Final Project Report BS

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SUMMER PROJECT REPORT

ON

Customer Brand perception of various economic dailies

At

BUSINESS STANDARD

Under the guidance of

Mr.Vaibhav KunwarAssistant Manager - Market Development.

In partial fulfillment of the requirements

For the award of

POST GRADUATE DIPLOMA IN MANAGEMENT (PGDM)

(Approved by AICTE)

VIVEKANAND EDUCATION SOCIETYS

INSTITUTE OF MANAGEMENT STUDIES AND RESEARCH

Chembur, Mumbai.

Submitted By:

Iyer Deepika Ravi

ROLL NO: 14

PGDM

2011-2013


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ACKNOWLEDGEMENT

I wish to express my deep sense of gratitude to my Guide, Mr. Vaibhav

Kunwar, Assistant Manager - Market Development, Business Standard, for

his able guidance and useful suggestions, which helped me in completing

the project work, in time.

Needless to mention that Mr. Harshal Pahdnis and Mahesh Gorwar,

for all their support throughout the training period, who also had been a

source of information, for all their valuable assistance in the project work

and for their timely guidance, in the conduct of our project work.

Finally, yet importantly, I would like to express my heartfelt thanks to my

beloved parents for their blessings, my friends/classmates for their help

and wishes for the successful completion of this project.

Iyer Deepika Ravi

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DECLARATION

I, Iyer Deepika Ravi, hereby declare that report on summer training entitled

Customer Brand perception of various economic dailies is a result of my own work

and indebtedness to work publications, if any have been duly acknowledged.

Place: Mumbai SIGN: Iyer Deepika Ravi

Date:

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TABLE OF CONTENT

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EXECUTIVE SUMMARY

As a summer trainee I have worked in the market development department. My

project was Customer Brand perception of various economic dailies. The main

responsibility handed over to the summer trainees was to increase the subscriber base

and generate revenue to the company by increasing the circulation of the newspaper.

I had a favor of many practicalities of marketing from personal selling to institutional

selling. I have learnt many strategies on the field.

Though there was not target as such was given to complete but the task get newsubscription i.e. new customer, which gave me exposure to practical world. Gave

actual idea was selling, made me fine tune my selling and negotiation skills and learnt

marketing practices in actual and enhanced soft skills like the team work, sharing and

caring, personal relations, etc.

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OBJECTIVES OF THE STUDY

Learn different marketing techniques.

Different marketing techniques are introduced in the textbooks of marketing, but it s

the time to get into actual world and apply it.

Learn the scratch work of hard core personal selling

This is indeed a necessary task to be done. What we read and what we get is

something very different. Reading the subject and applying the same are completely

different aspect. When you meet the actual customer the process of communication

becomes totally different and in actual world. Normally we people neglect

salesperson and dont give them their due respect when they come to our door step for

selling their product. We dont even treat them as human but ask them go away. But

when I was on their footstep, I understand that how much hard work is involved, and

how pressure they undergo.

Strategy making in actual competitive market

To strategize, you need to know your external environment and for this purpose the

practical experience in such a renowned firm will be helpful.

Apply the theoretical knowledge in to the practice

Giving a practical approach to any problem has been a difficult task. We as student

quiet often neglect the basic realities of the real world. This training will provide us

with the best knowledge to overcome these shortcomings.

Understand the customer

Customer is the king; we have to understand their needs and requirements

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INDUSTRY PROFILE

The History of newspapers is arguably one of the most dramatic episodes of human

experience. The actual origin of newspapers lies in the Renaissance Europe when

local merchants used to distribute handwritten newsletters amongst each other.

However it was not until the late 1400s when Germany introduced the precursors of

printed newspapers. Since then newspapers have evolved dramatically and today there

are more than 6580 daily newspapers in the World. A typical modern day newspaper

is filled with various materials like editors columns, newspaper classified ads ,

newspaper display ads, forecasts, comic strips, entertainment section and much more.

Unfortunately the sudden economic downturn has also seen the rise of electronic or

web-based versions of newspaper journals which automatically resulted in a decline

in newspaper classified advertisingand circulation.

History and origin of newspapers in India:

The history of newspapers in India is equally interesting. The introduction of

newspapers in India was hastened by the spreading sense globalization amongst the

countrymen who wished to be informed about the recent events in the world. It was

during the same time that the first newspaper of the country was introduced in

Calcutta (Kolkata). The newspaper titled Calcutta General Advertise or Hickeys

Bengal Gazette was introduced by an eccentric Irishman called James Augustus

Hickey during the 1780s.

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History and Evolution of Indian Newspapers:

Although there was a flurry of English broadsheets during the eighteenth century,

newspapers in regional languages made its way much later during the second half of

the nineteenth century. First on the list were two Bengali newspapers called

Samachar Darpan andBengal Gazette while the first Hindi newspaper was Samachar

Sudha Varshan. The Hindu newspaper which was launched as a competitor of

Madras Mailbecame the first national newspaper of the country. Soon it became the

voice of the nation during the establishment period.

Indian Newspapers: History & Origin

Since then many newspapers have been introduced out of which newspapers dailies

like Times of India, The Telegraph, Hindu, Hindustan Times, The Statesman,

Economic Times, Anadabazar Patrika, The Tribune etc. have become the highest

circulated newspapers of the country.

This first printed newspaper was a weekly publication. In 1789, the first newspaper

from Bombay (now Mumbai), the `Bombay Herald` appeared, followed by the

`Bombay Courier` in the following year. Later, this newspaper merged with the Times

of India in 1861. These newspapers carried news of the areas under the British rule.

