You work for a consulting firm whose primary objective is to help businesses improve their strategic operations. Your firm recently was hired by a newspaper company named Hoosier Media Inc. The client’s print newspaper circulation and subscriptions have declined, resulting in 30% lower revenues over the last five years. Online ad revenues have increased but currently account for just 5% of the company’s revenue. You have been tasked with providing a comprehensive internal and external analysis to help the firm improve its business operations.
- Identify economic, legal, and regulatory forces and trends.
- Critique how well the organization adapts to change.
- Discuss the primary internal organizational considerations.
- Discuss the primary external organization considerations.
- Identify the major issues and/or opportunities the company faces based on your analysis.
- Intro and conclusion please.
Internal and External Environmental Analysis- Hoosier Media Inc
Introduction-Hoosier Media Inc.
The sustainability of the print media in the media industry has become a big challenge. The emergence of electronic media has created many hurdles for print media. There are many factors, including internal and external, which have created an impact on the strategic operations of Hoosier Media Inc. It is a fact that print newspaper circulation, and subscriptions have been impaired. It has had a negative impact on company revenues. Now, being a consultant to the company, I have to streamline some key issues and provide pertinent solutions to improve strategic operations.
Economic, Legal, and Regulatory Forces and Trends
The media industry needs good economic conditions. In the media industry, trends have changed with the passage of time. People are continuing the good income level and buying power to integrate with the electronic media. The role of technology has undermined the economics of publishers and authors. Business industries are attracted by online advertising platforms. Thus, the economic conditions are not in favor of the print media, as people are converted (Sridhar & Sriram, 2015).
There are many legal considerations, which are triggered by impaired strategic or business operations. For Instance, there are many legal complications regarding the print media. For Instance, print media cannot contain all news, as some prohibitions have been imposed by the legislators. However, this legislation can be changed with the time in favor of the print media. The freedom of the print media in the United States is protected by the First Amendment to the United States Constitution. Print media is legally protected to contain business, society, political, national, and international news (Sterling, 2008).
There are some key regulatory forces and trends. For Instance, as far as the print media is concerned, the freedom of the press is not identical. Several conditions are imposed by the government or other regulatory bodies. The print media is regulated regarding other’s rights and law.
How Well Hoosier Media Inc Adapts to Change?
This media company has to adopt the change through evolvement. For Instance, instead of considering some drastic change steps, the most important thing is to initiate small changes. The change is to be communicated to all key stakeholders. The management of the company has to streamline some key issues and create an urgency. The role of the management is also in the limelight, as it has to create some goals and objectives. Building the guiding team, developing the vision, empowering actions, creating short-term wins, and making the change stick are some key considerations or steps to adopt the change in an effective manner (Taylor, 2008).
The Primary Internal Organizational Considerations for Hoosier Media Inc
To contain operational improvements in this newspaper company, the management has to improve the customer experience. For Instance, the quality of paper, designing, and standards of reporting are to be improved, which can increase the newspaper circulation and subscription. Internally, the management of the company has to streamline some key ideas and work approaches to make output attractive. From reporting to designing, the management has to revisit the process that can attract customers and enhance the customer experience. By reducing the cost of paper, the company can come up with the lowest price for the newspaper. Also, improving resource productivity is another internal consideration, as the quality of reporting, efficiency, productivity, and sustainability can be enhanced (Tennant, 2014).
The Primary External Organization Considerations for Hoosier Media Inc
The external organization considerations for this newspaper company can play a big role in the change process. For Instance, to increase the circulation and subscription, the company can expand the business. The most important thing is to hit those regions or areas which are undone by competitors. It can become the huge revenue resource for the company. Moreover, it is a great opportunity for this firm to market the newspaper through social media channels to position better in the mind of customers or subscribers. The company can make the customer base through appropriate targeting and segmentation. For Instance, along with the newspaper, the company can introduce entertainment magazines for youth and children. Adopting the media industry trends such as short and concise news is an effective and attractive approach to increase both, circulation, and subscription (Thorén, Ågerfalk, & Edenius, 2014).
Opportunities Hoosier Media Inc Faces
To survive in the digital media era, the company management has to utilize some key opportunities to make the difference. The company management can adopt the new newspaper business model instead of focusing on the old one. It is also the key opportunity for the company to keep its experienced people. Internally, keeping the best people can retain the quality and standard. To increase revenue and profitability, the opportunity to revisit the strategy for classifieds should be utilized effectively. The innovative and creative workforce can be streamlined through pertinent investments to regain the growth and success regarding circulation and subscription (Thorén, Ågerfalk, & Edenius, 2014).
Conclusion
In the end, it is to conclude that Hoosier Media Inc can regain success through successfully implementing internal and external strategies. The revenue of the company can be increased through initiating the change process at the right time. However, in the change process, the management can improve. The newspaper industry is quite competitive, and some competitive insights from the industry can also be obtained to make decisions. Being a consultant to the company, I have elaborated possible internal and external business considerations, and the company management seems quite up to it.
References
Sridhar, S., & Sriram, S. (2015). Is online newspaper advertising cannibalizing print advertising? Quantitative Marketing and Economics, 13(4), 283-318.
Sterling, J. (2008). A plan for a US newspaper industry counterattack against disruptive innovators. Strategy & Leadership, 36(1), 20-26.
Taylor, J. A. (2008). The Detroit Newspaper Strike: A Template For Employers On Preparing For And Operating During A Labor Strike. Labor Law Journal, 59(2), 166-189.
Tennant, J. I. (2014). Free Newspapers in the United States: Alive and Kicking. The International Journal on Media Management, 16(3-4), 105-121.
Thorén, C., Ågerfalk, P. J., & Edenius, M. (2014). Through the Printing Press: An Account of Open Practices in the Swedish Newspaper Industry. Journal of the Association for Information Systems, 15(11), 779-804.
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