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Awarness and perception about mint business newspaper

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A through research on Hindustan Time's Mint business newspaper and competitor analysis for MBA project.

A through research on Hindustan Time's Mint business newspaper and competitor analysis for MBA project.

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  • 1. “A STUDY ON THE CUSTOMERS’ AWARENESS AND PERCEPTION ABOUT MINT NEWSPAPER” BY ARUN ELIAS. A Of SRR ENGINEERING COLLEGE A Project Report (BA9230 - Project Work) Submitted to the FACULTY OF MANAGEMENT STUDIES In Partial Fulfillment of the Requirements For The Award of the Degree Of MASTER OF BUSINESS ADMINISTRATION ANNA UNIVERSITY CHENNAI-600025 JUNE 2013
  • 2. “A study on the customers’ perception about MINT Newspaper”
  • 3. CONTENT CHAPTER NO. TITLE 1. INTRODUCTION 2. COMPANY PROFILE 3. REVIEWOF LITERATURE 4. RESEARCHMETHODOLOGY 5. OBJECTIVES OF THE STUDY 6. NEED FOR STUDY 7. SCOPE FOR FUTHER STUDY 8. LIMITAITONS OF THE STUDY 9. SYNOPSIS 10. FINDING OF THE STUDY 11. SUGGESTIONS AND RECOMMENDATIONS 12. CONCLUSION 13. BIBLIOGRAPHY 14. ANNEXURE PAGE NO.
  • 4. Introduction: Mint, a business paper from Hindustan Times in association with The Wall Street Journal, was launched in 2007 with the premise of bringing “Clarity in Business News”, a need strongly articulated by business news readers in the country. In this organization, a study on the product’s awareness and customer’s perception of Mint newspaper will be done. I found that the Marketing department plays key role in the company. During the study I will try my best to know the Marketing department of the Mint HT media. In this report I will try to know the Product awareness and Consumer Perception towards Mint Business newspaper, the impact of promotional activities on creating consumer awareness, the competitor’s effect on Mint sales, the effect of the quality, price, promotion and distribution of Mint is analyzed, which may help the Marketing department of the company as well as to the company. In the findings and suggestion part I will try to find the answers to the above.
  • 5. Company Profile Mint, a business paper from Hindustan Times in association with The Wall Street Journal, was launched in 2007 with the premise of bringing “Clarity in Business News”, a need strongly articulated by business news readers in the country. Mint aims to demystify complex business issues and provide unmatched clarity and depth in its coverage. Whether it is the refreshing new Berliner format, the design by an internationally acclaimed designer, the unique weekend magazine Lounge or our association with The Wall Street Journal, Mint has features that no other business paper in the country has. The numbers bear testimony to the high acceptability and strong bond that Mint has with its readers. According to the Indian Readership Survey (IRS Q1, 2011), 222,000 readers make Mint a strong No. 2 player. Mint has a 27% readership share in the key markets of Delhi, Mumbai, Bangalore and Kolkata. With editions in Chennai, Hyderabad, Ahmedabad, Chandigarh and Pune as well, Mint reaches the who’s who of corporate India nationally. Global praise and recognition has been forthcoming for Mint. According to Fortune magazine, “Mint…has raised India’s standards of business journalism…and (has a) mix of market news, corporate profiles, and lifestyle features.” Mint won a Gold in the special coverage category at the IFRA 9th Annual Asia Media Awards 2010. Mint was also voted India’s No. 1 Media Product in 2009 by advertisers.
  • 6. Mint Supplements Lounge - weekend edition of Mint Indulge - monthly publication on Luxury and Lifestyle Mint 'Clarity through Debate' Conclave An event series that brings together industry leaders to debate relevant business issues. About Hindustan Times: Hindustan Times with 3.7 million readers, Hindustan Times is one of the leading newspapers of India. Product of Hindustan Times; Hindustan: Visit: http://epaper.livehindustan.com/ 'Hindustan', covers news across the entire spectrum of international, national and local news relating to politics, business, entertainment, sports and other general interests. The first edition of 'Hindustan' was published on April 12, 1936 from Delhi and the reach of our newspaper now extends to six regions, namely, Uttar Pradesh, Uttarakhand, Bihar, Jharkhand, Mohali and Delhi NCR. In the recently declared readership results (IRS Q4 2010), Hindustan has surged ahead to become the second largest read newspaper in India. In the past nine months, Hindustan has added 58 lakh readers to its readership base. A bulk of this growth has come from Uttar Pradesh where Hindustan has added 41 lakh readers in this nine month period. Hindustan now has a 30% share of readership in Uttar Pradesh, with a total readership of 1.28 crore in UP. Hindustan continues to maintain its dominant position in Bihar and Jharkhand with 83% and 73% share of total readers.
