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خلاصه کتاب
COMPETITIVE STRATEGY FOR MEDIA FIRMS
استراتژی رقابتی برای شرکت های رسانه ای

Strategic and Brand Management in Changing Media Markets
مدیریت استراتژیک و برند در بازارهای رسانه ای در حال تغییر

نوشته :
Sylvia M. Chan-Olmsted
University of Florida
سیلویا ام. چان اولمستد
دانشگاه فلوریدا


Chapter 1
Introduction: Enter the arena of Strategic Media Management

WHY THIS BOOK?
This  book discusses the evolution of media management and economics as a subfield of media and communications studies. It highlights the inclusion of managerial and economic literatures in this discipline, which allows media scholars to better understand the organizational behavior, business strategy, competition, and financial performance of media firms and industries. The text also explains the role of this book in the current literary landscape, focusing on strategic and brand management in media organizations and integrating the new media context. It discusses the unique characteristics of media products, such as their cultural nature, dual products of content and distribution, nonexcludability and nondepletability as public goods, and dependence on cultural preferences and regulatory control. The text emphasizes the competitive, global, and technology-driven nature of today's media markets, highlighting the importance of strategic management in aligning organizational resources with environmental changes. Overall, the book aims to contribute to the field of media management and economics by examining the strategic dimension of media organizations and investigating relevant concepts.

HOW IS TODAY’S MEDIA ARENA DIFFERENT?
The media industry has undergone significant changes due to advancements in technology and the evolving media landscape. There are now more media outlets and ways to present media products, emphasizing the importance of targeting specific audiences and differentiating content providers. Content development and scheduling strategies are critical for generating revenue in a market with increased consumer choice. The internet, in particular, has transformed the industry by offering interactivity and personalization, requiring innovative strategies from media incumbents. Television and the internet have a financial relationship, with television providing marketing channels for internet marketers. This has led television broadcasters to change their strategies. The value chains in media markets have also been modified, eliminating middlemen and changing the roles of aggregators and technological facilitators. Media organizations need to understand consumers, technology, and creative use of information to succeed in the competitive market. Technological facilitators, such as software developers and hardware manufacturers, have a significant role as major players or strategic partners. These changes present new revenue opportunities, such as direct sales of digital content and space. Overall, the media industry has been transformed by technology, requiring adaptation and strategic navigation.

The emergence of a multimedia market has led to the convergence of media, telecommunications, and information technology industries. This has resulted in the formation of five value-adding segments and the consolidation of media conglomerates through mergers and acquisitions. While consolidation can be challenging for firms with limited resources, it can also be beneficial for those with creative product development and marketing strategies. Achieving a balance between resource access and strategic innovation is important for gaining a competitive advantage in this market.
WHAT DRIVES CHANGE?
The text discusses the drivers of change in media markets. It highlights three key factors: technology, globalization, and changing audience. The diffusion of communication technologies has significantly impacted media industries, enabling new revenue streams and transforming competition. Technology also shifts the balance of power between media organizations and consumers. Globalization has created a global commercial-media market and led to the formation of powerful media conglomerates. Environmental developments, technological advancement, and multilateral competition have promoted this trend. Changing audience demographics and media habits also influence media organizations' strategic options. Media organizations need to monitor and assess audience demand and adapt to the increasing number of stakeholders and consumer control.
WHAT IS THIS BOOK ALL ABOUT?
This text is about the strategic competition in the electronic media industries and how they are adapting to new technologies. It discusses strategic management concepts and brand management in the context of media products. The book also looks at global media conglomerates and their diversification strategies. It is divided into two sections, with the first part explaining brand management and strategic management concepts, and the second part providing empirical examinations of electronic media industries. The goal of the book is to analyze strategy constructs in media industries and discuss the implications of strategic trends. Overall, it aims to explore the opportunities and challenges for media firms in the changing media marketplace.
Chapter     2 :A Primer in Strategic Management for Media Firms
Media firms face challenges in achieving a competitive advantage and increasing profitability due to their social responsibilities, regulatory concerns, technological advances, and changing consumer preferences. Previous studies in media management literature mainly describe the strategies adopted by these firms in response to environmental changes, but few investigate the drivers behind these decisions. It is important for media scholars to develop and test theory-based propositions to explain the firm's behavior and the link between strategy and performance in this sector. To conduct analytical and prescriptive research on media firms, a solid understanding of economics and management concepts is necessary. Strategic management provides valuable insights into the nature of mass media as business entities, complementing media economics research. This chapter introduces key strategic management concepts and frameworks such as strategic decision making, value creation, the resource-based view, and competitive dynamics theories. It explores how these concepts can be applied to media products in a changing marketplace.

WHAT IS A STRATEGY?
Strategy can be understood from two perspectives: process and content. The process perspective refers to how a strategy is formulated and implemented, while the content perspective focuses on what the strategy entails. Strategy involves a range of decisions and activities aimed at achieving a firm’s goals and missions by effectively utilizing resources and skills, considering market opportunities and threats. Strategic management refers to the analysis, decisions, and actions taken by an organization to create and sustain competitive advantages.
DEVELOPMENT OF STRATEGIC MANAGEMENT STUDIES

Strategic management has evolved from various perspectives, including economic and behavioral/organizational theories. Early studies were descriptive and anecdotal, focusing on actual managerial decisions. The field originated in MBA programs and initially lacked theoretical construction. Over time, different approaches like prescriptive and evolutionary emerged, with the former emphasizing a rational and linear process and the latter emphasizing strategy emergence and adaptation.
THEORETICAL FOUNDATIONS IN STRATEGIC MANAGEMENT
	
