Introduction
Assessing the source of revenues for a printed publication, the main criterion for assessment can be seen through the interest of the publication for advertisers. In that regard, with the limitedness of the advertisement budget, the interest in free publications might decline. Taking the perspective of “Riders Review”, a privately owned free publication, the development of a new marketing strategy to attract advertisers is essential. This report provides a research design plan for the company, based on which, recommendations concerning the business course of “Riders Review” will be provided.
Background
The main purpose of this research is to demonstrate the attractiveness of Riders Review for advertisement companies. The main principle of the process implies providing the profile of the target population of the magazine readers, the magazine’s market share, and the potential advertising market corresponding to the profile of the magazine readers. Marketing agencies are guided by such factors as “target markets, customer profiles and benefits demanded, media availability and characteristics, message content and so on” (Wright, 2000, p. 11) In that regard the objectives of the project team will be in the following:
- Identification of the magazine’s demographics and profile
- Identification of the agencies, which advertise companies with similar profiles
- Developing a proposal, which will report the findings of the research and the incentives the magazine will provide for the potential partners
Method
The method of the research will be based on two approaches, with each approach corresponding to one of the objectives, with the last being the cooperation proposal. The first approach will be implemented through a quantitative study, identifying the profile and the demographics of the magazine readers, as well as their preferences in consumer goods. A descriptive survey will be designed, in which the readers of the magazine will participate. The company might include a copy of the survey in each issue of the magazine, as well as an electronic copy published in the online version. The responses of the readers will form the primary source of the research.
The second approach will be gathering qualitative data through the internet and other resources, forming a list of potential and existent marketing partners, in which such information as the marketing products, the target consumer, and the market share will be collected and analyzed. The secondary sources will comprise the client’s documentation of the existent advertising partners and other online resources. The findings of both kinds of research will be analyzed in order to present a list of the marketing agencies, which marketing products fit into the category of the magazine.
Obstacles
The obstacles of the plan can be seen in providing a correct picture of the magazine’s circulation, where the advertisers might have doubts, due to possible differences between the circulation and the issues kept by the publisher. Additionally, the research might face a low response rate from the readers, according to which the company must develop promotional incentives for the readers to increase the response rate.
Conclusion
The present paper overviewed the main steps required to identify the course of action for “Riders Review”. The plan shows the main guidelines, which should be followed, as well as the main directions for action. The objectives pointed through the paper, and the methods of reaching them are directly linked to the needs and demands of the company. In order to initiate the present plan, the approval of the company is requested.
References
Armstrong, G., & Kotler, P. (2007). Marketing: an introduction (7th ed.): Pearson Education.
Creswell, J. W. (2007). Qualitative inquiry & research design: choosing among five approaches (2nd ed.). Thousand Oaks: Sage Publications.
Wright, R. (2000). Adertising: Pearson Education.