1 | Page “Summer Internship Project Report” On, to develop a plan to promote the sale of ‘Business Standard’ in Co- operate Sector and its implementation. (Specially focuses on financial newspaper readers) Project report is submitted to Som Lalit Institute of Management (SLIMS) In partial fulfilment of the requirement for the award of the degree of “Post Graduation in Diploma Management” Submitted By: - Jimi Nebhani Under the Guidance and Supervision of: - Mr. Kunal Panchal SLIMS Campus, St. Xavier's Corner, University Road, Navarangpura, Opp St Xavier's College, Ahmedabad, Gujarat 380009
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
1 | P a g e
“Summer Internship Project Report”
On, to develop a plan to promote the sale of ‘Business Standard’ in Co-
operate Sector and its implementation.
(Specially focuses on financial newspaper readers)
Project report is submitted to Som Lalit Institute of Management (SLIMS)
In partial fulfilment of the requirement for the award of the degree of
“Post Graduation in Diploma Management”
Submitted By: -
Jimi Nebhani
Under the Guidance and Supervision of: -
Mr. Kunal Panchal
SLIMS Campus, St. Xavier's Corner, University Road, Navarangpura,
Opp St Xavier's College, Ahmedabad, Gujarat 380009
2 | P a g e
“Declaration”
I (Jimi Nebhani) hereby declare that this project report entitled To develop a plan to
promote the sale of ‘Business Standard’ in Co-operate Sector and its implementation
submitted in partial fulfilment of the PGDM program of Som Lalit Institute of Management
is my original work and the project is not submitted as project previously to any institution
for the award of any degree, associate ship, fellowship or any other similar titles.
Date:
Place:
Signature of the Student
3 | P a g e
“Certificate”
This is to certify that the project work entitled “To develop a plan to promote the sale of
‘Business Standard’ in Co-operate Sector and its implementation“ is a bonafide project
work carried out by Mr. Jimi Nebhani PGDM student, Som Lalit Institute of Management,
Ahmedabad during April-May 2016 in partial fulfilment of the requirements of the PGDM
program and that the project work has not formed the basis for the award previously of any
degree or other similar titles.
Date:
Place:
Signature of the Guide
4 | P a g e
“Preface”
Summer project is part of academic requirement incorporated in the curriculum of PGDM
Program. This exercise enables to get practical exposure to realities of corporate world I
action and practice. A great knowledge comes from better book education and a good
experience. Keeping this in mind, the Som Lalit Institute of Management has introduced a
summer training program, and thus I got a truly rewarding chance to get best feel and
experience of the real world economic environment I the best possible manner. For this
practical training, I had undergone a research project on “To develop a plan to promote the
sale of ‘Business Standard’ in Co-operate Sector and its implementation”.
During the training period I had studied how attitude of consumer perception regarding
financial newspaper and how they feel and what they want in daily financial newspaper. I
have also got to know how it can be measured. During my project I came to know different
aspect of people perception on financial newspaper and their awareness.
5 | P a g e
“Acknowledgements”
With regard to my project with Business Standard I would like to thanks each and every one
who offered help, guideline and support whenever required. I am very thankful to entire
team of Business Standard For their cooperation, without which completion of this project
would not have been possible.
I 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.
I would like to extend our gratitude to Som Lalit Institute of Management, Ahmedabad
affiliated to the said university for giving us the opportunity to increase our practical
knowledge in the field of Consumer Behaviour. I also thank all the professors and staff of the
Institute for their valuable guidance and help throughout the project.
Last but not least, I am also thankful to all the people who helped me directly or indirectly in
Common Features Companies, Economy & Public Affairs, World, Issue & Insight, Take Two
Uncommon Features
Smart Investors, Stock, Commodities, Private Equity, Report Card, Tender & Notice, Market, Insurance Gazette, Digital Consumer, Business Law,
Strategist.
Stock Pages (Average in Week)
6
Extra Supplement The Smart Investor (Tue to Sat), The Strategist (Mon), BS Weekend (Sat)
Language Average
Rank 2nd
Size 50 or 51 or 52 cms in length and 32.9 cms in width
Magazines The Banking Annual, BS2000, The Billionaire Club, Fund Manager
20 | P a g e
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:
1. 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 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.
