PROJECT REPORT ON
Research Analysis on Consumer Buying Behavior in order to generate sales for outlook Magazines
Under the Guidance of-: Mr. V.P Arora (Faculty guide) Mr. Madhusudan Mehar (External mentor) Team Leader
Submitted by-: Ratika Nagpal Roll no.-107 PGDM (2010-12)
1
CERTIFICATE This is to certify that the Project Report entitled
Research Analysis on Consumer Buying Behavior in order to generate sales for outlook Magazines
Submitted
in partial f ulfillment of the
Requirements for the POST GRADUATE DIPLOMA IN MANAGEMENT FROM JIMS KALKAJI, NEWDELHI By RATIKA NAGPAL
has worked under my supervision and guidance and that no part of this report has been submitted for the award of any other Degree, Diploma, Fellowship or other si milar titles or prizes and that the work has not been published in any jo urnal or magazine.
Certified, INTERNAL MENTOR
EXTERNAL MENTOR
(Mr. V.P. ARORA)
(Mr. MADHUSUDAN MEHAR) 2
CERTIFICATE This is to certify that the Project Report entitled
Research Analysis on Consumer Buying Behavior in order to generate sales for outlook Magazines
Submitted
in partial f ulfillment of the
Requirements for the POST GRADUATE DIPLOMA IN MANAGEMENT FROM JIMS KALKAJI, NEWDELHI By RATIKA NAGPAL
has worked under my supervision and guidance and that no part of this report has been submitted for the award of any other Degree, Diploma, Fellowship or other si milar titles or prizes and that the work has not been published in any jo urnal or magazine.
Certified, INTERNAL MENTOR
EXTERNAL MENTOR
(Mr. V.P. ARORA)
(Mr. MADHUSUDAN MEHAR) 2
DECLARATION
I hereby declare that the project report entitled RESEARCH ANALYSIS ON CONSUMER BUYING BEHAVIOUR IN ORDER TO GENERATE SALES FOR OUTLOOK MAGAZINES ³
submitted for the POST GRADUATE DIPLOMA IN MANAGEMENT
is
my
original
work and the Project Report has not for med the basis for the award of any degree, diploma, associated, or other si milar title.
Date
Place
3
ACKNOWLEDGEMENT Behind every achieve ment lies an
unfatho mable
sea of gratit ude to those who have
extended their s upport and witho ut whom it would never have co me into existence. To them we say o ur words of gratit ude. I would like to express National
Sales
my
deepest sense of gratit ude to Mr. Hi manshu Pandey,
Manager for giving
me
this opport unity to undergo
Outlook India Ltd. I wo uld also like to extend
my
Summer
Training at
heartfelt gratit ude to hi m for his
constant enco uragement and val uable insight, g uidance and facilities at all phases of the project. I would also like to acknowledge the s upport and g uidance of Mr. Madh usudan Mehar, Team Leader, Outlook India Ltd. Witho ut his help and enco uragement it wo uld have been
practically i mpossi ble to co mplete this project.
Last
but
not least we are also thankf ul to the entire
Summer
helped us in getting o ur Summer Place ments at o utlook.
RATIKA NAGPAL PGDM (2010-2012) Roll No. 107 JIMS
4
Placement Tea m who
TABLE OF CONTENTS
S.No
Title
Page No.
1.
Executive Summary
6
2.
Industry Profile
8
3.
Company Profile
9
4.
Products
15
5
Competition
22
6.
SWOT Analysis
25
7.
Introduction
27
8.
Research Methodology
33
9.
Analysis & Interpretation
35
10.
Findings
44
11.
Results
49
12.
Learning
50
13.
Suggestions
51
14.
Limitations
52
15.
Conclusion
53
16.
Reference
54
17.
Annexure
55
5
EXECUTIVE SUMMARY Print Media, as anyone can
understand
is one of the
through in the way a nation works. Newspapers, lot of people and are certainly one of the
most i mportant
magazines, books
most
tr usted
factors co ming
etc. are ready
mediums
by
a
of National and
International News. Outlook is part of the RAJAN RAHEJA GROUP which
made
its beginning in the
constr uction business and after building a huge presence in the realty diversified laterally into
manufact uring
, financial services and
media.
market,
The
the gro up
magazine
division of O utlook consists of OUTLOOK ENGLI SH, OUTLOOK MONEY, OUTLOOK PROFIT, OUTLOOK TRAVELLER, OUTLOOK S APTHAIK, OUTLOOK BU SINESS, MARIE CLAIRE, GEO AND CAREER 360. Ob ject of project incl udes: PRIMARY:
Generation of sales for o utlook¶s magazines subscription .
Analyze the client¶s response affecting the level of sales and list o ut potential clients in each seg ment.
SECONDARY:
To extract my
my
potential to the f ullest and use it for the benefit of the co mpany and
own self by achieving a re markable sales target.
To work on i mproving convincing skills.
