Iip Profsdfdject Report -V1

8/11/2019 Iip Profsdfdject Report -V1

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IIP PROJECT REPORT

Consumer behavior and Consumer buying pattern

of Times of India Magazines with reference to

BBC Knowledge, Top Gear and Lonely Planet.

(An Industry Internship Project Report Submitted in Partial fulfillment of the requirement ofPost Graduate Diploma in Management-2013-15)

Under the Guidance of: - Submitted By:

Corporate Guide: Sushant Sasmal

Mr.Vibhuti Anand PGDM-Marketing

Magazines Head Roll No-M8-09

Times of India, Hyderabad

Faculty Guide:

Sign:-____________

Mr. M Chaithanya

Assistant Professor,

Siva Sivani Institute of Management


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Introduction:

Print media is one of the most powerful and cost effective medium to transfer information

and knowledge. The print media industry in India is more than a century old and is a well-

established industry. The print media is considered to be one of the most flourishing

industries today. This medium is also particularly very popular to reach the target audience

for advertisers .Ernst & Young said in their survey report Indian magazine segment:

Navigating new growth avenues, it has been said that out of the 20 most read magazines in

India, only three magazines are in English, while the remaining are in Hindi and other

regional languages. This survey also said that more than 300 million literate individuals do

not read any publications. The revenue sources for a magazine are subscription, single copy

sales and advertisement. Approximately 73 percent of revenue comes from advertising and

27 percent from circulation. Even people are now consuming news and information from

internet through computers or mobiles, the popularity of print media is not decreasing.

Industry profile:

India has 49,000 publications, but annual revenues total just $1.1 billion. Most lack

technology, marketing, and capital to grow which has resulted in a handful of publications

dominating the market with the Times Group being the market leader. Distribution is critical

for a magazine since it has to be readily available and marketed to consumers. Big

publications have strong distribution network set up.

Retail: magazines are available in retail outlets for sale. The retailer gets a commission on thesale price.

Subscription: publisher signs up subscribers directly or through partners and delivers theissues in mail.

Selective Distribution: Special sponsored copies are distributed in airplanes and hotels.

The print industry in India is highly fragmented due to the large number of local languages.

Regional language publications own 46 percent of the market share, Hindi language

publications cover 44 percent and the remaining 10 percent is served by English publications.

The primary penetration of English language magazines currently is in metros and urban

centers though the growth is widening to smaller cities as the education and income levels

increase among the middle class. There's little doubt about India's market potential.

According to a national survey, 248 million literate adults still don't read any publication.

Readership of newspapers and magazines is up 15% since 1998 to 180 million. It's a

reflection of a younger, more educated population, especially in smaller cities.

Organizational Profile:

The Times Group (Also referred as Bennett, Coleman & Co. Ltd.) is the largest company in

media and entertainment industry in India and South Asia. It has completed 175 years of its

journey in media industry from 1838, established in Mumbai. Starting off with The TimesGroupwhich is now the largest English publication in the world, BCCL and its subsidiaries


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(called The Times Group), are present in every existing media platform Newspapers,

Magazines, Books, TV, Radio, Internet, Event Management, Outdoor Display, Music,

Movies and more. Having strength of more than 11,000 employees, its revenue is exceeding

$1.5 Billion, it has the support of more than 25000 advertisers and a vast audience spanning

across the world. Key Business areas: Publishing, Television Digital, Out of Homeadvertising, Other Activities .Bennett Coleman & Co. Limited was founded in 1892 and is

based in Mumbai, India.

Literature review:

RESEARCH REVIEW: ISSUES IN MAGAZINE TYPOLOGY

By: Marcia R. Prior-Miller, Iowa State University

Abstract: This article explores how magazine type has been defined and on what criteria

categories of magazines has been based in published reports of communication research.

Four definition strategies were observed in 223 research reports published from 1977 through

1991.The approaches are critiqued on their apparent ability to meet five generally accepted

standards for the usefulness of scientifically designed typologies.

Objectives:

1. Usage and attitude study.

2. Consumer satisfaction Index.3. Competitor analysis.4. Perceptual mapping.5. Purchase drivers.6. Customer loyalty.7. Customer profiling.

