Marketing Strategy Of THE DAYS Marketing Essay
Times Newspapers Limited’s THE CHANGING TIMES is probably the most famous newspapers based in the United Kingdom with 692,581 copies in circulation per day. The name of that time period is not confined to the uk but is also a large name in the international newspaper industry. Many countries have papers published with the brand of that time period, such as NY Times, Occasions of India etc. The Times is published daily, with a special publication of Sunday Moments. Its fame is usually on the run. Recently, due the massive transformation in the global newspaper sector, where visitors are switching to more interactive and online news broadcasts, THE CHANGING TIMES may have had its blow in terms of sales initially, but it has were able to survive incredibly profitability. With leading newspapers like the Economist, catching readers tremendously with innovative and improved marketing approaches, The Times has its own winning strategies. How could it be coping up with this modification? The marketing managers of the changing times have devised a technique where the design, the appearance, the appeal of the newspaper features been changed to be able to deal with powerful competition, and changing visitors’ preferences whilst causing increased revenue. This marketing strategy is backed with considerable marketing research to include proper information in to it, and also considers the global context. The marketing strategy to renovate the papers very much deals with its e-business strategies.
Overview of Newsweek’s Advertising Strategy
Marketing strategy may be the game plan to attain the marketing targets as devised by the marketing manager. This game plan comprises the mission, marketing objectives, financial objectives, target market segments, the positioning, the advertising mix and the information gathered through marketing exploration. (Donald, 1992)
The Times objective to keep news circulating in an interactive way, to maintain with the true times, and maintain its solid readership throughout UK using its regular issues and across the world with its websites. (Times, 2009)
To narrow it down further more, its marketing targets are:
To achieve higher sales
To increase circulation
To increase market penetration
The financial targets behind the online marketing strategy are:
To increase profit margin
The Times’ target market is
A smaller band of an ‘elite market’ who prefer top quality over price.
Web users to favor list of controversial topics to get the news headlines using one click.
Critical thinkers who want information on a multitude of subjects.
And most importantly the business enterprise people.
The Circumstances positions itself as a “thought leader” in the world of journalism to ensure that the readers join to the most recent editions of the Times before any additional having a company impression that THE CHANGING TIMES will be covering the best news. It is a high-end newspaper which markets commentary, reports and articles that are in-depth, elaborative, interesting and reader-friendly. (Hrichorn, 2009)
How is The Times likely to achieve all of this? Through three main points: Content material, Layout and Advertisements.
Firstly, The Times keeps a firm focus on its profound glory of initial reporting in its publication, with the editorial plan that focuses on rich and fair articles. That is backed by the execution of a fresh and improved business products in the whole organisation. The newspaper emphasizes more on narrative reporting, and deviate from the news where the paper doesn’t have any original piece of its own to increase. (Hrichorn, 2009)
It offers a provocative factor in journalism to outrage the viewers, through well structured, well presented and solid opinionated articles. Its famous writers contribute content on the hottest topics of today’s world that the readers are simply dying to learn.
Secondly, THE DAYS timely changes its style and redesigns through employing imagination and innovation. The objective of the redesigns are to help make the newspaper more appealing, more modern, classy, interesting and reader friendly.
The new design contains sections on, short news reviews, essays and complete opinioned reports, special features and reports on cultures. THE WEB SITE ‘Times Online’ features, on the net articles as well as an archive of all on the net articles. (Times, 2009)
High quality paper has been used for printing the newspaper, so that readers can feel the fine course of the newspaper as soon as they take it within their hand. (Times, 2009)
The marketing group of THE CHANGING TIMES tries to keep the original DNA of the newspaper intact, by just updating it and not changing it altogether.
Finally, Times targets gaining advertisers and visitors on its website. Marketers, too, are more inclined towards targeted audiences. THE CHANGING TIMES newspaper is concentrating on a more affluent, high-flavor, and deep visitors, and the marketers will be giving advertising for just this small group. Whereas, there will be separate advertisers for the several groups the newspaper targets. The reason is to improve sales revenue in its target market segments.
