These are the initial Drafts of My magazine.
Friday, 17 December 2010
Monday, 6 December 2010
Pricing
After looking at the prices and production of other similar magazines I have decided to price my magazine at £2.00. This price is slightly less than competitors, giving my magazine a chance when it is first introduced to the market as customers may decide to choose it over its competitors for its cheapness. Also as the price isn't much lower than competitors it still allows the magazine a decent budget to fund its interviews and photo shoots. However it is not too expensive and is still well within the price range of its customers who are more likely to buy a cheaper magazine frequently than a more expensive one on a larger time scale as they will be likely to have a few quid in spare change on them at the time which will seem less expensive than purchasing one of a higher value. I will consider this pricing when I carry out a questionairre to ask my target market questions regarding the magazine to ensure that this pricing is correct.
My magazine will be published every two weeks as, although many of its competitors are published every week, to start off with as my magazine doesn't have a reputation to help sell it; more money may need to be spent on the contents of the magazine which they cannot afford to do on a weekly basis therefore every two weeks ensures they stay up to date with their competitors yet also can afford good interviews and coverage that will help them become renowned for being a good magazine. Furthermore my target market are more likely to buy a cheaper magazine on a weekly basis than they are a more expensive magazine on a monthly basis as they like to always be up to date on what is happening and the new music that is around at the moment. Also as I plan to have coverage of up and coming gigs in my magazine it will be more appropriate to publish it on a fortnightly basis as my customers will be interested in smaller gigs that are happening fairly soon rather than saving up for more established bands performances.
My magazine will mainly be sold in large supermarkets to start off with as it needs to target the largest audience as possible while it is starting off. Once its reputation has been set and it is a more widely known magazine it might be possible to start selling it in smaller newsagents etc but until it is more widely known as an indie magazine, it is too much of a risk to sell it in smaller shops were the customer opportunities are a lot less and were it is a lot harder to make a profit. Subscriptions to the magazine will not be available at first as the it is too expensive to set up the orders and a place for posting off the magazines, however once the magazine has been established for a while it may be possible if the target audience is large enough and there is a high demand for a subscription service. This may cause a slight problem as my target market are more likely to shop in smaller shops, however it is not a very good place to start selling the magazine as it is harder to advertise the magazine in smaller shops; therfore I will have to ensure that there is plenty of advertising for the magazine and that it is made very clear where it is possible to buy it.
My magazine will be published every two weeks as, although many of its competitors are published every week, to start off with as my magazine doesn't have a reputation to help sell it; more money may need to be spent on the contents of the magazine which they cannot afford to do on a weekly basis therefore every two weeks ensures they stay up to date with their competitors yet also can afford good interviews and coverage that will help them become renowned for being a good magazine. Furthermore my target market are more likely to buy a cheaper magazine on a weekly basis than they are a more expensive magazine on a monthly basis as they like to always be up to date on what is happening and the new music that is around at the moment. Also as I plan to have coverage of up and coming gigs in my magazine it will be more appropriate to publish it on a fortnightly basis as my customers will be interested in smaller gigs that are happening fairly soon rather than saving up for more established bands performances.
My magazine will mainly be sold in large supermarkets to start off with as it needs to target the largest audience as possible while it is starting off. Once its reputation has been set and it is a more widely known magazine it might be possible to start selling it in smaller newsagents etc but until it is more widely known as an indie magazine, it is too much of a risk to sell it in smaller shops were the customer opportunities are a lot less and were it is a lot harder to make a profit. Subscriptions to the magazine will not be available at first as the it is too expensive to set up the orders and a place for posting off the magazines, however once the magazine has been established for a while it may be possible if the target audience is large enough and there is a high demand for a subscription service. This may cause a slight problem as my target market are more likely to shop in smaller shops, however it is not a very good place to start selling the magazine as it is harder to advertise the magazine in smaller shops; therfore I will have to ensure that there is plenty of advertising for the magazine and that it is made very clear where it is possible to buy it.
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