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Media Management (Formulation (Micro environment (internal) (Meaningful…

- - - - Sustaining competitive advantage/opportunities
        
        Cost leadership: price (operational, selling)
        
        Differentiation: product (unique)
        
        Speed: first (responsiveness, development cycle, improvement, delivery/distribution, IT)
        
        Market focus: segment (niche)
      - Industry evolution
        
        Emerging
        
        Growth
        
        Mature
        
        Declining
    - - Grand Strategy Selection Matrix
        
        Quadrant
        factor
        
        Overcome weakness
        
        Maximise strength
        
        Internal (redirected resource within firm)
        
        External (acquisition/merger for resource capability)
        
        Internal
        (resource
        redirection)
        
        Overcoming weakness
        
        Turnaround/Retrenchment (cut back product/market/operation)
        
        Divestiture (sale of firm/major component)
        
        Liquidation (closing operation/selling assets)
        
        Maximising
        strength
        
        Concentrated growth (aggressive market penetration)
        
        Market development (add distribution channels/changing advertising content)
        
        Product development (modification/elated)
        
        Innovation (new/greatly improved product)
        
        External
        (acquisition)
        
        Overcoming weakness
        
        Vertical integration (acquire supply input firm for raw material/customer base)
        
        Conglomerate diversification (acquire unrelated business)
        
        Maximising
        strength
        
        Horizontal integration (acquire firm at same stage of product-marketing chain)
        
        Concentric diversification (acquire related business in technology/market/product)
        
        Joint venture (new firm created by multiple co-owners)
      - Grand Strategy Clusters
        
        Quadrant
        factors
        
        Slow/Rapid
        market growth
        
        Weak/Strong competitive position
        
        Rapid market growth
        
        Strong competitive position
        
        Concentrated growth
        
        Vertical integration
        
        Concentric diversification
        
        Weak competitive position
        
        Reformulation of concentrated growth
        
        Horizontal integration
        
        Divestiture
        
        Liquidation
        
        Slow market
        growth
        
        Strong competitive position
        
        Concentric/Conglomerate diversification
        
        Joint venture
        
        Weak competitive position
        
        Turnaround/Retrenchment
        
        Concentric/Conglomerate diversification
        
        Divestiture
        
        Liquidation
  - - - Industry environment
        
        Operational environment
        
        Factors
        
        Competitors
        
        Creditors
        
        Customers
        
        Profiling analysis: geographic, demographic, psychographic, buyer behaviour
        
        Labour
        
        Suppliers
        
        Factors
        
        Entry barriers
        
        Supplier power
        
        Buyer power
        
        Substitute availability
        
        Competitive rivalry
      - Factors
        
        Economic
        
        Social
        
        Political
        
        Technological
        
        Ecological
    - - Factors
        
        Economies of scale
        
        Dependence of R&D
        
        Demand for customised product
        
        Distribution channel
        
        Competitor
        
        Regulation
      - Globalisation
        
        Reason
        
        Additional resources: from industry/technology abroad
        
        Lower cost: cheaper labour in developing countries
        
        New, expended market: away from saturated market
        
        Economies of scale
        
        Synergy: with joint venture partner overseas
        
        Power/Prestige
        
        International customers
        
        International competition
        
        Complexity
        
        Multiple environments: various rates of change, differing local needs
        
        Interaction: sovereignty issue, differing economic/social conditions
        
        Geographic separation: difficult communication and control
        
        Extreme competition
        
        Restriction: regional blocs and economic integrations (e.g. European Economic Community, European Free Trade Area)
  - - - Analysis
        
        Internal (within firm)
        
        Weaknesses: limitation/deficiency in resource/capability
        
        Strengths: resource/capability available
        
        External (situation in environment)
        
        Threats: unfavourable
        
        Opportunities: favourable
      - Limitation
        
        Over-emphasise strengths, downplay threats
        
        Static/Ignores changing circumstances
        
        Strength not necessarily an unique competitive advantage
      - Strategy (to overcome the W/T of x by using O/S of y)
        