Target given was 60 s ubscription per month and the process used for selling subscription incl udes Prospecting, Gathering infor mation about a client and the key 6
decision
maker,
Pre-approaching, Approaching the interested s uspects, Presentation,
Proposal, Follow up, Ob jection handling, Settled ter ms and conditions, Contract and delivery. In this project sa mple 150 respondents have
been
collected aro und Delhi NCR region,
In order to gather infor mation about the preferences of the c ustomer and the varieties of choices of magazines by different c ustomers. The techniq ue used was
Questionnaire
method
The vario us methods used for selling was corporate canopies, cold calls, stalls etc And it was found that corporate canopies is the best method to get people believe what they see
more
maxi mum sales
as
than they hear .half of the total sales co me from
canopies which were set up in highly rep uted offices like CONVERGY S, GENPACT, MARUTI SUZUKI, IIFCO TOKIO. Giving the consumer what they want (and the research has the wish list of things that the consumer would like to see in a
magazine
subscription)
may
not always be practical
or economically via ble for publishers. Yet to ignore co mpletely what they want, which same publishers seen inclined to do, is co mmercial suicide. So
there is an opport unity to t urn subscription fro m a cold,
business
transaction into a
real relationship fro m a contract´ into a services´. When that happens, then loyalty ³
³
flows automatically. That is the real s ubscription challenges for the ind ustry. The majority of non-subscriber has not actively rejected s ubscribing, but simply need more convincing.
In addition, gift s ubscription offer significant growth opport unities , but consumer awareness of the m appears to be relatively low and gifting process co uld be made to be more
of an event´ and to give the recipient ³
more
choice and freedo m in their little
selection. Moreover it was concl uded that there are a lot of potential s ubscribers who need j ust a little extra so mething to
make
them subscribe. 7
INDUSTRY PROFILE There are the two
main
sources of o btaining data to deter mine readership of any
publication: y
National Readership
y
Indian Readership
Survey
Survey
± NRS
- IR S
National Readership Survey is a survey on all conducted
by
the National Readership
media, but
Studies
especially the print
medium,
Council (NRSC) - supported
by
Audit
Bureau of Circulation (ABC), Advertising Agencies association of India (AAAI) & Indian Newspapers
Society.
It investigates the readership of a bout 80 weeklies and
monthlies-in
major
Indian publications-dailies, weeklies, bi-
over 475 towns of 57 regions across the length and
breadth
of the country. The towns, selected, however are p ublication centres of dailies. By process of µsyste matic sampling,¶ over 55,000 ho useholds in these towns are s urveyed, the number of households in each town proportionate to it pop ulation. All
men
and
womenfolk above the age 15 are q uestioned for a bout half an hour on the
basis
of a
str uctured questionnaire. It clai med to
be
the
most
thoro ugh readership s urvey in the co untry. It provides
exhaustive data (availa ble to its clients on co mputer disks) readership, radio listenership profile¶-the socio econo mic characteristics of the readers of vario us publications, of cinema and TV viewers, and of listeners to radio, as well as the degree of d uplication among publications and Sofres
between media.
Research agencies involved are: IMRB, TN S
Mode, and AC Nielsen in colla boration with ORG.
8
Indian Readership Survey is conducted (MRUC). IRS 2002 is the largest contin uous
by
the Media Research Users Co uncil
media
survey ever cond ucted (sample size
of 229,000 individ uals) providing a single-so urce database for demographics, habits and prod uct /
brand usage
media
across 986 towns and 2858 villages in India. The
survey was cond ucted over two ro unds with the field work between Nove mber 2001 and November 2002. This all-India s urvey conducted jointly with the Media Research Users' Co uncil (MRUC) also provides prod uct / allowing one to link
brand
media
penetration infor mation for over 50 different prod ucts
habits and product usage data for ad ults and children fro m
the age of 12 years. Both
NRS & IRS
Gives
media
consumption habits, product ownership & cons umption, lifestyle indicators
infor mation on
macro
demographic & geographic para meters.
y
Population coverage: 12 years & a bove
y
Sample
y
Geographic coverage: All India (Ur ban + Rural)
Sa mple
size: over 200, 000
Frame: Electoral rolls based on 2001 Cens us definition of Ur ban Agglomeration
9
COMPANY PROFILE RAJAN RAHEJA GROUP
10
The Rajan Raheja Gro up is a diversified conglo merate which has interests in sectors such as
building materials
(thro ugh Prism Cement, H&R Johnson (India)
and RMC Ready- mix (India)), a utomotive and ind ustrial batteries (Exide Industries), ca ble T.V. (Hathway Ca ble & Dataco m and Asianet Communications), financial services (in life ins urance and asset
Satellite management
through joint vent ures with ING), p ublishing (OUTLOOK gro up), retail (Glo bus, H&R Johnson (India) TBK, Food world and Health & Glow), real estate development, software, petroche micals and hotels.
OUTLOOK: In October 1995, gro up company Hathway Invest ments Private Li mited entered the print
media.
galvanized a sl uggish
OUTLOOK, a weekly news magazine headed by Vinod Mehta,
market
reeling under the i mpact of satellite TV.
