To the right I have made a quick analysis of the features of a magazine cover. The features are explained briefly below.
Masthead - The masthead establishes the name of the magazine. It is essentially the title.
Main Image - The main image of a magazine cover is one that will appeal to the magazines target audience and one that draws attention. It is usually the largest.
Main Sell Line - Explains very briefly what the magazine will include as its main story and trys to draw the reader in. For example - In this edition of Kerrang! the main sell line is 'Asking Alexandria' obviously showing that they will feature in the mag. This would greatly appeal to fans of 'Asking Alexandria'.
Sell Lines - Sell lines explain what the magazine will contain in brief while trying to attract the readers attention.
Essential Info - Essential info that must be included such as the issue number, barcode and the price.
Sub-heading - Usually explains what the teaser or enigma is talking about. This magazine cover does not have one.
Sell Lines - Sell lines explain what the magazine will contain in brief while trying to attract the readers attention.
Essential Info - Essential info that must be included such as the issue number, barcode and the price.
Sub-heading - Usually explains what the teaser or enigma is talking about. This magazine cover does not have one.

You seem to understand the basic conventions of magazine design - however you need to explain how this relates back to your own product. you also need to consider connotations.
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