The first newspaper published in an Indian language was the Samachar Darpan in

Bengali. The first issue of this daily was published from the Serampore Mission Press

on May 23, 1818. Samachar Darpan, the first vernacular paper was started during the

period of Lord Hastings. In the same year, Ganga Kishore Bhattacharya startedpublishing another newspaper in Bengali, the `Bengal Gazetti`. On July 1, 1822 the

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http://www.releasemyad.com/ad_step1.php?news=English-Newspaper-Classified-Advertisementhttp://www.releasemyad.com/ad_step1.php?news=Bengali-Newspaper-Classified-Advertisementhttp://www.releasemyad.com/ad_step1.php?news=Bengali-Newspaper-Classified-Advertisementhttp://www.releasemyad.com/ad_step1.php?news=Hindi-Newspaper-Classified-Advertisementhttp://www.releasemyad.com/newspaper/hinduhttp://www.releasemyad.com/ad_step1.php?news=Times-of-India-Newspaper-Adhttp://www.releasemyad.com/ad_step1.php?news=The-Telegraph-Newspaper-Adhttp://www.releasemyad.com/ad_step1.php?news=Hindu-Newspaper-Adhttp://www.releasemyad.com/ad_step1.php?news=Hindustan-Times-Newspaper-Classified-Adhttp://www.releasemyad.com/ad_step1.php?news=The-Statesman-Newspaper-Adhttp://www.releasemyad.com/ad_step1.php?news=Economic-Times-Newspaper-Adhttp://www.releasemyad.com/ad_step1.php?news=Ananda-Bazar-Patrika-Newspaper-Adhttp://www.releasemyad.com/ad_step1.php?news=The-Tribune-Newspaper-Adhttp://blog.releasemyad.com/http://www.releasemyad.com/ad_step1.php?news=English-Newspaper-Classified-Advertisementhttp://www.releasemyad.com/ad_step1.php?news=Bengali-Newspaper-Classified-Advertisementhttp://www.releasemyad.com/ad_step1.php?news=Hindi-Newspaper-Classified-Advertisementhttp://www.releasemyad.com/newspaper/hinduhttp://www.releasemyad.com/ad_step1.php?news=Times-of-India-Newspaper-Adhttp://www.releasemyad.com/ad_step1.php?news=The-Telegraph-Newspaper-Adhttp://www.releasemyad.com/ad_step1.php?news=Hindu-Newspaper-Adhttp://www.releasemyad.com/ad_step1.php?news=Hindustan-Times-Newspaper-Classified-Adhttp://www.releasemyad.com/ad_step1.php?news=The-Statesman-Newspaper-Adhttp://www.releasemyad.com/ad_step1.php?news=Economic-Times-Newspaper-Adhttp://www.releasemyad.com/ad_step1.php?news=Ananda-Bazar-Patrika-Newspaper-Adhttp://www.releasemyad.com/ad_step1.php?news=The-Tribune-Newspaper-Ad


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first Gujarati newspaper, the Bombay Samachar, was published from Bombay, which

is still in existence. The first Hindi newspaper, the Samachar Sudha Varshan started

its circulation in 1854. Since then, the prominent Indian languages in which

newspapers had been published over the years are Hindi, Marathi, Tamil, Malayalam,

Telugu, Urdu, Gujarati and Bengali languages.

The Indian language newspapers eventually took over the English newspapers

according to the NRS survey of newspapers. The main reason was the marketing

strategy that was followed by the regional papers, commencing with Eenadu - a

Telugu daily started by Ramoji Rao. The second reason was the growing literacy rate.

Increase in the literacy rate had direct positive effect on the rise of circulation of the

regional papers. The people were first educated in their mother tongue according to

their state in which they live for and eventually, the first thing a literate person would

try to do is read the vernacular papers and gain knowledge about his own locality.

Moreover, localization of news has also contributed to the growth of regional

newspapers in India. Indian regional papers have several editions for a particular state

to offer a complete scenario of local news for the reader to connect with the paper.

Malayala Manorama features about 10 editions in Kerala itself and six others outside

Kerala. Thus regional papers in India aim at providing localized news for their

readers.

Eventually, the advertisers also realized the huge potential of the regional paper

market, partly due to their own research and more owing to the efforts of the regional

papers to make the advertisers aware of the huge market. These advertisers paid

revenues to the newspaper house and in return publicized their products throughout

the locality. Thus, newspapers in India not only acted as news providers but also

promoters of certain market products. Some of the prominent newspapers in India in

the recent times are The Times of India, The Statesman, The Telegraph, The

Economic Times, Indian Express and so on. The Economic Times is one of the

India`s leading business newspapers; carrying news about the Economy, Companies,

Infrastructure, Trends in the Economy, Finance, Stocks, Forex and Commodities,

news from around the world and from the world of politics besides editorial and

various other features. The Malayala Manorama releases daily, weekly, monthly and

annual publications from Kerala. Started in 1988 in Tamil and Telegu languages, it is

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now published in other regional languages like Hindi, Bengali, as well as in English.

Among the various publications, the Malayala Manorama Daily has the largest

circulation, selling about 11 lakhs 50 thousand copies daily. The Times of India was

founded in 1838 as The Bombay Times and Journal of Commerce by Bennett,

Coleman and Company, a colonial enterprise now owned by an Indian conglomerate.

The Times Group publishes The Economic Times (launched in 1961), Navbharat

Times (Hindi language), and the Maharashtra Times (Marathi language).

The newspapers collected their news from the news agencies. India has four news

agencies namely, the Press Trust of India (PTI), United News of India (UNI),

Samachar Bharti and Hindustan Samachar. Newspapers and magazines in India are

independent and usually privately owned. About 5,000 newspapers, 150 of them

major publications, are published daily in nearly 100 languages. Over 40,000

periodicals are also published in India. The periodicals specialize in various subjects

but the majority of them deal with subjects of general interest. During the 1950s, 214

daily newspapers were published in the country. Out of these, 44 were English

language dailies while the rest were published in various regional languages. This

number rose to 2,856 dailies in 1990 with 209 English dailies. The total number of

newspapers published in the country reached 35,595 newspapers by 1993 (3,805

dailies). Newspaper sale in the country has increased by 11.22% in 2007. By 2007, 62

of the world`s bestselling newspaper dailies were published in countries like China,

Japan, and India. India consumed 99 million newspaper copies as of 2007, making it

the second largest market in the world for newspapers.

Newspapers in India have almost created a huge industry in the nation. It publishes

the largest number of `paid-for titles` in the world. In 1997, the total number of

newspapers and periodicals published in India was around 41705, which include 4720

dailies and 14743 weeklies. However, in the last one decade the news media in India

has changed rapidly. All the major news media outlets have an accompanying news

website. A new class of newspapers in India is entirely internet based.

Newspaper circulation in India maintained its upward trend clocking a growth of over

eight per cent in 2010-11 with regional language dailies accounting for a significant

rise, despite uncertainty faced by the print industry in the West. Circulation of

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newspapers in the country grew by 8.23 per cent in 2010-11, as per the 55th Annual

report of the Registrar of Newspapers for India (RNI).

