Executive Summary
In addition to creating a Turkish-American newspaper to enhance the educational and professional experience of the Turkish population in the US, the CEO of the business plans to open a photography component. The opportunity to succeed in the market is expected to increase with the success of photographic component of the Turkish-American newspaper. The report helps to explore the main advantages available for the CA and the possible products and services offered by the two businesses. The paper is designed to provide information to the shareholders about the effectiveness of the current CA and photographic component.
Business Overview
The Turkish-American newspaper is the Constructive Action (CA) for the report. The newspaper is designed to fulfill the requirements of Turkish international students living in the United States of America and promotes the possibility to enhance the educational experience of the students. The main categories of information available on the newspaper include educational requirements for students, financial obligations, resources for additional educational assistance, and room and board information. The main focus of the newspaper is to provide information that is helpful for students who are in the United States or want to pursue their studies in the United States of America. The additional educational assistance provides information about the most popular and economic English language institutes, tutoring and mentoring services, and community awareness. The main objective and vision of the management is to inspire Turkish citizens not only to pursue educational experience but also to learn the most effective ways to navigate and understand the educational experience. The design of a Turkish-American newspaper is planned and developed after a thorough investigation of the Turkish population in American society. As the CEO of Turkish-American newspaper, I aim to start an ancillary compatible venture for photography. The scope of the photography business is vast as it covers architectural, scenery, and news photography. The management aims to focus on the sites present in the United States, but latterly, international expansion is also expected. The company focuses on selecting Turkey as the frontier for international expansion but the expansion would not be limited to Turkey. The expected startup costs for the photography business is USD 50,000.
The management expects that the advantages of opening a photography business are great, and therefore, the report covers the overall services or products offered to the clients, advantage or benefit for Turkish-American newspaper, use of different mediums to increase market reach for the photography business, revenue streams for photography, benefits for customers, market analysis, target market size, and competition in the United States. The report also presents a Philanthropist perspective of the business.
The Turkish-American newspaper would offer print and online newspaper and reports to Turkish community living in the US and to students in Turkey. The newspaper will provide information and respective photographs with each article published. The reason to publish a photograph is to ensure that people who learn from visual aids also get their educational needs. The aim of the management is to provide free samples to universities and other institutions located in Turkey and also to collaborate with the universities and colleges in the US. The collaboration of the newspaper would be beneficial for the universities and the business. There are possibilities that a deal would be finalized. The prices for the newspaper are highly competitive with the competition currently operational within the US. The Turkish-American newspaper would also be displayed on the official website of Turkish-American newspaper. The use of the online source is utilized after the analysis of current offerings by other newspapers and web portals.
On the other hand, the photography business will provide architectural, scenery, and news photography to its customers. The Turkish-American newspaper would use major news photography. Architectural photography and scenery photography will be sold to magazines and direct clients with the use of an official website.
Benefit to Your CA
Photography business unit of the Turkish-American newspaper can provide some benefits to the CA. The major benefits are the photographs that the newspaper can utilize to improve the educational experience for the customers. On the other hand, the photography business would help to generate revenues for the business that can be utilized to expand the business to other international borders (firstly to Turkey and then to other surrounding countries). The target market of the business would increase in the long run and new Turkish citizens entering the US would purchase the newspaper to gain additional knowledge to navigate within the US. The products offered to magazines, and other newspapers would help to improve the promotion of Turkish-American newspaper that would result in increasing the market share of the business.
Web Site & Technology Uses
The Turkish-American newspaper and the photography business unit will operate as separate entities. The official website for Turkish-American newspaper would offer information to the readers and knowledge seekers to fulfill their professional ad educational career in the US. The website for the newspaper offers an alternate or additional source to the customers. Online publications would help the customers to have free access to the information anywhere and anytime. Whereas, a website for photography business under the name “Turkish-American Photography” will offer photographs and description of the photographs available for sale.
The newspaper will be promoted using specific social platforms including television advertisement, official website, and posters and pamphlets. On the other hand, the promotion for Turkish-American Photography will be carried out on Facebook, Instagram, Twitter, Pamphlets, and official website. The business aims to offer a mobile application for the customers to gain access to the newspaper and photography business instantly. As the CEO of Turkish-American newspaper, I would focus on making the website attractive for customers. The main aim of attraction is to influence purchases and also to improve the market reach for the business.
Revenue Stream
The revenue stream is provided to offer insight to the semi-annual revenues generated from the daily newspapers, subscriptions, and photographs. The target audience of the business is expected to be small for the first year it is a policy of the business to keep the costs low. The prices for the subscriptions and daily newspaper print are different due to the change of media. The subscription provides the customers to gain access to the online component as well as the access to the application.
