Due to the emergence of the internet and forms of digitial news threaten the exi
ID: 465671 • Letter: D
Question
Due to the emergence of the internet and forms of digitial news threaten the existence of the traditional newspapwer industry. Assume that Washington Post CEO has contacted you to develop a new strategic plan to increase profit.
1. Please discuss your strategy integrating the following ideas (New Entrants, Suppliers, Buyers and Substitutes) as the basis for your strategy.
2. Why do you think that your strategy will help the Washington Post be successful?
3. Please include a mission statement and which of the four strategy implementation skills above do you think will be most important and why?
*** Please be as detailed possible and not just one sentence answers***
Explanation / Answer
The news industry has been in existence far longer than any other mass media. Newspaper was established in American Society from its commencement. In the beginning period of news industry, newspapers were considered as luxurious item for the rich people. It was expensive for the working class. Advancement in technology made printing presses and paper cheaper. People became more aware of the happenings occurring around them.
In the late 20th century, the internet emerged as the news source. News industry has evolved in various ways:
Social Media: Now, people are always using internet as people today want to be updated on the latest happening every second. Now, people get their news with the help of social media.
Apps: Newspapers have emerged with apps such as New York Times Cooking App. for people to explore their specific areas of interest.
Blogs: Many blogs are used for political purposes to share information with the readers who are interested in reading blogs and surfing news articles via internet.
Internet has spread emergency information without the TV news crew. People now make raw news which is in competition with professional journalism. Growth of social media has totally changed the way news is shared and consumed. Emergence of the internet and forms of digital news has threatened the existence of the traditional newspaper industry.
The Washington Post CEO is in search to develop a new strategic plan to increase profit. Washington Post is one of the leading newspaper in America. Newspaper industry needs a considerable major change to increment revenues. Following are the basic strategies that are suggested:
1. Content of the newspaper: It should be made to target the youth. Young generation wants newspaper in small size packages. The shorter the stories, the less it sounds boring. Printing of stories that seem attractive to young generation, such as stories about young singers, models, etc.
2. Print Special Features: Newspaper have introduced some offerings to the reader for quality leisure-reading such as Sunday brunch magazines, introducing lifestyle sections in newspapers.
3. Innovation: It is an integral aspect to keep the traditional newspaper alive in this era of technology. Include sections relating to art, such as music, art galleries, dance, food sections, etc.
4. Advertisement section: Nowadays, online advertisements have emerged. There is a huge amount of online advertisements available on the internet. Online advertising is successful wherein the users are tech savvy. Print advertisements are no longer required. Today, businesses are no longer interested going after print advertisements. Therefore, minimize the advertisement section as print readership has fallen down with the rapid growth of online advertisements.
5. Make the online news in the Washington Post website free for subscribers.
The above given strategies will help the Washington Post be successful as this is the digital age where everybody is following the internet. With search engines and video-sharing websites, nobody needs a newspaper to read. Moreover, newspapers are quite expensive as compared to the online news which is free of cost.
The mission is to take the traditional newspaper medium to the ladder of success. Making the newspaper convenient for the readers. Newspaper industry should understand the advantages of bringing news online. Online news reduces the costs: cost of production department, transportation costs, cost of big presses, etc. The goal should be to promote newspaper online.