Research methodology:

This exploratory research has been conducted through primary data collection through

convenience sampling. The data is qualitative as well quantitative. The data has beencollected through door-door visit.

Scope of study:

I am trying to know about Consumer behavior and Consumer buying pattern of Times of

India Magazines with reference to BBC Knowledge, Top Gear and Lonely Planet.

Limitations of the study:1. The survey was conducted only in Hyderabad city, so it cant give a completely accurate

picture of customers perception and buying behavior pan India.


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2. The project duration was very short as 2 months, and in this short span of time gatheringgenuine feedback in questionable.3. It was a sample survey of only 342 clients, which is very small and the authenticity of thedata is questionable.4. As the questionnaire consist of both the open and close ended questions, the client was half

force to answer in selective choices, it could result in forced choices error. In the same in theopen ended question if the client does not answer any questions it could have resulted in non-response error.5.Inability to respond to the questionnaire due to lack of time.6. As the study was done in a limited time investigator could not select large sample for thestudy.

Data Analysis:1.

Are you a regular subscriber of magazine?

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

NO YES

Series1

BBC K

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

NO YES

Series1

L P


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2.How much do you spend for magazines in a month?

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

50.00

NO YES

Series1

T G

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

400 RS.101-200 RS.201-300 RS.301-400

Series1

BBC K


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3.Do you think this magazine is value for money?

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

400 RS.101-200 RS.201-300 RS.301-400

Series1

L P

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

50.00

400 RS.101-200 RS.201-300 RS.301-400

Series1

T G

NO

8%

YES

92%

CHART TITLE

BBC K


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3) How did you come to know about our magazine?

NO

2%

YES

98%

Chart Title

NO YES

L P

NO

19%

YES

81%

Chart Title

T G

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

EXHIBITION INTERNET OTHERS TV ADS WORD OF

MOUTH

Series1

BBC K


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SUGGESTIONS

(A) Suggestions based on Analysis:

1) Home delivery:

The most important thing that this research found out that majority of the readers want to

subscribe to the magazine because of Home Delivery Services and want the magazine at their

convenience of location. This means the company can increase its reach immensely by targeting

customers through annual subscription offers.

2) Focus more on self-employed professionals and Service/job occupation category:

As the chi-square test suggests that there is a positive relation between occupation category and

choice of magazine and the self employed professionals and service/job occupation categorybeing the major subscriber of magazines the company should focus more on these groups.

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

INTERNET KIOSK OTHERS TV ADS WORD OF

MOUTH

Series1

L P

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

INTERNET KIOSK OTHERS WORD OF

MOUTH

TV ADS

Series1

T G


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3) Huge scope for upselling:

There are majority of customers who are willing to pay more than Rs.100 for magazines but

finish reading the magazine within 1 week hence there is a huge scope for upselling to these

customers, if targeted effectively.

(B) Suggestions based on Observation:

1) Improve distribution channel:

Company should adopt better distribution channel so that it can deliver magazines to the right

customer at right time. A better distribution channel can help company to retain its position as

being number 1(one) in these segments

.

2) On time renewal reminder:

Company should adopt such strategy where it can remind customer regarding their renewal and itwill help company to retain maximum number of old customers.

3) Entering into other magazine segments:

After research it was found that maximum number of people were looking for health related

magazine and most of the waiting lounge in hospitals clinics and Gyms are empty without any

magazines which is a great Opportunity for TIMES OF INDIA. As today most of the people are

heath conscious and like to keep themselves fit and fine they were in search of such magazines

which they can prefer it during their leisure time. The Economist being a premium business

magazine customers are looking for an affordable priced business magazine. It was also foundthat sports and bikes magazines were highly in demand and these opportunities can be exploited

by Times of India.

BIBILOGRAPHY

http://en.wikipedia.org/wiki/The_Times_of_Indiahttp://www.timesgroup.com/bccl/about-us.htmlhttp://www.timesmediastudies.com/faq.htmlhttp://www.timespro.com/why-timespro/the-times-grouphttp://www.worldwidemedia.in/titles.php

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