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Lorrene Holloman

Phase 4 & 5 Individual Projects

MGMT235-1403A-01

Instructor: Ivie Williams

August 9, 2014

Executive Summary

The name of the business is Washington Weekly. It will deal with production of a newspaper, which will serve mainly the people around Washington International Airport. It will be located adjacent to the Emirates Airport. It will operate under a sole proprietorship structure under the management of John Cruz. It will fall under the print media industry. Its major aim will be to publish quality and affordable magazine. The target customers in this business are the personnel at the Washington International Airport, both the employees, passengers, residents and business people or organizations. Advertisement through television, billboards and posters will be used to let more new customers know the publication. The newspaper is expected to have a leading market share. The competition will come from Aero Magazine, UBM Publication and Aviation Post Magazine. The production team will include the advisor, editor in chief, literacy editor, art editor, photo editor, layout editor, photographer and proof reader. All members of management, production and staff will be selected on merit and experience. The business will have its external support from bank for financial advice and the legal system for interpretation of the law. The production facilities include camera, printers, page makers and binding machine. The business products will be produced on weekly basis for a period of one year after which it will be produced on daily basis. The business startup capital will be $ 10000. The capital will be raised through banks, small business enterprise, youth enterprise funds, personal savings, inheritance, microfinance corporations and charity. The money shall be used in buying machinery, equipment, rental and renovation

Introduction

Media reserves a pivotal role in influencing change in the society, encouraging transparency; opening up the society and charting the path of progress in the society. An opportunity to serve in the field of media is the most coveted in the contemporary society. This is because it not only gives one the privilege of being the news revealer and updater but it also enriches one socially, economically, and intellectually. Periodic publications fall under print media. Together with the broadcast media, they constitute the media industry. We are in a very dynamic world that everyone can hardly afford without an update. This belittles the impact of the available media bodies.

While the broadcast media can serve some of the audience, the print media offer a couple of information and offers that are not available through the broadcast media. In Washington, the print media is dominated by a number of established giants like The New York Times, The Guardian and the Washington Post, to name but a few. These are national daily publications. Therefore, the national publications might be in a low capacity to serve the information needs of the particular regions. Regional publications are therefore, the remedy. This saw the birth of The Washington Weekly.

Name of the Business

The name of the business will be Washington Weekly. The name is derived from the location of the business and the frequency of production. The magazine produced will cover such matters as aviation industry prospects like short term and long term prospects, technology and innovation, local airlines and regional perspectives and maintenance.

Ownership

The business will be a sole proprietor kind of business. The owner who is also the chief editor will be responsible for all the activities and day to day affairs and running of the business. This will majorly feature during initial stages. This form of ownership will be preferred by the chief editor since it will grant him a chance to exercise his skills obtained from training college. Also this form of ownership will enable the owner start the business with the amount of capital he posses at hand which will not complicate financial issue. The owner will also have a chance to develop and cultivate his managerial skills through making major decisions of the business. This will enable him evaluate his decisions, whether they are working for the business or not without consulting anybody. Furthermore, the owner will be in a good position to reap the returns of the business and his efforts without being placed under criticism or task by anybody. This enables the owner get motivated and encouraged on self employment. Finally, the owner will be flexible in operation of his business. This will be evident in the event of unhealthy competition or skyrocketing taxes which will threaten to ground the business. Under these circumstances, the owner singlehandedly can decide to change the business or wind it up.

Location

The business will be located adjacent to Washington International Airport. The choice of this area for the business is due to flexible proximity to the major target customers who will be operating the international airport and the central business district of Washington.

Owner experience

The owner of the business has an experience of 5 years in the print media. After completing his university education, the owner served in the University’s magazine as the chief editor for 2 years. From there, he worked in the The New York Times for three years. He therefore, has a lot of experience in this field.

