Identification of potential customer, brand building and market penetration for

Company Guide : Mr. NIKHIL SRIVASTAVA Mentor Guide : Mr. HEMESH KUMAR

Prepared by:Varun Katara

Project Roadmap
Details Details Project Project Summary Project Summar yStage 1 : In house training Stage 1 :Media process training Print In house training : Field work Stage 2 Print Media Brand building and market penetration proces s trainin Research/Survey g Research Challenges /Surve y Stage 2 : Achievements Field Recommendations work Sales Conclusion Work planned Bibliography

Project

for last 3 weeks

Project Details
Name of the Company Location Mentor Guide Company Guide Business Standard Ltd.

New Delhi Mr. Hemesh Kumar Mr. Nikhil Srivastava

Title

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

Duration

4st June 2012 4th Aug 2012

Project Summary
Understand the product (i.e. Business Standard financial daily) Understand the competitors Market survey in Delhi Field work in Delhi NCR which includes Sales (Increasing the no. of subscriptions)

Stage 1

4st June 2012 10th June 2012

In house training
Understanding the print media process

Market research/survey (Delhi)

To find the potential customers in Delhi NCR

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For Initial 2 days we were made to do the analysis of four financial dailies. 1.Business Standard 2.Economic Times 3.Financial Express 4.Business Line Then performed SWOT Analysis of all the four financial newspapers.
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Print Media process training

Our Guide gave a brief explanation of every department of Business Standard Ltd. Also gave many details about the company and how it works.
Then the personnels from their respective departments explained us the whole working of their department.
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Space Marketing (Advertisement) Department

 Types/Categories of advertisements
Display Finance Tenders DAVP(Directorate of Audio Visual Publicity) Notices Special reports, project feature

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 Different position and space for advertisement.

Front page left corner small ad Pointer ad Right corner/Half front page Front page source Top of the front page, below title Masthead Middle of the page surrounding by news Island position Gatefold Jacket Below Masthead Center Spread
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Learnings
The sales of advertising space in daily papers is overseen by the advertising department, which is divided into national, classified, retail and creative services.

Editorial Department

 National coverage Maintained conventionalism Language Doesnt beat about the bush Information Authentic More sectionized Each BS reporter covers different beats

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

Scheduling Department

 Responsible for the layout of the newspaper. Uses Quark Express Software for designing the space according to the advertisements which have to be published. The data must be in either of the two formats, PDF (Portable Disk Format) or EPS (Ended Post Script). These are checked for errors by softwares like Pit Shop (for PDF files) and Fight Check (for EPS files).
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Production Department

Sambhav press Paper from Mysore papre mill 546 mm height and 700 mm width Use four films Cyan, Magenta, Yellow, Black One machine 20 pages together but if coloured then only 6 pages.

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Learnings

Systems Department

 System department is responsible for the communication network as well as all the technical related problems in the company. The system department at Delhi receives a facsimile copy of newspaper everyday and forwards its printout on the butter paper to the production department.

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

Market Development (Circulation) Department

 Market Development Department generally known as circulation department and responsible for the circulation of the newspaper in the whole region, which comes under the preview of that addition of the newspaper. Circulation department also sell and promote the newspaper. Market development strategies and pricing strategies. Market Development Department handles various functions like Print Order generations, regularity of dispatch and to receive the payment against the bill generated by it for the month.

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Learnings

Market Research/Survey
Delhi NCR

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Research Details
Title :Identification of the potential customers of Business Standard in Dellhi NCR.

Objectives :1. To find out who are the potential customers of Business Standard in Delhi NCR. 2. To find out the attributes which are considered important by the customers while purchasing a business newspaper?

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 Sample Size :100 people Sampling Unit :Stock brokers, Chartered Accountants, Corporate professionals, Bank employees and B-school students and professors.

