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PROJECT REPORT
THE FUNCTIONING OF AN ADVERTISING AGENCY AND TO
SUGGEST VARIOUS MEDIA VEHICLES FOR EFFECTIVE
COMMUNICATION OF REAL ESTATE BRAND
Mohit Neve
Batch 2009-2011
FOR PRATISAAD COMMUNICATIONS PVT. LTD.
SUBMITTED TO PUNE UNIVERSITY
IN PARTIAL FULFILLMENT OF TWO YEARS FULL TIME
MASTERS DEGREE IN BUSINESS ADMINISTRATION (MBA)
JSPMs
IMPERIAL COLLEGE OF ENGINEERING ANDRESEARCH
(MBA Depa!"e#!)
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Ga! N$. %&' (*&) Wa+,$- P/#e01&&'%
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College Certificate
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PROJECT REPORT Batch 2009-2011
Acknowledgement
This study would not have taken the desired shape, but for valuable guidance and
support from the following esteemed persons.
First of all, I would like to thank our HOD, r !atil, who trusted me enough and let me
out of his sight for entire two months, on the premise of internship. "nd of course,
!ratisaad #ommunications !vt. $td who supported by actually offering this internship to
me%for real&
"t !ratisaad , 'eeti and Debashish were tolerant enough to spend time with me and bear
my constant barrage of (uestions which, by the way, didn)t make sense to me also. "t
least, for the first few days.
"lso, I would like to thank the other staff of !ratisaad for their valuable guidance.
"nd of course, this study would not have been complete without the help of our #ollege
*uide, r. +akore, who accepted to be my guide.
y friends and peers for their patience and support throughout the upbringing of the
proect.
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PROJECT REPORT Batch 2009-2011
Index
SR. No. TOP! PA"# NO.
1. Executive Summary 6
2. Objectives & Sc!e " t#e !rject $
%. Intrductin t t#e T!ic
'. Cm!any Pr"i(e 12
). Objectives
6. Researc# *et#d(+y$. ,ata -na(ysis & Inter!retatin
. imitatins " t#e Prject
/. Cnc(usin & Su++estins
10. ib(i+ra!#y
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#$ec%tive S%mma&'
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#$ec%tive S%mma&'
T#e aim " t#is !rject is t study t#e "unctinin+ " an -dvertisin+ -+ency and su++est
varius *edia e#ic(es "r e""ective Cmmunicatin " rea( estate brand. T#is study
disti(s t#e cumu(ative "indin+3 identi"yin+ as!ects " varius media ve#ic(es and t#eirusa+e "r custmers. T#ere are many areas 4#ere yu 4i(( see varyin+ di""erences in t#e
vie4s and as!ect " t#e "indin+.
T#is summary a(s !r!ses an -ctin -+enda t#at is +runded in t#e "indin+s " t#e
study. T#e actin a+enda states varius 4ays t a!!rac# t#e masses " !e!(e and a(s
!ub(icity met#ds "r -dvertisement cam!ai+ns.
T#e c(ient " Pratisaad Cmmunicatins Pvt. td.3 5e( 5an+a 5ru! is t#e sc!e " t#is
!rject.
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PROJECT REPORT Batch 2009-2011
O()ective* and Sco+e o, the P&o)ect
P&ima&' O()ective*
T understand t#e "unctinin+ " an advertisin+ a+ency.
T study t#e r(e " a C(ient Servicin+ Executive CSE7 in an advertisin+ a+ency.
Seconda&' O()ective*
T study varius media ve#ic(es avai(ab(e "r advertisin+.
T su++est varius suitab(e media ve#ic(es "r e""ective cmmunicatin t a
(eadin+ rea( estate brand " Pune 8 5e( 5an+a 5ru!.
Sco+e o, the P&o)ect
5et in9de!t# :n4(ed+e " varius de!artments and sectins " advertisin+
a+ency
Study !ast and !resent advertisin+ cam!ai+ns " a rea( estate c(ient 8 5e( 5an+a
5ru!
Researc#
-na(yse t#e "indin+s and recmmend.
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I;TRO,
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hat i* adve&ti*ing
Adve&ti*ing is a "rm " cmmunicatin intended t !ersuade an audience vie4ers3
readers r (isteners7 t !urc#ase r ta:e sme actin u!n !rducts3 ideas3 r services. It
inc(udes t#e name " a !rduct r service and #4 t#at !rduct r service cu(d bene"it
t#e cnsumer3 t !ersuade a tar+et mar:et t !urc#ase r t cnsume t#at !articu(ar
brand. -dvertisin+ can a(s serve t cmmunicate an idea t a mass amunt " !e!(e in
an attem!t t cnvince t#em t ta:e a certain actin3 suc# as encura+in+
>envirnmenta((y "riend(y> be#aviurs3 and even un#ea(t#y be#aviurs t#ru+# "d
cnsum!tin3 vide +ame and te(evisin vie4in+ !rmtin3 and a ?(a@y man? rutine
t#ru+# a (ss " exercise. *dern advertisin+ deve(!ed 4it# t#e rise " mass
!rductin in t#e (ate 1/t# and ear(y 20t# centuries. *ass media can be de"ined as any
media meant t reac# a mass amunt " !e!(e. Severa( ty!es " mass media are
te(evisin3 internet3 radi3 and !rint.
Cmmercia( advertisers "ten see: t +enerate increased cnsum!tin " t#eir !rducts r
services t#ru+# brandin+3 4#ic# inv(ves t#e re!etitin " an ima+e r !rduct name in
an e""rt t assciate re(ated Aua(ities 4it# t#ebrandin t#e minds " cnsumers. ,i""erent
ty!es " media can be used t de(iver t#ese messa+es3 inc(udin+ traditina( media suc# as
ne4s!a!ers3 ma+a@ines3 te(evisin3 radi3 utdr r direct mai(B r ne4 mediasuc# as
4ebsites and text messa+es r s#rt messa+in+ services. -dvertisin+ may be !(aced by an
advertisin+ a+ency n be#a(" " a cm!any r t#er r+ani@atin3 ca((ed a c(ient.
;n9cmmercia( advertisers t#at s!end mney t advertise items t#er t#an a cnsumer
!rduct r service inc(ude !(itica( !arties3 interest +ru!s3 re(i+ius r+ani@atins and
+vernmenta( a+encies. ;n9!r"it r+ani@atins may re(y n "ree mdes " !ersuasin3
suc# as a!ub(ic service annuncement.