Strategic thinking is a crucial aspect of strategic management, defined by characteristics such as synthesis, intuition, creativity, and exploration. It involves a systems perspective, intent focus, intelligent opportunism, time continuity, and hypothesis-driven processes. Decision-making research examines how decisions are made in organizations to gain a competitive advantage. The agency theory, within the context of firm governance, focuses on agency relationships and the problems of motivating and controlling cooperative action. Strategic leadership involves the anticipation, envisioning, flexibility, and empowerment necessary for strategic change. Theoretical perspectives like industrial organization and the resource-based view explain firm performance differences.
The Industrial Organization (IO) View of Strategy:
The IO view of strategy focuses on the link between a firm’s strategy and its external environment. It is based on the structure-conduct-performance (SCP) paradigm, which suggests that the industry structure determines competition and the resulting performance. The IO approach involves examining the external environment, identifying industries with high potential for above-average returns, formulating strategies to benefit from external factors, and developing assets and skills for effective implementation of the chosen strategy.

The Resource-Based View of Strategy:
The Resource-Based View (RBV) emphasizes the value of a firm’s internal resources and its ability to manage them. It assumes that each firm has unique resources that form the foundation of its strategy and contribute to its performance. The RBV focuses on four attributes - value, rareness, nonsubstitutability, and inimitability - that work together to increase performance. This approach involves identifying and assessing a firm’s resources, selecting an industry to exploit those resources, and formulating a strategy that best utilizes them.
Strategic and Resource Taxonomy:
Strategic and resource taxonomy involves classifying different types of strategies and resources to analyze their relationship and impact on performance. Miles and Snow’s typology categorizes firms into prospectors, defenders, analyzers, and reactors based on their strategic tendencies. Resource categorization systems, such as Hofer and Schendel’s and Barney’s classifications, help assess the contribution of different resources to performance. Strategic taxonomy can be applied in the media industry to examine how different types of media firms implement their strategies and analyze cross-media competition.
Overall, the IO and RBV perspectives provide the basic approaches for studying strategic management in the media industry. Strategic and resource taxonomy, as well as focusing on value creation, competitive dynamics, and strategic entrepreneurship, contribute to the understanding of media firms’ strategic postures and their relationships with performance. These concepts provide a theoretical foundation for analyzing media products within a strategic management perspective.
Value Creation
The value chain is a tool used for strategic planning that categorizes an organization’s value-adding activities. These activities can be divided into primary activities, such as logistics, operations, marketing, and service, and support activities, such as infrastructure and technology development. Value chain analysis helps identify opportunities for cost reduction or differentiation in specific segments of the chain. It can also be applied to the entire industry’s value creation system, including suppliers, channels, organizations, and customers. This concept is useful for identifying competitive advantages and cost reduction opportunities in a rapidly changing media marketplace.
Competitive Dynamics
Competitive dynamics refer to the actions and counter responses among firms in an industry. Studies have examined factors such as competitor awareness, timing, organizational characteristics, and industry conditions in relation to competitive moves and countermoves. Factors like market commonality and resource similarity, market dependence, and industry characteristics can influence the magnitude and scope of actions and responses. Competitive dynamics can be studied as evolutionary interactions over time. Due to the asymmetric resources in media firms and changing market environments, understanding competitive dynamics can provide insight into media strategies.
Strategic Entrepreneurship
Strategic entrepreneurship involves identifying and exploiting opportunities to form competitive advantages and achieve superior performance. It integrates entrepreneurial activities with strategic management and focuses on growth, innovation, and resource management. Different models and frameworks can be used to study entrepreneurship in a strategic setting, considering factors like market opportunity recognition, organizational culture, leadership, and resource management. Strategic entrepreneurship manifests differently in established firms compared to smaller firms or new ventures. Large firms may struggle with identifying new market opportunities, while smaller firms excel at recognizing them but may struggle to sustain competitive advantages. Understanding how strategic entrepreneurship can be applied to different market entry modes, alliances, and the media industry’s external context can provide valuable insights.
EMPIRICAL STUDIES IN STRATEGIC MANAGEMENT
Empirical studies in strategic management have been conducted to test different ideas in the field. These studies have shown that the actions of a company have a significant impact on its performance. Factors such as creativity, corporate culture, history, and employee knowledge also influence how well a company does. Diversification strategies that are based on unique and valuable resources lead to better performance. The characteristics of different countries affect a company’s abilities. Certain resources and combinations of resources improve performance in partnerships. However, there are no set rules for always achieving outstanding results.

However, researchers face difficulties in testing the idea that a company’s resources determine its success because these valuable resources are not easy to measure. In-depth studies that focus on individual cases have been used to examine strategies that involve intangible resources, but this approach faces challenges due to a lack of large data sets and difficulties in measuring intangible resources. As a result, researchers sometimes use substitute measures, although there are concerns about their accuracy. To overcome these challenges, some researchers use both surveys and interviews to get a more accurate understanding of the situation.

In terms of statistical methods, cluster analysis is often used in strategic management research. However, it has been criticized for relying too much on the researcher’s judgment and lacking proper testing methods. Many studies using cluster analysis have not found clear connections between groups and performance. As a result, it is recommended that researchers limit their use of this method and carefully select variables and determine the number of groups when they do use it.