Sampling Method :Simple random sampling Source of Data :Primary Data Secondary Data

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Stage 2
4th

10th June 2012 Aug 2012

Field Work (Delhi NCR)

Brand building and market penetration

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Brand Building
Enhancing a brand's equity directly through advertising campaigns and indirectly through promotions is called Brand building. Branding is more than just a business buzzword. It has become the crux of selling in the new economy.

If the old marketing mantra was," Nothing happens until somebody sells something," the new philosophy could be" Nothing happens until somebody brands something.
A brand represents many more intangible aspects of a product or service: a collection of feelings and perceptions about quality, image, lifestyle and status.

 It creates in the mind of customers and prospects the perception that there is no product or service on the market that is quite like yours. In short, a brand offers the customer a guarantee and then delivers on it. Therefore, successful branding programs begin with superior products and services, backed by excellent customer service that permeates an entire organization.

Market Penetration
Increasing market share of an existing product, or promoting a new product, through strategies such as bundling, extensive advertising, lower prices, or volume discounts is called Market penetration. You might infer, then, that if you build a powerful brand, you will in turn be able to create a powerful marketing program. However, if you can't convince customers that your product is worthy of purchasing, no amount of advertising dollars, fancy packaging or public relations will help you achieve your sales goals.

Work Done
1) Brand Awareness Programme 2) Volume Discounts 3) Advertising through promotional offer 4) Direct Selling and Mass marketing 5) Reactivation of Brand 6) Corporate Scheme

1) Brand Awareness Programme

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

Targeted Groups
At Delhi NCR Through Questio nnaire Profession als Investors Charted Accountan ts Banks Managem ent Students Positive Respon ces

Results

Survey

2) Volume Discounts
We provided volume discounts to the students in colleges under bulk subscription (one spot delivery) To get this discount the colleges had to subscribe atleast 25 newspapers, as only then the company can incur the delivery cost at such lower price.

Duration (Mon to Sat)

Cover Price

Offer Rate

You Save

12 Month
Rs. 1144 English Rs. 710.00 62 %

12 Month

Rs. 1250
Hindi

Rs. 625.00

50 %

3) Advertising and promotional offers

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

Cover Price Offer Price (yearly) (yearly) Rs 1092 Rs 650

You save

40%

 Banking Annual Performances of the banking sector. Annual ranking of banks, exploring the mantras adopted by top rated banks to succeed. The Fund Manager Covers the high points and performances of mutual funds. An annual guide to smartly invest in mutual funds. Includes profiles of top fund managers. BS 1000 A guide to Indias top 1000 companies. An annual reference book on corporate performance analysis and rates top 1000 listed companies. The Billionaire Club Listing of Indias richest businessmen and executives. The only annual listing featuring Indias growing super rich community.

3) Direct Selling and Mass Marketing

No door-to-door selling. Reaching our target customers. People who have reasonably good knowledge of English. Government Employees (sp. Bank employees) Hotels
Corporates
CAs/lawyers

Management Students

Mass Marketing
Distributed free/complimentary copies of Business Standard with an attached promotional brochure to various places like: IOCL Quarters Bank Of India Quarters Residential Societies Banks

5) Re- activation of brand

Other than offering discount to new customers, we also provided the same offer to those customer who enrolled in the offer of yearly subscription previous year. This made the customers more satisfied and this can increase the customer loyalty for Business Standard newspaper.

6) Corporate Scheme
Under this scheme the corporate company was given 40% discount for its employees and along with it any of the one benefits:

Bag

Advertisement

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

Challenges
One of the truths of modern business is that there is almost nothing that your competitors can't duplicate in a matter of weeks or months. If you have a great idea, you can be certain that somebody will copy it before long. And not only will they follow your lead, but they may also be able to do a better job or sell the product or service at a lower price. The question then becomes, "What competitive edge do I have to offer that cannot be copied by anyone else?"