Product: The Times has the following product features:
An attractive layout design
Various sections, with rich content
Price – THE DAYS is charged 90p each day, but 30p for learners and £1.50 on the weekends..
Distribution – The distribution of The days, is in assortment university shops, all organization locations, and many newsstands all throughout UK.
To summarise The Situations’ marketing strategy targets its content, higher-quality paper and a more elite audience also to turn into a “thought leader” all in an attempt to achieve sustainability in the world of journalism with an increase in price. (Hischorn, 2009)
Use of Marketing Research Information in the Marketing Strategy
Marketing research may be the systematic design, collection, research, and reporting info and findings highly relevant to a specific marketing situation facing the company (Kotler, 2006).
The Marketing Exploration is an in depth process, which is very crucial to creating a sound and effective marketing strategy. In fact, it is the first step when likely to develop a marketing strategy. The marketing research procedure includes:
Define the issue, he decision alternatives, and the research objectives
Develop the Research Plan
Collect the information
Analyse the information
Present the information
Making the decision
Before devising the marketing strategy for the re-start of THE DAYS Newspaper, the marketing crew had conducted a detailed marketing analysis that became the foundation of the whole campaign.
The marketing research targets of the marketing staff were to:
Find out the key reason why the sales of the newspaper were declining;
The global circumstances of the newspaper industry;
The reader preferences;
Analyse competitor’s strengths; and
Search industry segments unexploited by another newspaper up to now;
Presenting the info of the study, analysing it and then making the decision predicated on them is the most important aspect of the marketing study, though the other components also hold their particular worth.
So what did the market researchers find out?
Following were a number of the things that caught instant attention of the marketing manager of The Times:
The Times before 1988 was only known for superstar and entertainment news. (Situations, 2009)
The newspaper had been getting fewer ads, that have been on the decline of 11.7 percent as documented by Publishers Info Bureau. This demonstrated that the near future was in reddish colored. This reduced the earnings per ad consequently, affecting the overall earnings of the newspaper The reason for this decline was the drastic monetary affect upon the advertisers, the huge audience for which the ads were targeted to, was not working too well, and lastly, the
falling quality of the newspaper was discouraging the marketers to place advertisings in it repeatedly. (Richard, 2009)
The newspaper was targeting mediocre viewers whose curiosity for news was nonetheless with regard to knowing things. This visitors does not exist anymore. (Hrichorn, 2009)
Internet has changed the news headlines reading concept with on the web journals offered by a mouse-click, readers nowadays prefer to visit extra catchy, speedy, and interactive delivery of news than having going right through user-unfriendly layout of newspapers. Several websites serving to supply the juiciest and fasted information including the Huffington Content, Yahoo headlines and Politico.com will be changing the readership of media scenario. (Richard, 2009)
As for the intercontinental scenario, more focus is normally towards, localizing the imprint rather than producing on the basis of mass-customization. And the necessity is for more quickly, rich
The rising newspapers of today, like The Economist happen to be exploiting niches in the newspaper industry, and concentrate on their quality more. Also, they are engaged in over the internet journalism and are attracting readers through amazing and attractive webpages and convenient navigation. (Hrichorn, 2009)
Although there is normally abundance of information available for journalists to use in their content articles and essay, they rarely present an effective insight in their writing.
Readers want less of celebrity news, which is usually splattered across nearly every newspaper.
The marketing research results lead the marketing supervisor to summarize the following things which were to be incorporated in the newspaper:
Times needed to evidently define its target audience and move to a far more sensible and critical genre which reflected its foundation. (Times, 2009)
The newspaper was looking for gaining new ads, which were not mass- targeted;
Improve the print and web layout of the newspaper to charm to the changing visitors’ preferences;
Make this content richer regarding in-depth essays and world-wide appeal;
Target a small segment;
Include articles or blog posts that are related to more serious issues.
Enrich the web version.
Therefore, with these conclusions the online marketing strategy for the re-start of the newspaper required its roots and sprung up.