APPLICATIONS OF STRATEGIC MANAGEMENT CONCEPTS TO MEDIA PRODUCTS
The application of strategic management concepts to media products is of great interest to scholars in media management and economics. However, certain modifications need to be made due to the unique nature of intangible, content-based media products. Media firms often benefit from related product diversification, allowing for content repurposing and sharing of resources. Additionally, media firms seek out distribution products and content that complement each other, as they are inseparable in consumption. Cultural sensitivity and understanding of the regulatory environment may lead to diversification into related product and geographic markets. The dual-revenue source mechanism and public-goods characteristic of media content products drive firms to appeal to a larger group of consumers. Small firms can achieve superior performance by leveraging their unique creative resources. Several examples of applying strategic management concepts to media products are presented.



Resource Typology in Media Industries 
A typology of resources based on property and knowledge is particularly relevant for analyzing media firms. Knowledge-related resources are crucial in a media industry where the end product is intangible content and creativity and industry knowledge are essential. Changes in technology create market uncertainty, with property-based resources leading to superior performance in stable environments and knowledge-based resources leading to superior performance in uncertain environments. Examples of property-based resources include affiliate contracts, station ownership, and content copyright, while knowledge-based resources include technology management and audience expertise. 
Media Product Taxonomy
The increasing use of digitization is changing the consumption patterns of radio products as more audiences listen to radio stations online. This calls for evaluating audio products and providers from the consumer’s perspective rather than the industry’s. Consumer-based concepts such as “risk involved” and “degree of involvement” can be used to assess the positions of different media firms. This classification of media products based on consumer involvement and time/cost requirements can help analyze competitive dynamics and corporate strategy portfolios. As technology continues to reshape the media landscape, it is important to construct more theoretically sound taxonomies that consider consumer choice and changing control over media products.
A Media Strategy Research Framework
A framework proposed by Chan-Olmsted integrates both external and internal variables that affect strategy formulation and implementation in the media industries. External factors like the economy and technological advancement impact the interplay of forces in a specific media industry, ultimately influencing a media firm’s strategy. The complexity of the environment is further influenced by a media firm’s capabilities and resources at the business and corporate level. The firm’s corporate structure and specific business unit resources shape the type of strategy formulated and implemented. Factors like strategic leadership, entrepreneurship, and competitive dynamics are also considered in the framework, providing a starting point for analyzing strategic behavior and performance predictors.
This chapter suggests exploring scholarly work published in top strategy research journals for further research ideas in media management and economics. The fluidity of media industries encourages the introduction and testing of new paradigms due to changes in technology, creative development, and audience preferences. Multiple theories are needed in this multidimensional field of study. Empirical applications of the discussed concepts in a media industry setting are showcased in chapters 5 to 9.
Chapter     3  : A Primer in Corporate and International Strategy for Media Firms

In pursuing competitive advantages, media firms undergo strategy analysis, formulation, and implementation. These actions range from microlevel functional strategies to business-level strategies focused on core competencies and corporate strategies that deal with diversification, resource allocation, and portfolio management. Corporate strategies, like those of Disney, involve finding the best combination of resources and business environments to be competitive in multiple markets. Companies may adopt generic business-level strategies such as cost leadership or differentiation, while corporate strategies involve mergers, acquisitions, diversification, and strategic alliances. In the context of the changing media marketplace, this chapter reviews theories related to diversification, mergers and acquisitions, strategic alliances, and international strategy.


DIVERSIFICATION

Diversification is a key topic in corporate strategy, aimed at finding synergistic competitive advantages. Various rationales for diversification include growth, market power, market efficiency, financial performance improvement, profit stability, and synergy effects. Acquisitions provide a faster way to grow compared to internal expansion, granting access to new resources and customers. Diversified firms may acquire market power, leverage efficiencies, generate cash, and reduce risks through diversification. Synergistic effects result from business units working together and can lead to improved products or processes. Media conglomerates, with their vast resources, have been successful in promoting content products. Diversification involves geographic or product market expansions, often following a path from domestic to international markets and vertical integration. International diversification has generated debates, with some suggesting it as a way to increase market size or access local talent and preferences. Media firms may also diversify for empire building purposes. Transnational media owners are risk-takers seeking business success through game-playing and deal-making.


Approaches to Diversification
There are various approaches to diversification strategies, including concentric, vertically integrated, and conglomerate. Concentric diversification involves branching into related markets, while vertical integration links buyer-supplier relationships or stages of production. Conglomerate diversification expands a corporation into new, unrelated lines of business. Diversification can be either related or unrelated, with related diversification providing benefits such as economies of scope and scale, while unrelated diversification offers benefits like corporate restructuring and diversified business portfolios.

Diversification Strategy and Performance
Empirical results suggest that a moderate diversification strategy leads to the most success. Moderate levels of product diversification yield higher performance than limited or extensive diversification. An inverted-U curvilinear model is generally supported, where performance increases with a shift from single-business to related diversification, but decreases with a shift from related to unrelated diversification. International diversification increases revenue stability and geographic scope positively affects firm performance, although costs can escalate with too much international diversification.


Research in Diversification
Diversification has been a topic of research since the late 1950s. Studies have focused on the extent, directions, and mode of diversification. More recent studies have investigated related and unrelated diversification, with some arguing for the benefits of related diversification and others finding no differences or even opposite effects. Media management and economics research have also explored diversification strategies in media companies, often finding that related product and geographic diversification can lead to superior performance.


Mergers and Acquisitions
Mergers and acquisitions (M&A) are strategies used to achieve diversification. A merger is the integration of two firms to create a stronger competitive advantage, while an acquisition is the purchase of a target firm to enhance the acquirer’s core competency. M&A can be driven by the desire for market power, reducing barriers to entry, accessing new products, entering new geographical markets, and reducing dependence on specific sectors. However, M&A strategies can face challenges such as integration difficulties, inadequate evaluation of target firms, excessive debt, failure to achieve synergy, overdiversification, management focus on acquisitions, and oversized corporations. Examples of companies facing post-M&A challenges include AOL Time Warner and AT&T.

