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Making Money on Music: The Company That Has to Stay Afloat Essay

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Updated: Jun 13th, 2018

Considering the state of affairs within the company in question, one can assert that the strategies one can apply to make the company more successful are the contingency planning and crisis management.

Obviously, at present, the company uses the crisis management strategy to avoid crisis management, yet it seems that the actions undertaken so far are not enough. While the company tended to focus on single business with Edgar Sr., Edgar Jr. Offered the strategy of diversification, which predetermined certain complexities.

Hence, it cannot be denied that the corporation urgently needs certain stability, which will allow further strategic planning. According to the evidence obtained, the Warner Music Group requires considerable effort to rise from ashes after the Vivendi decade. However, the enterprise is obviously progressing towards success now.

According to what the authoritative sources say (Griffin et al.), the four functions of the management process include such necessary elements as planning, organizational issues, the process of leading the company towards success and the controlling of the processes that are currently running in the given entrepreneurship.

With the help of the aforementioned ingredients working efficiently, one can claim that the given company is bound to succeed in the world market. Considering the state of affairs in Warner Music Corporation at the times when Edgar was the official CEO of the company, one can see that the enterprise suffered to a considerable degree because of the inefficient and highly risky decisions made by the CEO of the company.

Beyond any possible doubt, the company would have escaped the crisis and the deplorable consequences unless Edgar Bronfman Jr. had broken one of the key principles that lie in the basis of the planning process. Once the harmful decision had been undertaken, there was hardly anything that could be done to avoid the damage.

Speaking of defining what makes a good manager in general and the qualities of Edgar Bronfman Jr. as a CEO in particular, one should emphasize that there are several aspects of being a good manager. On the one hand, there is the obvious standard that one is supposed to suit and the principles that one has to follow or making the company prolific. According to these aspects, Edgar Bronfman Jr. can be considered rather inexperienced than incompetent.

However, speaking of the personal issues, such as the business intuition that can lead to the correct choice, or the necessity to refuse the attracting innovations and resort to the time-tested experience of the forerunners, one can claim that Bronfman Jr. lacks certain personal qualities that an ideal manager is supposed to possess. Hence, it can be concluded that Bronfman Jr. is unlikely to make an efficient manager.

Speaking of the skills that managers need to be effective, one should mention such aspects as the technical one, human relations, time management, decision-making and the conceptual skills (Griffin et al.). Considering Edgar Bronfman Jr. as a manager, one can claim with certainty that Edgar lacks the technical and the conceptual skills, since he was not able to understand the way the company works and what helps the corporation obtain its revenues.

As a result, the failure and huge losses followed the unreasonable policy of Bronfman Jr. According to the critics, the lack of conceptual skills, namely, the lack of experience and the inability to predict the outcomes of the actions undertaken led the company astray. However, once choosing the correct strategy, the company is likely to succeed again.

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"Making Money on Music: The Company That Has to Stay Afloat." IvyPanda, 13 June 2018, ivypanda.com/essays/making-money-on-music-the-company-that-has-to-stay-afloat/.

1. IvyPanda. "Making Money on Music: The Company That Has to Stay Afloat." June 13, 2018. https://ivypanda.com/essays/making-money-on-music-the-company-that-has-to-stay-afloat/.


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IvyPanda. "Making Money on Music: The Company That Has to Stay Afloat." June 13, 2018. https://ivypanda.com/essays/making-money-on-music-the-company-that-has-to-stay-afloat/.

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IvyPanda. 2018. "Making Money on Music: The Company That Has to Stay Afloat." June 13, 2018. https://ivypanda.com/essays/making-money-on-music-the-company-that-has-to-stay-afloat/.

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IvyPanda. (2018) 'Making Money on Music: The Company That Has to Stay Afloat'. 13 June.

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