OUTLOOK quickly carved a significant niche for itself a mong discerning readers who value its in-depth, investigative reporting as well as its stylish vis ual for mat. Known to be
fiercely independent, OUTLOOK has shaken the esta blishment on events ranging
from Kargil to Kash mir to cricket, sensitized the reading p ublic to i mportant issues like big
dams, education and gender, and provided an
unremitting
focus on
South
Asian
geopolitics. Today, OUTLOOK is the preferred more
than 11.2
million
magazine
copies over the year.
11
of 1.5
million
readers in India, and sells
Sales HR Marketing
Functional
department Finance
y
12
Operations
OUTLOOK UMBRELLA
MAGAZINE DIVISION
OUTLOOK MONEY
INTERNET DIVISION
EVENTS DIVISION
outlook India.com
OUTLOOK SPEAK OUT
GEO MARIE CLAIRE BUSINESS
outlook money.com
TRAVELLER AWARDS
outlook traveller .com
MONEY AWARDS
PEOPLE CAREERS 360 NEWSWEEK
DIVISION
OUTLOOK GETAWAYS
PROFIT TRAVELLER
BOOK
PERSONAL FINANCE SHOW
outlook business .com
13
OUTLOOK GUIDES
PRODUCTS PROFIT The premium fortnightly that packs stock This
market,
market
intelligence & incisive analysis of the
while capt uring emerging trends & tracking
magazine
tells yo u which stock yo u should
figures of do mestic and international related to automobiles and
movie
market,
buy
market
experts & their moves.
or avoid, also contains co mparative
and if you want to update your knowledge
reviews then this is one of the
best magazines
for o ur
readers
PEOPLE The OUTLOOK Gro up has reached an agree ment with U.S. based publishing co mpany Time Inc. to bring µPeople¶, one of its
most
successf ul and pop ular editorial prod ucts to
India in 2008. Ti me Inc. which is the largest p ublisher in the U. S. and U.K, redefined personality jo urnalism in 1974 with µPeople¶ lifestyle feat ures. Every week the µPeople¶
magazine
brand
and its
reaches 43
news, excl usive interviews and in-depth reporting on the
unique mix
million
most
of news and
readers with latest
co mpelling people of o ur
time.
BUSINESS
OUTLOOK Business,
in the tr ue tradition of the OUTLOOK gro up, has as its ai m no less
an ob jective than the complete rewrite of what has journalism in the
magazine
been
space. Targeted at decision
tried
by
makers,
the way of business
the prod uct focuses on
important business issues and develop ments with a view to providing clear takeaways ±
14
impact and i mplications for decision- making. A holistic approach ens ures all infl uences on business: econo mic, political, and
markets
driven are exa mined.
M ONEY
In July 1998, the Gro up launched "Intelligent Investor" re-christened as "OUTLOOK MONEY" as of 30-Nov-2002, India's first personal finance
magazine,
which offers so und
strategies for the lay investor, especially the growing seg ment of salaried upper middle-class
and self-e mployed professionals. Its
message
'Invest well, borrow wisely, and spend s martly'. Evidently, that well: the
magazine
middle
and
is clear and si mple:
message
has gone down
sold upwards of 1, 00,000 copies a fortnight within a year. One of its
distinguishing characteristics is that a bout 93 per cent of readers retain all past iss ues of OUTLOOK Money.
NEWSWEEK Itµs a weekly
magazine.
best magazine
It covers international affairs this
magazine
was honored
by
award at international level in 05. News week offers co mprehensive
coverage of world events with a glo bal network of correspondents, reporters and editors covering national and international affairs,
business,
science and technology, society
and arts and entertain ment. It is tr uly a magazine, which f uels the global perspective.
TRAVELLER OUTLOOK Traveller is a
monthly magazine
India Pvt. Li mited and the only significant month
fro m the stable of OUTLOOK P ublishing
magazine
ai med at the travel reader. Every
since J une 2001 OT has introd uced readers to the wonders of
unknown
destinations while also enco uraging travelers to take a fresh look at fa miliar places. 15
Whether people are planning a holiday, or si mply dreaming of one, OUTLOOK Traveller continues to take the m closer.
G EO
The European print making
media
company owned by the Ger man
its India de but with GEO, its pre mium science and geography
magazine
big market market
Bertels mann, is magazine.
The
was la unched under a licensing arrange ment with the OUTLOOK Gro up in
India and positioned as a fa mily
its
media major
for knowledge
magazine.
magazines
The OUTLOOK Gro up says that there is a
in India and GEO will help the Gro up in increasing
share.
M ARIE CLAIRE
MC is French
magazine
and in India it is magazine
being
and
being
promoted
for those who want to
promoted by
update
by
different gro up in different co untries
OUTLOOK Gro up with Indian edition,
themselves with latest fashion & trends. Mostly
women and girls, who are linked with fashion, s ubscri be this considered as wo men brand with a p unch line, µlet
magazine.
MC is
me be me¶.
