membership to regular customers.
11) Make some events with corporate to spread awareness ofBS
12) Collaborate with B-schools to provide copy of BS daily at their home. 62
CONCLUSION The reader who is loyal to their financial daily but they also read another financial daily to get information. So I put them in split loyal category. This people are 10.5% in our survey. So we can come to know that this people are in the business where financial daily help them in their business. The reader who are not loyal loyal to any particular financial daily and switch to any financial daily if any come with discount and gifts. I put them as Switcher. I found such readers are 21.5% in our survey. I can say that these readers are price sensitive. I found that among sample reader 56.82% believe that The Economic Times has most understandable language. Reader who believe that Business Standard has most understandable language are 38.64% and reader who vote their believe about Financial Express are 4.54%. This result makes some conflicts with our analysis about all financial daily in which Business Standard came as financial daily that has most understandable language So we come to know that, 49% people are interested to know the information about the company news. So they may most concern with their business. So media should more concern with the news of business and companyrelated news. there are persons who are interested in English and want to improve it, so they like to read Editorial page in news paper. There are 9% readers in our survey who always lime to read editorial page in financial news. This question is made to know likeness or real price sensitivity of reader about purchasing decision. I found that 75% reader like if any Financial daily comes with discount and gifts and 25% do not like. The result clearly shows that there is conflict in given answer to influence factor and liking towards discount and gifts. Because only 21.4% reader accepts that price is factor which influence their purchasing decision and here 75% are ready to accept if any financial daily comes with wit h discount. So this reader is actually actual ly price sensitive nsitiv e but they want themselves as quality sensitive.
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Suggestions
Business standard should target upcoming rural district where education is growing, to increase their circulation. It can also target the undergraduate student who are preparing for entrance exams and wants to improve their language proficiency. Target small firm for the sponsored copy, Which help to create awareness about newspaper. They should start individual subscription offers with some schemes like free gifts. They should go for heavy campaign for advertisement in rural and urban areas. They can organize some events like seminars to create the awareness about newspaper. It should increase the quality of its font fo nt size.
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Chapter.5 Learning¶s from the project My work at Business Standard was of hard core selling with research of consumer behavior for the one and half month. I personally went to many corporate offices and got subscriptions for the company. My contribution was of 29 yearly subscriptions in the month. I have also tried to crack bulk deals for the company. My target was most of the B-schools should be covered, so as per sir¶s guideline I float the scheme in around 7 B-School and some of them are MBA collages.
Usage of concepts in the firm, learnt in the academic year There were certain concepts which I had learnt during my academic year and used in in the training period.
Relational purchasing :
The way consumers habitually brands, products and services based on their understanding of and belief about, the brand product and the company.
And I have hav e actually seen people peopl e buying the t he subscription subscript ion due to their understanding of brand.
Price cutting :
A marketing technique involving temporary reductions in the price of a product or services, aimed at increasing t he market share.
He special subscription rates were a pure example of price cutting.
Sales penetration:
This is a calculation indicating how much of a particular market for a product or service has been gained by the active sales.
After the monthly target achieved I used to calculate how much part the market has been captured by the team.
Customer Retention :
Retaining customer for a long term transaction and not for a mere one time interaction. 65
Network marketing :
The marketing of Business Standard through a network of agent of agent, is it household or corporate networking.
During the full project my learning¶s were many. This was the first very experience for me on a job and that too in a newspaper company. According to me working in the newspaper industry as a first experience has opened many future lines for me. I have learnt the basics of the management of a newspaper, distribution, sales, space selling and marketing for sure.
STRATEGIES LEARNT AT T HE FIRM During this tenure of two months I had practically applied a lot of concepts learnt during academic year for the marketing andpromotion of Business standard. Here are few concepts listed below:
Customer retention It is the retaining customer for a long term transaction and not for a mere one time interaction. I learnt how important this customer retention is for any company as the cost of making new customers c ustomers is very high as compared compar ed to retaining old ones.
Viral marketing The marketing of business standard through a network of agent, is it household or corporate networking.
