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The Chronicle Gazette: Business Policy and Strategy Case Study Assignment
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Added on 2019-09-23
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This report analyzes the current state of the publishing industry and determines the problems that it is facing. It offers a strategic vision for the management of The Chronicle Gazette related to its position in the publishing industry today and the path which it can follow to continue its journey over the next decade.
The Chronicle Gazette: Business Policy and Strategy Case Study Assignment
Added on 2019-09-23
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THE CHRONICLE GAZETTEBusiness Policy andStrategyCase Study AssignmentStudent[Pick the date][Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. Type the abstract of the document here. The abstract is typically ashort summary of the contents of the document.]
Contents1.0 Introduction................................................................................................................................12.0 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.............................23.0 Why newspapers are facing declining circulations and revenues.............................................33.1 External assessment...............................................................................................................33.1.1 Economic forces.............................................................................................................33.1.2 Social, cultural, demographic, and environmental forces...............................................43.1.3 Political, governmental and legal forces.........................................................................43.1.4 Technological forces.......................................................................................................53.1.5 Competitive forces..........................................................................................................53.1.6 External Factor Evaluation (EFE) matrix.......................................................................64.0 Internal assessment....................................................................................................................74.1 Organizational processes and structure.................................................................................74.2 HR capabilities.......................................................................................................................74.3 Financial position...................................................................................................................84.3 Marketing/sales capabilities...................................................................................................84.4 Operational capabilities.........................................................................................................84.5 Our strengths and weaknesses as a publisher........................................................................95.0 How companies in the publishing industry are adjusting their strategies to cope with the challenges........................................................................................................................................96.0 Steps The Chronicle Gazette might take in order to deal with the challenges........................116.1 Short-term steps...................................................................................................................116.2 Long-term steps...................................................................................................................117.0 References................................................................................................................................131
1.0 Introduction In the major metropolitan area, The Chronicle Gazette is a leading newspaper for many years. Ithas almost 225,000 customers, and the circulation of the newspaper is paid. The sale of the paperhas been declining over past few years which is impacting the revenue of the newspaper becausethe revenue is declining. Thus, the management of the newspaper publishing has realized thatthey should find a new way of maintaining their business. The purpose of this report is to offer and develop a strategic vision for the management of ‘theChronicle Gazette’ related to its position in the publishing industry today and the path which itcan follow to continue its journey over the next decade. The report will be formed by analyzingthe current state of the publishing industry and by determining the problems that it is facing inthe current scenario. The causes of the problems will also be determined along with its influenceon the newspaper industry. After this, the external and internal assessment will be done to findthe reasons due to which the newspaper industry is facing the decline in the circulations anddecline in revenues too. Finally, the way in which Chronicle Gazette adjust their strategies todeal with the challenges will be discussed and accordingly the steps that it should take to dealwith them will be suggested. 2.0 State of the newspaper publishing industry today 2
2.1 Data on declining circulation and revenueIn a major metropolitan area, the newspaper Chronicle Gazette is a leading newspaper which iscirculated to almost 225000 customers. For a long time, this industry has been dying. Thecolumnist Eric Zorn of Chicago has stated that the demise of this industry has come (Barnhurst,1991). This newspaper industry has been vulnerable due to the attacks on the internet, television,radio, etc. It was reported by the newspaper association of America in 2009 that the total revenueof advertising that is collected has fallen sharply from almost $54 billion to $37 billion(Barnhurst, 1991). It has also been reported by the Audit Bureau of Circulations that thecirculation of the newspapers has dropped by 10.6% (Chen, 2009). Due to these declining figures, there are many companies of newspaper publishing who haveshut their printing editions and they have laid off their employees. Also, the closure happeneddue to the contradicting economic recession and the internet competition. 2.2 Status of newspaper leaders, e.g., New York Times, Wall Street JournalIn the country US, the top 25 newspapers reported a fall in their circulation. It was reported byABC that their weekly circulation was dropped by 23% (Chen, 2009) in San FranciscoChronicles in 2009 from the past years. A similar case was with the Washington Post thatobserved a decline of 13%. The USA Today fell to 13.6%. Though The Wall Street Journal wasthe most widely sold newspaper, and it was not affected much by the decline, but the company'sexpectations about the decline were there but still, it helped the print media to offset the decline.But, the New York Times declined to 8.5% during the weekdays and almost 5% during theSundays (Cho, 2006). 3
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