BMT6119 Summer Internship A Project Report submitted in partial fulfillment of the requirements for the award of the degree of Master of Business Administration by LOGESHWARI GR (22MBA1067) Under the Guidance of Dr. Vadivelu S M Assistant Professor JUNE 2023 CERTIFICATE This is to certify that this Internship Report is submitted by Ms. Logeshwari G R , Reg. No. 22MBA1067 to VIT Business School, Vellore Institute of Technology (VIT), Chennai in partial fulfilment of the requirements for the degree of Master of Business Administration is a bonafide record of work carried out by him / her under my supervision. The contents of this report, in full or in parts have not been submitted in any form to any other institute or university for the award of any degree or diploma Faculty Guide Programme Coordinator Internship Co-ordinator Internal Examiner External Examiner Declaration I, Logeshwari G R (22MBA1067 ), a Bonafide student of the VIT Business School, Vellore Institute of Technology (VIT), Chennai, hereby declare that the Project Report submitted in partial fulfillment of the requirements of the Degree of Master of Business Administration of the VIT University, is my original work. Date: Place: Chennai LOGESHWARI G R ABSTRACT / SUMMARY : An Overview of the Industry : The company ‘Outlook Magazines’ comes under the PRINT MEDIA INDUSTRY. The sector concerned with the creation, dissemination, and consumption of printed goods, such as books, brochures, pamphlets, newspapers, magazines, and other physical publications, is known as the print media industry. It includes a number of industry subsectors, including as publishers, printers, distributors, and advertisers. In the past, print media dominated the way that news, information, and entertainment were disseminated. However, the sector has gone through substantial changes and difficulties as a result of the growth of digital media. Print media, however, is still around and has some distinct advantages in some fields. Print Media Industry is never out of trend. Tangible printed advertising materials are frequently disregarded in the modern digital age. The proportion of business owners who judge print media as unimportant and "out of style" is alarming. Print media, however, might prove to be the most effective branding medium that businesses are overlooking! Books, business cards, brochures, discounts, advertisements in periodicals or newspapers, billboard advertisements, postcards, and even product packaging are some examples of print media. Brands must utilize at least some of these channels to improve the perception of their company. MICHAEL PORTER’S FIVE FORCES ANALYSIS – PRINT MEDIA INDUSTRY 1) THREAT OF NEW ENTRANTS : Entry requirements for the media and publishing sectors are extremely low, especially in the age of digitization. It is now much easier for individuals and organizations to produce and disseminate content owing to new digital spaces, blogs, and social media outlets. As a result of this, there exists a significant risk of fresh rivals entering the market. However, advantages like brand recognition, access to distribution channels, and economies of scale for established media organizations might function as entry obstacles. 2) BARGAINING POWER OF SUPPLIERS : In the print media industry, content creators, journalists, writers, photographers, and other individuals or groups who create unique material are examples of suppliers. Depending on how unique and accessible they are, the ability of suppliers for negotiation can alter. If there is a lack of content of excellent quality, or if the suppliers have established brands or copyrights, they may have greater bargaining power. On the other hand, the rise in suppliers brought about by the digital environment could potentially have a detrimental effect on each supplier's capacity for negotiation. 3) BARGAINING POWER OF BUYERS : The customers in the media and publication industry are made up of advertisers, consumers, and other organizations that purchase media space or content. Buyer concentration, the availability of alternative platforms, and the vitality of the content or media industry all have an impact on the bargaining power of buyers. For instance, if there are numerous advertising possibilities or if advertisers can easily switch to alternative media channels, they may be in a strong negotiating position. 