A REPORT
ON
SALES GENERATING STRATEGIES FOR
OUTLOOK GROUP'S MAGAZINES USING
CORPORATE PROMOTIONAL ACTIVITIES &
DIGITAL MARKETING
By
Enrolment No. 20BSP3055
THE OUTLOOK GROUP
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A REPORT
ON
SALES GENERATING STRATEGIES FOR
OUTLOOK GROUP'S MAGAZINES USING
CORPORATE PROMOTIONAL ACTIVITIES &
DIGITAL MARKETING
By
Enrolment No. 20BSP
THE OUTLOOK GROUP
REPORT ON
SALES GENERATING STRATEGIES FOR
OUTLOOK GROUP'S MAGAZINES USING
CORPORATE PROMOTIONAL ACTIVITIES &
DIGITAL MARKETING
By
THE OUTLOOK GROUP
A report submitted in partial fulfilment of
the requirements of
PGPM Program of
IBS PUNE
Distribution List:
Company Guide Faculty Guide
Team Leader- The Outlook Group ICFAI Business School- Pune
Date of Submission: 28.05.
ii
ACKNOWLEDGMENTS It is my great pleasure to present this report of Internship at THE OUTLOOK GROUP. The project is an important part of my study and gives me real practical exposure to the corporate world and it is almost impossible to do the same without the guidance of several people. I am extremely grateful to Mr. Indranil Roy, Chief Executive Officer, THE OUTLOOK GROUP, and Prof. Director, ICFAI Business School, Pune for giving me this opportunity to undergo Summer Internship Training for the period of 14 weeks. I would like to express my immense gratitude to my company guide for guiding me right from the inception till the successful completion of the training, Mr., Team Leader, THE OUTLOOK GROUP. I would also like to extend my gratitude to Prof., ICFAI Business School, Pune who motivated me at every step of this program, who steered my course of 14 weeks to perfect learning, and helped me without any chaos or hassle whatsoever. I also wish to thank all the clients who patiently attended and availed the service. ii
EXECUTIVE SUMMARY The Summer Internship Program at The Outlook Group was about Sales and Marketing of the company’s products. I, , Enrolment Number- 20BSP3063, PGPM 2020-22, ICFAI Business School, Pune, worked on a project with the company for 14 weeks. Outlook is a general-interest English and Hindi news magazine, it is a leading name print media industry. Owned by the Rajan Raheja Group, the first copy of the magazine was issued in October 1995. The Outlook Group’s headquarters is located at Safdarjung Enclave, New Delhi. The title of the report is “SALES GENERATING STRATEGIES FOR OUTLOOK GROUP'S MAGAZINES USING CORPORATE PROMOTIONAL ACTIVITIES & DIGITAL MARKETING". The objective is to find, attract, and win new clients, nurture and retain old clients by the use of promotional activities and digital marketing. To increase the outreach of outlook magazine by presenting a diversified portfolio to the customers and understanding the buying behaviour of the customer. The project starts with a sales and marketing task. It includes studying consumer behaviour, customer interaction, collecting revenue through selling subscriptions. It is followed by analysing data to understand consumer buying behaviour. Data collection of 50 company’s Promotional, Marketing, Pricing strategies and to recommend best of their practices to Outlook group. Primary and Secondary data have been used, the methodology used to study the consumer buying behaviour towards Outlook Group's magazine was a survey method using a questionnaire as a tool. Respondents include magazine readers, prospects, and suspects. For secondary data, different sources such as different websites and Journals were accessed. Findings imply magazines are well entertained, updated, and well informed. Subscribers have a high demand for the improvement of services. Subscription schemes attract more customers. People are highly interested in magazines but are not aware of the offers and schemes. The recommendation for the group is that their prime focus should be on the improvement of services and improving the distribution channel. Also a better renewal reminder system for the customers. iii
Business Today, Forces Business......................................................................................................xxvii Money Today,...................................................................................................................................xxvii Travel Today, National Geographic Traveller magazine....................................................................xxvii India Today Hindi, Pratiyogita Darpan..............................................................................................xxvii Periodicity.........................................................................................................................................xxvii Weekly..............................................................................................................................................xxvii Fortnightly........................................................................................................................................xxvii Monthly............................................................................................................................................xxvii Monthly............................................................................................................................................xxvii Weekly..............................................................................................................................................xxvii Price Per Issue...................................................................................................................................xxvii 75 ......................................................................................................................................................xxvii 100 ....................................................................................................................................................xxvii 50 ......................................................................................................................................................xxvii 100 ....................................................................................................................................................xxvii 40 ......................................................................................................................................................xxvii 5 PROJECT EXECUTION DETAILS........................................................................................................xxvii 6 DATA ANALYSIS............................................................................................................................xxxvii 6.1 Tools used for data collection...................................................................................................xxxvii 6.2 Pie Chart with inferences.........................................................................................................xxxviii 6.3 Findings & Results........................................................................................................................xliv 7 CONCLUSION...................................................................................................................................xliv 8 REFERENCES...................................................................................................................................xlvii 1 INTRODUCTION
1.1 Objectives, Scope, and Limitations
Objectives
- Generating sales for Outlook magazine, to find, attract and win new clients.