	
Strategic Networks and Alliances
Media industries seek strategic alliances and network relationships with other firms due to the nature of media content, the need to be responsive to audience preferences and technological changes, and the connection between media distribution and content.
	
Definition of Strategic Networks
Strategic networks are stable inter-organizational relationships that are strategically important to participating firms. They can take the form of joint ventures, alliances, and long-term buyer-supplier partnerships.

Reasons for Creating Strategic Networks
Firms seek strategic networks to gain access to information, resources, and restricted markets, reduce costs and share risks, improve competitive position, generate economies of scale and scope, share knowledge and facilitate learning, develop industry standards, align resources for large-scale projects, and increase speed in product development or market entry.

Theoretical Basis for Strategic Networks
Transaction cost economics is the principal rationale for explaining strategic network formation and development, but other theories such as agency theory, game theory, and organizational learning are also applicable.

Studies of Strategic Networks
Research in strategic networks focuses on factors influencing formation, interfirm relationships, and value creation in these networks.

International Strategy
Media firms adopt international diversification as a growth strategy due to advancements in communications technology, liberalization and privatization of media industries, decreasing dominance of U.S.-based media companies, and competition in multiple media sectors and countries.

Theories of Internationalization
The product life cycle theory, opportunistic growth theory, and economics of transaction costs explain why firms expand internationally. Market entry modes and the balance between centralized and localized managerial control are important considerations in international strategies.

Final Thoughts
Corporate strategies such as diversification, M&A, strategic networks, and international strategies shape today’s media industries. Media-specific characteristics like the complementary nature of content and distribution and the windowing process are important factors in formulating expansion strategies. Corporate-level strategies are crucial for developing competitive advantages in the digital and converging media market.
Chapter     4  : A Primer in Brand Management for Media Firms

Moving from strategic management to “brands,” this chapter reviews major brand management concepts and theoretical frameworks such as brand knowledge and brand equity, discusses how these concepts and frameworks might apply to media products in the context of a changing marketplace, and provides examples of brand management practices in media industries.
The Importance of Brand Management in Media Industries
In a competitive market, brands are essential for consumers to identify and choose products that best satisfy their needs. With the proliferation of media outlets and the fragmentation of audiences, the media marketplace has become increasingly competitive as well. This has led media firms to adopt brand management practices in order to establish clear and memorable brand images and differentiate themselves in a crowded marketplace filled with infinite content. Brands become especially important for media products as consumers rely on them to estimate the quality of new media products before experiencing them. Branding also helps consumers reduce the risks related to purchasing and consuming media products.
What is Branding?
A brand is a name, term, sign, symbol, package design, or combination of these elements that distinguishes a product or service from its competitors. Brands provide various benefits to both consumers and producers. For consumers, brands help identify the source of a product, assign responsibility to product makers, reduce risk and search cost, signal quality, form relationships between consumers and product makers, and serve as a symbolic device. For producers, brands provide means of identification, simplify handling or tracing, legally protect unique features, signal quality levels, endow products with special associations, and source of competitive advantages and financial returns. These benefits are applicable to media products as well.

The Challenges and Opportunities of Branding in Media Industries
While branding may seem less applicable to media industries due to the intangible and nonpreservable nature of many media products, as well as factors like group consumption and lack of identifiable product logos, the landscape of media industries has changed dramatically. Converging media marketplace, new technologies, and fragmented audience present an unprecedented need for differentiation. Branding can enhance a media consumer’s association, perception, and expectation of a media product. However, there are challenges associated with branding in media industries, such as conflicts with accounting systems, high personnel turnover, and segmented organizational structures.

Brand Management Concepts

Overall, brand management plays a crucial role in media industries by helping firms establish clear and memorable brand images, differentiate themselves in a competitive marketplace, and enhance consumers’ association, perception, and expectation of media products.


Brand Attitudes
Brand attitudes are consumers’ overall evaluations of a brand that can be influenced by experience and marketing programs. Consumers form brand attitudes based on what the brand can do for them, such as satisfying their needs or allowing them to express themselves. Brand attitudes are influenced by salient beliefs about the brand and the evaluation of these beliefs. Brand attitudes formed based on direct behavior or experience are often more influential in the purchasing decision process.


Brand Extension, Hierarchy, and Portfolio
Brand extension refers to using an established brand name for a new product to capitalize on the existing brand equity. Successful brand extensions require establishing a connection between the old and new products and transferring perceived benefits. Brand extensions can be line extensions, introducing new products with modifications to the same product category, or category extensions, introducing new products in a different category. Factors motivating line extension strategies include customer segmentation, pricing flexibility, competitive intensity, trade pressure, and short-term sales gain. Brand extensions can clarify brand meaning, enhance the parent brand image, and bring new customers to the brand franchise.


Brand hierarchy refers to the graphical ordering of brands to examine the relationships and portfolios of a firm’s brands. It includes corporate brands, family brands, individual brands, and modifiers. Designing a brand hierarchy involves finding the best combination of levels and how the brands should be related to leverage associations and create meanings.

Brand Equity
Brand equity is the value that a brand adds to a product or service through marketing programs. It is the marketing and financial value, both tangible and intangible, that consumers associate with the brand name. Brand equity allows brands to charge premium prices, maintain higher awareness, simplify decision-making, aid brand extension efforts, and offer a defense against new competitors. It is related to brand awareness and brand image, which includes brand associations and their favorability, strength, and uniqueness. Brand equity can be assessed from a customer-based perspective, analyzing brand awareness, image, and behavior, or from a firm-based perspective, evaluating the relationship between marketing programs and equity and financial valuation.


