INTRODUCTION: With a view to cater to the need of the advertiser and know the insights of the advertising industry, the project report covers one of the main aspects that has been one of the much talked about area of consumer segmentation: Socio-Economic Classification. The project report covers the overview of Indian Entertainment & Media industry. It is one of the fastest growing sectors of the Indian Economy. Further, the Indian advertising industry as a part of IE&M industry forms 38%, estimated at roughly around Rs. 17000 crores at present.
With the advent of many media reaching to the bottom of the pyramid, it is very essential for an advertiser to choose the right media that reaches right people at right time. However it is not an easy thing to predict as to what would be the best medium. For this purpose, a new concept was developed The SEC classification, which was created in 1988, ratified by Market Research Society of India (MRSI) and is used by most media researchers and brand managers to understand the Indian consuming class
SEC, the classification of Indian consumers, is based on two parameters: Occupation and Education (Urban and Rural). For years, marketers followed mass advertising but then with the increasing competition and rapid media development and consumer shift in preference, there is a shift from mass advertising to class advertising. Despite a debate over the reliability of the SEC, it continues to be the top rated choice of the advertiser for the classification of the Indian consumer market.
Class advertising requires lot of insights into the area to know the preference of the person belonging to a particular class. For one such purpose, the project report shows a survey conducted on the basis of SEC showing the overall media selection or the inclination of the mass of the class and thereby making it easier for the advertiser to select the media for advertising. Also the comparative preference model, that calculates the overall preference of the people based on four parameters Reliability, Effectiveness, Penetration and Preference of class from A1 to E2 (Urban) helps the advertiser to select the medium to advertise based on his target class and also with the Inter-class and Intra-class media comparision with the weighted score.
The project is concluded with the brief strategies/ suggestions and the survey reports that would be of immense help to identify and choose the right media for the advertiser based on SEC.
- To study and provide an insight into advertising with respect to the media preference based on Socio-Economic Classification.
- To highlight the shift in focus from mass advertising to class advertising.
- To arrive at the commonest medium preferred by each SE class by application of research techniques like measurement and scaling, data interpretation, evaluation, strategy formulation for the advertisers to choose the right medium to attract specific class customers based on my primary survey.
- To help advertisers choose the right medium to attract specific class customers based on the primary survey. By providing strategic solution to tap the untapped potential markets
The project will cover an overview of Indian entertainment and media industry and detailed study about Indian advertising industry. The main area of focus will be on socio-economic classification (SEC) i.e, Urban and rural, of the consumers. A primary survey will be done by collecting primary information thorough questionnaire. Further data analysis and data presentation would be done in order to arrive at the common preference of SEC class for particular advertising media out of Print, TV, Radio, Out of Home (OOH), internet based on weighted average preference model.
- Time limit
- Cost constraint
- Inability of covering all the aspects related to the Indian Media and Entertainment sector as well as advertising industry due to its wide scope
AREA OF STUDY
• Indian Entertainment Industry: Origin and History
• Growth Drivers
• Indian Advertising Industry: Introduction
• Size of the industry
• Shift of focus from Mass to Class
• SEC: Demographic study
• SEC: Media preference through research study
• Research Findings
• Strategic Solution
RESEARCH DESIGN: Exploratory Research
RESEARCH DATA SOURCE: Primary Source: Questionnaires
Secondary Source: Internet, publication, journals, newspapers, magazines, Business Review, Periodicals, etc.
RESEARCH INSTRUMENT: Questionnaire
SAMPLE METHOD: Stratified Random Sampling, Judgment sampling, Convenience sampling
SAMPLE SIZE: 30 for each class (8 classes) = 240