CAREERS 360
It gives yo u an all aro und perspective on the latest career trends, fresh aven ues, admission alerts, careers, co urses and updates your general knowledge with the literacy rate of different states and co urses offered by colleges in these states. This magazine
best
contains well researched infor mation for the yo uth and youngsters.
16
PROMOTIONAL OFFERS Magazines
Term
Issues
Newsstand Price
Sub Price
Assured Free Gift
1
Outlook Magazine
3 year 1 year
153 51
3825 1275
1999 799
five travel guides (worth Rs 295) One travel guide (worth Rs 295/-)
2
GEO
3 year 2 year 1 year
36 24 12
3600 2400 1200
1599 1099 549
Rucksack Bag (worth Rs.1200/-) Overnight Laptop Bag Traveller's Waist Pouch
3
Marie Claire
3 year 2 year
36 24
3600 2400
2999 1999
Get Hidesign bag H2O hamper
4
Outlook Traveller
3 year 2 year 1 year
36 24 12
3600 2400 1200
1499 999 549
Rucksack Bag (worth Rs.1200) Travel Waist Pouch 3-in-1 Travel Kit (worth Rs.400)
5
Outlook Money
5 year 3 year 1 year
130 78 26
3900 2340 780
1950 1399 525
N/A N/A N/A
6
People
3 year 1 year
78 26
3120 1040
1999 999
7
Outlook
3 year 1 year
78 26
1950 650
1199 499
one year subscription top-up 3 months subscription top-up
8
Newsweek
2 year 1 year 6 month
104 52 26
7800 3800 1950
2200 1200 799
N/A N/A N/A
9
Buisnessweek
1 year
51
8925
5000
N.A
Outlook + newsweek
1 year`
51 - 52
5175
999
N.A
10
Business
17
Stylish
People Mug Stylish People Mug
18
19
SUPPLY CHAIN
The main proposition or usp of o utlook on which they co mpete with other brand is the distribution channel. Copies were send to the press for p ublishing on Friday night and on Saturday morning it was boarded from airport and send to all metro¶s
major
hubs through
as well as tire 2 and tire 3 cities fro m where copies being distri buted to vendor,
news stand, hawker. Moreover o utlook has a h ub in top ten magazine are
metro
cities where the
delivered directly to the individ uals. Other than this they use postal
authorities for ti mely delivery of magazines. Metro cities incl ude: NORTH- Delhi,
NCR, Chandigarh and L ucknow.
WEST-
Ahmadabad, Mumbai, and Pune.
EAST-
Calcutta.
SOUTH-
Bangalore, Hydera bad and
madras.
Based on the place where offices are located co mpany si mply uses courier delivery services rather than postal services. Earlier o utlook use to o utsource courier services now they had a contract for jo b outlook magazine. All
magazine are
delivered
personally. Other than this places like Kota, Jaip ur, Manesar and Agra where there are no offices being
magazine are delivered thro ugh
local post if not delivered properly than it is
send through UPC a registered services so that it reaches on ti me
20
4 PS
PRICE:The pricing is decided on analyzing the co mpetitors pricing strategy. Even a slight decrease in price acco unt for high profit. The price of o utlook magazine vary for Rs 25(outlook) to Rs 100(Marie Claire) depending on the and seeing the target
market.Subscription
money
invest for each
magazine
offer have to be a mode to save so they are a
value for money as its cheaper than individ ual magazine with a
marked
difference.
PRODUCT:The company defines each prod uct according to vario us segments and is trying to cover each seg ment.Magazine like MARIE CLAIRE ai m women and girls of elite and class. At the sa me time
magazine
like o utlook
money
and o utlook
corporate world and working class. O utlook saptahik is
mainly
access to English. Every prod uct aims at a partic ular target
business
middle
ai ms at
for people with li mited
market
and age gro up.
PLACE:Place is selected according to the prod uct keeping in
mind
its target
market
and the age
group. Magazine that have high pro bability to be sold among the elite class are target to malls
etc, whereas health and fashion
and spa. Travel
magazine
magazine
are targeted to saloons, fitness cl ubs
are generally targeted towards airports, car rentals etc. The
place of selling affects the sales tre mendously.
PROMOTION:Outlook India adopts a pro motional strategy that ai ms at organizing events in
malls
offering free subscription as gift.Hoarding, banner and new plan are a great way adopted by outlook to pro mote their magazine. It ai ms at shelter, airport for its promotion and advertising as
mass
crowd present in these areas
21
and
COMPETITION
MARKET SHARE OUTLOOK INDIA TODAY BUSINESS TODAY OTHERS
25% 32% 12% 31%
MARKET SHARE
31%
25%
OUTLOOK INDIA TODAY 12%
32%
BUSINESS TODAY OTHERS
22
OUTLOOK Quarterly Sales Apr - Jun
Jul - Sep
Oct - Dec
Jan - Mar
22% 29%
14% 35%
Fig.