- To nurture and retain old clients by using digital marketing.
- Analyse client's response, to understand consumer buying behaviour toward the magazine.
- To work on improving convincing skills, extract my potential to the fullest to achieve remarkable sales targets. v
Scope
- In the summer internship program, the work entitles doing Marketing and Sales for Outlook India Group’s Magazines, generating leads for the company, convincing them, and converting them into actual customers. The Outlook magazines are available in Hindi and English versions as printed form.
- The motive of this SIP is to maximize the sales for the Outlook magazines. To visit Corporate offices around the Nagpur city and pitched them about the magazines and their Contents. The quality of Outlook magazine's content is good and it captures information related to every sector so it has the scope to become the market leader.
- Outlook magazines are read by the elite, top politicians and Bureaucrats, Actors, Entrepreneurs. People dealing in financial markets or interested in business news. Feedback has been collected from both, the people who already subscribed to Outlook Magazines and those who are willing to. Limitations
- Some of the previous clients were unwilling to renew the subscription as they complained about late delivery of magazines and gifts (Outlook's competitor India Today delivers magazine within 2 weeks from the date of subscription).
- A large number of new players have entered the market and reviving to gain market share. Fourteen weeks is a too short time to understand every aspect of business with Outlook India Group Magazines.
- The impact of the Coronavirus pandemic was immense. While dealing with businesses, since there was limited staff, it was difficult to meet the key decision- maker, so the meeting was mostly telephonic.
- Some were not willing to incur this extra cost amid the pandemic as they were focusing on cost-cutting.
- Because of the Coronavirus, many potential customers preferred to buy digital subscriptions of magazines.
1.2 Sources and Methods
vi
The history of Print Media can be traced back to 1440. There was a printing press by Johannes Gutenberg who first invented this idea of printing text. Later, almost for 600 years or so, it is considered a primary source of news. The global print media market is expected to grow from $287.87 billion in 2020 to $313.28 billion in 2021 at a compound annual growth rate (CAGR) of 8.8%.according to one of the leading business research company. According to Statista Research Department, The value of the print industry across India was estimated to be over 190 billion Indian rupees in 2020. This was expected to go up to over 258 billion rupees by 2023, indicating a compound annual growth of just around eleven percent. (Department, 2021) The Publishing businesses in India and all around the world can be seen getting scattered all over the nation and most of them are carried out on a proprietor basis. The idea behind it is to cater to the needs of local markets, producing titles in regional languages to deliver news to every citizen, in a country like India where citizens speak more than 20 plus languages. In the financial year 2018, it was observed that the print circulation revenue in the south Asian country was led majorly by the Hindi-speaking market with a revenue of up to 40 billion Indian rupees. Not leaving behind employment it produced. Employment was also increased over the last decade and is estimated to cross the 90 thousand mark in
The literacy rate in India is increasing, the interest of young and old citizens to stay up to date with current affairs is also increasing. The Hindi language daily newspaper, Dainik Jagran had the highest readership in India, with about 70 thousand readers in 2017. In other markets, the level of impact of the digital ecosystem is a serious challenge. It is not the case with print media, the newspaper revenue streams in the nation have not faced serious challenges from the digital innovation. Senior citizens still prefer to keep it old school when it comes to getting their daily entertainment and information. Value of the print industry in India from 2007 to 2020, with estimates until 2023(in billion Indian rupees) viii
(Department, 2021) When it comes to Indian media, it mainly consists of different types of communications of mass media like television, radio, magazines, newspapers, and Internet bases websites or portals. In India media is active since the late eighteenth century. Print media started from around 1780. Here, media are majorly controlled by big, for-profit corporations, which reap their revenue from advertising and subscriptions or by the sale of copyrighted material. (Wikipedia, 2021) According to government records, as of 31st^ March 2018, India recorded more than 100,000 publications registered with the Registrar of Newspapers for India. It has the second largest market for newspapers in the entire world, with more than 240 million copies of daily newspapers reporting in circulation. According to French NGO, Reporters without Borders, 2020 annual ranking report of countries based upon the organization's assessment of its Press Freedom Index. Indian was ranked 142th out of 180 countries, which was a drastic setback from the previous year's report.