S basica((y advertisin+ is a +&oce**3 nt a medium in its 4n ri+#t3 a(t#u+# it uses
di""erent media "rms t cmmunicate. -dvertisin+3 in its sim!(est "rm3 is t#e 4ay in
4#ic# t#e vendr r manu"acturer " a !rduct cmmunicates 4it# cnsumers via a
medium3 r many di""erent media.
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http://en.wikipedia.org/wiki/Communicationhttp://en.wikipedia.org/wiki/Persuadehttp://en.wikipedia.org/wiki/Brandhttp://en.wikipedia.org/wiki/Brandhttp://en.wikipedia.org/wiki/New_mediahttp://en.wikipedia.org/wiki/Advertising_agencyhttp://en.wikipedia.org/wiki/Public_service_announcementhttp://en.wikipedia.org/wiki/Communicationhttp://en.wikipedia.org/wiki/Persuadehttp://en.wikipedia.org/wiki/Brandhttp://en.wikipedia.org/wiki/Brandhttp://en.wikipedia.org/wiki/New_mediahttp://en.wikipedia.org/wiki/Advertising_agencyhttp://en.wikipedia.org/wiki/Public_service_announcement -
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PROJECT REPORT Batch 2009-2011
In 200/3 s!endin+ n advertisin+ 4as mre t#an '1) bi((in 4r(d4ide.
Ma&keting Mi$
The ma&keting mi$#as been t#e :ey cnce!t t advertisin+. T#e mar:etin+ mix 4assu++ested by Jeremy *cCart#y3 !r"essr at =arvard usiness Sc#(3 in t#e 1/60Ds. T#e
mar:etin+ mix cnsists " "ur basic e(ements ca((ed t#e "ur PDs Prduct is t#e "irst P
re!resentin+ t#e actua( !rduct. Price re!resents t#e !rcess " determinin+ t#e va(ue " a
!rduct. P(ace re!resents t#e variab(es " +ettin+ t#e !rduct t t#e cnsumer (i:e
distributin c#anne(s3 mar:et cvera+e and mvement r+ani@atin. T#e (ast P stands "r
Prmtin 4#ic# is t#e !rcess " reac#in+ t#e tar+et mar:et and cnvincin+ t#em t +
ut and buy t#e !rduct.
One " t#e best Autes abut t#e im!rtance " advertisin+ is by Stuart =endersn ritt
and +es (i:e t#isDoing business without advertising is like winking at a girl in the
dark. You know what you are doing but nobody else does.
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Adve&ti*ing Agenc'
-n advertisin+ a+ency r -d a+ency is a servicebusinessdedicated t creatin+3 !(annin+
and #and(in+ advertisin+and smetimes t#er "rms "!rmtin7 "r its c(ients. It is
inde!endent "rm t#e c(ient and !rvides an utside !int " vie4 t t#e e""rt " se((in+t#e c(ient>s !rducts r services. -n a+ency can a(s #and(e vera(( mar:etin+ and
brandin+strate+ies andsa(es !rmtins"r its c(ients. Ty!ica( -d a+ency c(ients inc(ude
businesses and cr!ratins3 nn9!r"it r+ani@atinsand +vernmenta+encies. -+encies
may be #ired t !rduce sin+(e ads r3 mre cmmn(y3 n+in+ series " re(ated ads3
ca((ed an advertisin+ cam!ai+n.
-n -d a+ency #as 4riters3 artists3 media ex!erts3 researc#ers3 te(evisin !rducers3
accunt executive3 etc. t#ese s!ecia(ists 4r: t+et#er t understand "u((y t#e advertiserDsreAuirements and deve(! suitab(e advertisin+ !(ans and strate+ies.
-d a+encies cme in a(( si@es. T#ey inc(ude everyt#in+ "rm ne r t49!ersn s#!s
4#ic# re(y mst(y n "ree(ance ta(ent t !er"rm mst "unctins73 sma(( t medium si@ed
a+encies3 (ar+e inde!endents3 and mu(ti9natina(3 mu(ti9a+ency cn+(merates.
-n a+ency>s si@e s#u(d nt necessari(y be cnsidered a barmeter " t#eir bi((in+ r
abi(ity t #and(e (ar+e accunts. Indeed3 t#ese days3 sma((er butiAue a+encies are just as
(i:e(y t cunt very (ar+e cr!ratins amn+st t#eir accunts.
Fu((9service3 r *edia9neutra( advertisin+ a+encies #ave t#e ta(ent and abi(ity t !rduce
creative and advise c(ients "r a "u(( ran+e " media3 "r virtua((y any ty!e " accunt3 r
cm!any. T#ese ty!es " a+encies +enera((y c#ar+e t#e c(ient "r creatives t#ey !rduce.
Sme a+encies s!ecia(i@e in !articu(ar "ie(ds suc# as medica(3 c#aritab(e3 F*C53 4#ite
+ds3 retai(3 etc. Ot#er a+encies s!ecia(i@e in !articu(ar media3 suc# as !rint ads r
te(evisincmmercia(s. Ot#er a+encies3 es!ecia((y (ar+er nes3 !rduce 4r: "r many
ty!es " media creatin+ inte+rated mar:etin+ cmmunicatins r s(utins7.
Traditina((y a+encies earn 1)G a+ency cmmissin "rm t#e media.
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http://en.wikipedia.org/wiki/Businesshttp://en.wikipedia.org/wiki/Advertisinghttp://en.wikipedia.org/wiki/Promotion_(marketing)http://en.wikipedia.org/wiki/Marketinghttp://en.wikipedia.org/wiki/Brandhttp://en.wikipedia.org/wiki/Sales_promotionhttp://en.wikipedia.org/wiki/Sales_promotionhttp://en.wikipedia.org/wiki/Corporationhttp://en.wikipedia.org/wiki/Non-profit_organizationhttp://en.wikipedia.org/wiki/Non-profit_organizationhttp://en.wikipedia.org/wiki/Governmenthttp://en.wikipedia.org/wiki/Advertising_campaignhttp://en.wikipedia.org/wiki/Televisionhttp://en.wikipedia.org/wiki/Businesshttp://en.wikipedia.org/wiki/Advertisinghttp://en.wikipedia.org/wiki/Promotion_(marketing)http://en.wikipedia.org/wiki/Marketinghttp://en.wikipedia.org/wiki/Brandhttp://en.wikipedia.org/wiki/Sales_promotionhttp://en.wikipedia.org/wiki/Corporationhttp://en.wikipedia.org/wiki/Non-profit_organizationhttp://en.wikipedia.org/wiki/Governmenthttp://en.wikipedia.org/wiki/Advertising_campaignhttp://en.wikipedia.org/wiki/Television -
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!&eative (o%ti/%e*
It is an r+ani@atin t#at s!ecia(i@es in t#e actua( creatin "advertisements. In +enera(3butiAues create ima+inative and interestin+ advertisin+ t#emes and !rduce innvative
and ri+ina( advertisements. - cm!any t#at uses a creative butiAue 4u(d #ave t
em!(y ant#er a+ency t !er"rm t#e media !(annin+ and buyin+3 a(s administrative
"unctins cnnected 4it# advertisin+.
