35005495 business-standard

Prepared by:-

Vidhi.M.Amrutiya

1202

Identification of potential customer, brand building and

market penetration for

Faculty Guide : Dr. Naresh Patel

Company Guide : Mr. Kunal Panchal

Project Roadmap

Project DetailsProject SummaryStage 1 : In house training

Print Media process training

Research/Survey

Stage 2 : Field work

Sales

Work planned for last 3 weeks

Project DetailsProject SummaryStage 1 : In house training

Print Media process trainingResearch/Survey

Stage 2 : Field work Brand building and market penetration

ChallengesAchievementsRecommendationsConclusionBibliography

Project DetailsName of the Company

Business Standard Ltd.

Location Ahmedabad and Rajkot

Faculty Guide Dr. Naresh Patel

Company Guide Mr. Kunal Panchal (Officer – Market Development)

Title Training in print media process, brand building and market penetration.

Duration 1st May 2010 – 30th June 2010

Project Summary

Understand the product (i.e. Business Standard financial daily)

Understand the competitorsMarket survey in AhmedabadField work in Rajkot which includes Sales

(Increasing the no. of subscriptions)

Stage 1 1st May 2010 – 8th May 2010

In house training Understanding the print media process

Market research/survey (Ahmedabad)

To find the potential customers in Ahmedabad city

1st Week 2nd Week 3rd Week 4th Week 5th Week 6th Week 7th Week 8th Week

For Initial 2 days we were made to do the analysis of four financial dailies.

1. Business Standard2. Economic Times3. Financial Express4. Business Line

Then performed SWOT Analysis of all the four financial newspapers.


Print Media process training

Our Guide gave a brief explanation of every department of Business Standard Ltd.

Also gave many details about the company and how it works.

Then the personnels from their respective departments explained us the whole working of their department.


Space Marketing (Advertisement) Department

Mr. Jay Saraiya (Gujarat Head)

Types/Categories of advertisementsDisplayFinanceTendersDAVP(Directorate of Audio Visual Publicity)NoticesSpecial reports, project feature


Different position and space for advertisement.Front page left corner small ad – Pointer adRight corner/Half front page – Front page sourceTop of the front page, below title – MastheadMiddle of the page surrounding by news – Island

positionGatefoldJacketBelow MastheadCenter Spread


Learnings

The sales of advertising space in daily papers is overseen by the advertising department, which is divided into national, classified, retail and creative services.

Editorial Department

Mr. Vinay Umeri

National coverageMaintained conventionalismLanguage – Doesn’t beat about the bushInformation – AuthenticMore sectionizedEach BS reporter covers different beats


Learnings

The editorial department, headed by the executive editor, is comprised of editors, reporters, photographers, copy editors and graphic artists who provide local, national and international news, sports and features.

Scheduling Department

Mr. Sameer Trivedi

Responsible for the layout of the newspaper.Uses Quark Express Software for designing

the space according to the advertisements which have to be published.

The data must be in either of the two formats, PDF (Portable Disk Format) or EPS (Ended Post Script).

These are checked for errors by softwares like Pit Shop (for PDF files) and Fight Check (for EPS files).


Production Department

Mr. Vikas Purohit

Sambhav pressPaper from Mysore papre mill546 mm height and 700 mm widthUse four films – Cyan, Magenta, Yellow, BlackOne machine – 20 pages together but if

coloured then only 6 pages.


Learnings

Systems Department

Mr. Jayesh Shah

System department is responsible for the communication network as well as all the technical related problems in 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.


Learnings

The many responsibilities of the systems department include overseeing the entire newspaper’s computer network, maintaining security for all department databases, purchasing and installing software and hardware, providing computer training and monitoring new technology for all newspaper departments.

Market Development (Circulation) Department

Mr. Kunal Panchal (Officer – Market Development)Mr. Hardik (Gujarat Head)

Market Development Department generally known as circulation department and responsible for the circulation of the newspaper in the whole region, which comes under the preview of that addition of the newspaper.

Circulation department also sell and promote the newspaper.


Market development strategies and pricing strategies.

Market Development Department handles various functions like Print Order generations, regularity of dispatch and to receive the payment against the bill generated by it for the month.


Learnings

Market Research/Survey

Ahmedabad


Research Details

Title :- Identification of the potential customers of

Business Standard in Ahmedabad city.