Arrival of Mint
- Fancy
- White paper - Half the size - Collaboration with The Wall Street Journal - Offer price Rs 399

Bulk subscription offer of Financial Express

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

Increased awareness of internet media

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

To save the bread and butter of the company

To stay away from the existing customers paying monthly. It was a big hurdle in planning marketing activities.

Data Interpretation

Which newspaper do you read ?

Since how long have u been reading this newspaper ?

Which of the following financial newspaper are you aware of?

What attributes are preferred by you in a financial newspaper?

What would u give preference while subscribing a newspaper ?

Are you an investor ?

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

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

Findings
Compared to Economic Times, brand awareness of Business Standard is less. Times of India is most preferred daily in English newspapers. Stock market news is the most preferred attribute in financial newspapers. News coverage is given more importance while choosing a newspaper.

Suggestions
The company should do more brand building activities to increase brand awareness. The Stock Market analysis in Business Standard is excellent and considered to be the best among all the papers. So must use this strength in marketing. The company should focus on retention of customers because getting a new customer is more costly.

Limitations
The sample size chosen is limited to 100 respondents; the study may not be applicable to the total market. There is a possibility of the respondents being biased; hence the information collected might not be an accurate one. The questionnaire may not be perfect to draw any strong conclusion as the primary object is to find the people who can be considered as potential customer.

Achievements
To get great experience while working on the project.

6 copies of subscription.
Successful Brand awareness programs and presentations.

Implementation of mass marketing idea.

Successful renewals and solving their problems and issues which the company was not aware of. Appreciation from Gujarat Head for gathering information of our competitor MINT.

Recommendations
Can increase the number of centers from where the news paper is available and improve the distribution system. The company can also start a Customer Care department. Management can design a (Vendor Relationship Management programme) and should come up with some motivational offers and scheme for the vendors, so that they are self motivated and hence will push Business Standard from their side and would help in increasing the trade sales. Business Standard should start its Sunday copy in all the editions with some better strategies than its competitors who are charging more for the Sunday edition.

Conclusion
The distribution channel plays a very important role in newspaper industry. In some cities the distribution system of Business Standard is not proper. Promotional scheme offered to the customers helped increasing the circulation of Business Standard. Looking at over all publication process, we came to know the whole process of printing till the final delivery of the newspaper. Understanding the theoretical aspect makes it look much easier but practically the publication process is very difficult and requires integrated efforts from all the departments. Finally looking at the acceptance of promotional scheme of Business standard, I conclude that the scheme offered was mostly liked by the readers and ultimately most of them were subscribing to it.

Questioner
Name : Age : Address/Place Gender : Contact No : E-mail Id : Occupation :

Q1. Which newspaper do you read ?

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Amar Ujala Times of India Hindustan Times Business Standard Economic Times Navbharat times The Hindu Sandesh Business Line Financial Experess

Q2. Since how long you been reading this newspaper?

1. 2. 3. 4. 5. Less than 1. 14 46 69 More than 9.

Q3. Which of the following Financial newspaper are you awair of ?

1. 2. 3. 4. Business Standard Economic times Business Line Finacial Express

Q4. What attributes are preferred by ypu inn a financial newspaper ?

1. 2. 3. 4. 5. Company news Economic news Supplement news Financial news Stock Market News

Q5. What would like to preferance while subscribing a newspaper ?

1. 2. 3. 4. Gifts Discounts Price News Coverage

Q6. Are you an Investor ?

1. 2. Yes No

Q7. Do you think that Financial newspaper helps you in taking your decision on investment ?
1. 2. Yes No

Q8. Would you like to switch your newspaper if any special offer is provided to you ?
1. 2. Yes No

Bibliography
http://www.business-standard.com/ http://www.wan-press.org/ http://www.historicpages.com/nprhist.html http://www.newspaperindustry.org/history.html http://www.media.heralddispatch.com/nie/newspaperproces.html http://drypen.in/branding/brand-awarenessa-brand-building-concept.html