2. 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 advertise,
Department
System
Scheduling
Editorial
Production
Market Development
Space Marketing
Dispatch Department
Financial Department
HR Department
21 | P a g e
which matter and advertisement should be in which page is the looked out by
scheduling people. For this scheduling the department forms a dummy A-4 size,
adjusting the editorials and the ads in that paper to know the place of the same in
the original size paper.
3. 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 to publish the articles too. The news can be by telephone, faxor 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.
4. Production Department: - After receiving the facsimile copy on the butter paper
from the system department the work of production department starts. This butter copy is
framed on the aluminium 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 Dryer Unit. Production Department is used mainly four colours for the hard
copy, which are Black, Yellow, Cyan and magenta. Some colours are used at the time
of the final printing of the newspaper at press. Raw material for this department is
paper and aluminium plate. Print comes in the form of reel. The cost of reel is Rs.
10000.
5. 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 customer to its list. They are the people who not only
think about selling the newspaper but also how to promote it.
6. 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 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.
22 | P a g e
7. 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 centre i.e. local or
upcountry. There are about 46 upcountry and 6 in Ahmedabad. The distribution at
these centres 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 departments without the company cannot be run. Those
department without which any firm is incomplete.
8. Financial Department: - This department is responsible for all the financial matters.
Matters are related to salary, operational expenses and other expenses. It is also
responsible for the cutting the cost of the publication.
9. Human Resource Department: - This is the department responsible for the HR
supply in the company. For Business Standard this department is not in Ahmedabad, but it is in
Mumbai. It means that the Business Standard has a centrally located HR department
who takes care of the supply in any 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 behaviour amongst the audience of the
newspaper.
10. How this media get advertisement from clients? Actually this media have their agents who
collect contract from 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.
11. 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 team work, 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.
23 | P a g e
7’S Framework
1. 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.
2. Strategy: - The science and art of using all the forces of a nation to execute approved
plans as effectively as possible during peace or war is strategy. Strategies 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 strategies are planned accordingly.
3. 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 reach to top so that
readership is strong.
4. 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.
5. 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 must be stated as both corporate objective and individual values.
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.
7’S Framework
System
Strategy
Style
StaffShared Value
Structure
Skills
24 | P a g e
6. 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.
7. 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 doing a recent job oriented.
Mr. T N Ninan (Chairman)
Mr. Vijay Kadu (VP Market
Development)
East
Mumbai
Ahmedabad (Group Officer Mr. Kunal
Panchal)
Pune
West North South
Mr. Sachin Panshikar (VP
Space Marketing)
Mrs. Bandana Roy (VS System)
Mr. Amitava Sinha (VP Production &
Admin)
Mrs. Sewta Verma (HR)
Mr. A K Bhattacharya (Editor)Mrs.. Akila Urankar
(President)
25 | P a g e
“SWOT Analysis of Business Standard”
Strength -
1. India's 2nd largest circulated business daily.
2. Provide 13 editions in the country.
3. Provide extra pages on weekend.
Low price.
4. Provide general awareness in term of investment.
Weakness -
1. Low brand awareness.
2. Only three times a week provide stock news.
3. News sometimes are very lengthy.
Opportunities -
1. Increasing urban population.
2. Opportunities to sale more newspaper in Kochi, Lucknow, Bhopal and Bhubaneshwar because apart from business standard no any other financial newspaper goes in Bhubaneshwar and Bhopal and in Kochi & Lucknow only financail express goes.
Threat -
1. Existing comprtitors like Economic Time, Business Line, etc
2. Threat from other media forms, like news channels, internet etc.
3. Low price strategy.
SWOT Analysis
26 | P a g e
Chapter 4th
Sales and Distribution
Sales
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 indue 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:
Pre press activity
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
sections, i.e. Ahmedabad and upcountry market. This upcountry market has about 46
centres.
27 | P a g e
Sales Activities of Business Standard
Business Standard gets involved in many kinds of sale activity. They are: -
1. Subscription Sale: - A one year or two year by subscription by paying fixed amount is
sale by subscription.
2. Cash Sales: - Customers when paying the amount to purchase a newspaper directly
to the book stall in cash then the sale is said to be a cash sales.