Fu(( service ad a+ency studies t#e !rduct r service and determines its mar:etab(e
c#aracteristic and #4 it re(ates t t#e cm!etitin. -t t#e same time t#e a+ency studies
t#e !tentia( mar:et3 !ssib(e distributin !(ans and (i:e(y advertisin+ media. F((4in+
t#is3 t#e a+ency ma:es a "rma( !resentatin t t#e c(ient dead(ines3 itDs "indin+s abut
t#e !rduct and its recmmendatin "r an advertisin+ strate+y.
Creative butiAues are di""erent "rm "ree(ancers. Free(ancers are individua(s 4# 4r:
n t#eir 4n 4it#ut any "rma( attac#ment 4it# any a+ency. C(ients r a+encies #ire
t#ese "rm time t time. T#e c(ients a(s #ire creative butiAues smetimes.
n-ho%*e agencie*
Suc# a+encies are 4ned and su!ervised by advertisers r t#e c(ient r+ani@atins. T#e
r+ani@atina( structure and "unctinin+ " in9#use a+encies are simi(ar t "u(( service
a+encies in mst cases. T#e advertisin+ directr " t#e cm!any usua((y #eads an in9
#use a+ency. In #use a+encies are r+ani@ed accrdin+ t t#e needs and reAuirements
" t#e cm!any and are sta""ed accrdin+(y. Sme cm!anies s(e(y de!end n t#eir in9
#use a+encies "r t#eir advertisin+ needs. Ot#ers de!end bt# n t#eir in9#use a+ency
and utside a+encies. Sme t#er cm!anies a((4 t#eir a+encies t ta:e utside jbs.
i+ cr!rates r cm!anies +enera((y "rm t#eir in9#use a+encies3 t#is is dne
!articu(ar(y t save n csts n in"rastructure3 man!4er3 etc. In s!ite " bein+ an in9
#use a+ency3 it is a(s a !r"it centre 4#ic# su!!rts itse(".
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PROJECT REPORT Batch 2009-2011
S+ecialied agencie*
T#ere are many a+encies3 4#ic# ta:e u! n(y s!ecia(i@ed advertisin+ jbs. Certain "ie(ds(i:e medicine3 "inance3 utdr advertisin+3 scia( advertisin+3 tenderHntice
advertisements3 recruitment advertisin+3 etc. reAuire s!ecia(i@ed :n4(ed+e. S t#ere are
a+encies3 4#ic# cncentrate n(y n areas and em!(y !e!(e 4it# t#e reAuired ta(ents.
T#ese a+encies are usua((y sma(( in si@e.
Media (%'ing agencie*
It is an r+ani@atin t#at s!ecia(i@es in buyin+ radi andte(evisin time3 a(s s!ace "rm!rint media and rese((in+ it t advertisers and advertisin+ a+encies. T#e services se((s
time and s!ace t t#e advertisers3 rders t#e s!tsHadvertisements n t#e varius statins
r varius !rint media inv(ved and mnitrs t#e media t see i" t#e ads actua((y run.
T#is trend "r s!ecia( media buyin+ a+encies started in t#e 1/$0s. Suc# a+encies #ave a
(t " cntacts in t#e media and ""er very (4 cmmissin n media rates. *edia buyin+
a+encies cm!(ement t#e creative butiAues. -(s (ar+e cm!anies use t#eir s!ecia(i@ed
ne+tiatin+ ta(ents "r buyin+ media s!ace and time.
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Role and %nction* o, Adve&ti*ing Agencie*
Role
T#e majr r(e as advertisin+ a+ency is t 4r: a(n+side t#e c(ients t deve(! and
sustain t#e brands t#at t#ey mutua((y serve3 t#ru+# cnsumer understandin+ and insi+#t
and t#ru+# creative and media de(ivery s:i((s t !rvide best advice and t#e best
executin t#ere" t t#se c(ients "r t#e advertisin+ " t#se brands.
-uildings age and become dilapidated. achines wear out. !eople die. ut what
lives on are the brands./
rands are muc# mre t#an mere !rducts and services. rands3 i" success"u(3 are c(ear(y
di""erentiated entities 4it# 4#ic# cnsumers can and d "rm a mutua((y bene"icia(
re(atins#i! ver time3 because " t#e va(ues 8 ratina( and emtina(3 !#ysica( and
aest#etic 8 t#at cnsumer derive "rm t#em. T#e im!rtance can be summed u! as
"((4s
/ " product is something that is made, in a factory0 a brand is something that is
bought, by a customer. " competitor can copy a product1 a brand is uni(ue. "
product can be (uickly out2dated1 a successful brand is timeless./
T#e r(e " advertisin+ and t#e advertisin+ a+ency is t #e(! e""ect t#is trans"rmatin
"rm !rduct r service t brand by c(ear(y !sitinin+ t#e ""erin+ t t#e cnsumer 8 its
r(e and its bene"its 8 and by cmmunicatin+ t#e brandDs 4n !ersna(ity. In s#rt its r(e
is t !rvide meanin+"u( di""erentiatin via t#e cnsumer cnnectin.
-s ne 4ise #ead in advertisin+ nce said3 nt#in+ :i((s a bad !rduct "aster t#an +d
advertisin+. Ty!ica((y advertisin+ is !(ayin+ t#is r(e3 a(n+ 4it#t#er !arts " 4#at 4e
ca(( t#e mar:etin+ mix3 in #i+#(y cm!etitive mar:et !(aces.
