Strategy Planning in Media and Information Firms
The chapter deals with strategy setting in the media and information sector. It begins with an introduction of major theories and tools of business strategy: business policy, game theory, competitive analysis, core competencies, and the adaptability approach. The second part of the chapter deals with the process of formulating strategy and how the various constituencies engage in strategic planning. The main elements are an assessment of the external setting of the company: markets, users, competitors, and barriers to entry. The internal assessment covers a firms’ core competency and competitive advantage, its leadership, and its human, financial, technological, and intellectual asset resources. These analyses are applied to identify strategy options. The generic options for media and digital companies are then discussed. How does one select among strategies? The chapter lays out several selection methodologies. A final issue concerns the implementation of the strategy along with the challenges of internal communications, reorganization, budgeting, monitoring, control, and feedback.