Benefits to Consumer/End User
The major benefit to the end users is that they can have easy access to the information and news that is relevant to their cultural and educational needs. The newspaper would offer daily news about Turkey and the United States that can provide the readers with quick updates and opportunities available to them. The educational news would offer an insight relating to the current openings of American institutes, fees and other information, navigation tools and procedures, residence, and information regarding the best schools, colleges, and universities available for Turkish students.
The information available on the websites would allow the users to gain free and quick access to information required and to make decisions by the suggestions offered by the newspaper. The photography business allows different US based magazines to purchase photos of the US architectures and sceneries it also offers pictures of architecture and sceneries of Turkey to increase tourism activities. The prices for the photographs are fixed, and all the customers will have free access to see the pictures on the official website. The quality assurance team would ensure that all the news are true and reliable before publication.
Market Analysis/Trend
Newspapers have been a part of daily lives for several centuries. These are the main source of information for those who live in far and distinct places. The resources or sources of information or news have evolved in the recent era from newspapers to news channels, blogs, and other informational sites. Still, in the US there are about 1,331 daily newspapers and from the analysis, it is revealed that the number of newspapers has decreased (1,387 in 2009) (Statistic, 2016). The search of the Turkish population in different states of the US are provided in the table below that would allow the readers to know the market potential of Turkish-American newspaper.
Source: U.S. Census Bureau
The market research also reveals that students in Turkey think that the US is a safe and excellent place for educational career and out of 100 hundred students almost 75-85 students plan to come to America for pursuing their educational career. The Turkish-American newspaper is focused on the Turkish population living in the US to pursue their professional or educational career. The information extracted after a thorough net search reveal that every year 10,000 Turkish residents are expected to enter the US each year. These people have limited resources to gather information about their professional and educational systems. The unmet desire and need of these people are increasing, and the development of Turkish-American newspaper would help to cater the needs and wants of the increasing population in an effective and efficient manner. The newspaper would be provided in the form of published product and an online publication on a regular basis. Customers can have free access to the newspaper from their laptops and also on their personal gadgets including mobile phones and tablets.
Target Market Size/Revenue Potential/Marketing Strategy
The selection of target market for a Turkish-American newspaper is the Turkish population living in the US pursuing their educational and professional career. The target market also includes interested candidates in Turkey who want to pursue their education in the US but are in Turkey. The newspaper provides information relating to the latest educational opening in the US with details of fee, residence availability, and other necessary information that helps the students to navigate in an efficient manner. The market is a niche and target market for the newspaper and photography component will start with a small market including Turkish residents living in Los Angles. Los Angles is has a major Turkish population compared to other states of the US. The company aims to start with a relatively small target market but focuses on increasing the target market in accordance with the demand and market growth. In future (1-2) years the business aims to reach or expand the business to all of the West Coast.
In the next 2-3 years, the company plans to cover all the major states of the US with dense Turkish population and to expand to Turkey. The expansion is effective since the company can use a specific channel to target the markets in Turkey. The target market for the newspaper includes people from the age group of 18-39. It constitutes a major portion of students in the US and Turkey and other professionals who want to come to the US for professional growth.
Competition
There are limited direct competitors of Turkish-American Newspaper in the United States of America. The main competitors include the TurkishNY, a Turkish-American web portal offering political, social, news, and economic reports to Turkish population. Hurriyat is also a news source that offers its services in Turkey and other surrounding countries. Finally, Daily Sabah is a major online publisher of news reports that constitute of current events in Turkey. The competition is not a major threat since the businesses do not have a direct competition with the products and services offered by Turkish-American newspaper. The cost of the newspaper is highly competitive since the newspaper industry has evolved from the fee to free newspapers. Population in the US (mostly international students and professional) require current news with least amounts of dollars spent on the source.
The competition in photography business is also limited since the business’s photography unit would operate in more than one specific product or service. The aim of the Turkish-American newspaper is to provide services to the Turkish population in the US and also educates students in Turkey to gain knowledge and information to pursue their studies and careers in the US.
Philanthropic Initiative
The aims or initiatives for establishing a Turkish-American newspaper are to provide an opportunity for Turkish students to have a better educational experience and for the professionals to gain knowledge of the culture and educational system of the US. The main motive of the business is to help Turkish students to know and adopt the American culture and educational infrastructure. Turkish students would have an opportunity to receive better education in the US. It is the first step to welcome Turkish students with information that is essential for them to navigate in an efficient and effective manner in the US.
References
Statistic. (2016, July 30). Number of Daily newspapers in the U.S. 2014 | Statistic. Retrieved from statista.com: http://www.statista.com/statistics/183408/number-of-us-daily-newspapers-since-1975/
Attachments
Attachment for Revenue Stream
