Business Policy and Strategy : Report
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Added on 2020-06-04
Business Policy and Strategy : Report
Added on 2020-06-04
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BUSINESS POLICY ANDSTRATEGY
TABLE OF CONTENTS1. INTRODUCTION.......................................................................................................................32. State of Publishing Industry in Today's era.................................................................................32.1 Data related with declining revenue and circulation of Publishing Industry...................32.2 Status of Newspapers Leader...........................................................................................43. Examine why Newspaper Industry is facing decline...................................................................53.1 External Assessment:........................................................................................................53.1.1 Economic Forces:..........................................................................................................63.1.2 Social, demographical, cultural and environmental forces...........................................63.1.3 Political, legal and governmental forces.......................................................................73.1.4 Technological forces.....................................................................................................73.1.5 Competitive forces.........................................................................................................83.1.6 External Factor Evaluation:...........................................................................................84. Internal Assessment.....................................................................................................................94.1 Organisational process and structure................................................................................94.2 HR capabilities...............................................................................................................104.3 Financial Position...........................................................................................................104.4 Sales/ Marketing Capabilities.........................................................................................104.5 Operational Capabilities.................................................................................................114.6 Publisher strength and weakness....................................................................................115. Strategies design by Publishing industry so as to cope up with challenges...............................126. Steps to deal with challenges.....................................................................................................136.1 Short-Term Steps:...........................................................................................................136.2 Long-Term Steps:...........................................................................................................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
1. INTRODUCTIONStrategic Planning refers to the process by which organisational manager and leaderidentifies their future vision as well as goals and objectives of company. In simple words, itdefines the strategy and decision making ability of business concern in terms of using resourcesin an optimum manner (Constantiou and Kallinikos, 2015). Publishing Industry is a kind ofIndustry which is mainly segmented into newspapers, magazines and books. Moreover, theirproducts possess huge impact on social-cultural and political environment. With an advancementof Internet, society claims that publishing sector is dying. This report talks about “The ChronicleGazette” which is a leading newspapers organisation in major metropolitan area with acirculation of 225,000 customers. The main goal of this assignment is to state the issue of steadydecline in subscription to the paid newspaper. 2. STATE OF PUBLISHING INDUSTRY IN TODAY'S ERA2.1 Data related with declining revenue and circulation of Publishing IndustryAccording to the given case study, subscription of The Chronicle Gazette had reduced by35% and also its advertising revenue dropped by 28% in past 8 years. As per the report ofNewspapers Association of America's, it has been figure out that newspaper circulation hadbegun decline from the year 1993 and it kept on declining till today. In the modern era, where nothing remains constant; things change and so doestechnology. Advance technology brings creative ways of doing things which seems to beimaginable in the past. For instance: Today, we are grateful with a wealth of new sources that isavailable on Internet which means we have depend less on traditional hard copy of newspaper. In2003, the revenue of publishing industry have fallen from 44.9 $ to 16.4 $ billion in 2014(Eesley, Hsu and Roberts, 2014). On the contrary, digital ad revenues jumped from 1.8$ billionto 3.5$ billion in 2014. According to Bureau of Labour Statistics, in 2014 nearly 458,000 personemployed in newspaper industry and by March it had decline to almost 60% i.e. 183,000 whichis quite huge.
2.2 Status of Newspapers Leader Thinking about the manner in which individuals are using digital space and thinkingabout its content as well has a serve a challenge for publishing industry (Georghiou and et. al.,2014). Majority of the newspaper has face major decline such as Wall Street Journal, The NewYork Times etc. In 2016, the revenue of both companies decline by 2.6%. Average circulation of the Wall Street Journal as of July 2017 (in thousands)
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