*st advertisers assi+n t#is jb " in"rmin+ t#e tar+et audience and creatin+ ima+es t
advertisin+ a+encies. T#us3 t#e advertisin+ a+encies !(an3 !re!are and !(ace ads in t#e
media. ut even an advertiser can d a(( t#ese t#in+s. T#e mana+ement can d !(annin+
" ad cam!ai+ns. Fr !re!arin+ ads3 creative !ersna( can be #ires. -nd t#e advertiser "r
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PROJECT REPORT Batch 2009-2011
!(acin+ t#e ads can buy media s!ace r time. S3 4#y #ire an advertisin+ a+encyK
T#e reasn can be en(isted as "((4s
#$+e&ti*e and e$+e&ience9 -n advertisin+ a+ency brin+s t+et#er !e!(e 4it# t#ereAuired ex!ertise and ex!erience " t#e varius sub9disci!(ines " advertisin+.
T#us3 it #as t#e c!y4riters3 visua(i@es3 researc#ers3 !#t+ra!#ers3 directrs3
!(anners and !e!(e 4# +et business and dea( 4it# c(ients 4r:in+ in ad
a+encies. -n a+ency mu(ds a(( t#ese !e!(e int a team and +ives t#em a #i+#(y
cnducive 4r: atms!#ere. T#e a+ency ma:es t#e best use " t#eir ta(ents and
ex!erience t de(iver ra!id(y3 e""icient(y and in +reater de!t# t#an a cm!any r
r+ani@atin cu(d d n its 4n.
O()ectivit' and +&o,e**ionali*m9 -dvertisin+ a+encies are #i+#(y !r"essina(.
Objectivity is a majr virtue " ad a+ency. T#ey !erate in a stran+e 4ay. L#i(e
t#ey ta:e u! advertisin+ "r t#ers3 a+encies #ard(y advertise t#emse(ves. -d
a+encies bein+ utside intermediaries can be bjective. T#ey t#us 4i(( ""er
inde!endent and detac#ed vie4!ints and su++estins based n bjective
ana(ysis.
!o*t e,,ective9 I" an r+ani@atin 4ants t #ire !e!(e t d its advertisin+3 it
cannt !rvide t#em 4r: a(( t#ru+# t#e year. -(s mst ex!erts in t#e "ie(ds "
advertisin+ (i:e directrs3 musicians3 !#t+ra!#ers3 c#ar+e #u+e amunts and are
"ten nt a""rdab(e. *rever3 #irin+3 r+ani@in+ and mana+in+ a(( ta(ents
reAuired t !rduce advertisin+ cam!ai+ns is nt an easy t#in+. -nd t#e "act t#at
/G " advertisers t#e 4r(ds ver #ire as a+encies is !r" enu+# abut t#e cst
e""ectiveness " t#e a+encies. -(s t#e :ind " cnsistent3 !4er"u( and
cm!e((in+ advertisin+ t#at can be created by usin+ t#e ex!ertise3 ex!erience3
bjectivity and !r"essina(ism " ad a+encies cannt be measured ecnmica((y.
%nction*
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!rduct3 its cm!etitrs3 t#e mar:et situatin and trends3 in"rmatin abut t#e
audiences t#eir (i:es and dis(i:es and media #abits7 a(s need t be c((ected.
Sme " t#e mst e""ective advertisin+ inc(udes advertisement 4ritten in t#eir
native (an+ua+e. -(( " t#ese s!ecia(i@ed cam!ai+ns are creatin+ ne4 demands n
a+encies and are reAuirin+ ne4 ta(ents "r !e!(e 4# 4r: in advertisin+.
In additin3 many a+encies a(s ""er a variety " a((ied services. T#ese inc(ude
*erc#andisin+
Pub(ic re(atins
Or+ani@in+ ex#ibitins and "airs
Pre!arin+ a(( :inds " !ub(icity materia(
P(annin+ and r+ani@in+ s!ecia( events event mana+ement7
,irect mar:etin+
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PROJECT REPORT Batch 2009-2011
St&%ct%&e o, Adve&ti*ing Agenc'
rad(y t#ere are ) de!artments in a ty!ica( advertisin+ a+ency
-ccunt Servicin+
*edia
Creative
Prductin
Finance and -ccuntin+
Acco%nt *e&vice de+a&tment
T#e accunt service3 r t#e accunt mana+ement de!artment3 is t#e (in: bet4een t#e ad
a+ency and its c(ients. ,e!endin+ u!n t#e si@e " t#e accunt and its advertisin+ bud+et
a number " C(ient Service Executives CSE7 (iaise 4it# t#e c(ient. T#e CSEDs jb
reAuires #i+# de+ree " di!(macy and tact as misunderstandin+ may (ead t (ss " an
accunt. T#e CSE is main(y res!nsib(e t +ain :n4(ed+e abut t#e c(ientDs business3
!r"it +a(s3 mar:etin+ !rb(ems and advertisin+ bjectives.
T#e CSE is res!nsib(e "r +ettin+ a!!rved t#e media sc#edu(es3 bud+ets and creatives
"rm t#e c(ient. T#e next tas: is t ma:e sure t#at t#e a+ency !ersnne( !rduce t#e
creatives t t#e c(ientDs satis"actin. T#e bi++est r(e " t#e CSE is :ee!in+ t#e a+ency
a#ead " t#e c(ient t#ru+# "((49u! and cmmunicatins.
Media de+a&tment
T#e res!nsibi(ity " t#e a+encyDs media de!artment is t deve(! a media !(an t reac#t#e tar+et audience e""ective(y in a cst e""ective manner. T#e sta"" ana(yses3 se(ects and
cntracts "r media time r s!ace t#at 4i(( be used t de(iver t#e ad messa+e. T#is is ne
" t#e mst im!rtant decisins since a si+ni"icant(y (ar+e !art " t#e c(ientDs mney is
s!ent n t#e media time andHr s!ace. T#e media de!artment #as acAuired increasin+
im!rtance in an a+encyDs business as (ar+e advertisers seem t be mre inc(ined t
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cns(idate media buyin+ 4it# ne r "e4 a+encies t#ereby savin+ mney and im!rvin+
media e""iciency.
!&eative de+a&tment
T a (ar+e extent3 t#e success " an ad a+ency de!ends u!n t#e creative de!artment
4#ic# is res!nsib(e "r t#e creatin and executin " t#e advertisements. T#e creative
s!ecia(ists are :n4n as c!y4riters r creative directrs. T#ey are t#e nes 4#
cnceive ideas "r t#e ads and 4rite t#e #ead(ines3 sub#eads and t#e bdy c!y. T#ey are
a(s inv(ved in decidin+ t#e basic t#eme " t#e advertisin+ cam!ai+n3 and "ten t#ey d
!re!are t#e ru+# (ayut " t#e !rint ad r t#e cmmercia( stry bard.