The Process of Brand Management
فرآیند مدیریت برند
Introduction:معرفی:
 firm can develop a brand’s identity through tangible elements, intangible qualities, and marketing programs. It can also utilize secondary associations with other entities to transfer benefits. Direct associations link a brand to product, pricing, distribution, or marketing communication elements. Secondary associations can be formed with companies, countries, channels of distribution, other brands, characters, spokespersons, events, and other sources.
Brand Management Programs:
Brand management involves organizing, planning, monitoring, and evaluating a brand. It includes creating brand awareness, directing the brand, managing the brand organization, auditing the brand’s strength, building customer relationships, and leveraging brand equity. Traditional marketing activities such as product, price, distribution, and promotion shape the equity potential of a brand.

Media Brand Research:
Brand management in media industries has often focused on tactical sales promotions. However, media firms have long practiced positioning as a precursor to branding. Positioning involves placing products or companies in the minds of potential customers. Early research identified media brands and their brand strength but did not delve into their characteristics. More recent research has explored the effects of strong brands on programming practices and the strategic value of branding in television networks and online platforms.



Final Thoughts:
Brand management concepts provide opportunities for theory development and analysis of market practices in media firms. Brand equity, brand extension, and brand portfolio management offer avenues for creating competitive advantages. The challenges of branding media products include their diversity, intangibility, and individuality. Further research is needed to develop a media product taxonomy and understand the brand knowledge structures of different media products.


Overall, brand management plays a crucial role in helping media firms establish and maintain successful brands in a dynamic market environment.
Chapter     5 : Strategy and Competition in the New Broadcast Industries

Technological advances and changing audience demands since the 1980s have heavily impacted broadcast media. Radio faces competition from satellite radio and internet streaming, while television competes with cable, satellite, and internet services. Broadcasters must adapt to a fragmented audience market and invest in digital technology. This chapter explores how economic, technological, political, and sociocultural changes have shaped the broadcast industry and affected the competitive dynamics of radio and television markets. 
Changes in the General Environment: 

Economic Changes:
The growth of a global economy has positively impacted the market potential of broadcasters. Low interest rates have facilitated mergers and acquisitions, leading to the formation of media conglomerates. The increase in GDP per capita has resulted in a more affluent media consumer, who can afford new subscription or pay-per-event media services.
Technological Changes:
Advances in computing and communication technologies have brought significant changes to the broadcast industries. New digital communication technologies have improved audio-visual quality and provided more content options and interactivity. Digitization and compression have offered broadcasters new business opportunities. The introduction of personal digital recorders and on-demand content services is transforming how audiences use television.
Political changes
Political changes, particularly the Telecommunications Act of 1996, have relaxed regulations in the broadcast industry to encourage competition and new media technologies. The Federal Communications Commission (FCC) has implemented more liberal ownership rules, making it easier for broadcasters to own multiple properties and engage in cross-media ownership. These deregulatory measures have facilitated cross-promotion strategies and resource sharing among broadcast group owners. Privatization and commercialization of media systems globally have also created opportunities for American broadcasters to diversify and increase revenue potential through global expansion and programming demands. 
Sociocultural and Demographic Changes
Sociocultural and demographic changes significantly impact the broadcast business. The aging baby boomer audience has widened the target age for advertisers, leading to changes in programming and competition. Income disparity has driven market segmentation, while women in the workforce and workplace diversity have affected content and scheduling strategies. Broadcasters are not adapting well to societal developments. Attitudes towards quality of life and the environment influence promotional approaches and news focuses, resulting in shorter plot lines and cross-platform marketing. The growth of the Hispanic and African American markets has implications for programming and diversification strategies.


Changes in Broadcast Industries 

Bargaining Power of Suppliers: 
- Content suppliers gain more bargaining power due to increased number of content buyers. 
- Consolidation at network and station levels strengthens the negotiation power of broadcast buyers. 
- Television broadcasters mitigate suppliers’ power through vertical integration. 
- Radio station groups control music labels’ playlists, increasing their bargaining power. 

Bargaining Power of Buyers: 
- Audiences have more power due to alternative products and abundant information from other media systems. 
- Television broadcasters maintain negotiation power with unsubstitutable superproducts. 
- Advertisers, historically powerful, question the value of advertising investment in broadcast media. 
- Broadcasters diversify ownership to minimise ad revenue loss and explore new business models. 

Threat of Substitutes: 
- Multichannel video programming and geographically unconfined audio services are substitutes for broadcast television and radio. 
- Switching cost to substitutes decreases for radio broadcasters. 
- Cable and MVPDs successfully differentiate their programming products, threatening television broadcasters. 
- Broadcasters diversify into MVPD sector and differentiate their products to counter the threat of substitutes. 

In summary, changes in the broadcast industry have impacted the bargaining power of suppliers and buyers. The threat of substitutes poses challenges to both radio and television broadcasts, prompting broadcasters to diversify and differentiate their products. 
Potential Entrants
There are substantial barriers for potential entrants in the broadcast industry, limiting the threat to existing incumbents. 

Internal Rivalry Intensity
Competition in broadcast industries has intensified due to the growth of networks, station groups, and media conglomerates. However, the number of equivalent competitors remains relatively small, leading to oligopolistic behavior and selective competition.


Formation of Strategic Networks and Consolidated Ownership
 Broadcasters have formed strategic alliances to access critical resources, reduce costs, and improve competitive positions. These alliances fall into three categories: community/content-building, access-facilitating, and e-commerce-enabling.