ORGANIZATIONAL PROFILE

The daily newspaper Business Standard (also available as an e-paper) is the preferred

choice of serious business readers. It is published from 12 centres - Mumbai, New

Delhi, Kolkata, Bangalore, Chennai, Ahmedabad, Hyderabad, Chandigarh, Lucknow,

Pune, Kochi and Bhubaneswar.

A Hindi Business Standard is published from eight centres across northern India:

Mumbai, Delhi, Kolkata, Patna, Lucknow, Bhopal, Chandigarh and Raipur. Itscontent can be accessed at bshindi.com.

Business-standard.com is the online property of Business Standard Ltd (BSL),

publisher of Indias leading business daily, Business Standard. The website attracts

1.5 million unique visitors every month, the highest such number for any stand-alone

business newspaper website in India.

Business Standard stands for reporting that stresses accuracy and credibility, comment

that is informed, independent and fair, and journalism that is rooted in ethical conduct

and defined by a sacrosanct bond with the reader. All Business Standard journalists

sign on to a code of conduct that is available on this website.

Business Standard sells 144,000 copies daily in English, mostly to the business and

policy-making lite. The Hindi edition sells 53,000 copies daily. Business Standard

has combined average readership of 226000.

ACNielsen's survey of the upper middle and rich market in India places Business

Standard next to The Economic Times in total readership.

The paper has a reputation for reliable reporting and responsible journalism, as well as

for its stimulating page of analysis and editorial comment. It has pioneered the

ranking of the wealthiest Indians (the Billionaire Club) and provides an automobile

magazine as a free monthly supplement. The content includes international news in

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daily basis, Lifestyle and gizmos about technology, Smart investor for trading calls,

stock and sector analysis on Tuesday to Friday. Interesting articles about Business

law, news about digital consumer appears on every Monday.

The Strategist, the weekly supplement for Marketing, Customer activation,

advertising appears on Monday. Covers management critical issues through case

studies, rich in content, it relies heavily on highly researched articles so that the

readers gets a complete understanding of the subject.

BS Weekend Covers the topics lifestyle, art, travel, portraits of wealthy people, real

estate, golf, book reviews among others.

Business Standard has a 230-person editorial team that is led by AK Bhattacharya.

Business Standards stable of specialist contributors includes some of the sharpest

minds writing on economics and business. Among them: Shankar Acharya, former

chief economic advisor, Government of India; Deepak Lal, professor of economics,

UCLA; Suman Bery, director-general, National Council of Applied Economic

Research; Abheek Barua, chief economist of HDFC Bank; Nitin Desai, former chief

economic advisor and former under-secretary general at the United Nations; Arvind

Subramanian, professor at the Peterson Institute of International Economics;

Parthasarathi Shome, former advisor to Finance Minister; and Indira Rajaraman,

former member of Finance Commission.

It offers syndicated columns from Martin Feldstein and Dani Rodrick, and content

from Breakingviews.com--with exclusivity in the Indian market.

In addition to two newspapers, BSL publishes two monthly magazines (Indian

Management and Business Standard Motoring), as well as a quarterly (Asian

Management Review). The company also has a books division, which publishes

books under the BS Books imprint.

BSLs website properties include bshindi.com, bsmotoring.com, and smartinvestor.in.

This last is a dedicated information-cum-trading site for investors.

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BSL is majority-owned by the Kotak Mahindra Group, but is run independently

through a board of directors, with TN Ninan (a former editor of the newspaper and

perhaps Indias best known business journalist) as chairman and editorial director.

BUSINESS STANDARD CONTENT

Business Standard is published from Monday to Saturday in all locations. On

Sundays, the paper is published from Mumbai, Kolkata, Delhi and Bangalore. The

paper has extensive coverage of the markets has been forte and is eagerly consumed

by investors big and small. To cater to needs of the retail investor, special focus has

been provided in the form of extensive coverage on Personal Finance.

CONTENT EDITORIAL

PROPERTY

FREQUENCY

International News International Business Daily

Lifestyle and Gizmos Technology Tuesday - Friday

Company laws, Tax laws, etc. Business Law Every Monday

Marketing, Customer

activation, Advertising

The Strategist Every Monday

Management Education and

Training Avenues

Business Education Every Thursday

SME Business SME World Every Tuesday

Automobile and Ancillary

Segment

BS Motoring Every Saturday

Brand Strategies Brand World Monday, Wednesday and

Friday

Trading calls, Stock and

Sector analysis

Smart Investor Tuesday - Friday

Fresh look at news and people Take Two Tuesday - Friday

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News on the Digital world Digital Consumer Every Monday

BUSINESS PUBLICATION ALONG WITH THE NEWS PAPER:

BS 1000

It is a detailed guide to Indias top 1000 companies which includes its industry wise

performance and ranking. The issue of BS 1000 chronicles those depressing times,

providing a wealth of data on the impact of the slowdown on corporate, the

deterioration in their financials and how they coped with the crises. At the same time

they also record success stories through these were few and far between.

The magazine also contains the details of BS award. It also takes a peak in to the

future where new industries such a biotechnology, retailing and business process

outsourcing may change the face of India. In short BS provides the reader not only

with a snapshot of Indian corporate as it exists today. With all its strengths and

liabilities, but also charts a road map to its future.

FUND MANAGER

The magazine focuses of facts and figures on mutual fund. The business standard fund

manager magazine seeks to rank mutual fund schemes and also rate the best fund

manager for the year. It gives the risk and return rating of over 600 mutual funds.

Along with this provide information on new and fund offering and also the best fund

pick.

BANKING ANNULY

It contains all the data related to the banks of the public and private sector. This

magazine talk about the bank valuation both undervalued and overvalued. It also

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contains the list of the top bankers of the year and the innovations being brought

these days.

INDIAN MANAGEMENT

Indian management is Indias most contemporary and authoritative monthly magazine

on management. Experts contribute regularly on the latest in the world of

management. Well researched articles provide the needed depth to get a grasp on the

sector. The readers of this magazine are the management students, executive and

working professionals.

BS MOTORING

BS Motoring is considered to be Indias most regarded magazine automobile sector,

which is led by a team who are passionate about automobile which reflects in the

loyal readership that it commands.