2.2 Major Players
- Dainik Bhaskar (DB Corp) ix
The India Today Group is considered to be India's most appreciated and diversified media conglomerate that has created a desirable legacy of leadership and admiration. The first magazine was launched in 1975. It set the beginning of The India Today group's journey into a multi-brand and multi-vertical media group. The India Today group from start focused on journalistic and editorial excellence because of which it has become the epitome for the Gold Standard of Journalism and has today become a barometer for trust, integrity, and excellence in journalism across TV, Print, and Digital. The group first published India Today magazine then Hindi Magazine followed by Business Today and also Cosmopolitan, Harper's Bazaar, and Reader's Digest, all of which command leadership status. The groups focus on implementing best practices and the latest technology helped them to become the most preferred content source for the Indian audience. (indiatodaygroup, 2021)
2.3 Porter’s Five Forces
Michael Porter's five forces is a systematic framework that helps to analyse the potential profitability of any industry. In the last decade, the print media especially the magazine publishing business has seen rapid changes in profits and losses due to several factors like technological advancement, the information is available online, financial calamity, etc. To understand the overall scenario Porter’s Five Forces is made use of. (spyglassintel, 2021)
- The threat of New Entrants In the print media industry, for the smaller publishers, there is a huge threat to enter. On the other hand for large publishers who have circulations in the millions will surely have less to worry about from a new entrant. For large publishers, the worries lie more with the existing ones, their competitors who want to move into their space.
- Bargaining power of suppliers xi
The bargaining power of suppliers to the magazine publishing business will have little power. Everyone is competing for the same business may it be journalists or printers. In some cases the famous personalities will have a greater influence over content, like Oprah Winfrey, the publication who are celebrity-focused will lack some of this advantage.
- Bargaining power of buyers The bargaining power of buyer’s i.e. customers or subscribers have some bargaining power as compared to magazine publishers as a great deal of content is now available online for free. The advertisers now have more bargaining power because the substitute available is cheap and trackable online marketing. Here the challenge is for print media publishers to convince the advertisers that a fully-branded and contextual, mass-market experience for their prospects is a must as well.
- The threat of substitute products The threat of substitute products or services has materialized over the last decade. The online platform i.e. internet has eroded subscriber loyalty. It has offered advertisers a very affordable, trackable marketing channel. With the increase in the use of technology, print media industry are able to offer better services to the advertisers but at the same time, the pressure for results-based marketing has become huge, especially in the age of free search engine like google.