  • 7. The gains across all markets clearly demonstrate the growing strength of Hindustan daily. With many of the newer editions yet to reflect in IRS, the growth momentum is likely to be sustained. Over the past three years, we have made significant investments in Uttar Pradesh and have opened five new printing locations in Agra, Meerut, Allahabad, Kanpur and Bareilly to add to our existing printing facilities at Varanasi (on a franchisee basis) and Lucknow. Hindustan has made an entry into Uttarakhand with a printing location in Dehradun, in May 2008. This print location will cover key cities in Uttarakhand. LiveHindustan.com Visit: http://www.livehindustan.com/ LiveHindustan.com is the recently launched Hindi News website, which promises far more than what Language sites are typically credited for. Its comprehensiveness and exclusive online content by the online editorial team adds to the huge print repository of stories carried in the parent brand Hindustan, and is updated round the clock with the latest in breaking news action. The legacy values of the Hindi print flagship brand - Hindustan - can be seen upheld in the online avatar bringing to the table its credibility; authenticity and unbiased content, to provide its dedicated reader base a Best in Class Hindi News & Content site. On the Content front, apart from News, LiveHindustan.com extends the Brand Promise of Empowerment - 'Tayyari' and has interactive elements to increase the interaction with the brand at more direct levels. Comprehensive Multimedia Content across sections, ball by ball Cricket Coverage, minute by minute Business updates and analysis, and Special in-depth exclusive
  • 8. Features on content across sections, are some of the other features which distinguish this site from other run-of-the-mill Hindi News sites. HT Next A youth - oriented complete newspaper for the generation next. HT supplements: HT supplements offer a complete spectrum of content ranging from entertainment and lifestyle to education, careers and property.
  • 9. Review of Literature: Perception: A motivated person is ready to act. How the motivated person actually acts is influenced by his or her view or perception of the situation. Perception is the process by which an individual selects, organizes and interprets information inputs to create a meaningful picture of the world. Perception depends not only on the physical stimuli, but also on the stimuli’s relation to the surrounding field and on conditions within the individual. The key point is that perception can vary widely among individuals exposed to the same reality. One person might perceive a fast talking salesperson as aggressive and insincere; another, as intelligent and helpful. Each will respond differently to the salesperson. In marketing, Perceptions are more important than the reality, as it is perceptions that will affect consumer’s actual behavior. People can emerge with different perceptions of the same object because of three perceptual processes: selective attention, selective distortion and selective retention. Customer perception in any particular area is met by product or service offerings that are a bundle of characteristics – the six Cs. Some organization controls entirely, and some not. The whole concept the (product and service together) you are offering as a supplier must match what customers need, want and perceive to the solution to their need, offering greater benefit – ie an advantage – over other suppliers. The description should consider the six Cs the new marketing mix – see the list below. You describe your concept in the language of your customers using their perceptions.
