The paper "Strategy Formulation and Implementation - Fairfax Media" is an outstanding example of a marketing case study. The Australian media industry is highly vibrant; according to the industry analysis the threat of new entrants is very low, the bargaining power of suppliers as well as consumer bargaining power is very high, and the rivalry between different players is very stiff. Fairfax Media is one of the main players in this industry offering product such as print, audio, and online products. The company’ s sales have been depreciating over time.
According to extensive studies, it was established that the current technological changes are the main challenge that has caused the company sales to deteriorate. With this regard, the company resorted to solve this problem by integrating its distribution channel in order to address this issue. The alternative solutions that the company can use in order to accomplish this objective are concentrating on online publication while introducing numerous online payment means together with discounts that will be vital in attracting more consumers. Secondly, the company should consistently be providing online abstracts of their articles to entice customers to purchase their products (Carroll & Buchholtz, 2009).
Following these observations, this report discusses these two alternatives by providing gap analysis, identifying factors that should be changed in the current company strategy, and the expected results. Similarly, the report will discuss the implementation of these alternatives, the extent to which the problem will be solved, and finally, the paper will give recommendations that Fairfax Media should implement in order to achieve the objectives of the new strategy. Alternative Strategies Fairfax Media major problem to be solved is aligning the company’ s technological capabilities with the distribution channel, which is a strategic step towards addressing the falling product sales.
Following this critical identification of the main issue to be solved, the following two alternatives are the best means through which Fairfax Media can leverage itself from this troubling marketing situation: Concentrating on online publication and introduce numerous means of the payment plus some discount that enables attracting of more customers Consistently provide article content abstracts through different promotional avenues with the main objective of attracting end-users to purchase the content Gap Analysis The above-proposed alternatives are in line with Fairfax Media marketing strategy; for instance, the company has strong technological capacities (Belch et al. , 2011).
Similarly, the company is comprised of skilled personnel that will be very instrumental in developing free article contents together with article content abstracts that will be vitally significant in influencing customers to purchase company products (Jain, 2008). Furthermore, the highly skilled and qualified personnel will aid the company in aligning their technological superiority in the industry with their distribution channel (Percy, 2012). Given the fact that the company has an established online presence, having various services and products payment platforms, the gap between the proposed solutions and the entire company strategy is minimal. However, despite the above discussed technological capabilities, the company has outdated publishing equipment coupled with the ever-changing distribution and technological methods and increased operational costs exhibits that there is a slight gap between the proposed alternatives and the current Fairfax Media marketing strategy.
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