Mergers and Acquisitions
Media ownership rules have been relaxed, leading to waves of mergers and acquisitions in broadcast markets. These transactions have created horizontally consolidated, vertically integrated markets and multimedia conglomerates. 
The New Network Business
The television industry has undergone significant changes in the last two decades, particularly for broadcast networks. With the rise of MVPD services, broadcast networks are facing a smaller audience share and must adapt to the new digital media market. The decisions made by networks also impact other parts of the industry, such as the reduction of programming products in syndication. The evolution of network resources and the acquisition of specific resources are crucial for achieving competitive advantage and profitability. Property-based resources and knowledge-based resources play a significant role in the changing broadcast television market. The network business has evolved from a programming distributor to a critical platform for executing corporate strategies.

Broadcast Brand Management: 
Branding is essential for broadcasters, and radio stations have been experienced in branding techniques such as segmentation and differentiation. Television broadcasters, on the other hand, have primarily branded themselves based on their news divisions and personalities. Local stations often associate branding with tactical operations and promotions.
	
The Internet is seen as a good tool for branding, especially for news, and broadcasters have used it to distribute interactive and personalized content to enhance their brand images. 

New Challenges and Opportunities:
	
Broadcasters must revamp their traditional business models to diversify their revenue sources and take advantage of the new digital media marketplace. Digital television, satellite and internet radio, and emerging broadcast-internet business models offer opportunities for broadcasters’ expansion into new media businesses.
Digital Television: Opportunities and Challenges 
	
- Industry observers see digital bandwidth as the next big thing in the Internet-TV converged world. 
- Different broadcasters have approached digital spectrum with varying enthusiasm. 
- DTV adoption is more successful in Europe compared to the United States. 
- Lack of comprehensive copyright protection and expensive reception equipment hinder DTV adoption in the US. 
- Cable carriage of local digital broadcast signals is a hotly contested issue. 
- DTV has the potential to deliver clearer pictures, better sound, and interactive functions. 
- The FCC has imposed a mandate for TV set manufacturers to include digital tuners in all new TVs by July 2007. 
- There is a low level of DTV awareness and knowledge among American consumers. 
- Consumer internet usage and tenure increase DTV knowledge. 
- Interactivity is considered the least important DTV benefit by consumers. 
- Broadcast brands and newer media are valuable channels for communicating with potential DTV adopters. 
- Relevance and fit are important for brand extension success. 
- Multicasting presents an opportunity for broadcasters to develop differentiated brand identities. 
- Consumers are more attracted to functions they can relate to with their current TV usage experience. 
- Broadcasters need to explore new revenue sources and pursue strategic networks in the DTV transition process. 

Satellite and Internet Radio: Redefining the Radio Medium 

- Satellite radio offers commercial-free music, news, sports, and talk programming. 
- Major satellite radio providers have formed alliances for distribution. 
- Localism remains the key differentiating point for radio broadcasters. 
- Internet radio has grown significantly since the late 1990s. 
- Internet-based radio stations offer unique content and personal relationships. 
- Internet radio changes the competitive dynamics in the radio market. 
- Internet-based radio stations compete with traditional radio stations. 
- Traditional radio stations can reformulate marketing strategies to remain competitive. 

Internet Business Models: A Work in Progress
- Television broadcasters have adopted various Internet strategies. 
- Internet operations focus on generating advertising revenues. 
- Different broadcasters have different approaches to integrating the Internet. 
- Economic conditions, regulation, technology, and audience adoption impact Internet competency. 
- Broadcasters use the Internet for multiple objectives such as generating revenues, reducing costs, and improving audience relationships. 
- Internet competency depends on managers’ views of the Internet’s revenue contribution. 
- Internet operations start as a supplement to off-line core products and progress to generating online ad sales and implementing e-commerce. 
- Not all broadcasters go through the same progression of Internet business models.

Final Thoughts
- Broadcasters face threats from new media services. 
- Consolidations/alliances, Internet ventures, network marketing, brand management, and consumer-centered business models are strategies to adapt to changing environments. 
- Broadcast media will remain essential but needs to compete in today’s multifaced media environment. 

Chapter     6  : Strategy and Competition in the Multichannel Media Industry
This chapter discusses the changes in the multichannel media industry and the competitive dynamics within it. It focuses on the economic, technological, political, and sociocultural changes that have influenced the industry.
Changes in the General Environment:
- Economic changes:	
Globalization and low interest rates have contributed to the growth of the MVPD market.
- Technological changes:
Advances in technology have shaped the MVPD market, leading to the development of new business opportunities.
- Political changes:
Deregulation and privatization have impacted the MVPD market, facilitating group ownership and technological development.
- Sociocultural and demographic changes:
Growing income disparity, increased workplace diversity, and busy lifestyles have influenced the MVPD market.
Changes in Multichannel Media Industries:
- Bargaining power of suppliers:	
The power of suppliers, such as information and audio services, television syndicators, studio and independent producers, and cable networks, has been influenced by factors such as vertical integration and corporate relationships.
Overall, the multichannel media industry has been shaped by various factors, including economic, technological, political, and sociocultural changes.
The competitive dynamics within the industry are influenced by the bargaining power of suppliers and buyers, the threat of substitute products and new entrants, and the rivalry among competing firms.
Bargaining Power of Buyer:
In the MVPD market, audiences and advertisers are considered buyers. Audience buyers have limited bargaining power due to factors such as pricing structure, high switching costs, differentiation of products, and lack of substitutes. Advertising buyers see MVPD services as viable commercial outlets, with cable network viewership growing steadily and gaining a significant share of ad dollars. 
Threat of Substitute:
Potential substitutes for MVPD services include broadcast content, video programming from local exchange carriers (LECs), internet video, and home video sales/rentals. While broadcast signals are highly substitutable with cable television, multiple factors make the substitutability moderate. New entrants from the telephone sector have faced challenges in offering video distribution services. Internet video has limited availability compared to MVPD services. Home video sales/rentals pose a degree of substitution threat for premium/pay-per-view offerings. 