  • 10. Forgot the four Ps; think of the six Cs. This is the marketing mix for now and the future; this is what an organization considers when it is thinking of what to offer the customer – from the customer perspective. Cost – a customer considers cost (and cost of ownership) within a value perception. That value perception is personal and includes a quality of life assessment. A customer also puts in the equation the cost of time and travel to make a purchase. The future foundation research indicates that consumers will travel to for most of their activities and purchases within a 14 - mile radius of their home. Sales promotions are often used to affect cost – two for the price of one, 33 per cent free, etc, or in combinations with other products or redeeming vouchers against the full cost. Convenience of buying – a mix of place / location, opening hours, cash / cheque / credit card acceptability. Customers are lazy - exercising the brain requires effort and energy – so make it easy for them, convenient fir them to buy. Sales promotions can be tuned to enhance convenience. Concept - a mix of product and service. Few products are sold without some sort of aftercare service. The quality and fitness for purpose of the concept are assumed to be right. A warranty or return policy is taken for granted. A brand is principally a consolidation of the concept (though the others Cs come into it) into an easy-toremember space in the mind of the customer. A sales promotion adds fun to the purchase and is remembered as part of the concept, so it too becomes part of the brand. Communication - how well the product or service is communicated to the customer. This is where sales promotion really comes into its own matching communicating - the feel of the brand – with just the right and the way it is put
  • 11. across. Customers will not buy if it is too complex, and the way it is put across. Customers will not buy if it is too complex, too dull or does not put the concept across in terms they commonly use. This explains why some advertising fails. Customer relationship – CRM principles apply. Customers expect to be treated with respect at all times and that all reasonable questions will be answered and problems resolved. Once they have made a purchase of any size or have signed up for a service, they expect to be recognized and remembered. For example, once a customer has had a car serviced at a garage, he or she expects the garage to know all the car’s idiosyncrasies when he or she calls. People like to built relationships; you have to accept this. If customers get different answers from different people or department within the same organization , they tend to trust the people and the organizations less. Integration means making sure every part of your business delivers consistent answers. Research shows and integrated approach is worth 30 per cent of sales (or a loss of 30 per cent if you do not practice it). Sales promotion eases the customer relationship forming process – it facilitates building the relationship – often providing a talking point that helps start or recommence the relationship. Consistency – the reassurance of ongoing quality and reliability of the other five Cs – brand surety if you like. It is integration and comes from applying internal marketing within an organization. Results of a controlled experiment on the role of product awareness in the consumer choice process showed that product awareness was a dominant choice heuristic among awareness-group subjects. Subjects with no product awareness tended to sample more products and selected the high-quality product on the final choice significantly more often than those with product awareness. Thus, when
  • 12. quality differences exist among competing products, consumers may "pay a price" for employing simple choice heuristics such as product awareness in the interest of economizing time and effort. However, building product awareness is a viable strategy for advertising aimed at increasing product-choice probabilities. Product awareness can be measured by showing a consumer the product and asking whether or not they knew of it beforehand. However, in common market research practice a variety of recognition and recall measures of product awareness are employed all of which test the product name's association to a product category cue, this came about because most market research in the 20th Century was conducted by post or telephone, actually showing the product to consumers usually required more expensive face-to-face interviews (until web-based interviews became possible). Aided awareness occurs when you show or read a list of products and the person expresses familiarity with your product only after they hear or see it. Top-of-mind awareness occurs when you ask a person to name products within a product category and your product pops up first on the list. Product awareness and branding are the process of lodging your offer in the customers mind to remind them you exit just as and when they need you. The shorthand mind retention device is your logo or brand name. If you have it right, the shorthand encompasses the six Cs above. It is a powerful thing, a successful brand and when you achieve brand boning. The world is your oyster; rather, you will sell more. Remember the reminding bit: this means you will need to regularly market to customers.
  • 13. RESEARCH METHODOLOGY Data source: Primary data (field survey) Area of Research: Chennai city. Research instrument: Questionnaire. Sample Plan: Personal Interview. Sample Unit: Businessman, Job holders, etc. Sampling method: Non probability method, Random sampling method. Sample Size: 100 respondents. RESEARCH-MEANING Research is an art of scientific investigation. According to Redmen and Mary defines research as a "systematic effort to gain knowledge". Research methodology is way to systematically solve the research problem. It is a plan of action for a research project and explains in detail how data are collected and analyzed. This research study is a descriptive research study. RESEARCH DESIGN A research design is a plant that specifies the objectives of the study, method to be adopted in the data collection, tools in data analysis and hypothesis to be framed. "A research design is an arrangement of condition for collection and analysis of data in a manner that aims to combine relevance to research purpose with economy in procedure". Nature of Data Primary data The Primary data will be collected from the existing and new customers of MINT HINDUSTAN TIMES LIMITTED through a direct structured questionnaire.