1
In fig. 1, OUTLOOK quarterly sales doughnut is being described and it is observed nd th that during 2 quarter (Jul ± Sep) and 4 quarter (Jan ± Mar) maximum revenue is earned reasons thereof are as follows: st
nd
1. In the middle of 1 and 2 quarter, company appoints college interns, who are really enthusiastic and focused towards their work. Secondly, company launches Bonanza offers during this period.
23
2. During last quarter, every employee gives his/her best performance to achieve the annual targets and company earns maximum profit through itsµSubscription & Retail division¶.
SOURCES OF FINANCING
SUBSCRIPTION DIVISION 20%
ADVERTISEMENT 45%
RETAIL DIVISION 30%
EVENT SPONSORSHIP 5%
Fig. 3
In fig. 3, it is clearly shown that Advertise ment division gives 45% revenue followed
by
Retail (30%),
Subscription
i.e. only 5%. Gro up earns
maximum
division (20%) and Events revenue
by
Sponsorship
publishing advertisement in
their magazines, retail and subscription division together gives good fig ures to the Gro up by circulating 1.5
million
copies.
Similarly,
small
but
effective division,
Event sponsorship also contri butes by organizing Award ceremonies. 24
SWOT ANALYSIS STRENGTHS: y
Well organized and experienced staff.
y
Innovative and c ustomer oriented prod ucts.
y
Direct approach to the c ustomer.
y
Customer satisfaction.
y
Strong
y
Efficient and fast delivery syste m.
y
Good subscription gifts.
y
Have separate gro up for Hindi
distri bution network.
magazines
WEAKNESS: y
Price of some magazines is high.
y
They are reluctant in promoting some of their own products .
OPPORTUNITIES: y y
It has many products capturing all sectors information so it has an opportunity to become a market leader. Career 360 is a very good career magazine.
THREATS: y
Existing competitors in the market.
y
India today has already captured the big market share.
25
MARKETING STRATEGIES ADOPTED 1. Mass i mpersonal selling
methods
(Advertising).
Pull Blend.
2. Face to face personal selling ( Salesman ship).
Push Blend.
Both of these are closely related to the Channel of Distribution.
1. A Pull
Blend
is one in which
emphasis. The p urpose of p ull
mass i mpersonal, blends
sales efforts are given the greatest
to pre-sell to the final cons umers so that they
demand the prod uct at the retail level of distri bution. The fir m adopting this strategy wo uld spend
more
on advertising and sales pro motion
rather than in personal selling.
2. A Push
Blend
emphasizes personal selling. Nat urally fir ms adopting this
develop a strong sales force at
both
the distri butor and the dealer level; this
would tend to p ush the prod uct through the channel of distri bution.
26
method method
INTRODUCTION TO THE PROJECT:
Generating sales in any co mpany is the
most
intresting and
most
difficult part.It requires
a lot of market research to analyze the cons umer behavior so that we can
make
our
product and services according to their needs. We have to design o ur sales pro motion strategies in s uch a way the have done
many
which have
maximum people
are attracted by it. In o ur two
months
we
things which incl ude most of the a bove said techniq ues and strategies
made
our product (OUTLOOK MAGAZINE S) a
market
leader.
We have prod ucts which cater to each and every seg ment of market e.g. O utlook English, Outlook Money, Outlook Profit, O utlook Business, Outlook Traveller, Marie Claire, Geo and career 360. Outlook group was started in 1995 since then it has esta blished itself in the
market
of
print media. They have been also s uccessf ul with different prod ucts they have la unched in addition to their basic
magazine
outlook English. O utlook also has a very dedicated
site which gives a very good insight into the o utlook group.
27
OBJECTIVES
PRIMARY:
Generation of sales for o utlook¶s magazines subscription and meet the target of 2 subscription of o utlook (mainly) per day. It can also incl ude the other magazines Of outlook also like o utlook traveler, business, Marie Claire, news weekend money.
Analyze the client¶s response affecting the level of sales and list o ut potential clients in each seg ment.
SECONDARY:-
To extract my potential to the f ullest and use it for the benefit of the co mpany and my own self by achieving a re markable sales target. To work on i mproving convincing skills.
28
SALES PROCES PR OSPECTING Prepared a co mprehensive list of prospective clients in each seg ment. After the segments were identified, a list of prospective clients was
made
in segment with the
help of Internet and telephone Directory services. The list consisted of all details of the clients incl uding name, address, and telephone n umber etc.
GATERING INFORMATION ABOUT A CLIENT AND THE KEY DECISION MAKER This step consisted of gathering infor mation about the clients as to whether they are currently taking any
magazines
and at what prices. Also the key decision
maker
in the
company was deter mined and his/her details were fo und out.
PRE-APPR OACHING The next step involved calling making
up
the decision
maker
in the client organization and
hi m interested in the prod uct and taking an appoint ment with hi m/her.