Potential Entrants:
Potential entrants in the MVPD market include LECs, broadband service providers (BSPs), electronic/gas utilities, and new DBS service providers. LECs have focused more on expanding broadband telecommunications services rather than entering the video programming business. BSPs offer bundled telecommunications services but face barriers accessing programming products and certain content like sports/regional news programming. Utilities' entry into providing video services is limited mostly to rural areas where other telecom firms may not be available or willing to provide advanced services. Barriers to entry remain substantial for new DBS services due to economies of scale required for satellite uplink/distribution systems. 


Internal Rivalry Intensity:
The MVPD market in the US has seen transformations due to technological advances and consolidations of services. Cable systems used to dominate the market but now face competition from DBS providers like DirecTV and DISH Network. Different characteristics shape their competitive dynamics in terms of programming access, service/pricing, and technology adoption. 

Formation of Strategic Networks and Consolidation of Ownership:
MVPD firms have formed strategic alliances with programmers, technology firms, and telephone companies to gain access to programming products, improve coordination and marketing of services, explore new revenue opportunities, and expand broadband services. Consolidations have reshaped the industry structure, with large vertically integrated MSOs dominating the market. 




Mergers and Acquisitions
The cable industry has been historically shaped by mergers and acquisitions, with Multichannel Video Programming Distributor (MVPD) networks often being vertically integrated with cable Multiple System Operators (MSOs). For example, Comcast and other leading firms own a significant number of sports, news, and entertainment networks. Vertical integration has been a critical strategy for maintaining competitiveness, especially against broadcast properties.

Vertical Acquisitions for Programming Access:
Leading MVPD service providers, like Comcast, have focused on acquiring programming properties through joint ventures and expansions to enhance their existing content offerings. For instance, Comcast’s acquisition of Home Team Sports and specialty channels like the Golf Channel illustrates this strategic approach. Time Warner, through the acquisition of Turner Broadcasting, and other major MVPDs like DirecTV and Cox, have similarly amassed programming assets to reinforce their market positions. The DirecTV and News Corp. merger is particularly notable for its significant impact on combining broadcasting and MVPD capabilities.
Horizontal Acquisitions for Market Expansions:
After the 1996 Telecommunications Act, horizontal M&A activities surged, characterized by regional clustering to achieve economies of scale and improve service delivery. Major deals, such as US West’s purchase of Continental Cablevision and Comcast’s acquisition of AT&T’s cable assets, demonstrate the trend of seeking regional dominance and infrastructure improvements to support emerging services like broadband internet.

MULTICHANNEL STRATEGIC GROUP COMPETITION:
The MVPD industry features diverse strategic groups that follow different methods for programming and market behavior. Factors like programming differentiation, vertical integration, and pricing strategies impact the degree of competition within the industry. Strategic group membership is critical in determining a network’s performance, with emphasis on placing value on branded content over mere revenue from advertising or license fees.

VALUE CHAIN OF AN EVOLVING MVPD MARKET:
The MVPD market is experiencing transformation due to technological advancements, leading to new service offerings like digital video, high-speed internet, and cable telephony. The evolving value chain reflects the changing roles of content creators, packagers, interfacing facilitators, and service providers. Each stage of the value chain contributes to the industry’s overall competitive dynamics, and understanding this is crucial for firms to capitalize on emerging opportunities.

FINAL THOUGHTS:
The MVPD industry is marked by strategic competition and rapid evolution due to technological innovations. Future growth will likely include a broader range of broadband and telecommunications services, which will shape media strategy research and the industry’s competitive landscape. The following chapters are set to explore the market further, particularly the interactive and broadband telecommunications aspects that will increasingly influence competitive advantages.




Chapter     7 : “Strategy and Competition in the Enhanced Television Market”

“Strategy and Competition in the Enhanced Television Market”
This chapter examines the evolution and strategic implications of Enhanced Television (ETV), which has been anticipated to transform the TV industry. Despite not meeting high expectations, recent technological advances have rekindled interest in ETV services.

“The Development of Enhanced Television”
ETV’s history dates back to the 1970s with initiatives like QUBE, which sought to use television for educational and community services. The 1980s saw simplified text services due to high costs. The late 1980s and 1990s witnessed a strategic shift towards cooperation and trials by companies like AT&T and TCI. By the mid-1990s, advances in technology led to a revolutionary approach in ETV services, which transitioned to an evolutionary approach due to consumer demand and cost considerations.

“ETV Drivers, Ventures, and their Strategic Implications”
Various factors influence ETV ventures, including firm characteristics like organizational traits and strategic predispositions, and ETV service characteristics such as compatibility, complementarities, and cost. The section discusses strategic implications of different ETV applications like Electronic Program Guides, T-Commerce, On-Demand Programming, DVRs, Interactive Programming, Gaming, and Enhanced Advertising, highlighting their potential for generating revenue and enhancing brand value.


“Major Media Corporations’ Enhanced TV Ventures”
The chapter reviews ETV strategies of major media firms like Time Warner, News Corp., Comcast, Disney, NBC Universal, Cox Enterprises, EchoStar, Charter Communications, and Cablevision. Each corporation’s specific ETV ventures, strategic partnerships, and their implications on the market are discussed.