Effects of the Global Context in the Marketing Strategy
Marketing includes a lot to do with the international market. Marketing experts of multinational businesses identify the adjustments in the international marketplace, and bring about innovation in meeting demands. Where, the worldwide businesses bring about changes, the local businesses suffer from the results in the sort of changed customer preferences. They get compelled to build up new marketing ways of deal with this situation. All in all, all of the businesses let it be local or overseas have to cope with global changes. (Kevin, 2000)
What changes were there for Times to manage?
First was the intercontinental change in the visitors’ preferences. This switch was a move towards interactivity in examining from the ordinary text layout of the traditional papers. Second, was the choice towards accessibility and quickness. The Times sales were drastically being affected because of this. To deal up with this, the marketing strategy was devised around redesigning the layout and this content of the newspaper.
Other compared to the content, the inclusion of various sections in the newspaper and the web site were mainly due to the changing preferences of the readers. As well, a special feature to create your very own profile on the site of THE CHANGING TIMES, was something very innovative and a technique to compete with the international market.
E-Business Strategy Incorporated in the Advertising Strategy
The Times’ e-business technique involved raising readership on its site. So the marketing strategy was kept in line with this. Within the marketing strategy of the newspaper, was to redesign the net page. The marketing analysis showed that increasingly more readers prefer to learn online now thus redesigning the online layout was important. Few things were kept in mind: the look was to be so that the readers would find convenient navigation through the many interesting articles, there needed to be proper illustration combined with the news articles, & most importantly, a proper space for user access. What did which means that? The new e-business strategy of the newspaper was to improve reader involvement in the newspaper. So to do this, the developing was done in order that the website contained a mix of the newspaper’s own content created by its qualified writers and the content posted by the viewers. The Moments’ allows reader interactivity to maintain traffic on the website, through a section referred to as ‘comments’. (Orienwell, 2009)
The marketers found out that viewers have accounts of networks like Twitter and Facebook, therefore the Moments sought alliance from these websites, offering the link to its web-site and allowing visitors to comment on article content through Twitter and Facebook.
To gain earnings through online operations, advertisements are motivated for posting on the site and online subscriptions can be found.
The Times’ e-business tactics are to exploit on the web journalism to the utmost. And its online marketing strategy is devised keeping in mind this very important element.
New Product Marketing Strategy
The Times may offer an online and printing supplement of The Times Youth, for the era- group of 18- 25. This can be the segment that’s least exploited by the competition of THE CHANGING TIMES. This segment features the college graduates, who’ll the become the leading entrepreneurs, and so are just looking to enjoy the changing world, would like prospects to exploit, are ready to bring modification themselves, and have a lot to say about the current situations.
To create a magazine for the youth who are ready to become the leading entrepreneurs of tomorrow and increaser industry share of the newspaper through this.
To narrow it down even more, its marketing objectives would be:
To achieve sales
To increase circulation
To increase market penetration
The financial objectives behind the marketing strategy would be:
To increase profit margin
To cover up the market study expenditure in the lowest time following the re launch.
The target market will be the youth between 18-25 derivative sec x who is:
Political minded; and
The Magazine is usually to be a one-of-a-kind ‘youth motivator to provide change in the business globe and in the world’.
The strategies could include:
Creating word-of-mouth awareness of the magazine; and
Catching readers from weblogs and viral advertising.
Product: The Times Youth magazine will have sections on, business, politics, society and youth issues.
Price – The purchase price would range between 20p to 25p.
Distribution – The limited distribution would be in colleges and Universities, and campus residents.
The Moments executives are sure in the near future the newspaper will be able to achieve profitability using its top-notch marketing approaches that ensure maximal returns. Up to the marketing strategy boosts up sales, the continuing future of the newspaper industry still poses a threat to the old lasting newspapers who have so far had their share in fame. Net continues to threaten the way the news is being delivered, through the ever changing readers’ preferences and the necessity it brings for ‘faster and better’. Progressively more online publications are being developed each day as on-line journalism continues to exploit viewers. Blogs and social media sites are acquiring the lead. Future looks even more reader-oriented with more and even more reader participation and much less and fewer imposition of news from reports. The web has made readers considerably more opinionated so the newspapers have to look out. (Orienwell, 2009)