BUSINESS POLICY AND STRATEGY
Currently, just like other newspaper companies in the world, The Chronicles Gazette is also facing different challenges in its macro and micro-environment which affect its competitive advantage. This include the changes in the technology, which greatly influence the social behaviour and functions of the people, particularly those that are related on following news and information about local and international scenarios. Today's business world is more globally integrated than ever. Almost all large corporations have gained some business interest in a market outside of their own domestic market. However, the degree of global success varies dramatically among firms and industries. It is imperative for the managers and strategists to study each other's international failures and successes in order to avoid duplicating the former and mimicking the latter. To exploit the opportunities of the world trade, companies will need to take an active and ongoing strategic approach to global marketing. Global marketing and the opportunities it offers businesses today depend on the ability to adapt and find new solutions to complex issues. Among the major concerns of strategic planning is the understanding and diagnosis of the environment, which can be described by aggregating many of the variables into sub environments. Quality management is an important part of every company's strategic planning process. Its sole purpose is to improve the performance of the organization. This would appear to be common sense, yet very few international companies realize the promise of quality management to consistently improve the organization's results. Strategic planning is used by organizations to counter the internal and external problems they experience. The internal and external problems prevent the firm to reach its goals. This paper will use strategic planning to solve the issues at the Chronicle Gazette and will offer the management of the company a strategic vision of where the newspaper publishing industry stands today and where it is headed over the next decade. Furthermore, it will also present different strategies that the company can investigate in order to survive in the new business environment.
2. State of the newspaper industry
2.1. Declining circulation and revenue
The newspaper industry is facing problems because of the advancement in technologies. The newspaper industry is the most profitable of all media industries. In order to produce its product, the newspaper industry combines technology, information gathering and packaging services, and financial support from advertisers and readers to produce a perishable product that is usable by literate audiences and whose usefulness to most consumers diminishes within a day. A variety of unique economic characteristics distinguish newspapers from other media. The mission of newspaper enterprises includes both commercial and social facets. Like most other media, newspapers play important roles as facilitators of commerce, promoting consumption by creating consumer wants for products through advertising, and serving the financial interests of newspaper owners as part of the competitive economic system. Newspapers, however, play a greater role as facilitators of social and political expression than other media. As a result, newspaper firms tend to emphasize conveyance of information and ideas about contemporary events and issues to a greater degree than other media that are more entertainment oriented.
The future of the newspaper industry is unclear because of declining readership, illiteracy, and technological changes, but there is no reason to believe the functions of newspapers will no longer be required or that newspaper companies do not have the ability to adapt and survive. Newspaper companies are concerned because it appears that the decline in...
Please join StudyMode to read the full document