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Media Product Taxonomy	
As discussed earlier, technological development is constantly changing the degree of substitutability between different types of media products. For example, the increasing application of digitization is blurring radio product consumption patterns as more and more audiences begin lis- tening to radio stations on the Internet. As a result, it might be fruitful to examine the audio product or the providers of the product from the perspective of the consumer rather than of the radio industry. In other words, as technology shifts more control and power to consumers, me- dia strategies and “competitive dynamics” may be evaluated based on consumer rather than industry factors or definitions.
One example would be to review the relative positions of different media firms using consumer-based concepts such as “risk involved” (i.e., time and cost invested) and “degree of involvement.” Chan-Olmsted (2006) proposed such a media product taxonomy. Media products like the Internet, broadcast radio and television, cable televi- sion, books, and magazines are classified based on how involved a typi- cal consumer might be with the specific media product and how much time and cost are required to consume the product (see Fig. 2.1). These factors influence consumers’ perceived risk and thus their assessment of the value of that product. For instance, whereas the Internet, by nature,is a relatively more involved product than broadcast television, pay ca- ble is often perceived to involve more risks and is, therefore, subject to different value scales than the mostly free Internet content product. On the other hand, paid Internet content product is evaluated differently as it moves to the right on the “risks” scale. The taxonomy may be used to assess the competitive dynamics of various firms in a particular media market or a mixture of media markets. It may also be used as a tool for analyzing corporate strategy portfolios. The integrated factors of risks and involvement are only one example of a consumer-based framework for analyzing media products and firms. As technology continues to re- shape the media landscape, strategy scholars need to construct more theoretically sound taxonomies to reflect the changing nature of media products and to take into consideration the factor of consumer choice and consumers’ changing degree of control over the media products they consume.
A Media Strategy Research Framework
Incorporating both the IO and RBV concepts, Chan-Olmsted (2006) pro- posed a system of factors that might affect the formulation and imple-mentation of strategy in the media industries. This analytical framework integrates both exogenous and endogenous variables and serves as a be- ginning point to stimulate more media strategy inquiries (see Fig. 2.2). Theoretically, a media firm’s strategy (formulation) and its ability to exe- cute that strategy (implementation) are influenced by a combination of external characteristics relating to the general environment and a partic- ular media market in which the media firm operates. General exogenous factors, such as the economy and technological advancement, affect the interplay of the six forces present in a specific media industry (i.e., audi- ence preferences, substitutability between different media products, sup- plier–buyer relationship, in-market competition, and threats from potential entrants), ultimately impacting the strategic behavior of a me- dia firm. The environmental complexity is further complicated by a series of firm capabilities and resources at the business and corporate level, which shape the firm’s strategy. Either property or knowledge based, a media firm’s corporate structure (e.g., its degree of vertical and horizon- tal integration with other media properties, its product and geographical diversification, and its windowing and resource alignment corporate ca- pabilities) along with its specific business unit resources and capabilities (e.g., cross-media integration and marketing) directly determine the type of strategy formulated and implemented. Adding the essential factors of strategic leadership and entrepreneurship, along with the consideration of competitive dynamics in an industry, the framework presents a useful starting point for analyzing the antecedents of strategic behavior and predictors of performance.

FINAL THOUGHTS

This chapter has examined an array of strategic management theories for further applications to media products. For research ideas, media man- agement and economics researchers may also want to survey the schol- arly work published in the top strategy research academic journals: Strategic Management Journal, Academy of Management Journal, Academy
of Management Review, the Journal of Management, and the Journal of Management Studies (Park & Gordon, 1996). The fluidity of media indus- tries, due to the continuous changes in communication technology, cre- ative development, and audience preferences, encourages the introduction, incorporation, and testing of new paradigms. In fact, we believe that a multiplicity of theories is needed in this area of study be- cause media management and economics, by nature, are multidimen- sional disciplines. Chapters 5 to 9 empirically showcase some additional applications of the concepts discussed here in a media industry setting.