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VISION AND MISSION

VISION

The company believes in providing information that creates wealth and thus enriches

life.

MISSION

The company would become leader of the business daily in India by the distribution

and providing quality and service to our reader.

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Financial Newspaper Segment and major players in Indian market

A business daily has an important role in the life of an MBA graduate. Come

placement time and the subscription of these dailies zooms ahead like a Ferrari on the

racing track, on other days the poor pink colored paper lies in the corner of some shelf

unopened, crisp and covered in dust. At least I can say that is the case with most of us,

respect for those who respect the paper.

Choosing the business daily is a matter of prestige for some, simplicity and clarity for

others and unbiased reporting for many. These swinging trends have been witnessed

and tracked by many in the business and after being associated with a media company

for the past few months I do understand it a lot better now.

An interesting aspect of this business is that, going alone by the revenues of the sales

of the main product, all publishing houses would have sunken within a few years of

operation. A business daily (or any other daily for that matter) sells for a lower price

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than its cost. For every copy of newspaper that is circulated, the company actually

makes a loss. With the advent of online mediums and their gaining popularity, the

pressure to lower the price is on the rise. So, what is the revenue model of the

product?

The answer is simple and probably you have guessed it already. With almost 24 full

sheets full of content available, which have the power to hold the attention of the

premier customer for at least a few minutes, all that is required is placing another

product in between the content. Well, is someone losing because of it? I believe, none.

As long as the contents quality is uncompromised and the user has the choice to

ignore the added advertisement, the game sounds fair.

So,advertising is the name of the game for the newspaper industry, more so for the

business papers as they have the elite clientage: people in the top bracket, the highest

earners and the decision takers. This makes this category both exciting and

challenging. Advertisements themselves are of various categories like display ads,

tenders, notices, audited/unaudited financial statements (a compliance by SEBI which

mandates all listed companies to share their quarterly results with shareholders by

publishing results in national daily). But today, with advertisers having multiple

mediums (television, print, online, radio, hoardings, events) and thousands of choices

(number of channels, slots, types of newspapers), getting a fair share in a market for

anyone is tricky.

Even though the space is large, yet the competition is very stiff. With growing

pressure to reduce product prices and rising inflation, the competition is fierce than

ever. The competition has led to reduction in yields (price charged per square

centimeter of newspaper space) throughout the newspaper segment. On the brighter

side, focus is now to increase the volumes by roping in newer clients and proposing

larger advertisement spaces. However, this tradeoff between yield and volume needs

to be kept balanced to ensure not to lose readers interest. Thus newer opportunities

are being sought by marketers to get in revenue and inflate the top lines.

Such searches have lead to various innovative ideas like events, book launches,

summits, expos and many such activities. The basic idea behind these activities is to

bring in business houses to collaborate with the newspaper for mutual brand building

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and profits. Media acts as a facilitator to bring like-minded people together under one

roof to share ideas and discuss issues.

Such events have been very popular lately generating huge corporate interest and also

proving to be money spinners. Mint luxury summit, Times Property expo, Leadership

summits a few such popular examples for the case. Surveys and awards have also

been received well as they help in engaging business groups and building relations.

But no business comes easy, and credibility and innovation are the pillars for this

model. Give one of these key elements a miss and the whole concept would fall apart.

Managing a newspaper brand today is like managing an amalgamation of various

brands comprising of the main daily, the various supplements and the events. Thechallenge of the business is come in every day with an empty cart, make blocks out of

imagination and build a castle out of nothing.

Figure 1 : The State of Mind of a Business Daily

With the increasing penetration of internet in the country, the online medium is also

being explored and tried to be monetized. Though these are early days for the internet

model in India, it is rampant in the west and has cannibalized the main print brand to a

large extent.

Know The Product: Pick your Business Daily!

The business daily segment in the newspaper business is dominated by five major

players. These players nearly take up around 100% of the market share across India.

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The total number of registered newspaper dailies in the country is 82222 which

comprises of English, Hindi and vernacular language dailies. Being noticed, read and

respected in this segment is a distinction that the following business dailies hold. Here

is a synopsis of the premier brands in the Business daily segment.

Business

Daily &Publication

Editions

Positioning Circulation

(All India) Readership(All India)

Supplements

& Events

Strength &Weakness

The

Economic

Times -

Times

Group,

11 Editions

Leading

Business

daily in

India.

Largely

content is

news

oriented and

opinion is

derived

from the

masses

point of

view.

630,000 800,000 Brand Equity,

Corporate

Dossier, ET

Travel,

ZigWheels,

ET Realty, ET

Wealth,

Investor's

Guide

The Economic

Times Awards

for Corporate

Excellence

Mint -Hindustan

Times

Group,

9 Editions

Clarity inBusiness.

Focus on

opinions

and not just

news. Tie

up with the

Wall Street

Journal,

New York.

258,000 Indulge,Lounge, Mint

Money

Luxury

Summit,

Clarity for

Thought

Conclave

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Business

Standard -

Business

Standard

Limited,

12 Editions

Highly

valued for

its editorial

content and

strongreporting

ethics.

226,000

The Smart

Investor, The

Strategist,

SME World,

Motoring -

BS Weekend,

Brand World

Financial

Express -

Express

Group,

11 Editions

It is an

expert in

international

business and

financial

news.Oldest

financial

newspaper

in India, has

a tie up with

economist

of London

71,000 117,000

Brandwagon,

PSU Power,

FE@Campus,

eFE, Investor,

CommodityWatch

Personal

Finance and

Corporate

Review; FE

Profile, FE

Edge, FE

Gadgets

HinduBusiness

Line -

Hindu

Group,

14 Editions

Verypopular in

South India,

it boasts of a

staff that

consists of

reporters

and

researchers

and is the

only

newspaper

having a

research

bureau.

185,000copies

BrandLine,Leisure and

Lifestyle :

Life

Online

Medium :

eWORLD

Smartbuy

Financial

Chronicle -

5 Editions

Known for

economic

policy

making,corporate

Invest, Edge,

Estate, and

Roar!

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developmen

ts and

market

trends.

