Strategic operations are tools of business that all kinds of business should have for them to be able to compete effectively in the industry in which they are operating. The strategic operations are important since they help business attain their objectives and also meet the client expectations without straining. In employing the strategies, companies must make sure that they take care of the long-term goals as well as the short-term objectives so that they can deploy the appropriate management teams to execute the same. In order for businesses to achieve their objectives as well as meet their revenue targets, they require customer-driven strategies, strategies that focus on development of the business and strategies that make sure that they are competing effectively with others in they are competing effectively with others in the business. In the essay below, we will focus on the strategies offered by our firm to Hoosier Media Inc. to enable them improve their business and generate more revenue. Also, the organizational ability to adapt to change will be analyzed in a bid to ensure that the company is able to fulfil its mandate and utilize the opportunities that are in the industry.
Within any industry, there are always economic, legal and regulatory forces and trends that businesses have to adapt to avoid losing their place in the dynamic market. Equally, the media industry has had trends that it has had to keep up with. Some of those trends include the introduction of digital media which has been characterized by massive lay-offs as a consequence. Also, this has greatly affected the economic fortunes of Hoosier Media Inc. This can be attributed to the low purchase of newspapers since digital media has made news available in the internet and for free. Some of the economic reasons that have made the business’s revenue decrease by 30% is therefore, the invention of digital media. Given that digital media relies on internet connectivity as well as grapevine, newspapers find it hard to compete against it. This is because most of their readers will get information from the digital media platforms whose topics are aligned according to the current affairs of the day. Due to the low costs in acquiring the news, people have shifted from newspapers to digital media platforms and this has affected Hoosier Media. Another economic factor affecting the company is the inability to invest in digital media. This is whereby the company should come up with ways to interact with their crowds online with services such as streaming and by running adverts. This could be one of the ways to improve their financial position. The legal trends that may have affected the company may include the sanctions by former employees who have sued for being laid off in an untimely manner. This leads to wastage of time in courts and also eats into the revenue basket of the company as well as damaging the company’s reputation. Damaged reputation can cause the company’s customer base to decline since it is their reputation and integrity that are in question. Finally, there are regulatory trends that have been imposed on the media regarding the kind of content that they should be airing. On this one, the media house can choose to have a specific niche of news to cover, thus specializing and making them experts at the kind of news they may choose to deal with. By doing this, the company’s revenue will increase and this will be important in ensuring its financial stability.
Delegate your assignment to our experts and they will do the rest.
On the issue of adapting to changes, companies should be able to conform to certain trends for them to survive in the business. For Hoosier Media, for example, the move by the media house to buy Benton Review, which is a paper that is read widely within Benton County, was a wise move since it attracted more customers towards the media house as a result of their loyalty to the Benton Review. Adapting to the new age media is also something that would help the business since it would broaden their client base as well as their reach. A digital approach to the products being offered would do the company good since news would reach them faster and accurately. Therefore, increasing digital presence and incorporating digital approaches in delivering the news is important for the organization to reach more people.
In any organization, primary internal organizational considerations are important for the strategic plans to work. One of the internal considerations that an organization can adopt is to promote a culture that accommodates change. This will allow the employees as well as the management to work as a unit to embrace the change as well as facilitate smooth transitions. Another internal consideration should be the competitive advantage that the changes have to offer. By adopting new practices at a work place, the media house will be able to compete and do better than other players within the media industry since they will have adopted better technology. On external organization, the company can cling on to financial considerations in form of loans that are meant to expand their capability to run the organization. This will help them have more competitive advantage with other players. Partnership with other organizations with similar agendas or agendas that complement their objectives can also be key to the success of the organization. Therefore, organizational considerations should be able to complement each other to allow the organization to succeed.
In conclusion, the major issue that the company faces is adopting technology in news delivery. This entails incorporating digital media as part of their news delivery. By doing this, they will be able to reach more people, attract more loyalty and also more viewership for their online and offline content. With this, their revenue will increase and this will help the company raise its revenue to significant numbers. The willingness of the company to do this will allow them to execute positive change that will impact their revenue positively.
References
How mainstream media can survive in the digital era - Business Today News. (2018). Retrieved from https://businesstoday.co.ke/how-mainstream-media-can-survive-in-the-digital-era/
Simon, D., & Lieberman, M. (2010). Internal and external influences on adoption decisions in multi-unit firms: the moderating effect of experience. Strategic Organization , 8 (2), 132-154. doi: 10.1177/1476127010366583