Objectives :-1. To find out who are the potential customers

of Business Standard in Ahmedabad city.2. To find out the attributes which are

considered important by the customers while purchasing a business newspaper?


Sample Size :- 100 people

Sampling Unit :-Stock brokers, Chartered Accountants, Corporate professionals, Bank employees and B-school students and professors.


Sampling Method :-Simple random sampling

Source of Data :-Primary DataSecondary Data


Data Interpretation

Which newspaper do you read ?

Since how long have u been reading this newspaper ?

Which of the following financial newspaper are you aware of?

What attributes are preferred by you in a financial newspaper?

What would u give preference while subscribing a newspaper ?

Are you an investor ?

Do you think that financial newspaper helps you in taking your decision on investments?

Would you switch your newspaper if any special offer is provided to u?

Findings

Compared to Economic Times, brand awareness of Business Standard is less.

More no. of people prefer gujarati newspaper. Ahmedabad mirror is most preferred daily in english newspapers.

Stock market news is the most preferred attribute in financial newspapers.

News coverage is given more importance while choosing a newspaper.

SuggestionsThe company should do more brand building

activities to increase brand awareness.The Stock Market analysis in Business

Standard is excellent and considered to be the best among all the papers. So must use this strength in marketing.

The company should focus on retention of customers because getting a new customer is more costly.

LimitationsThe sample size chosen is limited to 100

respondents; the study may not be applicable to the total market.

There is a possibility of the respondents being biased; hence the information collected might not be an accurate one.

The questionnaire may not be perfect to draw any strong conclusion as the primary object is to find the people who can be considered as potential customer.


Stage 2 10th May 2010 – 30th June 2010

Field Work (Rajkot)Brand building and market penetration

Brand Building

Enhancing a brand's equity directly through advertising campaigns and indirectly through promotions is called Brand building.

Branding is more than just a business buzzword. It has become the crux of selling in the new economy.

If the old marketing mantra was," Nothing happens until somebody sells something," the new philosophy could be" Nothing happens until somebody brands something.“

A brand represents many more intangible aspects of a product or service: a collection of feelings and perceptions about quality, image, lifestyle and status.

It creates in the mind of customers and prospects the perception that there is no product or service on the market that is quite like yours. In short, a brand offers the customer a guarantee and then delivers on it.

Therefore, successful branding programs begin with superior products and services, backed by excellent customer service that permeates an entire organization.

Market PenetrationIncreasing market share of an existing

product, or promoting a new product, through strategies such as bundling, extensive advertising, lower prices, or volume discounts is called Market penetration.

You might infer, then, that if you build a powerful brand, you will in turn be able to create a powerful marketing program.

However, if you can't convince customers that your product is worthy of purchasing, no amount of advertising dollars, fancy packaging or public relations will help you achieve your sales goals.

Work Done1) Brand Awareness Programme2) Volume Discounts3) Advertising through promotional offer4) Direct Selling and Mass marketing5) Reactivation of Brand6) Corporate Scheme

1) Brand Awareness Programme

“Brand Awareness is the extend to which a brand is recognized by potential customers and is correctly associated with a particular

product.”

Name of the College

No. of Students

Result

Bhalodiya Mahila College

100 Successful

Kansagara College

50 Fairly successful

Dhamsania College

150 Successful

Christ College 150 Successful

H.N.Shukla College

200 Successful

To convince the administration staff and the principal to allow marketing of another brand in their college was really a tough job.

Students were highly co-operative and even some of the teachers showed their enthusiasm.

Bhalodiya college experience.

2) Volume Discounts

We provided volume discounts to the students in colleges under bulk subscription (one spot delivery)

To get this discount the colleges had to subscribe atleast 25 newspapers, as only then the company can incur the delivery cost at such lower price.

Duration

(Mon to Sat)

Cover Price

Offer Rate You Save

6 Month Rs. 546.00 Rs. 175.00 68 %9 Month Rs. 819.00 Rs. 250.00 69 %

3) Advertising and promotional offers

We offered 40% discount on yearly subscription of the Business Standard newspaper and alongwith with it also provided four annual magazines free.

