1 page/≈275 words
Introduction to Ecology: ECO Assignment, Theorize, Utilize (Essay Sample)
The advice that I would give the Board of Directors is that there has been a shift in the trend for consumption of online media over the past 20 years. Hence, there is the need for the management to realign its strategy for marketing and provision of services in line with the prevailing trends in the market. In so doing, the company will overcome the challenges that are attributable to the use of conventional tactic in the production and marketing of its newspapers (Lin, 2004). Additionally, the organization should broaden its strategy to include the infusion of more than one tactic in marketing as opposed to solely relying on the use of traditional methods in the distribution of magazines to consumers. Even though supplier has proved critical to the success of the venture for over twenty years, their involvement in the trade is no longer required (Lin, 2004). Instead, firms ought to invest in technology thus eliminating the people along the supply chain. The effort will culminate in the increase in profitability since the management will invest the resources for supply in improvement of quality of the companyâ€™s products and services.
According to an economist, a business ought to maximize its resources to realize growth in an extremely competitive environment like the one in which the newspaper producing firm is operating within. Therefore, as reiterated in the texts for the course, the board of directors has no obligation but to encourage the management to change tact to cope with the changes in the market. The utmost suggestion for the venture should entail investing in technological equipment to improve ways with which the company reaches consumers (Reich & Benbasat, 2000). Subsequently, the business ought to change its strategy of communicating with consumers by embracing a technique that allows instantaneous exchange of information online. The company should also stop relying on the conventional tactics of conveying news but can infuse the strategy with the modern means such as blogging in reaching audiences in several parts of the globe. This is because a significant number of people read news content online via social media platform among many other channels.
The demand and supply theory stipulate that when a service is highly demanded an organization can take the advantage of the situation to maximize profits. Therefore, in the case of newspaper firm, the management has no obligation but to invest in technology that will help increase the supply of their services to the targeted audience. As opposed to concentrating on supplying traditional markets, the organization can venture into new territories by trying to lure young consumers to purchase their products and services. By doing so the business is posed to reap big from the increase in sales (Meyer, 2004). Another area that the management should focus on is training employees on public relation activities as the process influences the outcome of many operations in an extremely volatile environment as the media business. When opting to strengthen relations with consumers, the business places itself at an edge over competitors when it comes to addressing consumerâ€™s needs. The relations should also create a platform for exchanging ideas thus ensuring that the business remains relevant despite the turbulence in the market (Meyer, 2004). While striving to ensure maximum capitalization of the demand, the business can leverage on the existing resources by maintaining a positive relation with traditional consumers by ensuring they still get their services as they deem fit.
The theory that can guide decision-making at firm is the belief that constant innovation is the determinant of success in business. According to the philosophy, it is advisable to keep changing operations to ensure creativity in unpredictable environment. At present, it is also advisable using online mode of payment in transaction since some consumers are not confined within a specific geographic region. Constant communication with consumers is necessary as a step for ensuring success in the realization of the goals of a business (Reich & Benbasat, 2000). As noted, understanding the needs of the group is key to success for any operation that entails provision of services to consumers. Another benefit of the distribution of media online as an attempt to cope with the shift in consumers preference is that the process will enable the company obtain instantaneous feedback from consumers about the products supplied in the market. As a result, the business will use the opportunity to leverage on its strength in fulfilling additional needs of consumers such as demand for newspapers catering for varied audiences within the shortest times possible.
Remaining relevant in a dynamic market requires one to address the change in taste and preference of consumers. Unlike before when change such as shift in mode of media consumption rarely affected the entire operation of traders in an industry, any slight development in the contemporary times affects sales drastically. The premise being that the shifts in the past entail moving from reading magazines to watching television. Today technology affect change both vertically and horizontally where the change is influenced by the mode of invention (Reich & Benbasat, 2000). For instance, a mobile phone invention necessitates the use of the internet in advertising even for products that are tangible in nature such as hard print magazines. Although the retention of the old consumers who consume print content is critical for the company, the consideration of the young who demand news content in soft copy is equally mandatory.
Another trend that is emerging that is different from the situations sometimes back is that consumers alone do not influence the changes in the activities of companies that strive to reach the audiences. Instead, the inventors of the technology and the producers of the content dictate the shift in taste and preference and the levels of outreach for media content (Farhi, 2007). Additionally, the influence of the local authorities has reduced with the advance of technology since companies can interact directly with consumers across borders without much interference from the state agencies. On the negative, the profits margins for media content are likely to dwindle albeit the expansion in the future due to increase competition that presents consumers variety at an affordable cost. Moreover, the mode of advertising has changed. Hence, coping with the trend requires adjusting the mode of operations (Farhi, 2007). For instance, in situation where companies used billboards alone adjustment to the increasing of social media platform is mandatory.
It is not possible to envisage the future needs of consumers in terms of tastes and preferences; however, going by the trends in different parts of the globe, an economist can predict that the use of technology will influence most business operations. From production to costing of products and services design, the use of technology will dictate the outcome of operations. Unlike the situation two decades ago, the knowledge of the use of technological gadget will prove critical in enhancing communication within departments of organization. Marketers will brace themselves with tactics of reaching a wider market possible in the campaign using minimal resources (Deacon, 2007). A case in point is steering viral marketing for new products in the market. Additionally, the success of a venture will be measured by the ability to utilize technology in enhancing efficiency in all operational areas. Business leaders will have the ability to simulate situations in an attempt to quantify the likely outcome of operations before setting up on a mission to launch a given product in the market.
There is no one size fits all for different situations hence the need for adaptation of different strategies in different setting especially when planning to venture into a new market. Another lesson that people ought to comprehend is that problems are inevitable in a business settings and the differentiating factor between successful ventures and failures is the ability to adjust at times a difficulty. An organization that visualizes a problem as opportunity to devise new strategies for business in most cases succeeds in its mission unlike the case of a firm struggling to resist change (Thorson & Duffy, 2006). On that basis, it is advisable that the management of the news firm takes the change positively and use...
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