Creatin " an ad is t#e res!nsibi(ity " t#e c!y4ritersHcreative directrs and t#e art
de!artment decides #4 t#e ad s#u(d (:.
P&od%ction de+a&tment
-"ter t#e cm!(etin and a!!rva( " t#e creatives3 it is sent t t#e !rductin de!artment
"r its executin.. Fr t#e !rductin " t#e a!!rved T cmmercia(3 t#e !rductin
de!artment su!ervises t#e castin+ " actrs t a!!ear in t#e ad3 t#e settin+ "r scenes and
se(ectin+ an inde!endent !rductin studi. T#e !rductin de!artment smetimes #ires
an utside directr t trans"rm t#e creative cnce!t t a cmmercia(.
inance and acco%nting de+a&tment
-n advertisin+ a+ency is in t#e business " !rvidin+ services and must be mana+ed t#at
4ay. T#us3 it #as t !er"rm varius "unctins suc# as accuntin+3 "inance3 #uman
resurces etc. it must a(s attem!t t +enerate ne4 business. -(s t#is de!artment is
im!rtant since bu(: " t#e a+encyDs incme a!!rx. 6)G +es as sa(ary and bene"its t
t#e em!(yees.
e!ce "a!agi!g the fi!a!ce# a!$ %ee&i!g acco'!t# a# re('ire$ )* the la+ i# the #ole
re#&o!#i)ilit* of thi# $e&art"e!t,
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!OMPAN4 PRO5#
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P&ati*aad !omm%nication* Pvt. 5td.
Pratisaad Cmmunicatins are a team " advertisin+ !r"essina(s 4it# IMve b(d +ru!.
Ideas t#at (ead t c(utter s#atterin+ creatives.
Tta( s(utins in cr!rate and mar:etin+ cmmunicatin
IndiaDs "irst ISO /001200 certi"ied -d a+ency
Estab(is#ed in 1/
Rated amn+ t! 100 -d a+encies in India by -&* Survey
Rated amn+ t! )0 -d a+encies in India by Ecnmic Times rand EAuity
- $) strn+ yun+3 idea intensive and cmmitted team
-ccredited by Indian ;e4s!a!er Sciety3 ,rdars#an3 -(( India Radi and
-udit ureau " Circu(atin
Fu((y 4ired set u! "r desi+nin+ and cmmunicatin
6i*ion
T be a cm!(ete cmmunicatins cm!any t#at cntributes t4ards en#ancin+ t#e
Aua(ity " (i"e by bui(din+ brands3 4#ic# !rvide enric#ment and de(i+#t t t#e custmersB
and in t#e !rcess t be rec+ni@ed as (eaders in ""erin+ cm!(ete cmmunicatin
s(utins "r brand success stries natina((y & internatina((y
Mi**ion
T !rvide strate+ic & creative va(ue t t#e brand by ""erin+ inte+rated cmmunicatin
s(utins based n an in de!t# understandin+ " t#e re(evant business dynamics s t#at
t#e cmmunicatins beat t#e c(utter and de(iver maximum reac#3 res!nse & resu(t.
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P&ati*aad!rvides vast #and9n ex!erience in ""erin+ services (i:e
A36#RTSN"
Press -dvertisin+ Re+u(ar re(eases in a(( t#e (eadin+ ne4s!a!ers & ma+a@ines in
India and Lr(d ver
E(ectrnic *edia T cmmercia(s3 cr!rate "i(ms3 !rduct "i(ms3 jin+(es3 4a(:
t#ru+#s3 mu(timedia !resentatins
Outdrs Cam!ai+ns t#ru+# #ardin+s3 bus and rai(4ay !ane(s3 bac:(its3 :is:s3
ba((ns3 in"(atab(es3 etc 9 a(( ver India
iterature & POPs ,esi+nin+ and !rductin " brc#ures3 !r"i(es3
!resentatins3 stic:ers3 !sters3 dan+(ers3 etc
Leb S(utins Leb site desi+nin+3 deve(!ment3 #stin+ & maintenance3 4eb
advertisin+
Pac:a+in+ ,esi+n ,esi+nin+ " !uc#es3 cartns3 (abe(s3 etc
#6#NTS AN3 PA!7A"N"
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Tar+et9s!eci"ic interactive sessins and events
S!rts3 cu(tura( events3 seminars
Investr meets
R#S#AR!
S+eciall' dedicated team o, &e*ea&ch +&o,e**ional*
*ar:etin+ Researc#
Prject "easibi(ity studies
Cnsumer researc# Fcus +ru!s7
Pre9testin+ and e""ectiveness studies
!5#NTS
P&ati*aad wo&k* on high +&o,ile co&+o&ate*: m%lti national* ,&om va&io%* ind%*t&ie*
Cnsumer E(ectrnics Nents# E(ectrnics I7 Pvt. td Ts#iba7
En+ineerin+ &*anu"acturin+
5reaves Cttn td.3 Pemium Ener+y Transmissin
td.3 SNF India td.3-t(as C!c India td.3
Nir(s:ar rt#ers td.3 Nir(s:ar Oi( En+ines td.3,ir: India Pvt. td.3 Jtun India Pvt. td.3 -Auatec#
Systems -sia7 Pvt. td. =ney4e(( -utmatin I7
td. =a++(unds 5ears3 ="(er Sandvi: -sia td.
-+ri EAui!ment J#n ,eere EAui!ment Pvt. td.3 -s#ir4ad tanica
Educatin T-S*-C3 ,SN Su!in"cm
Finance
T#e Saras4at C9!erative an: td.3 ;N5S C9
!erative an: td.3 I,I =me Finance td.3 IC
=me Finance td.3 an: " *a#aras#tra3 =SC
an:
-utmbi(esTS *tr C. td.3 Tata *trs td.3 ,SN Tyta3
*y Car
In"rmatin Tec#n(+y S1 Services Pvt. td.3 Eatn Cr!ratin3 -vaya India
Pvt. td.3 S-S 5(ba( Services3 ertex S"t4are3
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Li!r PO3 NPIT Cummins3 True -dvanta+e3 5i@m
5rid
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creative strate+y a "res# brie" is made by CSE "r *edia de!artment. In turn
media de!artment !re!ares a media !(an3 4#ic# inc(udes varius !arameters suc#
as csts3 number " insertins3 "reAuency3 duratin3 (an+ua+e3 !erid " dis!(ay3
etc. as !er t#e c#sen media.