        Turnaround-orientated:
        internal weakness with environmental opportunity
        
        Aggressive:
        internal strength with environmental opportunity
        
        Defensive:
        internal weakness with environmental threat
        
        Diversification:
        internal strength with environmental threat
    - - How
        
        Identify primary and support activities
        
        Looking at a business as a chain of activities that transform inputs into outputs that customers value
      - Conducting analysis
        
        1) Identify activities
        
        2) Allocate costs
      - Difficulty
        
        Existing management accounting systems do not
        allow for activity-based cost breakdown
        
        Information required for VCA cost accounting can create redundant work, contrary to traditional accounting method
        
        Time and energy taken
    - - Uniqueness: examining distinct combination of assets/skills/capabilities/intangibles as an organisation
      - Resource
        
        Tangible asset: production facilities/raw materials/financial/resources/real estate/computers
        
        Intangible asset: brand names/reputation/morale/ technical/knowledge/patents/trademarks/experience
        
        Organisation capability: transforming skills/assets/people/processes into outputs
      - Why valuable
        
        Critical: better at fulfilling customer's needs than competitors
        
        Scarce: not easily imitated
        
        Can be imitated: pre-empt capability, economies of scale
        
        Difficult to imitate: brand loyalty, employee satisfaction, reputation for fairness
        
        Cannot be imitated: patent, unique location/asset
        
        Easy to imitate: cash, commodities
        
        Appropriation: entitlement to share of profit generated
        
        Durable: depreciation/sustainability over extended duration
    - - Past performance: compare with own
      - Benchmark: compare with competitor
      - Compare with success factors in the industry
      - Product life cycle
- - - - Style
        
        Transformational
        
        Changes organisation by evoking/harnessing followers’ intrinsic motivation for outcomes exceeding expectations
        
        Charisma/Idealised influence builds emotional commitment to vision by engaging followers’ higher order needs, encouraging them to transcend self-interest to reach new goals
        
        Provides coaching/mentoring/growth opportunities to followers and skilled communication (language/symbolism/metaphor)
        
        Charismatic
        
        Visionary/Personal magnetism evokes trust/influence followers to act in certain ways to reach specific goals
        
        Inner vision may not be supported by external facts
        
        Improves employee satisfaction/motivation/performance
        
        Collaborative
        
        Distributed leadership where role of leader is not restricted to formally-instituted individual, hybrid model combining concepts from skills and transformational/charismatic approaches
        
        Leadership roles can be swopped between leaders/followers, multiple leadership roles may exist in single organisation
        
        Understands the business, creates vision, relates to colleagues
      - Ability
        
        Take risk (defy convention)
        
        See opportunity (in turbulent environment)
        
        See opportunity before others
        
        Build great teams (long-term orientation, motivation, beliefs, understanding consumer tastes)
    - - Bearer/Personification (embodiment)
      - Build time
      - Shape organisational culture (theme/value)
  - - - Innovation
        
        Incremental
        
        Extension of current technology (e.g. manual to electrical typewriter)
        
        Architectural
        
        Simple process/technological innovation to serve new market (e.g. video recorder accelerated decline of commercial free-to-air TV model and hastened shift to interactive TV
        
        Discontinuous
        
        Break with existing system/process (e.g. launch of satellite TV increasing distribution capacity and easing cost/transmission distance affecting public service broadcasters)
        
        Disruptive
        
        Disruptive to existing market structure (e.g. desktop publishing, free newspaper)
      - Ambidextrous learning organisation
    - - Simple
        
        Informal communication, direct supervision, few employees, SME (e.g. publisher > writer, account executive, finance manager)
      - Functional
        
        By function (e.g. CEO > creative, production, marketing, finance, HR)
      - Divisional
        
        By autonomous divisions with own specialists (e.g. division into television, radio, print, interactive media, production, enterprise)
      - Matrix
        
        Staff assigned to both functional area and project
      - Product-team
        
        New product with both functional manager and specialist assigned
    - - Skill
        
        Cognitive style
        
        Creative Heuristic
        
        Working style
- - - - Financial performance, firm’s image, social responsibilities
      - Portfolio approach, long-term plans
    - - Determine competition, identify/secure market segment
      - Develop objective/strategy
    - - Implement firm’s strategic plans
      - Annual objectives, short-term strategies