Time Inc. has clearly found its success in utilizing both internal and external secondary data in order to help launch new magazines and special issues.
As was mentioned in the case reading, the success of the special edition of People magazine paying tribute to the late singer Selena was essential in prompting Time Inc. to release People en Espanol. By analyzing their own internal secondary data related to the Hispanic market, statistics, and details, which became available from the successful special edition of Time, they were able to tap into a market which had gone unnoticed- but was very much a part of the American fabric.
Time Inc. also used external data in conjunction with the statistics they already had on hand from their own internal sources, in order to launch other successful new magazines. It would not be possible for Time Inc. to find the success they did with magazines such as Your Diet, or Suede, ...view middle of the document...
Moving on from the exploratory stage analyzing demographics, Time Inc. more than likely utilized their findings through syndicated sources, as marketing research firms would be able to give Time Inc. further insight on the trends within the overweight community, as well as fashion and beauty trends amongst the different ethnic groups within the United States. It is possible that Time Inc. used the services of competitive intelligence as another external source as well, in order to gain a competitive advantage over competing magazine giants such as the Meredith Corporation (Better Home and Gardens), and Hearst Magazines (Cosmopolitan).
The United States Census Bureau’s website gives their viewers insightful information on the ever-changing demographics of the American population. Though Caucasian Americans are still the overwhelming majority by making up 77.9 percent of the population, these statistics are dramatically changing, as the United States is projected to be comprised of 47% people identifying themselves as minorities by the year 2050. Time Inc. can use this external secondary data to continue positioning their magazine content by taking a multicultural approach. The bureau also projects that Americans aged 65 and older will more than double between 2012 and 2060 as the baby boomers begin to age. Time Inc. could use this data to launch or reposition magazines that cater to an aging America, featuring articles that are relevant specific to people aged 65 and above. In addition, in the year 2012, the median household income in the United States was still 8.3 percent lower than 2007, the year before the great recession of 2008 came about. These numbers indicate that American have still not fully recovered from the economic blow that hit the nation five years ago. Keeping this data in mind, Time Inc. could either launch new magazines focusing on issues of frugality and economic advice from experts, or incorporate such articles into their existing magazines. A glance at the data published by the U.S. Census Bureau shows just how important secondary data is in understanding ones’ consumer base and catering to their specific needs, as Time Inc. continues to do.