). !lient P&e*entation ;4 t#e creatives are t#ru+# and are ready "r c(ient
!resentatin. T#e CSE !re!ares a c(ient !resentatin based n t#e creative
strate+y and creatives art4r:s7 4#ic# is !resented t t#e c(ient a(n+ 4it# t#e
media !(an.
6. !hange*
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Seconda&' o()ective o, the P&o)ect
To *t%d' va&io%* media vehicle* availa(le ,o& adve&ti*ing AN3
To *%gge*t va&io%* *%ita(le media vehicle* ,o& e,,ective comm%nication to a leading
&eal e*tate (&and o, P%ne > "oel "anga "&o%+.
T#e CSE is a(s inv(ved in "rmin+ strate+ies " #4 t#e creatives s#u(d be made3 and
in 4#at media ve#ic(e t use. S3 be"re su++estin+ any media3 my initia( jb 4as t
study t#e varius ty!es " media t#at are used "r advertisin+.
T#ere are a 4ide variety " media avai(ab(e tday "r advertisin+ t c#se "rm. T#e
decisin is de!ended n a (t " "actrs at t#e same time it is a very crucia( decisin since
t#e success " t#e cam!ai+n is #i+#(y de!ended n t#is as!ect.
T'+e* o, media vehicle* availa(le
irtua((y any medium can be used "r advertisin+. =4ever3 t#ere are a "e4 !!u(ar
media ve#ic(es3 4#ic# are as "((4s
O%tdoo& media
=ardin+s 9 T#ese are (ar+e structures (cated in !ub(ic !(aces 4#ic# dis!(ay
advertisements t !assin+ !edestrians and mtrists. *st "ten3 t#ey are (cated n main
rads 4it# a (ar+e amunt " !assin+ mtr and !edestrian tra""icB #4ever3 t#ey can be
!(aced in any (catin 4it# (ar+e amunts " vie4ers3 suc# as n mass transit ve#ic(es
and in statins3 in s#!!in+ ma((s r ""ice bui(din+s3 and in stadiums. -(s varius t#er
ty!es suc# as 4a(( !aintin+s3 #ardin+s3 banners3 s#!!in+ carts3 rad si+n +antries3 bus
st!s3 #uman bi((bards3 trainHbusHtaxiHaut ric:s#a4 !ane(s3 sub4ay !(at"rms3 rai(4ay
!(at"rms3 !ub(ic trans!rt system termina(s3 street side banners3 !sters3 !int "
!urc#ase POP7 materia( dis!(ayed at s#4rms3 ma((s3 s#!s3 etc. a(s "rm !art "
utdr media.
Mo(ile o%tdoo& adve&ti*ing
*bi(e #ardin+s are +enera((y ve#ic(e munted r di+ita( screens. T#ese can be n
dedicated ve#ic(es bui(t s(e(y "r carryin+ advertisements a(n+ rutes !rese(ected by
c(ients3 t#ey can a(s be s!ecia((y eAui!!ed car+ truc:s3 trans!rt buses. T#e #ardin+s
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are "ten (i+#tedB sme bein+ bac:(it3 and t#ers em!(yin+ s!t(i+#ts. Sme #ardin+
dis!(ays are static3 4#i(e t#ers c#an+eB "r exam!(e3 cntinuus(y r !eridica((y
rtatin+ amn+ a set " advertisements.
*bi(e dis!(ays are used "r varius situatins in metr!(itan areas t#ru+#ut t#e4r(d3 inc(udin+
Tar+et advertisin+
One9day3 and (n+9term cam!ai+ns
Cnventins
S!rtin+ events
Stre !enin+s and simi(ar !rmtina( events
i+ advertisements "rm sma((er cm!anies
Televi*ion
T#e T cmmercia( is +enera((y cnsidered t#e mst e""ective mass9mar:et advertisin+
"rmat3 as is re"(ected by t#e #i+# !rices T net4r:s c#ar+e "r cmmercia( airtime
durin+ !!u(ar T events. T#e majrities " te(evisin cmmercia(s "eature a sn+ r
jin+(e t#at (isteners sn re(ate t t#e !rduct.
n,ome&cial*
-n in"mercia( is a (n+9"rmat te(evisin cmmercia(3 ty!ica((y "ive minutes r (n+er.
T#e 4rd ?in"mercia(? is derived "rm t#e 4rds ?in"rmatin? & ?cmmercia(?. T#e
main bjective in an in"mercia( is t create an im!u(se !urc#ase3 s t#at t#e cnsumer
sees t#e !resentatin and t#en immediate(y buys t#e !rduct t#ru+# t#e advertised t((9
"ree te(e!#ne number r 4ebsite. In"mercia(s describe3 dis!(ay3 and "ten demnstrate
!rducts and t#eir "eatures3 and cmmn(y #ave testimnia(s "rm cnsumers and
industry !r"essina(s. T#ese in"mercia(s are a(s bradcast n OO= Out9"9#me
media7. T#ese OO= termina(s are +enera((y !(aced at t#e 4aitin+ areas " !ub(ic !(aces3
suc# as ma((s3 stadium entrances3 (i"t entrances3 "ast "d jints3 !ub(ic trans!rt
termina(s3 etc.
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Radio adve&ti*ing
Radi advertisin+ is a "rm " advertisin+ via t#e medium " radi.
Radi advertisements are bradcasted n radi. -irtime is !urc#ased "rm a statin r
net4r: in exc#an+e "r airin+ t#e cmmercia(s. L#i(e radi #as t#e bvius (imitatin
" bein+ restricted t sund3 #ence radi statins "ten cite t#is as an advanta+e.
