The Magazine Business
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Magazine business is substantially different from other businesses. In publishing a magazine for sale, the publisher must plan on what stories to tell for the specific audience. Audience is the focus of every magazine marketing strategy. In the magazine, there must be a description on the nature of price and competition. This area of marketing strategy must be able to create on the mind of the readers what the magazine can offer to them, different from other magazines. Magazine business is also crucial in the market since the publisher is required to outline various strategies of advertising for the sales. Before starting a business, it is important to understand the human resource available in your business.
Starting a magazine business is a general concept that requires an area to run the business. The general idea is always narrowed to a specific area for the business success. For example, if the magazine business is about lifestyle, it is possible that it will attract a large audience and may face competition. A magazine for shopping on the other side may attract little focus from audience. To run a magazine business, one is required to establish the area where the magazine suits. It is also important to find the information need of the business or the magazine. It always important for readers to pick a magazine, and find the information needed. The marketing strategy of a magazine should analyze the capacity or size of the market, the spending power of the readers/ consumers of the magazine, and fluctuation that may occur in the market. For example, when mortgage market is not on its peak, it would be useless to start on a magazine that focuses on the housing. Launching magazine business requires that research on competition rate is addressed. This research is supposed to establish whether the similar magazine exists in the market, and if there are some similar magazines in the market, do they meet the expectations of audiences and the overall market share or benefits. The research on the magazine business should involve analysis on the competitor strengths and weaknesses. This comparison is then used to analyze what is likely to the situation of proposed business idea in market finance. The moment the magazine has been evaluated on the benefits it has to the readers, it is then put to writing. The magazine business plan will help outsource for the funding. The plan of the magazine should be kept for future reference by the author or publisher.
Business activity requires proper outsourcing that tackles labor issues and human resources. The advantage of outsourcing in a business helps to save time and resources. Once such strategies are put in place, the business will run effectively. It also saves money that is sometimes used to look for pertinent laws. Different human resources within the organization or business help to acquire new information on how to run a business. Outsourcing is an effective, time saving and economical in accomplishing the goals of the business.
Vendor selection is critical to the magazine business. Vendors are the people who will be in contact with consumers, and must have a rough idea on what the consumers want to buy and what they can offer. Vendor selection is an important process since they are going to the market with a view to making the business prospers. Vendor selection must consider whether the vendor selected really understand the market position. The selection should test for the vendor’s perceptions and expectations on the proposed idea. Response from the vendor will help establish whether the proposed magazine can sell in the market. Vendors should also be analyzed and checked on their background. The next procedure should involve picking the vendor of choice and starting negotiations on the contract. The selection of vendor for a lifestyle magazine will require consideration of gender issues. Female vendor will suit to handle this type of sale. Lifestyle has always been regarded to be feminine issue; women freely interact with lifestyle consumers which can be a major boost to sales of magazine. Evaluation of vendors to contract in the business will require considerations on whether the vendor has good interpersonal skills. The vendor should also have good communication skills. The evaluation criteria should be based on the number of magazines that are made by the vendor.
The procurement planning is an outlay of the procurement process that indicates on the duration of the procurement and contracting. Procurement phase consists mainly of the objectives of the procurement, service providers, payment procedures, intensity of the services needed, tender evaluation and format, and schedule and time estimate. The procurement process in the proposed magazine should run for a period of one year. This is adequate time to plan, prepare and provide a report on how the business will be carried out. However, if the plan cannot be met as schedule, the magazine business can be shifted to a newspaper business. This business is likely to attract various readers as it will bring a wide range of information to the readers from the national scene.
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