DNA

Money - 5

Editions

6,76,000

COMPETITORS ANALYSIS

Economic Times

Times of India as a brand higher market value over other newspaper being one the

oldest newspaper has a strong leadership position in the market. Times of India along

with Economic Times is available to consumer at Rs 1000 on Annual Subscription

basis. Marketing combination offered by them acts as a strong competition and also

they offer Sunday edition which makes them stand out from the crowd. Gujarati

edition also has good coverage among the Gujarati business crowd. This marketing

combination has captured major market of premium class readers. In the regular price

also it is one of the low cost newspapers in financial segment available at Rs. 2.5

HT Mint

Hindustan Times along with Mint is available to consumers at Rs. 600 for Annual

Subscription. Hindustan Times also has a strong position in the market with such

combination it targeted to attract the working executive and professionals who look

for international news. Mint is available at Rs. 2. But they dont offer Sunday

editions.

Hindu Business Line

It is backed by the Hindu group. It is published from 14 prime location. The price of

the new newspaper is cheapest on Sunday as compared to other English financial

dailies. The Annual Subscription is available at Rs. 650 for a year.

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INTRODUCTION

My summer project with Business Standard limited gave me exposure to what is

actual sales and phenomenon about the consumer and their behaviour pattern. Today

the newspaper industry is on the face high completion each and every player in the

market are trying to capture competitors market and attain a leadership position in the

print media segment on the economic dailies category.

It was not easy to do survey and research about the organization and business standard

news paper, because the news paper market already have the good competitor

specially in financial newspaper, but we have to do field work and we have to

understand consumer perception about financial newspaper, it gives you experience

how to communicate with people, how to handle critical situation and how to sell

your product in the market where already competitor has captured the market and

identify the untapped market segment. Then place the product in that market and sell

it to them.

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STATEMENT OF THE PROBLEM

Business standard is a renowned financial daily standing 2nd after Economic Times in

Mumbai. Business standard is targeting towards the at least 25% growth in the

existing circulation base in Gujarat in the next financial year.

But now when HT Mint, Hindu Business Line has targeted the economy class

audience , the position of Business standard is very critical. Because on one side they

have to fight with a high brand valued Economic Times , serving to the premium

business class segment and on other side HT Mint, Hindu Business Line is giving a

tight price war. Thus if they want to survive in the market they need to pull up their

socks.

I as a summer trainee was given the task to increase the subscribers base. Not just

this I was given chance to do brain storming to increase the brand awareness. After

the half of the training period, I was given the opportunity to work on institutional

marketing to get the mass subscriptions.

Thus I would define the problem in to 4 parts:-

1. Lack of brand awareness

2. Not easy to increase the customer subscription base

3. Hard to increase the mass subscription from the institutions and the virgin

market.

4. Understand the customer perception regarding financial news paper, like

different feature, price, language,

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EXPECTED BENEFIT

Here, I would like to segregate the expected benefits in to two perspectives:

o This will increase the overall subscription of business standard in Mumbai and

Suburbs

o This will help the company to get the good number of advertisement due to

higher circulation of the English edition, which is actual bread earners for the

company.

o This will increase the brand awareness amongst the targeted audience.

o Reduction in the distance between the market leader and company.

o The enthusiastic, young and dynamic future managers are easy to train and

motivated and can come up with new innovative ideas.

o Opportunity to learn different marketing techniques prevailing in actual

market

o Opportunity to learn the scratch work of hard core personal selling.

o Opportunity to learn strategic management in actual competitive market

o To apply the theoretical (Class room) knowledge in to the practice.

o Training to cope up with the several kinds of pressures faced in the corporate.

Example: Pressure of achieving the target on time, time management , mail to

personal relationship with the client , handling the critical situation strategy

o Opportunity to develop and apply out of box thinking and get maximum ideas

o From the industrial experts.(My superiors and competitors)

o Develop ability to understand competitors strategy beforehand.

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SIGNIFICANCE OF THE PROBLEM

Increasing Subscriber base is very difficult because the competitors have come with

offers which are highly competitive in nature. Times of India and Economic times

combination of newspaper is available to people 1000 Rs for a year on annual

subscription basis. Hindustan Times along with HT Mint is available at cost of 600

Rs; Hindu Business Line is priced at 650 Rs for year on annual subscription basis.

But our offer was Monday Saturday Newspaper and 12 monthly small edition BS

Motoring and 3 Annual Magazines i.e. Banking Annual, BS 1000, Fund Manager

with laptop bag free with it at 740 Rs.

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PURPOSE

Increase the subscriber base at a mass level which increases the circulation of the

paper and the revenue of the company.

STATEMENT OF HYPOTHESIS

The hypothesis was to test the offer of the company would work in the existing

competitive market

ASSUMPTIONS AND LIMITATIONS

Our offer was Monday Saturday Newspaper and 12 monthly small edition BS

Motoring and 3 Annual Magazines i.e. Banking Annual, BS 1000, Fund Manager

with laptop bag free with it. This offer would attract customers and help to increase

the subscriber base.

Assumptions

Increase the number of subscribers

Identify loyal customers and generate leads

To provide the customers with all benefits assured to them at the time sales

Limitations

Highly priced amongst other competitors

Low brand awareness level

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LITERATURE REVIEW

I have discussed here about 3 different cases, first two cases are about Economic

Times - one with quality i.e. about the content, one with service is not provided to the

customers and other about the subscription offer of Business Standard

Case 1:- It has gone down in quality big time. They do not care about grammaranymore. There are glaring spelling and grammar mistakes on Page 1 so often that

you wonder whether the editor is really existent or not and they seem to be completely

hung up on advertisements. They would do anything to put an extra ad into the paper.

So many stories appear to be so badly edited at times that you wish why you are even

bothering to read this paper. Economic Times is not realizing the fact that its quality

has drastically gone down the last few years and if they know that then they dont care

too much for the readers. They believe that whatever trash they dish out will be

consumed by the readers. Unfortunately, the numbers also justify their thinking. They

also forget that they are not an entertainment or general newspaper. They are a

business paper. At times they behave more like tabloids than a serious newspaper.

Hindu business line is miles ahead of them and is by far the best business paper in

India and not the Economic Times.

Case 2:- Having paid annual subscription on 22.12.2010 till now no delivery of the

economic times assured to supply from 01.01.2011 from such a reputed company

"Bennet & Coleman" no response. Infact a news paper addict like me should not have

fallen for these type of gimmicks. But what to do. I thought every day morning it will

be at my doorstep by 6 am. My day will not begin without reading the newspaper.