APPR OACHING THE INTERESTED SUSPECTS Once an appoint ment was taken, the next step was to time.
meet
the client on the appointed
PRESENTATI ON The appoint ment began with asking the client to explain their business in detail. The client was asked if he is Infor mation regarding
buying
any other magazines and if yes, at what price.
magazines being
already a part of his
business
was extracted
from the client. Then detailed infor mation regarding feat ures of the prod uct and its edge over the co mpetitors was explained to the client. The vario us options like free po uch
29
and free UNITED COLOR S OF BENETTON T- Shirt were offered to hi m. Sample copies were shown to display the vario us options.All the efforts were clients to
buy
the
magazine by
made
to convince the
offering hi m various schemes, gifts and range of
subscriptions.
PR OPOSAL If the client showed interest in proposition offered to hi m, the next step was to offer a proposal. The proposal consists of vario us details like price, option
being
offered and
other details a bout the delivery, pay ment in advance etc. FOLLOW
UP
Once the proposal was offered, follow
up
is required until the decision
maker
in the
organization takes a decision regarding ordering and the n umber of copies to be ordered. OBJECTION
HANDLING
Various issues were settled. Many of the clients de manded reduction in the a mount not accepting the T- Shirt. Moreover, few govern ment officials wanted to
make
by
the
payment through cheque which contradicted the co mpany ter ms, but, it was accepted if the personnel appealed to be tr ustworthy and held a rep uted and respectf ul position. Various queries regarding proper and ti mely delivery were solved.
SETTLED TERMS AND CONDITIONS Once the client showed his readiness to order, the ter ms and conditions were settled him with regard to type of s ubscription , delivery ± whether it is single point or multipoint, payment in advance , ti me period of s ubscription. A c ustomized sample copy and the assured gift was also shown to the client and his approval was seeked.
CONTRACT Once all the ter ms and conditions were settled, the agree ment was
made.
The
agreement consisted of all the ter ms and conditions agreea ble to both the parties and was duly signed by both the parties i.e. the client and O utlook. 30
DELIEVERY The clients gave all the details of delivery to O utlook as to whether the
magazines
were
to be delivered to the client or at his place. All the address details of the client was taken. After the
magazines
were delivered, the Proof of Delivery (POD) was shown in
the office. If any copies were undeleivered d ue to any reason, the client was infor med about it.
31
STALL AT DIFFERENT CORPORATES
32
Research Methodology Study Background To understand the able to
make
Sales
its process
Process carried o ut in the organization, O utook is keen to more
be
efficient by reducing the delivery ti me required between
various steps in the whole process,
understand user
dynamics across different types of
clientel and using all enquiries to be converted into final orders .
Action Plan of the project The action plan for the project consisted of step
by
step proced ure. It started with
problem recognition i.e. less efficient sales process- that took convert follow
ups
more
and
more
ti me to
into a final order, th us a research was cond ucted to find o ut
consumer buying behavio ur. Then with the help of q uestionnaire s urvey method, a s mall sample size of 150 was taken and a s urvey was done rando mly at Delhi NCR region .
Relevance of the study Being an internee at O utlook, it was very i mportant for me to find o ut the reason why India Today capt ured the
major
segmenting it¶s
for every kind of mass.
magazine
portion of the
market, So
even after O utlook has
in order to
maintain
its
been
market
leader position the organization needs to have a co mpetitive advantage over other which it can achieve
by being
efficient eno ugh to delivery in a short span of ti me. They
are spread worldwide and looking at the growth potential in India, they are also willing to develop manufacturing facilities at vario us locations as well in the f uture.
Project Ob jective: To study the consumer buying behaviour of magazines.
Research Methodology adopted:
33
Survey method using
questionnaire.
Sample size:
The 150 responses were analyzed as asked been
by
the company. The responses have
taken fro m Delhi NCR region.
TECHNIQUES OF DATA COLLECTION PRIMARY DATA
In this project I have collected the sample 150 respondents from around Delhi NCR region. I came to know about the preferences of the customer and the varities of choices of magazines by different customers. SAMPLING Sampling is that part of statistical practice concerned with the selection of individual
observations intended to yield some knowledge about a population of concern, especially for the purposes of statistical inference. Each observation measures one or more properties (weight, location, etc.) of an observable entity enumerated to distinguish objects or individuals. Survey weights often need to be applied to the data to adjust for the sample design. Results from probability theory and statistical theory are employed to guide practice. QUESTIONNAIRE
Questionnaire is one of the method used in order to conduct the study. Under this set of questions were prepared in order to gather information about the behavior of customers about the outlook magazines and got it filled by the sample size that was 150 .
34
ANALYSIS AND INTERPRETATION Efficiency assess ment of the process is
based
on the inp uts from the responses of all
persons concerned with the sales ter ms of ti me taken in ach and every step of the process
be
it, finalizing the specifications or negotiation or signing of proposal. The
following are the analysis done on
basis
of the 150 respondents.
What kind of magazines do you read? Technology 8%
Politics 2%
Sports 11%
Business 31%
General 33%
Fashion
13%
health 2%
Interpretation:
It was found that
majority
of the people i.e. 33% read general
related magazines, whereas health and politics
35
being
magazines
and
business
the least choice of people.
