As you all know by now, our new business idea is: “Your Magazine”, the best way to relax in your free time! The reasons why we picked this idea are numerous. When someone reads a magazine they feels more relaxed but also gain new ideas about topics of interest or may find interesting suggestions or solutions on a subject. Nowadays the topics offered by magazines are various, such as: sports, cooking, arts, fashion etcetera.
Some of the identified key benefits considering choosing a magazine are price, number of topics, authors/quality, frequency and effort. This means that when an individual is trying to make the best choice about buying a magazine, someone preferably wants a low price, satisfying number of topics, interesting authors who offer high quality context, frequent press of it demanding low effort in order to get the magazine.
At the same time, if an individual is interested in a topic, he can also choose for existing marketing value systems. Some of them are: current magazines, books, newspapers, online reading, mobile phone applications, television shows and talking with friends.
The results of the questionnaire concerning the current customer situation, showed the following: 72.12% reads a magazine at least once a month, most people read online every day, while 56% of the respondents prefer offline magazine. Men prefer topics like sports, traveling, science and gadgets, while women prefer fashion, traveling, love sex and relationships.
Consequently, taking into consideration the facts of the existing current situation, the proposed new marketing value system will follow the vision: let customers create their own sports or fashion magazine combining offline reading with the advantages of online reading.
The composition of the magazines will be some standard elements (Advertisements, Editorial, Colophon, Contributors etc.) with specially added topics. Consumers can choose between sixteen different subtopics. Examples are Shoes, Clothing, Accessories for “ Your Fashion Magazine” and Football, Cycling, Cars, Tennis, Extreme Sports for “Your Sports Magazine”.
The firm has to do many investments: changes in business and production process, development of all the subtopics (even the not so popular ones). Moreover, the consumers have to check the different topics, create their own magazines and have the possibility to change these topics every month.
There are three remediable criterion aspects. First the joint profit requirement, “Your Magazine” will increase joint profits only with reallocation. Second, the reallocation feasibility Requirement is mainly focused on the relationship between the publisher and the printer of the magazines. This is because the subtopics as mini magazines need to be put together as one magazine for the consumer. But the printing company can be sure that new contractual elements, as for example an extra fee, will be feasible. For the switchover feasibility requirement, path dependence won’t occur because the incumbent IA does not result from a series of past choices, but results by means of wanting to supply consumers with what they are looking for.
We wonder when this new business idea will actually be available on the market…