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Business Policy and Strategy - Chronicle Gazette

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Added on  2020-10-22

Business Policy and Strategy - Chronicle Gazette

   Added on 2020-10-22

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Business Policy and Strategy
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Table of Contents1. INTRODUCTION.......................................................................................................................12. State of the newspaper publishing industry today ......................................................................22.1 Data on declining circulation and revenue............................................................................22.2 Status of newspaper leaders, e.g., New York Times, Wall Street Journal............................33. Why newspapers are facing declining circulations and revenues ...............................................33.1 External assessment..............................................................................................................34. Internal assessment .....................................................................................................................55. How companies in the publishing industry are adjusting their strategies to cope with thechallenges.........................................................................................................................................66. Steps The Chronicle Gazette might take in order to deal with the challenges............................76.1 Short-term steps....................................................................................................................76.2 Long-term steps.....................................................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
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1. INTRODUCTIONBusiness policy refers to a scope within which the subordinates take the decisions in acompany. The lower level management is permitted by the policy to deal with the challenges andissues without consulting top level. Also, to make business successful, implementation of soundstrategies are required. This report aims to offer the management of Chronicle Gazette a strategicvision and proposed strategies the newspaper company can investigate to survive. ChronicleGazette is a leading newspaper in a major metropolitan area and Susan is its publisher. It isfacing a problem of steady decline in subscription to the newspaper. Therefore, this report willcover reason of newspaper decline through external and internal assessment. Also, it willdemonstrate strategies to cope by other companies. Further, it will recommend steps thatChronicle may take to deal with problems (Wheelen, Hunger and Bamford, 2017). Susan's Chronicle Gazette newspaper is facing adverse competition because ofemergence of internet and other digital technologies. These technologies are considered as thehub of information source as they provide news to readers at free of cost. Due to this reasonreadership of newspaper industry is declining which is a danger sign of all newspaper publishers.It has been observed that Chronicle Gazette is facing a large set back as public reading habitshave been shifted to online readership. Before the internet came into existence, newspaper werethe only source of news but with passing time mass communication boosted and media channelsbegin to provide news. Because of this major change, newspaper publications have been brokenso badly that so many have closed down their operations, decreased their cost, or limited theirdistribution. This case of Chronicle Gazette newspaper is well-intentioned to demonstrate a deepinsight of how internet and new technologies have actually taken over the traditional source ofnews. Susan is in a big problem and distress regarding how to survive & maintain their presencein a profitable and meaningful manner. It has been determined that the development ofnewspapers and publications are considered as a vital news media that are still succeedingacross the world. Therefore, the report aims to propose some strategies to the sited newspaperthat will assist them in maintaining their position in the industry (Bayçu and Kılınç, 2017). It has been determined that the aim of planning strategically is to be aware of the changesin the external factors such as economic, social, cultural and political forces. This is because thiscan have an adverse impact on the Chronicle Gazette Newspaper. So it is essential to prepare the1
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