3. Line Sales: - Line sale is the in which it is post paid billing. When the customer gets
the Business Standard copy through the vendor and pays in the end of month, it is
line sale
4. 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
institution concerned
5. 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 client. If it is big corporate and staff are such that, they read
financial daily at their home, then for bulk subscription they have to try.
Sales Activities
Subscription Sale
Cash Sale
Line SalesInstitutional
Sales
Corporate Sales
28 | P a g e
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 newspaper.
How Business Standard reaches to you: -
Raw Marerial
Printing Press
Ahmedabad Nadiad Anand
Agents in Each City
Vendors
Readers
Bookstalls
Readers
Vadodara Bharuch
29 | P a g e
Chapter 5th
Literature Review
Introduction
All consumers have their own favourite 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 click 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 behaviour. 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 (‘Blogs´) and
other new media technologies. Understanding consumer’s personal and psychological
factors perspective is particularly important and may possess strong purchase
influence behaviour 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 increasing 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 customers. 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. Not only must the advertisement effectively communication 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 communication must be sent and received. The
designation of advertising certainly 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 44
intrinsic to markets and fundamentally beneficial to the customer. By way of example, an
appealing realtor may provide convincing messages in a high-gloss magazine targeted
towards first-time buyers that a particular subdivision is the place 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.
30 | P a g e
Chose newspapers: - Because of the limited amount of research into advertising
Effectiveness which has been carried out using this medium and also because it is easy to discriminate
between 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
Curloand 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 factor in measuring consumer attitude.
Marketing Communication: - In their communication based model of relationship
marketing, Duncan and Moriaty (1998) argue that the essence of communication with
consumers 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 45observation that interaction
should be the third essential business activity besides the traditional production and
consumption activities.
Such as the Internet, firms and consumers now communicate constantly and
instantaneously on a broad range of issues. Communication shifts from one-way to a two-
way process, and consumers are brought to the forefront as they gain more Control over
the process (Hoffman and Novak 1996; Stewart and Pavlou 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 Behaviour with firms and that such differences can affect
customer relationship Quality and buyer behaviour (Oderkerken-Schoder, De Wulf and
Schumacher 2003; Sheth and Parvatiyar 1995). Overall, the new role and nature of
communication in Marketing calls for a better understanding of the interaction process,
especially the Critical role consumers play in this process.
31 | P a g e
Chapter 6th
Research Methodology
Introduction
In the internship program all our teammate have to do research on the
consumer behaviour 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 what Business Standard should do to penetrate and product
development.
Research Objectives
To penetrate the market, or can say Market Development.
If company wants to develop their product than which criteria should be considered.
To understand the consumer Behaviour.
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 adopted. Research methodology states what procedures
were employed to carry out the research study.
32 | P a g e
Limitation
The main shortcoming of the project was that the generalizations have been made
based on a restricted sample of 300 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 the sake of answering.
Research Design
Data Source: -
Primary data source (Questionnaire)
Secondary data source (Company website)
Sampling Area: - Ahmedabad
Sample Size: - 300
Sampling Method: - Quota sampling
Research Instrument: - Questionnaire
Method of contact: - Personal
33 | P a g e
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 and their designation. Sample size of 300 was taken for the research. There
was also some limitation to take such small sample size. Lake of time is the main limitation
to tale such small sample size.
Data Collection
Since, data collection signifies a very crucial place in a survey; I have collected 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 behaviour of reader I must take their interview.
34 | P a g e
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. The questions asked were in open-ended and
close-ended form, open-ended question were to get customers own views and in close-ended
questions, multiple-choice questions and dichotomies questions were included.
Questionnaire Survey
This part of the data collection method can be termed as ‘quantitative survey´ and the
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.
35 | P a g e
Chapter 7th
Data Analysis and Data Interpretation
Introduction
When you have all this information about your business or project saved and tracked, what
do you do with it? That’s where interpretation of data comes in. It is designed to help
people with limited statistical or programming skills quickly become productive in an
increasingly digitized workplace.
Data analysis and interpretation is the process of assigning meaning to the collected
information and determining the conclusions, significance, and implications of the findings.
The steps involved in data analysis are a function of the type of information collected;
however, returning to the purpose of the assessment and the assessment questions will
provide a structure for the organization of the data and a focus for the analysis.