  • 14. Secondary data Company profile, Company registers, Websites and articles were used widely as a support to primary data. TYPE OF RESEARCH The type of research used in this study is EXPLORATORY RESEARCH, because I am trying to begin a new research and the data which is needed for this analysis is not sufficient. SAMPLING SIZE AND TECHNIQUE Size of the sample It refers to the number of items to be selected from the universe to constitute as a sample. In this study 100 customers will be selected as size of sample. Sample design The sampling technique used in this study is convenience sampling. Each and every item of population has equal chance to be included in the sample. Questionnaire The questions are arranged logical sequence. The questionnaire consists of a variety of questions presented to the customers for the response. STATISTICALS TOOLS USED  Percentage Analysis  Chi-square analysis  Correlation  F-test
  • 15. Percentage Analysis: In percentage analysis, charts like bar chart and pie charts are used to graphically represent the results from percentage analysis of the questionnaire Chi-Square Analysis The chi-square is one of the most widely used non-parametric tests in statistical work. The Chi-Square was first used by Karl Pearson in the year 1900. It is defined as x2= Σ [O-E] 2/E Chi-square test is applicable to a very large number of problems in practice. With the help of this test we can find out whether two or more attributes are associated or not. Correlation: Correlation analysis deals with the association between two or more variables. Correlation does not necessarily imply causation or functional relationship though the existence of causation always implies correlation. By itself it establishes only co variation. In this research rank correlation was used.The formula used to finn rank correlation is R= 1- 6 Σ D2 / N3 -N F-Test F-test is used to find out whether the two independent estimates of population differ significantly or whether the two samples may be regarded as drawn from the normal populations having the same variance. F is defined as F= S12 / S22
  • 16. OBJECTIVES OF THE STUDY Primary objective: To study the customer’s perception of MINT Newspaper Secondary Objectives:  To study the product’s awareness of MINT Newspaper  To study impact of promotional activities on creating consumer’s awareness.  To study and find the vital communication media.  To determine the quality of Mint.  To determine the quality of Mint.  To find the competitors effect on Mint sales.  To find the factor influencing the buying behavior of newspaper.  To study the customer support provided by the MINT.  To study the effectiveness of distribution of the newspaper by the vendors.  To study the satisfaction level of reading MINT newspaper.  To provide suggestions for better promotional activates.
  • 17. FINDINGS OF THE STUDY  Among the respondents 4% are between the age 15-20, 23% are between the age 20-25, 35% are between the age 25-30 and 33% are between the age 30 & above.  64% know the existence of Mint newspaper and 36% of the customers does not know about the newspaper.  64 % know the Business line, 29% know the Economics Times, 10% knows the financial Chronicle and 21% know the Mint newspaper.  34 % of the customers know the Mint by dealers, 6% know by campaigns, 2% knows by banners, 24% knows by TV advertisement, 5% knows by radio advertisement, 15% knows by magazines and 14% knows by other modes.  Among the respondents 84% of the customers agree that the advertisement modes are informatory and 16% of the customers does not agree that it’s informatory.  22% of the customers look for quality while purchasing a business newspaper, 9% of the customer looks for price, 36% of the customer looks for brand, 21% of the customer looks for information availability and 12% looks for availability of the newspaper.  Among the respondents 22% of the customers are highly satisfactory about the market analyses and graphs which are published in mint, 29% of the customers are satisfactory, 16% of the customers are Averagely Satisfactory, 11% of the customers are Dissatisfactory and 8% of the customers are highly Dissatisfactory.  32% of the customer says that the price of the mint newspaper is costly, 41% of the customer says cheap, 16% of the customer says costly and 11% of the customer says very cheap.
  • 18.  46% of the customer says that the quality is good, 32% of the customer says that the quality is average, 16% of the customer says that the quality is poor and 11% of the customer says that the quality is satisfactory. The quality of the Mint newspaper is good.  Among the respondents 36% of the customer says that the product is good and 27% says that the product is better, 6% of the customer says that the product is very poor, 14% of the customer says that the product is bad and 19% of the customer says that the product is average while comparing with other product.  25% of the customer says that they may choose other product for same price, 55% of the customer says that they may choose other product for same quality, 18% of the customer says that they may choose other product for availability and 2% gives other reasons like news covered are covered are same or less to change for other similar products.  Feedback about the customers support provided by the Mint, 21% of the customers are highly satisfactory, 30% of the customers are satisfactory, 17% of the customers are Averagely Satisfactory, 21% of the customers are Dissatisfactory and 11% of the customers are highly Dissatisfactory.  17% of the customers are highly satisfactory, 23% of the customers are satisfactory, 24% of the customers are Averagely Satisfactory, 22% of the customers are Dissatisfactory and 14% of the customers are highly Dissatisfactory about the distribution of the Mint.  About the promotional activities for Mint, 41% of the customers are highly satisfactory, 30% of the customers are satisfactory, 12% of the customers are Averagely Satisfactory, 13% of the customers are Dissatisfactory and 4% of the customers are highly Dissatisfactory.