Referral marketing o
Contacting references for the business business enhancement enhanc ement
o
Referrals are very cost-effective cost-effective
Guerrilla marketing It is an unconventional way of performing promotional activities on a very low budget. Such promotions are sometimes designed so that the target audience is left unaware they have been marketed to and may therefore be a form of undercover marketing. It is an unconventional marketing intended to get maximum results from minimal resources. 66
LEARNING¶S OF FEW SOFT SKILLS While undergoing su mmer training at Business S tandard, with the t he above mentioned learning¶s I had learned certain soft s oft skills. These soft skills are as follows:
Communicating with people: y
Informing all the target customers about the subscription scheme to all the target customers.
y
Communicating through:
Words
Brochures and flyers
Convincing them: y
Convincing people to give an appointment and listen to the scheme
y
Convincing customers to buy the subscription
Language of Corporate World: y
During my SIP I had learnt the language of corporate world. How they are responding. How they are behaving. How they are talking, performing their operations, their life style, and the way wa y they are working etc.
Handling y
clashes with the superiors:
During the fulfillment of my summer training I had faced certain clashes with my direct superior. These two month¶s period taught me how to handle the situation.
Handling y
pressures:
While I was working at Business standard for subscription there was a constant pressure of achieving the targets and also there was a pressure of behaving good with the customers as we were representatives of Business standard there.
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Bibliography
The project report on Business Standard on the topic ³Consumer Behavior and Brand Awareness of the Business Standard ( English)´ could be successful with the
co-operation of the project and the faculty guide. But along with the training period I had taken the Help of the following books and links to know more about the subject
Book References y
By Kotler Philip, Keller Kevin Lane, Koshy Abraham, Zha Mithileshwar , Marketing Management (Twelfth Edition) ,Pearson Education Educat ion Ltd.
y
By Cooper Donald P., Schindler Pamela S., Business Research Method (9th Edition), Tata-McGraw Hill Publishing Co. Ltd.
Web References y
www.ficci.com
y
www.business-standard.com
y
www.wikipedia.com
y
www.geography.com
y
www.google.com
y
www.business-standard.com
Magazines: y
Pitch : page 23 ( May 2010)
y
Impact Of Advertising : page 24 ( June 2010)
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ANN EXUR E:-QUESTIONNAIR E Dear Respondent,
We are students, perusing p erusing MBA from R.K. R.K. business management, Rajkot. As a part of our academic curriculum, we have to prepare a research report for the subject of consumer behavior. We request you to answer following questions so we can fulfill our academic requirement. We ensure you that information given by you remains confidential and will be used for academic purpose only.
Q.1) Do you read financial daily?
Yes
No
Q.2) How frequent you read financial daily?
Regularly
Occasionally
Q.3) Which Financial newspaper you read?
_______________________________________________
Q.4) Are you satisfied with your purchase decision of a particular newspaper?
Very satisfied somewhat satisfied Moderate somewhat dissatisfied very dissatisfied
Q.5) which is the factors you take in to consideration c onsideration before buying bu ying Business Dailies?
Price
News coverage
Stock information
Discount
Q.6) why do you refer a particular newspaper(s)?
a) Business standard: ______________________________________________ b) The Economic Times: ____________________________________________ c) Financial Express: _______________________________________________ d) Others(
)______________________________________________
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Q.7) Do you purchase business daily at a normal price or under any scheme?
_____________________________________________________ _____________________________________________________
Q.8) if you are given any discount discou nt on the yearly year ly subscrip subscr iption of financia l newspaper newspap er
then which newspaper you will subscribe?
a) Business Standard b) Financial Express c) Economic Times d) Business Line e) Other________
Q.9) which is the most important b enefits you gain from reading business dailies?
Helps in decision making
Improves my effectiveness at work Improves my analytical skills Improves my business knowledge For investments insight
Q.10) Are you satisfied with the content of financial newspaper?
Very satisfied somewhat somewhat satisfied Moderate somewhat dissatisfied very dissatisfied dissatisfied
Q.11) Name: ______________
Sex: Male/Female
Qualification: ______________
Company: ________________ Designation: ______________ Contact no: _____________ 70