Which brand magazines do you generally prefer? Any
AutoCar
Business Outlook
Business today
Business Today & Sports Star
Business World
Chip
Cosmopolitan
Digit
entrepreneurship
femina
Filmfare
Forbes
General
HBR
India Today
IndiaTimes
New York Times
Outlook
Reader Digest
sports illustrated
Sportstar
sportszone
TAXI
Teen Mags
Times
Times Now
Times Of India
Today's Goup
Women Era
2%
4%
4%
2%
2% 2%
2% 4%
11%
2% 4%
2%
2%
4%
4% 4%
2% 2%
2% 2% 6%
2% 4%
2% 2% 9%
2%
2% 2%
2%
Interpretation:
The pie chart shows that India Today
magazine
36
is generally preferred
mostly.
What contents do you exactly look for into a magazine Business
Cars and Bikes
Case studies
Sports
Current affairs
Defence
Politics
Fashion
Technology
True Stories
6%
8%
8%
16% 10%
6%
14%
20%
6% 6%
Interpretation:
The pie chart shows that 20% of the total respondents look for c urrent affairs in a magazine
and 16% take interests in technology related
37
magazines.
What cost range do you prefer?
Rs50-100 11%
100-200 2% Rs10-20 17%
Rs.30-50 36% Rs 20-30 34%
Interpretation:
The pie diagra m shows that 36% of the people
between
the age gro up of 20-25 are
interested to p urchase magazines between the cost price of Rs 30-50 and hold the major
portion.
38
What attracts you most towards the magazine?
Cover Page 17%
Content 83%
Interpretation:
From the pie diagra m it is confir med that 83% of the respondent decision according to the contents in the
magazine
39
make
their p urchase
if at all they p urchase
magazines.
Who/what influences you the purchase decision? My self 5%
Colleagues 16%
Peers 16%
Family 9%
Nobody 7% Mentor 2% Interest 3% Friends
42%
Interpretation:
The pie charts shows that 42% of the people agree that they are infl uenced by their friends when they go to
buy
or subscribes magazines.
40
Rating of magazines on the basis of the following attri butes
Price 25 20
15 10 5
0
Rate your favourite magazine brand on the basis of following attributes. [Price]
Excellent
Very good
Good
Fair
Poor
8
14
21
7
0
41
Offer Excellent
very Good
Good
fair
Poor
2%
12% 16%
32%
38%
42
[Contents] Poor 0% Fair
4%
Good 14%
Excellent 38%
Very good 44%
Interpretation:
From the diagram it¶s seen that
majority respondent o ut
price and offer as good and contents as very good.
43
of 150 respondents have rated
FINDINGS SUBSCRIPTION BOUGHT
80
70 60 50
40 30 20
10 0
men
Magazines are not only a
women
medium
for entertain ment and gossip
but
also provide us
news and infor mation about several things. It is one of the oldest reading news and entertain ment. But,
modern
consumers for m a very diffic ult
time ± press ure, difficult to define and characterize, less
brand
³
medium
of
moving target´
loyal and often wanting
conflicting things fro m their lives and their prod uct consumption. They know what p ublishers are after and they recognize that the co mmit ment of a subscription as a real val ue and they want so mething in ret urn.Based on sales generation it was analyzed that the magazines
magazine market
straddles a wide range of
types where the p urchasing pattern vary considera bly from sector to sector.
The following findings were discovered: Subscription
p urchasing has become
much
stronger a mong
perhaps the shift into wo men¶s weak lives away fro m the 44
men
monthly
than wo men, reflecting sector. It was
observed that magazine
maximum subscription buyers
were
men
above 23%of wo men bought the
showing a drop in wo men buyers
Monthly sales
3500 3000 2500 2000
1500 1000 500
0
APRIL
MAY
The monthly sales were highest in the
JUNE
month
of May (2865). D uring the first
were 40 trainees which is increased to 60 in the second in number of sales The last
month
month
month
there
so there was a increase
showed decline in sales (1600). Bad weather, traffic
jams and red uced ti me period were the
main
45
cause of this decrease .
INCREASE IN SUBSCRIBERS IN DELHI/NCR
104000 102000 100000 98000 96000 94000 92000 90000 88000 86000
1st april
7th july
An increase was o bserved in the last three
month
which shows that the brand is
climbing the ladder of s uccess and working hard to give neck to neck co mpetition to its competitors.
46
COMPETITIVE ANALYSIS
50%
45% 40% 35% 30% 25% 20%
15% 10% 5%
0%
outlook
india today
the week
others
OUTLOOK lies second after India today which is the
major
today has its
it a t uff competitor .Whereas it
magazines
in all seg ments which
make
co mpetitor to o utlook. India
leads The Week and other brand which are q uite far fro m Outlook in perfor mance.
47
SECTOR WISE SALE
60%
50%
40%
30%
20%
10%
0%
corporate B2B
Car rentals
Real state
Corporate canopies are the best way to earn they see up
more
Corporate Canopies
maxi mum
Coaching Insitutes
sales as people believe what
than they hear .half of the total sales co me fro m canopies which were set
in highly rep uted offices like CONVERGY S, GENPACT, MARUTI
TOKIO. These co mpanies have high
manpower
SUZUKI,
IIFCO
which helps us to increase o ur clients.