  • 19.  21% of the customers likes Monthly postpaid option, 48% likes Yearly payment discount, 29% like Free gift and 2% doesn’t like any of the mentioned promotional activities.  66% of the customers agree that Mint is a good advertisement mode  Among the respondents 81% of the customers agree that they will subscribe Mint newspaper and they will renew if already subscribed.  Over 86% of the customers agree that they will refer a friend to subscribe Mint and 14% of the customers said that that they will not refer a friend to subscribe Mint because of some negative reasons.
  • 20. SUGGESTIONS AND RECOMMENDATIONS  Business news which can cover the age less than 20 should be published, to make the readers below 20 to read the business newspaper.  Product promotion and branding should be done in effective advertisement modes to tell about the product and its availability in the market.  More promotional activities and attractive schemes like discounts should be brought to bring other business newspaper readers to go for Mint newspaper.  The customer support should be more effective to help the customers.  The distribution of the newspaper to the customer should be made more proper to maintain a continuous supply.
  • 21. Questionnaire Dear Sir/ Madam, I am A. Arun Elias pursing MBA and as a part of the curriculum I am doing project in marketing and the title is “A study on the product’s awareness and customer’s perception of MINT Newspaper” in MINT. I would be grateful if you kindly spare your time to answer the quires. Personal Information 1. Name: ____________________________________________ 2. Educational Level: HSC Diploma Graduate Post Graduate Other 3. Occupation:  Self employed  Business  Retired  Govt. Employee  Housewife 4. Age:a. [15-20] b. [20-25] c. [25-30] d. [30 & above] ______________________________________________________________________________
  • 22. 5. Do you know Mint business newspaper? a. Yes b. No 6. Are you aware of the uses in reading business newspaper? a. Yes b. No 7. Which product comes to your mind when you think about business newspaper?  Business Line  The Economic Times  Financial Chronicle  Mint 8. How did you come to know about Mint?  a. Dealers  b. Campaigns  c. Banners  d. Wall paintings  e. T.V advertisements  f. Radio Advertisements  g. Magazines  h. Others  Any other …..
  • 23. 9. What factors you look while purchasing a business newspaper?  a. Quality  b. Price  c. Brand  d. Information available  e. Availability 10. Were they informatory?  a. Yes  b. No 11. What is your opinion about MINT’s price Cheap Very costly  Average Costly Poor Very cheap 12. Quality of Mint Good Satisfactory 13. How do you rate MINT in comparison with other products? Very poor Bad Average Good Better
  • 24. 14. How much are you satisfied with the MINT News? 0% 10% 20% 30% 40% Highly 50% 60% 70% 80% Satisfied Dissatisfied 100% Highly Satisfied 15. Reasons for the alternative product.  Same price 90%  same quality  same availability any other …. 16. How do you rate the Customer Support Provided by The Mint HT Media? a. Highly Satisfactory b. Satisfactory c. Averagely Satisfactory d. Dissatisfactory e. Highly Dissatisfactory 17. How do you rate the distribution of the newspaper by the vendors? a. Highly Satisfactory b. Satisfactory c. Averagely Satisfactory d. Dissatisfactory e. Highly Dissatisfactory 18. Are you satisfied with the promotional activities for mint? a. Highly Satisfactory b. Satisfactory c. Averagely Satisfactory d. Dissatisfactory e. Highly Dissatisfactory
  • 25. 19. What type of promotional activities do you think that it will suit for Mint? a. Monthly Postpaid option (100Rs.) b. Yearly payment Discount (499Rs.) c. Free gift 20. Do you recommend your friend to buy Mint business newspaper?  a. Yes  b. No 21. If no please mention why? ……………………………………………………………………… 22. Are you satisfied with the market news and market analysis which are published in MINT? a. Highly Satisfactory b. Satisfactory c. Averagely Satisfactory d. Dissatisfactory e. Highly Dissatisfactory 23. Do you feel that Mint is a good advertisement print mode for business?  a. Yes  b. No 24. Are you satisfied with the coverage of the business news in Mint? a. Highly Satisfactory b. Satisfactory c. Averagely Satisfactory d. Dissatisfactory e. Highly Dissatisfactory

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