4) THREAT OF SUBSTITUTES : The threat of replacements in the media and publication sector has risen substantially with the proliferation of digital platforms. As alternatives to traditional print media like newspapers and magazines, online news portals, blogs, and social media are in competition. Diverse forms of entertainment, like streaming services, online games, and video-sharing websites, are also battling for consumers' attention. How desirable a sector is as a whole may depend on how accessible and useful alternatives are. So obviously, the print media industry is a desirable sector. 5) COMPETITIVE RIVALRY : The media and publishing industry is distinguished by intense competition. There are tonnes of rivals vying for audience attention, advertising dollars, and market share. Traditional media businesses, digital media start-ups, social media platforms, and IT behemoths all vie for supremacy in various sectors of the industry. Competitive rivalry can lead to price wars, aggressive marketing strategies, and constant innovation to differentiate goods. So the competition in the print media industry is pretty high. An Overview of the Company : Outlook Publishing (India) Pvt. Ltd. started operations in 1995 as a division of Hathway Investments Private Limited, with the launch of ‘Outlook’, a current affairs news magazine. In 2003, the division was demerged into a separate entity Outlook Publishing (India) Pvt. Ltd. The Company is a part of the Rajan Raheja group which has interests in diverse sectors including real estate and construction, automotive batteries, cement, ceramic tiles, mutual funds, hospitality, media and entertainment. The group is valued at 3.5 billion INR. The company's corporate office is situated in South Delhi. Illustration 1 : Outlook’s Corporate House – Rajan Raheja group Source : NDTV (https://www.ndtv.com/photos/business/the-indian-billionaire-class-of-2009-1038) Magazines from the Outlook Group : Outlook English Outlook Money Outlook Business Outlook Traveller Outlook Hindi ABOUT OUTLOOK (SOURCE : Outlook website - https://www.outlookindia.com/about-us) : Outlook is India’s most credible current affairs and news magazine launched in 1995. Known for its bold and aggressive reporting it continuously raises questions many had in their minds but never dared to ask. Outlook has rewritten and reinvented the way news and general interest magazines are presented in India. It is comprehensive yet concise and crisp, investigative and bold in its approach. Outlook covers an array of topics ranging from current affairs, socio-economic issues, politics, lifestyle, entertainment, sports, international features, etc. Outlook reaches out to over 1.78 million discerning readers, across the country. Outlook has won a myriad of awards including the prestigious "International Press Institute" Award for Excellence in Journalism. Outlook’s Transformation Outlook has been on the forefront of investigative reporting, political analysis, trends in the society, giving voice to the powerless, breaking stories in sports and going behind the scenes in entertainment for over 25 years. The magazine and website are now prepared to start a new phase in which they aim to revolutionize the way news is reported and presented in India. The readers are not being inundated with information. Their goal is to adopt a comprehensive approach to news creation and add a unique perspective to the noise in other newspapers and portals. The company's goal is to examine news from a variety of angles, not to pursue the latest breaking news. In the new Outlook, social topics like caste politics, education policy, protest history, the threat of terrorism, military operations in Kashmir and the North East, inflation and employment, and the business of fashion are discussed in relation to politics, culture, and society. The Outlook ( flagship product ) portrays an artistic representation carefully curated by well known artists and illustrators. The company sells 5 types of magazines in the below mentioned format : Illustration 2 : Pricing of each magazine PRODUCT POSITIONING IN THE MARKET : 1) OUTLOOK BUSINESS : The offering focuses on significant business trends and concerns in order to offer clear takeaways that will have an influence on and ramifications for decision-making. A comprehensive strategy makes sure that all factors, including political, market-driven, and economic influences on business, are taken into account. Strong analytical internal characteristics are supplemented with opinions from the best in the field to achieve a delicate balance of viewpoints, insights, and data. 2) OUTLOOK MONEY : The No. 1 personal finance publication in India, Outlook Money, offers comprehensive coverage and intelligent counsel on every aspect of wise borrowing, wise spending, and wise investing. 