Understanding Consumer Behavior towards Business Magazines

1. Business Magazine – Consumer
Buying Behaviour
Phalguni Panda
Prateek Soni
Pranita Bagchi
Pranit Bhosale
Rahul Madhotra

2. Introduction & Objectives
• Introduction:
Print media is one of the most powerful and cost effective medium to transfer
knowledge and information. This industry consists of publishing both newspapers
as well as magazines including business magazines. Business world ,Forbes India,
Inc India, Business Today, Money Today etc. are some of them who have excellent
market.
• Objectives:
• To find out the segmentation strategy of the company
• To find out the factors affecting each step of decision making process
• To devise the strategy in order to influence consumer’s in decision making
process

3. Methodology
An Exploratory Research has been conducted through primary data. The data will be
qualitative as well as quantitative. This data has been collected through personal
interview and telephonic interview.
Target Groups:
• Readers: Includes Existing Subscribers as well as Expired subscribers. The expired
subscribers are further divided into two parts:
Discontinued subscribers: doesn’t want to renew
Continued subscribers: who have renewed their subscription
Sample Size:150
Sampling Method: Quota Sampling

4. Questionnaire

5. ANALYSIS & INTERPRETATION
Readers Vs Non Readers
Readers Non Readers
0
2
4
6
8
10
12
14
16
Tier 1 Tier 2 Tier 3
Relationship between residing city and
reading
Reader Non Reader
0
2
4
6
8
10
12
14
16
18
20
Owns Does not own
Owning Business and reading
Reader Non Reader
14%
19%
0%
19%
48%
0%
Reader
Motor
Vehicles
PC And Tech
STInsurance
LTInsurance
Business Plans
4
6
8
10
Relationship between reading and expenditure
2
4
6
8
10
12
Age and Places of Purchase

6. CONSUMER’S DECISION MAKING PROCESS
Need
Recognition
• Buyer identifies the particular unsatisfied need/problem/opportunity- Recognition of a available options of
business magazine available e.g. Outlook, Business Today, Business India etc.
Search for
Information
• Customer recalls how he/she has solved the need of the Business Magazine in the past, if need arises
• Customer will try to solve the need by consulting friends, colleague
Evaluation of
Alternatives
• Consumers evaluate alternatives according to various criteria such as features, characteristics and benefits
that a consumer desires in solving the specified need of the customer.
Purchase
Decision
• Selection of a magazine brand and then the edition one has to purchase. Once the decision is made then the
payment is made via cash or a subscription is taken by the customer.
Post Purchase
Evaluation
• If post-purchase evaluation is favorable, the customer will be satisfied with the process.
• If the product’s perceived performance level is below expectation, then this will in due course lead to
dissatisfaction

7. FACTORS AFFECTING CONSUMER’S DECISION MAKING PROCESS
Need
Recognition
• Internal Stimuli: Self realization to learn and be more aware of the business happening, good tool for
preparing for competitive exams and interviews
• External Stimuli: Actions and opinions of friends, Colleagues, teachers, editors and others
Search for
Information
• Availability of magazine, price, content suitability and nature of advertisements in magazine. Opinions of family,
friends, teachers, Colleagues and academicians, as well as reference to company websites and advertisements
Evaluation
of
Alternatives
• Price, quality of print and paper, brand image of the magazine, type of content, availability of magazine and
other relevant factors
Purchase
Decision
• Here consumers evaluate the purchase decision considering various risks like:
• Functional risks
• Physical risks
• Financial risks
• Psychological risks
Post
Purchase
Evaluation
• Customer satisfied: Likely to subscribe the same magazine for the regularly and recommend it to others
• Customer Unsatisfied: Readers likely to subscribe another magazine or do not purchase the magazine and
switch to online free articles

8. Mechanisms For Post Purchase Feedback
Feedback Measures CUSTOMER SATISFACTION
1. Online Survey: Business magazine community to float surveys to its customer base to measure
the effectiveness.
2. Magazine website and Blog: Customers to login into company's website and share their
feedback through blogs or small survey. Feed back boxes can be used.
3. Social Listening: Face book, Twitter, LinkedIn can be used to measure satisfaction index by posting
1-2 questions rather than a survey.
4. Polls: Polls can be created through website, newsletters, mails to seek feedback.
5. E-mails : Sending candid follow-up mails.
6. On-Site activity via analytics: Using web analytics to understand customer behaviour and then
using results asking for feedback.
7. Reach-out-directly: A traditional but a very effective way of collecting feedback.
8. Others: Pro-active live chat sessions, Direct Calling, In-App feedback, Usability Testing

9. RECOMMENDATIONS
1. Have a Vision- Know where your group or organization is headed and be able to articulate it well.
Be able to paint a vivid picture of where you are heading.
2. Be More Strategic-Is your head down focused on what’s immediately in front of you? Are daily
demands almost always occupying 99 percent of your time? Lift your head up and look forward. Think
at a higher level than just what needs to get done today. The future starts not next year, not next
week, but now. So it deserves your attention. Regularly think about the bigger picture for your work.
3. Be Results Focused- Having an action orientation is great, but action is not enough. It is critical to
adopt a results focus so your activity is directed at the end result.
4. Get Good at Dealing with Conflict- The best managers excel at productively dealing with conflict.
They work through it, resolve issues, and get all parties moving forward. Plus, conflict is going to
happen. It just is.
5. Make High-Quality Decisions-Making decisions is easy—heck, you can flip a quarter to pick
between two choices. I would not recommend that, though. Making high-quality decisions is the trick
and Decisions set the course of activity for days, weeks, months, and sometimes years. Be great at
decision-making.

10. Thank You!