Car rentals gave only 3% of the sales as they ask for s ubscription in
bulk
which was not
allotted to us. Corporate B2B stood second after canopies as personal interaction affected them a lot. Young students were less interested in
buying magazines
due to existence of fast
internet work so instit utes accounted for only 5% of the sales.
48
RESULTS Based on the finding and analysis, there were several inferences drawn o ut.
It is clear that the pricing of s ubscription has become a magazine
massive
issue for the
industry as the cons umer has been trained to think that below ±retail
pricing is what s ubscribing as all a bout. Yet if the price disco unt is stripped away, then what is left in the average s ubscription offer to
make
it special.
Linked to the iss ue of pricing is the whole area of loyalty. Cons umers are very much
aware that the
magazine
tends to penalize loyalty
by
offering the best
prices to new cons umers. There is no longer in their reaction to that-si mply pragmatic and cynical recognition that this is how the p ublishing business
model
works. Yet their reaction is why they sho uld show any loyalty to p ublishers in response. Current publisher practice is not creating any e motional capital or ³
glue´ between reader and
magazine
The modern consumer demands the right to choose in all aspect of their shopping. They like the idea of flexi ble stop and start, of taking short from magazine to
magazine
³
magazine
breathers´
s ubscription which they can
fro m the subscription or of switching
when they feel like it. Paying
money upfront does
not seem to be a massive barrier to subscribing; feeling locked into product.
49
buying
one
LEARNING This training proved to be highly beneficial for me as it trained
It increased methods
my
me
for f uture.
practical knowledge and well eq uipped me with all the
and knowledge.
I learned to deal with people and control
my
patience level which is a very
important ingredient in the dish of life. I faced all kinds of people and learned to adopt
myself
in different sit uation.
The training was very usef ul in st udying the services, client¶s satisfaction, consumer behavior, company culture which is vital for us as we are the f uture
managers
It made
me
who will lead the world.
polish
my
internal qualities such as competitiveness, tea m
spirit, leadership, confidence etc. I adopted good convincing skills and characteristics to work in different environ ment
50
SUGGESTIONS
Giving the cons umer what they want (and the research has the wish list of things that the cons umer would like to see in a be
magazine
subscription)
may
not always
practical or econo mically viable for p ublishers. Yet to ignore co mpletely what
they want, which sa me publishers seen inclined to do, is co mmercial suicide.
So
there is an opport unity to t urn subscription fro m a cold,
business
transaction
into a real relationship fro m a contract´ into a services´. When that happens, ³
³
then loyalty flows a utomatically. That is the real s ubscription challenges for the industry. Sales
efficiency sho uld be increased.
Company sho uld work upon its internal syste m, as due to poor control and coordination there is delay in delivery of magazines.
Proper training of sales person is req uired ,their co mmunication skills need to be improve
51
LIMITATIONS
Few of the previo us clients were not satisfied so five o ut 10 clients where demanding for renewal.
Much of the ti me wasted in co mmuting. Moreover unpleasant weather and traffic were hindrance in the project.
Sometimes magazine,
gifts, etc were o ut of stock so
dropped the s ubscription.
Sometimes magazines
do not reach on ti me.
52
many
suspects
CONCLUSION
THE POTENTIAL FOR SU BSCRIPTION GROWTH The majority of non-subscriber has not actively rejected s ubscribing, but simply need more convincing. In addition, gift s ubscription offer significant growth opport unities , but consumer awareness of the m appears to be relatively low and gifting process co uld be made
to be
more
of an event´ and to give the recipient ³
more
choice and freedo m
in their little selection. Moreover it was concl uded that there are a lot of potential s ubscribers who need just a little extra so mething to premiums related to we can sell
business
make
the m subscribe. These relatively inexpensive
are effective. They increase trial s ubscription, and
more efficiently.
53
REFERENCES
Outlookindia.com
National Readership
Indian Readership
Survey
Survey
54
QUESTIONNAIRE Name:
Age:
Occupation:
Mobile No.
Q1. What kind of magazines do you read?
General
Technology
Fashion
Business
Sports
Health
politics
Q2. Which brand magazines do you generally prefer?
India Today
Outlook
Business
World
Business
Today
Others
Q3. What contents do you exactly look for into a magazine
Business
Politics
Sports
Technology
Current affairs 55
Defence
Fashion
Others
Q4. What cost range do you prefer?
10-20
20-30
30-50
50-100
100-200
Q5. What attracts you most towards the magazine?
Cover Page
Content
Q6. Who/what influences you the purchase decision?
Family
Friends
Peers
Colleagues
Myself
Mentor
No one
56
Q7. Rating of magazines on the basis of the following attributes
Attributes
Excellent
Very Good
Good
Fair
Bad
price
-
-
-
-
-
Content
-
-
-
-
-
Special Offers
-
-
-
-
-
57