Products

The major products for the business will be the magazine. The magazine will be extensively covering development and industry news in aviation. Also, as the business grows and expands, it will consider producing other related articles but maintaining its ultimate production responsibility. The responsibility vested on the business products is to cover such matters as technology and innovation, engineering and maintenance and news of the various selected airlines. In covering such matters, the business will be of its kind and therefore giving it a better competitive advantage over its business rivals in the local market. The uniqueness of these products is dubbed to compel more customers to buy from the business. Furthermore, the policy of the production which requires that the products reflect its description on the brochures is projected to boost the confidence and the trust on the business products. This is so because some of the products in this industry have not been honoring their outline of production and advertisement. Upon the completion of production the products which are the magazines will be packaged and sealed in transparent polythene and packed in carton boxes for storage and subsequent transportation to the marketing centers. All the magazines will bear an aircraft about to take off from the runway as its business logo.

Market

The target customers in this business are the personnel at the Washington International Airport, both the employees, passengers, residents and business people or organizations. Advertisement through television, billboards and posters will be used to let more new customers know the publication. The newspaper is expected to have a leading market share. The competition will come from Aero Magazine, UBM Publication and Aviation Post Magazine.

Marketing strategies

The business products will enter public market after one week of numerous advertisements of the products in the posters, billboards, TVs and road shows. This will make the public get to know what they expect from the products, awareness test will be carried out on the public which will determine the entry of products to the market. In case the public negate the awareness of the products, intensified advertisement is again carried out till at least half of the public especially target customers are aware of the product. The products will now enter the public market through a special launch and the attendance will have their copies at discounted prices. Also customers will be informed on the duration of discounted prices. The growth of the business will be gauged on the goals achieved by the business among its set goals and duration. The percentage of the customers subscribing to the business products will also form another basis for analyzing growth of the business. The duration in which the business achieves its short term set goals will determine the rate of growth of the business. The business will therefore try to woo more customers to buy its products as its strategic growth. Furthermore, venturing to regional and international market in trying to get more customers will be a growth factor of the business

Future

Vision

To produce quality and affordable magazine that commands the biggest market share in Washington.

Goals

1) To enter into regional and international market.

2) To acquire its own base of operation.

3) To open more operating branches.

4) To employ more staff.

Industry

The business will operate under the print media industry/magazine industry. This industry is charged with the regulation and control of the print media which includes magazines, newspapers and journals. Of all the activities carried out under this industry, magazine industry has been least ventured in terms of investments and resource output especially in the local perspectives. This makes it a growing industry with potential.

The business s being the production of the magazine, its major activities will be collecting information in aviation industry, putting it down in paper, typing, editing, printing, proofreading and binding to come up with magazine.

This sector of magazine production holds a major competitiveness due to quick venture by the privates sector, which is proportional to its demands by members of the public. Under this circumstances the kingpin of the business will play on the technology used in production and quality of the magazine produced. The availability of the raw materials required to drive this sector of the industry are locally available and also the presence of the qualified and less expensive manpower of which are the key variables upholding the dynamism of the industry at large.

Justification

Venturing into this business major factors are bound to affect the business will be taken care of. Factors which include raw material, manpower, economic, environmental and social factors will be analyzed and strength of the business derived from these factors. First and foremost, the raw materials which will be required to produce the magazine are locally and readily available. Locally, the country has paper producing industry which will form the major raw material required for the business. Therefore, the business will not spent large amount of money on importation.

Secondly, the manpower that will be required to assemble the raw materials and the all other facilities to be used will be locally available and cheap. Considering the quality of education in the country, the business is guaranteed to have competent man power to drive the process of production thus saving the business of the amount to train such manpower.

Thirdly, the economic factor which will involve finance and capital required to start and keep the business in operation will be acquired from the bank, small business enterprises, personal saving, youth enterprise funds and charity of which all are reliable sources of the business capital. Also the business will be insured to cover risks which are likely to ground the business.

The social factor will play a role in the business especially in analyzing the customers of the business. This will include the age bracket of the potential buyers and their income and views of the customers concerning the business products. Also the business will acquire itself with modern techniques of production as this will be a major driving tool for its growth and competition. Use of modern equipments tools facilities and ICT enabled electronic equipment will facilitate the quick research and production of the business products. This factor is dynamic and thereafter the business will go as per its availability and its usefulness will be analyzed on the quality of the products.

Finally, the geographical factor which will determine the choice of location of the business will be based on the existing business in that location, support facilities and infrastructure. Success of the business and their challenges will also be considered under this factor.