P&e** adve&ti*ing
Press advertisin+ describes advertisin+ in a !rinted medium suc# as a ne4s!a!er3
ma+a@ine3 r trade jurna(. T#is encm!asses everyt#in+ "rm media 4it# a very brad
readers#i! base3 suc# as a majr natina( ne4s!a!er r ma+a@ine3 t mre narr4(y
tar+eted media suc# as (ca( ne4s!a!ers and trade jurna(s n very s!ecia(i@ed t!ics. -
"rm " !ress advertisin+ is c(assi"ied advertisin+3 4#ic# a((4s !rivate individua(s r
cm!anies t !urc#ase a sma((3 narr4(y tar+eted ad "r a (4 "ee advertisin+ a !rduct
r service. T#ere are severa( innvatins !e!(e try n ma:in+ a !rint ad stand ut mre
suc# as cututs3 is(and !sitins3 advertria(s3 teaser ads3 etc. T#e (atest exam!(e is a
recent ta(:in+ ad in Times " India 21stSe!tember3 201073 4#ic# created a bu@@ amn+st
readers. T#e ne4s!a!er came 4it# an e(ectrnic !rerecrded vice device attac#ed3 n
un"(din+ t#e ne4s!a!er it started te((in+ t#e u(tra9mdern tec#nica( "eatures and
advanta+es " t#e !rduct. T#is innvatin 4as used t (aunc# (:sLa+nent Car.
Online adve&ti*ing
On(ine advertisin+ is a "rm " !rmtin t#at uses t#e Internet and Lr(d Lide Leb "r
t#e ex!ressed !ur!se " de(iverin+ mar:etin+ messa+es t attract custmers. Exam!(es
" n(ine advertisin+ inc(ude cntextua( ads t#at a!!ear n searc# en+ine resu(ts !a+es3
banner ads3 in text ads3 Ric# *edia -ds3 Scia( net4r: advertisin+3 n(ine c(assi"ied
advertisin+3 advertisin+ net4r:s and e9mai( mar:etin+3 inc(udin+ e9mai( s!am.
P&int adve&ti*ing
Printed ea"(ets3 rc#ures3 Pam!#(ets3 Prduct in"rmatin b:(ets3 F(yers3 ,irect
mai(ers3 are used "r +ivin+ tec#nica( in"rmatin3 "eatures3 avai(abi(ity3 ne4 (aunc#es3
etc. abut t#e ""ered !rduct r service. T#is is a(s an im!rtant and cst9e""ective
media3 4#ic# can be used t +et a tar+eted 4ide reac#.
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-"ter studyin+ t#e varius avai(ab(e media ve#ic(es3 t#e next c#a!ter describes t#e rea(
(i"e case study " su++estin+ e""ective media ve#ic(es "r a c(ient 8 5e( 5an+a 5ru!.
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n,o&mation a(o%t the !lient
T#e accunt t#at I 4r:ed n 4as 5e( 5an+a 5ru!3 a rea( estate brand. *y jb 4as t
assist t#e CSEs "r #and(in+ t#is accunt. ,urin+ t#e tenure " my interns#i!3 I a(s
assisted t#em in #and(in+ many t#er c(ients3 suc# as Nich&ome3 Ta*mac3 Radi**on3 etc.
T#e main 4r: assi+ned t me 4as t study and su++est di""erent media ve#ic(es "r
e""ective cmmunicatin "r varius !rjects " 5e( 5an+a 5ru!.
!lient@* P&o,ile
5e( 5an+a 5ru! is an estab(is#ed rea( estate brand in Pune and Pim!ri9C#inc#4ad.
T#ey a(s #ave t#eir !rjects in t#er cities (i:e *umbai3 ;a+!ur3 an+a(re and many
t#er cities. T#ey are ne " t#e (dest rea( estate brands in Pune. T#ey are int
cnstructin+ cmmercia( cm!(exes3 residentia( bui(din+s3 sc#(s3 ma((s3 mu(ti!(exes3
etc.
T#eir "cus n Aua(ity en#ancement resu(ted in ma:in+ it Pune>s "irst ,I; E; ISO
/001200 "r ua(ity and ISO 1'001200' "r Envirnment certi"ied cm!any 4ay bac:
in 1//$ and S O=S-S 1001200$ "r =ea(t# & Sa"ety in 200/.
Every 5e( 5an+a cnstructin stands ta(( n t#e idea(s " Aua(ity3 cra"tsmans#i! and
+d va(ue.
Be'ond !on*t&%ction
-t 5e( 5an+a t#e cm!(etin " a !rject just mar:s t#e be+innin+ " ur
res!nsibi(ities. Cnstructin is an art3 and service is t#e essence " t#is art. Every !rject
#ere is c#aracteri@ed 4it# service rads and s!#isticated amenities. Every !rject is
executed cnsiderin+ minute detai(s t insti(( ur custmers 4it# t#e "ee(in+ " !eace and
security. Entertainment is a need t re(ax and un4ind. Nee!in+ t#is in mind t#e 5e(
5an+a 5ru! #as !(anned recreatin centers and entertainment #ubs.
Service t its custmers and t t#e cmmunity as a 4#(e3 and t#e dee!est res!ect "r
man:ind are t#e !rinci!(es 4#ic# +vern every actin at 5e( 5an+a.
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Thei& vi*ion
L#i(e *an:ind Is usy Ex!(rin+ T#e
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Some o, "oel "anga@* ongoing P&o)ect*
-a:as# 5an+a
-mrut 5an+a
5an+a #a+yady
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The (a*ic adve&ti*ing *t&ateg' o, "oel "anga "&o%+ can (e de*c&i(ed a*
,ollow*
=me "r everyne
*i(es a#ead3 yet a""rdab(e
Prjectin+ ne sin+(e +a( Custmer de(i+#t
!&eative n+%t*
T#e abve strate+y 4as !rjected in a(( t#e advertisements dis!(ayed abve. T#eir
em!#asis 4as a(s n cnsumer9"riend(y3 ec9"riend(y #usin+.
-(( t#eir advertisements 4ere made direct as "ar as !ssib(e and em!#asis 4as+iven t adeAuate si@e 4it# c(ur"u( creatives t +et maximum visibi(ity.
Media 6ehicle* %*ed
ca( ne4s!a!ers
=ardin+s
-ttractive(y desi+ned (ea"(ets3 brc#ures
F(i!9c#arts "r direct !resentatins.
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Ma&ket Re*ea&ch
*ar:et researc# is t#e !rcess " "indin+ in"rmatin abut t#e cm!etitrs3 current
mar:et trends r custmers. *st(y mar:et researc# is dne 4#en t#e cm!any 4ants t
re(ease a ne4 !rduct3 im!rve n an existin+ !rduct r i" t#ey !(an n intrducin+ a
!articu(ar !rduct in a ne4 mar:et.
*ar:et researc# can be cnducted by t4 met#ds3 !rimary researc# r secndary
researc#.