Even i can leave coffee but not the paper. Times have changed but not the times of

india or economic times is an illusion only.

Case 3:- Discounted BUSINESS STANDARD SUBSCRIPTIONS @ Rs. 710 a year

Your Financial Daily with Special editorials and Magazines every week and month

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respectively + Business Standard Travel Trolly Bag FREE! I have myself shifted to

BS from ET after reading it for a week. Its much easy to understand and they are to

the Point and unflashy news conveys info clearly. I recommend you all to use BS. Its

much better and simpler!

METHODOLOGY / APPROACH ADOPTED

In any marketing program the importance of sales force is not debatable. We were

first selected through an interview, then trained for 2 days, then worked under the

supervision of our immediate guide Mr.Vaibhav Kunwar. We were continuously

motivated and appreciated for the work done. We were acting as the demand creator

in the company. We have to do hard core selling but along with that we used other

creative methods to sell the subscription of the newspaper. The company has designed

a subscription offer according to which a customer can subscribe the news paper for

one year and for this advance payment of the newspaper they avail some benefits.

These benefits include the 40% discount on the normal cover price. Along with these

customer will get free 15magazine namely BS 1000, Banking annual, Fund manager

and 12 monthly edition BS Motoring. Then the customer does not have to pay for the

newspaper to the vendor and his copy will be recorded as the subscription copy in our

records.

We were evaluated on the basis of time and duty analysis. We have to submit a daily

report a proper format sheet given by the company. We have to specify the number of

calls made in a day mentioned the details of the calls which include the name of the

firm and its contact details. We have to mention the person whom we met in the

company and what was the final result of the call. In case of follow up we mention the

same on the report. At the end of the report we have total the number of calls and

write the number of calls which were converted.

RESEARCH DESIGN

Considering the objectives of the study, sample survey was conducted and

accordingly analysis of information was made. Descriptive research design is used in

present study.

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TYPE OF DATA

Primary data had been used in present study.

DATA COLLECTION METHOD

Survey is used as data collection method

DATA COLLECTION TOOL

In this project structured questionnaire is used as data collection tool.

TARGET POPULATION

Target population of this project is- financial newspaper reader.

SAMPLING FRAME

Not used.

SAMPLING UNITS

Sampling units of this project are - Financial newspaper reader, cities of Dombivli,

Kalyan, Ambarnath, Badlapur and other suburban cities of Mumbai. And customers

like, stock broker, investor, banker and individual, Bank employees, Management

students, Businessmen and Chartered Accountants and Tax consultants and working

people.

SAMPLING TECHNIQUE

Non Probability, Convenience sampling technique was used to select respondents

from different departments.

SAMPLE SIZE

Sample size refers to the total number of respondents targeted for collecting the data

for the researcher. The sampling size of my study is 50 respondents and this sample

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size was selected on the basis of time constraint and employees availability. Most of

the readers in the financial newspaper segment i.e. maximum it is read by males than

the females

ANSWERS TO QUESTIONAIRE

Do you read financial daily? Yes / No

Which financial daily do you read?

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How frequently do you read a financial daily?

How much time do you spend reading a newspaper?

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Which language will you prefer of your financial daily?

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Which factor you will consider before buying financial daily?

Which are the important sections of a financial daily that you read?

Which are the important attribute you will consider for your financial daily?

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Are you an Investor?

Benefits you derive from the Investing decision from the financial daily

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Do you purchase financial daily on regular price or under scheme?

Are satisfied with the existing financial daily?

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If you were given option to change to some other financial daily, will you accept it?

To which financial daily you will opt for under Annual subscription scheme?

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If you are already into the Annual subscription scheme, are satisfied with the service

from the existing financial daily?

Do you have any complaints regarding the service from the existing financial daily?

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SWOT ANALYSIS OF BUSINESS STANDARD

SWOT is good tool for a sales man, like a thermometer and stethoscope is for a

doctor. The needs and objective mind a good genuine friend/ colleague that can help

you to do SWOT analysis quarterly, and we know that the key to success is in

knowing yourself.

Building Strengths:

Enable you to put your best foot forward

The newspaper is second largest financial newspaper after the Economic

Times.

The analysis provided by the newspaper is the most detailed than any other

newspaper i.e. it provides 8 stock pages which no other newspaper provides.

The guidelines provided by the newspaper for the stock news is more detailed

and can be easily understood by a layman

The newspaper provides with BS 200 which compares the top 200 traded

share in NSE and BSE along with 22 parameters.

The newspaper detailed analysis on quarterly result of the companies and

holds the top position in providing the best quarterly result

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It dominates its presence on its reader through the loyalty it has built among

the English leaders.

The supplements of the newspaper like, The Strategist and weekend which has

captivating power to adhere its readers.

The annual magazines offered by Business Standard is highly attractive to

financial reader segment

Overcoming Weakness:

Who does not have them? Only when you recognize them you can do something to

correct them

The high price of Sunday edition i.e. Rs.8/-

The quality of paper used for printing the newspaper is poor. The font size of

the stock is very small.

The newspaper contains a lost so advertisement

Except for the new pages there is no fixed pattern of news.

The news like stock and declaring of bonus and companies annual report

information are not printed, where newspaper like Economic Times gives.

The vendors are not paid much commission , so they are not willing to sell

newspaper

Provide monthly coupons on time to the subscription customers and

distribution of gifts promised at the time sales should be done properl

Exploring Opportunities:

We can entice young readers who can adapt to Business Standard early.

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The newspaper can come up with an edition on Sunday also

The newspaper can plan for Gujarati newspaper also.

We can also provide higher incentives to vendor.

Minimizing Threats:

They are like ticking time bombs: defuse them by anticipating and taking preventive

actions.

BS is facing threat from business magazines

The increasing number of other media like television like CNBC,TV18,

internet etc.

The media is facing indirect competition from the supplements of other

vernaculars newspaper.

The newspaper is facing threats from Economic Times and other competitors

like financial express

The newspaper of Economic Times has captured a major market

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EXPLORATION OF ALTERNATION:-

There are many ways to increase brand awareness and develop markets. Here I

have compared attractive alternative for the same. And to evaluate those I have

taken following factors in to consideration:

1. Budget

2. Companys target

3. Strengths and Weakness of the alternative

4. Expected outcomes

5. Risk of failure of the alternative .

Alternative 1:

The company should come out nationwide campaigns with a bang. They should come

up with a mega event which can give Business Standard nationwide mileage in brand

building. Like a nationwide seminar on some business issues inviting few renowned

speakers or any finance or industry minister as speaker and marketing their product

will help them a lot in building their brand.