“A Strategic Architecture of the Enhanced Television Market”
A proposed strategic architecture for the ETV market outlines content creators, packagers, value-adding services, distributors, hardware facilitators, and software enablers. This framework highlights the dynamic relationships and interactions between these players in the ETV value chain.

Final Thoughts Summary:

MVPD service providers have had mixed reactions to Enhanced Television (ETV), primarily focusing on Digital Video Recorders (DVR) and Video On Demand (VOD) because of their potential for revenue and branding without needing extensive resources or innovation. However, with DirecTV broadcasting service (DBS) providers and major cable companies like Charter and Cablevision accelerating their ETV efforts through partnerships with technology firms, there’s increased pressure to invest in ETV due to competition and advances in technology simplifying interactivity.

The ETV market is dynamic, with constant advances in technology and shifting consumer preferences. Many ETV companies may need to adapt their business models to stay competitive. For instance, TiVo is facing challenges from larger media companies offering similar services for free and is thus seeking new competitive advantages, like its partnership with Netflix to provide direct downloads to TiVo units.

The chapter suggests that ETV is likely to evolve more rapidly now than before due to better broadband systems, cooperation between firms on resource and risk, sound financial planning, and a focus on consumer-driven services.

 
 











Chapter     8 : “Strategy and Competition in the Broadband Communications Market”
 
Introduction:
The discussion centers on the evolving dynamic between telephone companies and multichannel media firms, highlighting how blurred lines between communications networks have changed the market.
The Development of and Competition in the Broadband Market:
An overview of broadband which converges TV, telephone, and computer networks. The growth is attributed to the Internet’s demand for speed. DSL and cable modem services from telcos and MVPDs are the main players, with cable initially leading due to infrastructure and legislation advantages. Telcos later improved their offerings, closing the competitive gap.

Strategic Networks in the Broadband Market:
Broadband service providers strengthen their market positions by forming strategic networks. Alliances with technology firms, retailers, and content providers are common, aiming to enhance service value and reach more customers.

Telephone Companies’ Video Strategies:
Telephone companies are leveraging broadband to offer video services, diversifying revenue sources as traditional landline usage falls. They hire experts and partner with tech companies to provide services like video-on-demand.


Strategic Differences Between Telephone and Cable Broadband Firms:
The strategic preferences of telcos and cable firms are compared, revealing different core competencies that shape their broadband businesses. The study shows telcos expanding into new sectors, while cable companies strengthen relationships within their industry.

Final Thoughts:
The analysis reveals competitive dynamics and strategies within the broadband market, with dominant players emerging in both cable and telephone sectors. Key strategies include mergers, acquisitions, and alliances, with recent developments showing partnerships between telcos and DBS providers to tackle combined services. Additionally, consumer preferences towards broadband and VoIP are discussed, offering insights into future strategic directions for companies in this market.
Each section addresses the competitive landscape of the broadband communications market, focusing on the strategic positioning and partnerships between telephone companies and cable operators. The chapter concludes with observations on consumer behavior and the potential for new services like VoIP.


The strategy of offering combined services of cable TV, broadband, and telephone, known as “triple-play,” is becoming popular among major service operators. Meanwhile, Voice over Internet Protocol (VoIP) is changing the game for traditional telephone companies as the market sees more competition from a variety of technologies and small VoIP providers, despite uncertainties in regulation. The future of broadband seems to hinge on integrating diverse applications to create a seamless and rich user experience, rather than relying on one or two standout applications. Cable TV, with its expertise and broadband service leadership, is currently ahead in the market. However, telephone companies need to form strategic alliances and develop technologies that offer integrated services with user-friendly interfaces to stay competitive.
Chapter 9: Strategy and Competition of Global Media Conglomerates

This chapter examines the transformation of the media industry into a global market and the rise of international media conglomerates. It covers the shift from nationalistic policies to a global market, debates on media homogenization, and the role of technology in fostering competition. The chapter is divided into two sections: one reviewing the dynamic global media landscape and environmental factors influencing it, and another exploring diversification strategies of leading global media conglomerates, focusing on product and geographic expansion, and the relationship between diversification and performance.



INTERNATIONAL BUSINESS AND GLOBAL MEDIA CONGLOMERATES

The chapter begins by clarifying terms like transnational corporations (TNCs), multinational corporations (MNCs), and multinational enterprises (MNEs), explaining their operational differences. It then discusses reasons for companies to engage in international business (IB) such as market expansion and risk minimization, and illustrates IB practices by comparing media companies like CNN and Knight-Ridder.
THE WORLD MEDIA LANDSCAPE

This section looks at the reasons why multinational companies are formed, the influence of economic wealth on technology adoption, and the global disparity in media and information access. It also explores how a range of environmental factors, such as economic conditions, international business climate, and political, social, cultural, and technological factors, shape a country’s media system.

DIVERSIFICATION STRATEGY OF GLOBAL MEDIA CONGLOMERATES

The chapter continues by detailing the driving forces behind the development of global media conglomerates and discusses the different approaches they take in diversification. It analyzes the strategies and performance of leading media firms like Sony, Time Warner, Bertelsmann, Vivendi, News Corp., Disney, and Viacom and highlights the importance of strategic alliances and dealing with uncertain markets.

FINAL THOUGHTS

The concluding section stresses that media firms are prone to diversify both product-wise and geographically. It suggests examining these firms’ strategic behavior systematically, considering both external environmental factors and internal resources like financial performance, management, and strategic alliances. It underscores that characteristics specific to the media industry significantly influence diversification strategies and that global media conglomerates tend to have a competitive edge due to their diverse holdings and partnerships.