- Rivalry among existing competitors Rivalry among existing competitors in the industry can be fierce. It may differ because any competition will differ among the brand-positioning models. A niche publisher that has a strong core focus will surely face less intense competition than the one with a broad consumer magazine without such focus. In general in the print media industry, small and big publishing business faces some strong challenges in terms of substitution and competitive rivalry, but with focus on leveraging core strengths, it can help to make less severe the weaknesses. Organizing the magazines around core audiences with focused messages is important. xii
(NDTV, 2021) xiv
4 COMPANY OVERVIEW
4.1 History:
Outlook is a weekly general-interest English and Hindi news magazine published in India. Outlook magazine is owned by the Rajan Raheja Group. The Outlook magazine was first issued in October 1995 with Vinod Mehta as the editor in chief and ace marketer Dilip Shourie to market it. Mr. Vinod Mehta was a journalist, editor, and political commentator, he was editor in chief of Outlook Group from 1995 to 2012. After Mr. Vinod Mehta, it was Mr. Krishna Prasad who was editor in chief of news magazine Outlook until 2016. Mr. Ruben Banerjee is the current editor-in-chief of the news magazine Outlook. Prior to this he Mr. Banerjee was the National Affairs Editor of Hindustan Times. A journalist with more than three decades of experience, he had previously worked with Al Jazeera, India Today, and Indian Express. The Outlook Group’s headquarters is located at Safdarjung Enclave, New Delhi. Outlook Group have an office in Mumbai, Kolkata, Chennai, Bangalore, and Hyderabad. The publisher is Outlook Publishing (India) Pvt. Ltd. The Outlook Group is a leading name in the print industry and is the Publisher of titles namely OUTLOOK WEEKLY OUTLOOK BUSINESS OUTLOOK TRAVELLER OUTLOOK HINDI OUTLOOK MONEY Outlook magazines feature content from politics, sports, cinema, and stories of broad interests. By December 2018, Outlook magazine's Facebook following had grown to over 12 lakh (1.2 million) Outlook is considered as India's most vibrant current affairs and news magazine, it is well known for its bold and aggressive reporting. From the launch of the magazine, it is known for raising questions many had in their minds but never dared to ask. xv
2. OUTLOOK BUSINESS
Outlook Business magazine was launched in 2006 by Rajan Raheja Group’s Outlook India magazine and has grown to be the second-largest business magazine in India. It has three thrust areas – enterprise, strategy, and markets. It mainly focuses on mature companies and strong leadership in business and the section of the market delves majorly on key trends driving them. (Business, 2021) Even though it is the youngest Indian business magazine, it has proven itself and has been breaking ground and bringing readers relevant business stories. It covers interviews with top business leaders like Warren Buffett and Bill Gates. It has secret dairies of India's leading businessmen and top company CEOs. The cost of Outlook Business magazine is Rs. 50. It is a monthly magazine, where every month its subscriber gets a copy of magazine home delivered via courier.
- OUTLOOK TRAVELLER Outlook Traveller magazine is said to be a mine of detailed information for those who are interested in serious traveling. Outlook Traveller magazine is a joy to read and easy to use. Its travel content is peerless and photographs are stunning. (outlooktraveller,
It constantly strives to bring to its reader a high level of travel writing and meaningful information that one can read in his/her armchair, on a beach, or upon a mountaintop! It keeps the readers of the magazine up-to-date with the latest ongoing trends in travel and tourism. xvii
Outlook Traveller magazine postcard beautiful visuals, practical advice, and atmospheric travel experiences which make it an engrossing, refreshing read. It is a monthly magazine and the cost of the magazine is Rs 100.
- OUTLOOK HINDI OUTLOOK Hindi is not a translation of its English counterpart, OUTLOOK English weekly magazine. It is for the audience who prefer reading Hindi magazine, so it is customized according to the Hindi reader's interests, keeping their aspirations and realities in mind. The parallel editorial team of Outlook Hindi retains core strengths, just like other Outlook English magazines with objective, fiercely impartial, and bold journalism, while owning a brandishing identity. Initially, when launched, it was sold only at the stalls or book stores and not through online subscription, that’s not the case now. It cost Rs 25.
- OUTLOOK MONEY Outlook Money magazine is a finance specialist, it is considered to be No. 1 personal finance magazine. Outlook Money magazine was launched in 1998 since then its prime motive is to provide in-depth analysis and sound advice on all the facets of borrowing wisely, investing, and spending smartly. It acts as a money manager who covers issues that range from the best share to buy to the right insurance products for their readers. (outlookmoney, 2021) It includes topics from different sectors, which include banking, insurance general and insurance decoder and mutual funds, etc. All the information is provided in an easy- to-understand language. Outlook Money magazine is a monthly magazine, which means a subscriber gets 12 magazines annually. The cost of Outlook Money magazine is Rs 50. xviii