Alternative 2:-

The other alternative for the same would be printing their offer in the news paper

itself, promoting the annual subscription offer in all the prominent location via

different medium like hoardings, road shows etc.

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Evaluation criteria and alternative:

This option will indeed reach to the mass but here the competitor will also understand

the strategy and will react according , compare to the guerilla marketing being used

by the company, where competitor doesnt have chance to react, the market is

captured before that. The other disadvantage in this method is the existing reader will

come to know about the offer and they will surely opt for the same and this offer will

harm the business instead of helping as existing clients will be paying less amount and

this will result in to a decline in the existing revenue generating. So this alternative

doesnt set in to the companys target. Thus the company has no other option but to

keep differential pricing for the existing and new customers. And according to the

strategy have opted is the best suiting according to the target.

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CONCLUSION

If you prefer to make just the same dish every day. You cannot be successful in

marketing, it can be the best dish one can ever have but in long term that will also

now work.

Marketing is a continuous learning process. One has to be in touch with the market tokeep own selves updated. We had long discussion with senior along with the other

team member regarding the different aspect being discussed above. It was the team

which worked towards the objective set by the company. With proper discipline, hard

work and commitment we started toward s our objectives and by the end we were

more than successful in achieving our targets.

It was the mixture of the experience and innovative ideas which helped us in

achieving out targets. The company did employed some different strategies and

innovative concepts to come up with some substantial outcomes in their association

with the summer trainees. We made a complete blueprint of the approach to be

followed and then followed the steps like stairs. Since we tried to leap alone stair at

each step fumbling was not possible. This kind of pre planning of the schedule brings

me no confusion and makes the journey smooth.

The methodology varied from customer to customer as this was real life personalized

marketing projects. We planned different methods like mass distribution, tie ups,

subscription offer etc. according to the target market and most important follow up is

the most important thing not just in marketing but in the any field of the world, if you

are keen on following up your life will become smoother not just that will make a

good impression.

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Application of concepts, tools, techniques and skills learnt at the

institute of management.

When I started my training I was very excited by getting the chance to apply my

knowledge in Print media (newspaper) industry of Mumbai. This industry in Mumbai

is facing sudden change in scenario specifically after the entry of the Economic

Times, specifically targeting the middle class by giving good features in both Gujarati

and English newspaper. During these two months I understood the learnings which I

had from my MBA course and most importantly their actual implication in real

practical life.

Following are the learning outcomes:-

SWOT analysis-

We did the swot analysis of the company and the competitor like Economic

Times, Business Line, financial Express.

Undifferentiated marketing:-

The product and the price offering to the entire customer base is the same.

There was no differentiation in any segment of the market. The company

follows a consistent strategy.

Potential market:-

We identified the potential market in the corporate who could understand and

benefit from the newspaper and then mover further. Mainly target business

newspaper readers and approach them and explain the benefits what do they

derive from the offer.

Customer relationship management:-

Maintaining good customer relationship is very important as the world these

days have become a GLOCAL market and a small bad experience with one

customer may lead to be trouble in the future ahead. Along with that we, while

going to make any professional call are representing Business Standard, so

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whatever happens effects the company directly. But one more important

aspect is that now a days in the market there is cutting edge competition so we

need to maintain continuous relationship with our customers; which is highly

important.

Grass root marketing:-

The term is basically used for the local marketing and here we were focusing

on the city of Dombivli, Kalyan and nearby cities.

Transactional selling:-

They want value through the lowest price. While dealing with the institutionwhat we went through was this kind of selling. We as seller are able to offer

them cheaper prices as there is one point selling associated with it. This

reduces our distribution cost and thus we can also manage to offer them lower

prices. This kind of selling is beneficial to both the parties.

Experiential marketing:-

The idea is not to sell something but to demonstrate how a brand can enrich acustomers life. Whenever we were going out to make calls we were

highlighted on one concept that dont try and forcefully sell your product.

Make the customer feel and need for your product and then he will surely buy.

Forcing customer will never help rather you should try and explain the

customer why this particular product can be very beneficial for him. Try to

convey him what is there in your product which will satisfy his need and he

will be your customer forever.

Social Media Marketing

Increase your visibility in online social media networking websites like face

book, twitter, and LinkedIn.

Telemarketing:-

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Business Standard uses the technology in the customer care department. They

take a regular follow up of their entire customer regarding the delivery of the

newspaper. Sometimes there are problem in starting the delivery of the

newspaper, hawkers are sometimes inconsistent or unaware of the scheme and

etc. The company is very prompt in follow up, the follow up ends only when

the issue is resolved. The company uses telemarketing for the purpose of the

subscription renewal of their existing clients whose previous years annual

subscription is getting over. This is a very convenient and fast method which

saves time, money and man power.

Relationship marketing:-

This is commonly known as referral marketing. It is a marketing and sales

technique used by business that encourages people to pass on a sales message

to other potential customers.

Personal selling:-

We were persuaded to go for personal selling for a little time frame to

understand the scratch work. The basic field work makes you understand the

strengths and weakness perceived by your actual customer.

TOOLS, TECHNIQUES I HAVE PICKED UP:

1. Consistency in quality

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If your product is having the actual quality then you dont have to worry much.

Once a customer purchases the products he will realize the worth and wont feel

that he was persuaded to buy the product and cheated. The quality speaks for itself

and for the company.

2. Competitive pricing

This is very much price sensitive so this part is very important. Their need to be

constant watch on the pricing strategy of the competitors. Accordingly, though

price is considering as the most flexible of marketing but in this industry we are

not allowed to make any changes in the prices to be notified to ABC before going

any changes.

3. Marketing is the core of the business.

We are aware that these days however good the product maybe but we need to

market the goods properly to survive. Marketing has become the core of any

business. Here Business Standard being a media industry has to be on their toes to

continuously promote their product marketing. Thus altogether becomes very

important.