Cover Price (yearly)

Offer Price (yearly)

You save

Rs 1092 Rs 650 40%

Banking Annual – Performances of the banking sector. Annual ranking of banks, exploring the mantras adopted by top rated banks to succeed.

The Fund Manager – Covers the high points and performances of mutual funds. An annual guide to smartly invest in mutual funds. Includes profiles of top fund managers.

BS 1000 – A guide to India’s top 1000 companies. An annual reference book on corporate performance analysis and rates top 1000 listed companies.

The Billionaire Club – Listing of India’s richest businessmen and executives. The only annual listing featuring India’s growing super rich community.

3) Direct Selling and Mass Marketing

Direct sellingNo door-to-door selling.

Reaching our target customers.

People who have reasonably good knowledge of English.

Government Employees (sp. Bank employees)

Hotels

Mass MarketingDistributed free/complimentary copies

of Business Standard with an attached promotional brochure to various places like:

IOCL QuartersBank Of India Quarters

5) Re- activation of brand

Other than offering discount to new customers, we also provided the same offer to those customer who enrolled in the offer of yearly subscription previous year.

This made the customers more satisfied and this can increase the customer loyalty for Business Standard newspaper.

Thus we collected around 90 renewals as a team.

6) Corporate Scheme

Under this scheme the corporate company was given 40% discount for its employees and alongwith it any of the one benefits:

Laptop Bag

Advertisement

For eg. Zydus Cadila gave business of Rs 10000 through its employess’ subscriptions, so Business Standard offers advertisements worth Rs 5000 in Business Standard newspaper free to Zydus Cadila.

Challenges

One of the truths of modern business is that there is almost nothing that your competitors can't duplicate in a matter of weeks or months. If you have a great idea, you can be certain that somebody will copy it before long. And not only will they follow your lead, but they may also be able to do a better job or sell the product or service at a lower price.

The question then becomes, "What competitive edge do I have to offer that cannot be copied by anyone else?"

Arrival of Mint

- fancy- white paper- half the size- collaboration with The Wall Street Journal- offer price Rs 399

Bulk subscription offer of Financial Express

Providing at Rs 150 for 6 months, while we increased our price to Rs 175.

Poor English knowledge of people in Rajkot

People preferred the local/regional newspaper more than the English newspaper.

Increased awareness of internet media Getting enough knowledge and latest

updates from internet and not like newspaper in which they to wait for one day for the latest happenings and changes in the market.

To save the bread and butter of the company

To stay away from the existing customers paying monthly.

It was a big hurdle in planning marketing activities.

Achievements

To work as a project leader.

311 copies of bulk subscription.

Successful Brand awareness programme and presentations.

Implementation of mass marketing idea.

Successful renewals and solving their problems and issues which the company was not aware of.

Appreciation from Gujarat Head for gathering information of our competitor MINT.

Highest – 32 subscriptions, as a team 93 subscriptions.

Stipend to be given (nearly Rs 7000) for the internship period. Still pending.

Asked to continue with the company as a team leader and also for a different profile.

Recommendations

Can increase the number of centers from where the news paper is available and improve the distribution system.

The company can also start a Customer Care department.

Management can design a vendor Relationship Management programme and should come up with some motivational offers and scheme for the vendors, so that they are self motivated and hence will push Business Standard from their side and would help in increasing the trade sales.

Business Standard should start its Sunday copy in all the editions with some better strategies than its competitors who are charging more for the Sunday edition.

Conclusion

The distribution channel plays a very important role in newspaper industry. In some cities the distribution system of Business Standard is not proper.

Promotional scheme offered to the customers helped increasing the circulation of Business Standard.

Looking at over all publication process, we came to know the whole process of printing till the final delivery of the newspaper. Understanding the theoretical aspect makes it look much easier but practically the publication process is very difficult and requires integrated efforts from all the departments.

Finally looking at the acceptance of promotional scheme of Business standard, I conclude that the scheme offered was mostly liked by the readers and ultimately most of them were subscribing to it.

Bibliographyhttp://www.business-standard.com/http://www.wan-press.org/http://www.historicpages.com/nprhist.htmlhttp://www.newspaper-industry.org/

history.htmlhttp://www.media.herald-dispatch.com/nie/

newspaperproces.htmlhttp://drypen.in/branding/brand-awareness-a-

brand-building-concept.html

35005495 business-standard

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