3) OUTLOOK TRAVELLER : Outlook Traveller keeps bringing people together, regardless matter whether they are actually booking a trip or are just daydreaming about one. The only prominent magazine geared towards travellers is Outlook Traveller, a monthly edition by Outlook Publishing India Pvt. Limited. 4) OUTLOOK HINDI : Readers who identify as modern and progressive frequently read the interesting magazine Outlook Hindi. Outlook Hindi is a comprehensive fortnightly covering current events and topics of general interest for informed and concerned citizens, cultured individuals, conscientious consumers, sensitive people, and sensible families. 5)OUTLOOK INDIA : The way news and general interest magazines are presented in India has been completely rewritten and recreated by the company's main product, Outlook India. It is in-depth yet succinct and clear, investigative and audacious in its approach. The themes covered by Outlook include current events, socioeconomic concerns, politics, lifestyle, entertainment, sports, and international features, among others. SWOT ANALYSIS – OUTLOOK MAGAZINES SWOT is crucial for every business since it facilitates the following tasks, all of which are crucial for strategic planning and gaining an advantage over competitors. Assess and take advantage of opportunities Evaluate and address weaknesses Identify and capitalize on strengths Mitigate dangers. Table 1 : SWOT Analysis – Outlook magazines PESTEL ANALYSIS : CONTENT EXTERNAL FACTORS THAT CAN AFFECT MY INDUSTRY AND MY ORGANIZATION POLITICAL FACTORS Government regulations and policies regarding the media and publishing industry. Tax policies and incentives for the publishing sector. Intellectual property laws and copyright regulations. Political stability and potential changes in the government may affect the media industry. ECONOMIC FACTORS Economic growth rate and overall stability of the Indian economy. Consumer disposable income and purchasing power. Advertising spending trends and market demand for magazines. Currency exchange rates and inflation that could impact production costs. SOCIO-CULTURAL FACTORS Language preferences and cultural diversity in India. Literacy rates and education levels, as they influence readership. Changing consumer preferences and media consumption habits. Demographic trends, such as age distribution and urbanization. TECHNOLOGICAL FACTORS Digital advancements and the rise of online media platforms. Adoption of e-readers, tablets, and smartphones affecting print circulation. Opportunities for digital content delivery and monetization. Technological infrastructure and internet penetration in the target market. ENVIRONMENTAL FACTORS Environmental consciousness and sustainability concerns. Paper sourcing and printing practices with regards to environmental impact. Regulations related to waste management and recycling. Consumer attitudes towards environmentally friendly products. LEGAL FACTORS Copyright and intellectual property laws, including digital piracy. Media ownership regulations and restrictions. Employment laws and regulations or journalists and editorial staff. Advertising regulations and standards for the media industry. OBJECTIVE : This report's major goal is to go into detail about the tasks I received while working as an intern at Outlook magazines and what I learned from each one. The main focus of the research is to offer suggestions on how businesses or start-ups can utilise the expertise of their interns to raise brand recognition. TASKS ASSIGNED : TASK 1 : REVENUE GENERATION DEADLINE – 31st MAY 2023 SALES TO BE GENERATED = Rs.7,000 REVENUE GENERATED = Rs.7,400 Customer acquisition