Time Out: The Evolution From Media To Markets Harvard Case Solution & Analysis

Time Out: The Evolution From Media To Markets Case Study Solution 

Figure 2: Time Out Market

The company-after the launch of Time Out Market employed individuals from different fields. They hired journalists as well as bartenders. Since its inception, the brand grew and adopted multiple businesses and today the Time Out Group is known for its:

• Arts and Culture.
• Food and Beverages.
• Nightlife,etc.

Target Market of Time Out Magazine

Time Out magazine is meant for both men and women. The age of the readers of the magazine ranges from 15 years to 34 years(unit, 2016).According to an internet source, in 2020 the number of Time Out Magazine readers consists of about 2,143 women, and 1,101men(Statista, 2020). Figure 3 below shows the complete stats of Time Out Magazine readers in the Great Britain.

Figure 3: Monthly Reach of the Time Out Magazine from April 2019 to March 2020 in the 1000’s.

Target Market of Time Out Market

The targeted consumers of Time Out Market are anyone who like to dine out in an immersive environment. Time Out Group aims to provide an experience for its customers and with the unveiling of Time Out Market in Lisbon in 2014, Time Out has grown into a brand that can be seen and can be experienced.

Competitors

The CEO of the Time Out Group Mr. Bruno identified Netflix as the primary competitor of the Time Out Market. Netflix aims to provide entertainment to its customers at their homes, whereas the motto of the Time Out Market is the opposite as it aims to bring customers out for dining and nightlife.

Time Out Market also provides the food home delivery service to its customers. UberEats and Deliveroo are considered to be one of the biggest competitors of the market when it comes to food delivery.

PESTEL Analysis

A framework or tool used by marketers to examine and monitor the external marketing environment for any business or to find the factors that can effect an organizations business is called a PESTEL analysis.The PESTEL analysis of Time Out Group is briefly mentioned below:

1. Political Factors

Political factors play a crucial role in any businesses profitability and stability. These factors determine if a certain business can survive in a Country’s political environment. . The insecurity linked with an insecure political environment may decrease investment and the stride of economic development.

Time Out Magazines are available in total 40 different cities around the globe and the Time Out Market operates in Lisbon, Portugal and in five cities of North America. This indicates that the company is exposed to diverse types of political environments.

Economic development and political constancy are intensely interrelated(HUSSAIN, 2014). Time Out operates in fairly stable political conditions across the globe. Lisbon, where the Time Out Market was inaugurated is known for having a rich colonialist history. The site is also fairly popular for its decorative architecture and rich tradition. The friendly nature of the locals and the overall peaceful and stable environment plays an important role in the stability of the Time Out Market business(News, 2020).

The management of the Time Out Group should focus on the following political factors before starting its operation in any new part of the world:

1. Political stability of a Country.
2. Role and importance of Media sector in the country's economy.
3. Check if the media is influenced by the current establishment or government.
4. Laws against free publication.
5. Intellectual property protection.
6. Trade regulations.
7. Pricing regulations.
8. Tax rates.
9. Laws regarding minimum wage etc.
10. Risk of military takeover (Martial Law).
11. Rate of corruption in different sectors.
12. Economic Factors

The economic factors of a country impacts any business in either a positive or negative way. Factors such as growth rate, inflation rate, and foreign exchange etc.define the collective demand and investment in the economy.

Since the company works in media, entertainment, and market business. Time Out should consider the following economic factors that can affect its business:

1. The increasing number of refugees around the globe, especially in North America.
2. Inflation rate. According to the sources inflation rate in Portugal is predicted to increase in future.(Statica, 2020)

Employment and unemployment ratio. According to the internet sources the unemployment ratio of Lisbon is increasing significantly. The rate of unemployment in the year 2020 isabout 6.5% which is above the national average rate of 5.6%. On the other hand the unemployment rate in North America is declining (Trends, 2020). As shown in Figure 4.

Figure 4: Declining Unemployment Rate in North America

1. Stability of a country’s currency. Many cities where Time Out runs its business deals in the Dollar currency. Dollar fluctuated around the year in 2020.
2. Conditions of financial markets. Many markets of the world are facing a decline due to the COVID-19 pandemic.Time Out needs to decide if they want to increase capital in the local market or not.
3. Comparative advantages of host country and Consumer Services sector in the particular country.
4. What stage the city or country is in with respect to “Business cycle” i.e. check if the country is in the stage of prosperity, recession or recovery.
5. Economic growth rate of a country.
6. Social Factors

Social factors affect the lifestyle and buying behaviour of customers and it overall affects the organizations environment.Shared common beliefs, and socio cultural factors play a huge role in how dealers or marketers will perceive the consumer of a given market and how they will design their marketing campaigns.

The leadership of the Time Out Group should consider the following social factors:

1. Since the brand operates in multiple cities across the globe and every city have different cultural beliefs, Time Out must consider this before publishing content in its magazines. For example, some cultures prefer women to be covered and properly dressed and magazine cover with inappropriate dressing might create an issue for the company.
2. Number of skilled workforce available and demographics. This is an important factor to consider, since Time Out employs individuals from journalist to bartenders. Each position available in the company required different level of skills and expertise.
3. Some societies are more male dominant than others, hence Time Out should consider gender roles.
4. National days, celebrations and holidays are an important factor to be considered by the Time Out Magazine and Market. The magazine should focus on covering content related to a country’s special day and the market should focus on providing sales or discount offers on the national holidays or local celebrations...............

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