P&ima&' &e*ea&ch
Primary researc# re"ers t in"rmatin t#at is direct(y c((ected "rm t#e surce. -nt#er
sim!(e met#d " !rimary researc# is t direct(y ta(: t yur custmers and +et t#eir
"eedbac:.
T#e Primary researc# can be bt# Aua(itative and Auantitative
%alitative P&ima&' Re*ea&ch
ua(itative !rimary researc# inv(ves +at#erin+ in"rmatin "rm intervie4s r "cus
+ru!s. O!en9ended intervie4s inc(ude Auestins t#at cannt be ans4ered 4it# a yes r
n. Qu can +et a (t " in"rmatin "rm suc# intervie4s and a(s "ind ut abut t#e
dis(i:es3 (i:es3 reAuirements3 trends and emtina( mtivatrs " yur !rimary mar:et. -
"cus +ru! s#u(d idea((y be (ed by ex!erienced !r"essina(s 4# can (ead a +ru! " 6
r mre !e!(e and as: t#em bt# +enera( and s!eci"ic Auestins. Since trained
!r"essina(s are reAuired t #and(e "cus +ru!s3 t#ey are very ex!ensive.
%antitative P&ima&' Re*ea&ch
uantitative !rimary researc# inv(ves t#e c((ectin " numerica( in"rmatin "rm
surveys. T#is in"rmatin is t#en ana(y@ed.
Surveys can !rvide yu 4it# t#e in"rmatin yu reAuire i" t#e survey #as meanin+"u(
Auestins. *re !e!(e 4u(d be 4i((in+ t ta:e a survey as it ta:es (ess time. T#e
c#ea!est and easiest 4ay " cnductin+ a survey is t#ru+# t#e te(e!#ne and n t#e
!(ace 4#ere yur !rduct is bein+ s(d.
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!AT S%&ve'*
T#e best 4ay t ut beat cm!etitin is t (isten t yur cnsumers. -(t#u+# t#ere are
severa( met#ds " c((ectin+ re(iab(e data "rm yur custmers3 mst data c((ectin is
cnducted t#ru+# C-TI Cm!uter aided te(e!#ne intervie4s7 4#ic# are cst9e""ectiveas 4e(( as re(iab(e. C-TIHTe(e!#ne surveys are t#e mst e""ective met#d " c((ectin+
data "rm custmers.
T#e !rcess " t#e C-TI survey is based n t#e bjective brie"3 survey dra"t3 ca(( scri!t
and t#e (ead (ist t#at is usua((y !rvided by t#e cm!any 4# 4ants t cnduct t#e
survey. T#e ri+#t resurces are identi"ied and t#e tec#n(+y Hin"rastructure needed t
cnduct t#e te(e!#ne surveys a((cated. T#e C-TI surveys are t#en cnducted. T#e
accuracy " t#e data can be measured and !timi@ed t#ru+# ca(( center CR*
tec#n(+y.
C-TI surveys can #e(! yu +et an insi+#t n 4#y yur custmers are dissatis"ied. Qu
can a(s "ind ut 4#ere yur !rductHservice stands in cm!arisn t cm!etitrs. ased
n t#e "eedbac: t#at yu +et "rm yur custmers3 yu can custmi@e yur !rduct t
meet t#e reAuirements " yur cnsumers.
Seconda&' ma&ket &e*ea&ch
Secndary researc# is mre ecnmica( and easier t d 4#en cm!ared t !rimary
researc#. =ere yu 4i(( #ave t ana(y@e t#e in"rmatin t#at #as been c((ected "r sme
t#er reasn. Qu can "ind t#e data t#at yu reAuire t#ru+# a set " artic(es3
dem+ra!#icH statistica( data3 studies etc.
y investin+ in secndary mar:et researc# yu can ana(y@e yur tar+et mar:ets3 eva(uate
yur cm!etitrs and assess !(itica(3 scia( and ecnmic "actrs. T#e internet #as a
(ar+e number " secndary data surces and mst resurces3 ma+a@ines and !ress re(eases
are n4 avai(ab(e n(ine.
Re*ea&ch Methodolog' %*ed
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3ata nte&+&etation
T#e "((4in+ is t#e Auestinnaire used t c((ect data.
Name an' to+ &eal e*tate (&and* acco&ding to 'o%C
Re*+on*eT#e "((4in+ are t#e c#sen rea( estate brands by t#e res!ndents
,SN
N-PT-R! sa7 8
T$!a- 6'
Inter!retatin 'G" t#e res!ndents t#in: ad cam!ai+ns in rea( estate business #e(! in
increasin+ t#e !!u(arity r custmer base " t#e !rject.
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PROJECT REPORT Batch 2009-2011
hich among*t the ,ollowing do 'o% think i* the mo*t e,,ective
wa' o, +&omoting +&o)ect* o, &eal e*tate (%*ine**C
Res!nse
P!u(ar rea( estate bui(ders ;. " Res!ndents
anners %
Te(evisin '
;e4s!a!ers )
Radi )
Pr!erty "airs %
S!nsrin+ " events 2
Ot#ers )
-(( " t#e abve 1
cmbinatin " t4 r mre 1)
Tta( 60
Inter!retatin It is seen t#at mst " t#e res!ndents said3 a(( t#e di""erent
media are eAua((y im!ratant "r advertisin+. *st " t#e t#ers said t#at a
cmbinatin " t4 r mre di""erent media 4u(d be mre e""ective.
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!an 'o% mention an ad cam+aign?media o, a &eal e*tate (&and
that 'o% have come ac&o** latel'C
Res!nse
*st " t#e res!ndents said t#at t#ey cu(d reca(( t#e jin+(e " ,SN. - "e4
t#ers said t#at t#ey reca((ed ads 4#ic# 4ere in ne4s!a!ers and #ardin+s.
-(s3 ne " t#e res!ndents reca((ed t#e ad " !anc#as#i( t#ru+# t#e radi3
a(s statin+ t#at t#e ad 4as irritatin+.
Fe4 t#ers stated abut t#e ads seen in ne4s!a!ers and #ardin+s " t#e
bui(ders #avin+ #u+e !rjects (i:e ascn3 5e( 5an+a 5ru!3 avasa3 etc.
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3o 'o% 'hink "oel "anga "&o%+ ha* good and e,,ective
+&o)ect cam+aignC
Res!nse
Resp$#se N$. $3 Resp$#4e#!sYes &'
N$ %
Ca#>! sa7 &