Lead generation 1) SEGMENTATION PRODUCT Outlook India SEGMENT Everyone MBA students, Working Outlook Business professionals, School students Stock market and mutual fund Outlook Money investors, MBA graduates, Academicians Outlook Traveller Wanderlust' kind of people Outlook Hindi Native North-Indians MY FOCUS NO HARD SELLING ! Increasing the brand image of Outlook To understand the needs of my prospects and pitch the product that will satisfy their need. DAY 1 - PROGRESS FOCUSED ON open network – friends and family salons medium – phone call MATERIALS cover pages of the latest editions of each magazine sample articles revenue generated = rs.2000/DAY 2 – PROGRESS Re-segmentation : • hotels • cafes • clinics • schools • saloons • libraries retrieved contact numbers from just dial medium – phone call and email sales pitch done = 4 But no progress. Revenue Generated as of now = Rs.4000 KEY TAKEAWAYS : ONE: MARKETING IS NOT EASY TWO: SEGMENTATION AND TARGETING SHOULD BE CLEAR THREE: NO USE OF SELLING TO FRIENDS/FAMILY FOUR: THE ART OF SELLING IS DEVELOPED AFTER EVERY SALES PITCH FIVE: NEVER BE FRUSTRATED ABOUT TARGETS AND DEADLINES SIX: BRAND REPUTATION IS MORE IMPORTANT THAN THE REVENUE GENERATED TASK 2 : PRODUCT AND BRAND MANAGEMENT DAY 1: Building brand equity models for two sectors – General and Business DAY 2: Building brand equity models for the remaining three sectors – Money, Travel and Hindi Example of one of the brand equity models designed for one of Outlook’s products 1) OUTLOOK INDIA BRAND ELEMENTS : LOGO : COLOUR : BOLD RED - hot INTERPRETATION : Known for its bold and aggressive reporting meaning that the magazine continuously raises questions many had in their minds but never dared to ask. SLOGAN : Thoughtful. Thought-provoking. Irreverent INTERPRETATION : Portrays the feeling that comes while reading the content of the magazine. PRODUCT DESIGN : INTERPRETATION : Not clumsy and has bold headlines. BRAND COMMUNICATION : Instagram followers : 84,400 You tube followers : 2,51,000 The view that got the highest views : “9,20,000” views INTERPRETATION : The reason for the massive views is that the timing was right and the content was bold. At that point of time, everyone was curious to know about the lives of sex workers and Outlook’s timely content delivery was on-point! But regular videos uploaded by Outlook are not much acknowledged by the audience because there is no ‘wow factor’ or ‘curiosity factor’ or at least ‘humour factor’. BRAND EQUITY MODEL – OUTLOOK INDIA : BRAND SALIENCE : IDENTITY – Who are you? Outlook is India’s most credible current affairs and news magazine launched in 1995. BRAND PERFORMANCE : The brand offers this magazine to satisfy the ‘knowledge craving’ needs of its customers. The brand has to work on the ‘product reliability’ part – delivery of magazines. BRAND PERSONALITY : According to the 5 Brand Personality Dimensions, Outlook can come under the personality type ‘excitement’. This type of brand personality shows the following characteristics. Daring Spirited Imaginative Up-to-date BRAND EQUITY MODEL – OUTLOOK INDIA METHODOLY : DATA ANALYSIS : TASK 3 : NET PROMOTER SCORE CALCULATION (Competitor analysis) Prepared a google form – sample question : “ On a scale of 0 to 10, how likely are you to recommend ‘FORBES INDIA MAGAZINE’ to a friend or colleague ? ” Promoters = 35.2 Detractors = 39 No. of promoters – No of detractors = 3.8 No. of respondents = 54 NPS of Forbes India = 3.8 – Considerably good NPS The brand with the best NPS : NATIONAL GEOGRAPHIC TRAVELER o Promoters = 55.5 o Detractors = 15 o No. of promoters – No of detractors = (40.5) o No. of respondents = 54 NPS of Forbes India = (40.5) – MOST SUCCESSFUL BRAND ! EXTREMELY GOOD NPS ! BRAND 1 – OUTLOOK INDIA NPS = -26 BRAND 2 – FORBES INDIA NPS = 3.8 BRAND 3 – INDIA TODAY NPS = 11 BRAND 4 – OUTLOOK BUSINESS NPS = -18.7 BRAND 5 – BUSINESS TODAY NPS = -16.9 BRAND 6 – LIVE MINT NPS = -27.9 BRAND 7 – OUTLOOK MONEY NPS = -27.9 BRAND 8 - THE ECONOMIST NPS = -1.9 BRAND 9 – THE ECONOMIC TIMES WEALTH NPS = -2.1 BRAND 10 – OUTLOOK TRAVELLER BRAND 11 – NATIONAL GEOGRAPHIC TRAVELER NPS = 1.4 BRAND 12 – DISCOVER INDIA NPS = 5.4 BRAND 13 – OUTLOOK HINDI NPS = -46.5 BRAND 14 – INDIA TODAY HINDI NPS = -40.8 BRAND 15 - GRIHSHOBHA NPS = -35.2 NPS = 40.5