4. Proper follow-up of all your pending clients.

Follow ups forms a very important part of the marketing. Follow ups tend to do

miracle work in the trade. Regular follow ups helped us in the way that you dont

have to search up the new client or new potential areas. If you concentrate

properly on these clients only. Then a major of your business can be achieved

from here. This process of follow up saves the time of the staff as he is already

familiar with your product and company. The telephone is remarkably effective

follow up weapon. Use the phone to follow up all your customers, but research

has proved that it will always boost your sales and profits. Sure, telephone follow

up is tough task. But it works.

5. Competition is unavoidable evil so be competitive

The newspaper is facing competition from two main competitors i.e. Economic

times and HT Mint and also from DNA Money, continuous track has to be

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maintained on their strategy and adopt a strategy such makes Business Standard

more visible from others.

6. Know your competitors wellThe knowledge of your competitors will help in making your own strategy. When

you know the industry trends then you tend to mend yourself accordingly. The

sooner you know the faster you will be able to react. In this competitive world you

need to move with the double pace than your competitors to beat them.

7. Viral marketing:-

The definition of viral marketing or viral ad is promoting information or productthat other customer are compelled to give to other friends, colleagues and family

but the definition viral marketing is a way to promote a service or product

exponentially.

LEARNING FROM THE SUMMER TRAINING

Augmentation of soft skills

Soft skills like the soft S form the silent part of yourself. You dont realize it but

when you communicate they are always reflected. Till now we were talking in

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terms of the organization but when we come to the field then soft skills form a

major part of your learnings. It takes a lot of experience and soft skills to stay

calm and reply when the customer is constantly banging on your head. There is no

doubt that we can acquire these skills, though we have already acquired a few of

them.

Handling the pressure of target and performance

We have not given the monthly targets to be achieved. There was a kind of

competition with the team members and the better part of that competition was

that it was healthy. We have to work hard to achieve the internal targets and that

creates the pressure. We have to perform and that too in that gives time frame.

This all used to create a lot of apprehension within us.

Team work

In Business Standard we were a team of about number of persons working

towards the same goal of increasing the circulation of the newspaper. The students

belonged to mixture of institutes and diverse cities. Due to their culture

differences everyone was very distinguished in their personality. We have to work

together as a team and come out with the result. We learned the art of moving

together under different circumstances.

Skills to understand the potential from the mass:-

This skill has been fairly understood when we were almost half done in our

training period. The skill enables you to save your time and manpower. This

ability of distinguish your target client will prove very beneficial in the long run.

Conceptual thinking :-

During the training period we were always given the freedom of thinking. We

were motivated to come up with something innovative and creative. We were told

by Mr. Vaibhav Kunwar to think out of the box and try to cross the roads now as

later when we join the corporate world after our course we have to show result.

This was the only time when we can experiment

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Customized Communication:-

It is the delivery of the same product in different packing according to your target

customer. This is again a very important skill learnt by me during training. The

product and price remain the same but according to the place we have to do the

promotion. We have observed the time and mood of the client when we are in

conversation with them. As we know the right time and right place are very

important, this very well fits into the practical scenario.

RECOMMENDATION:-

From the study out and analysis of the result obtain from the survey; the following

suggestion can help the firm

Add new stock market news and information of bonus of different

companies

Increase the number of centre from where the newspaper is available

Increase the font size

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Provide higher incentives to hawkers

Increase the circulation service

Promote Business standard through each and every possible way i.e. in

case newspaper vendors provide them with rainproof sheets to take care of

the newspapers in the rainy season

Enquire the existing customers, every month so that they get their

complaints resolved easily and maintain consistent relationship with the

customers. Which actually helps to sustain the existing customers with you

for a longer time

BIBLIOGRAPHY

Websites:

www.businessstandard.com

http://www.business-standard.com/india/common/aboutus.php

www.mothshut.com

www.wikipedia.com

Text book:

53
http://www.businessstandard.com/http://www.business-standard.com/india/common/aboutus.phphttp://www.mothshut.com/http://www.wikipedia.com/http://www.businessstandard.com/http://www.business-standard.com/india/common/aboutus.phphttp://www.mothshut.com/http://www.wikipedia.com/


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Kotler Philip, (2010) Marketing Management A South Asian Perspective,

Fourteenth Edition, New Delhi, Pearson Education

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ANNEXURES

QUESTIONNAIRE

Name: Age: Gender:

Address/Place: Contact No.:

E-mail Id: Occupation:

Do you read financial daily? Yes / No

Which economic daily do you read?

1 a) Economic Times b) Financial Express2 c) Business Standard d) HT Mint

3 e) DNA money f) Hindu Business Line

4 g) Other(please specify)

How frequently do you read an economic daily?

1 a) Daily b) 3 times week

2 c) 2 times a week d) Once a week

3 e) Monthly f) Other(Please specify)

How much time do you spend reading a newspaper?

1 a) 0-30 minutes b) 30-60 minutes

2 c) 60-90 minutes d) More than 90 minutes

Which language will you prefer of your economic daily?

a) English b)Hindi c)Gujarati

Which factor you will consider before buying economic daily?

a) Price b) Content

c) Brand Image d) Discounts and Offers

e) Service f) All of the above

Which are the important sections of an economic daily that you read?

a) Editorials

b) International News

c) National News

d) Banking related News

e) Financial Markets News (Share market, Commodity Markets. Etc)

f) General News

Which are the important attribute you will consider for your economic daily?

a) Language b) Content

c) Service d) Unbiased Information

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e) Detailed Analysis f) Stock Market coverage and investment

tips

g) Editorials by experts h) Useful Supplements

Are you an Investor?

a) Yes b) No

Benefits you derive from the Investing decision from the economic daily

a) Yes b) No c) Average

Do you purchase economic daily on regular price or under scheme?

a) Under Annual Subscription Scheme b) Regular price

Are satisfied with the existing economic daily?

a) Yes b) No c) Neutral

If you were given option to change to some other economic daily, will you accept it?

To which economic daily you will opt for under Annual subscription scheme?

5 a) Economic Times b) Financial Express

6 c) Business Standard d) HT Mint

7 e) DNA money f) Hindu Business Line

8 g) Other(please specify)

If you are already into the Annual subscription scheme, are satisfied with the service

from the existing economic daily?

a) Yes b) No c) Neutral

Do you have any complaints regarding the service from the existing economic daily?

a) Yes b) No c) Average d) Neutral

Final Project Report BS

Documents

Transcript of Final Project Report BS