The New York Times market and financial performance depends on how the publishing company conducts its marketing, value creation and customer service. The proprietor of the publishing company has a choice to ensure that marketing becomes a core philosophy in achieving organizational goals.
In this regard, the company’s new perspective on marketing should refocus in understanding the fundamental concepts of effective management. Already, the New York Times is perceived as a household name among other mainstream media companies (The Future of the New York Times, 2005, para. 2).
In this regard, an effective marketing strategy should aim to achieve an appealing effect among its target markets. Using a competent marketing staff to complement the research and development outfit in creating the company’s marketing mix is necessary (McDonald & Wilson, 2011).
Understanding marketing fundamentals like the target market is critical when avoiding wastage. In this regard, establishing a target market and learning the consumer behavior provides an input when strategizing on customer service and product development.
Moreover, understanding the target market in relation to developing a marketing mix is essential for a publishing company that is reviving its financial capabilities.
The marketing mix provides information required for the publishing company when respond to uncontrollable factors such as the economy, technology, diverse cultures and politics (Gilligan & Hird, 2012). Many activities in marketing requires much research and input before a real decision making process is initiated.
For example, an environmental and consumer analysis precedes product and price planning. In addition, products cannot be promoted before planning on physical distribution channels.
The New York Times requires a new approach towards identifying opportunities and identifying market potential. In this regard, the use of PEST analysis plays a crucial role in understanding and predicting the company’s performance when subjected to prevailing, political, economic, social and technological issues.
In this context, the New York Times involvement with political issues requires a redress. Perhaps, reporting on issues that do not cause a political outrage can uplift the company’s sales, as well as profits.
Constant reviewing of the company’s budget against the prevailing economic situation is paramount as it helps in preventing a possible financial bankruptcy.
Assessing social issues and technological changes is vital in a company striving to improve on its financial stability. In general, marketing management should focus on reducing wastage, creating value and making profits.
As indicated earlier, creating a culture of customer service in the communication industry is necessary. For a company to become competitive in the market with many players, distinction through customer service is considered an advantage.
From this perspective, the New York Times customer service requires rebranding (Kietzmann, Hermkens, McCarthy & Silvestre, 2011). A competitive customer service requires an inquest on how clients perceive value. In this regard, delivering of products and services that appeal to customers is crucial.
For example, rebranding the brand image of the New York Times newspapers and magazines cover page can achieve the customer perceived value. Another strategy of creating value is through product pricing. A comparative study on what customers consider a fair price should be initiated.
Moreover, using psychological pricing tactics has always been considered effective. It is important to note that customer service is best achieved through total quality management. In this context, total quality management will involve production and delivery of quality material content.
Moreover, the delivery of value-added products and services requires the value chain analysis. Precisely, this is to determine cost-benefit analysis as it relates to the existing core competencies in order to accrue profits.
As indicated earlier, The New York Times is considered part of the mainstream media companies. Therefore, competing with rising digital media is difficult and challenging. However, with the right structures in place, the New York Times can still make an impact and compete with digital media.
The need to conduct a benchmark in what entails new practices can be considered a proactive reaction towards digital media competition. The company’s management understands the loss accrued due to stiff competition from digital media.
In this regard, establishing an online-based news application can refocus the company’s media practices. However, this initiative would lead to loss of jobs in the company. Consequently, this means that the company loses its stature as a reputable media company with competent journalists.
It is important to note that digital media does not concentrate on quality, as emphasized by the New York Times. However, the company can control the competition by merging with one of the digital media companies (Kietzmann, Hermkens, McCarthy & Silvestre, 2011).
The New York Times is renowned for its market tactics of acquiring aspiring companies. The initiative would ensure that the company benefits from digital media without losing on revenues collected from advertisements.
In conclusion, the New York Times remains one of the most respected media companies in the world. In fact, the shift from mainstream media practices to digital platforms as evidenced from online newspapers indicates that the company continues to survive the test of time.
In this regard, it is evident that strong leadership that understands evolution of industrial trends, markets, technology and customer service is imperative.
References
Gilligan, C., & Hird, M. (2012). International marketing (RLE international business): strategy and management. New York, NY: Routledge.
Kietzmann, J. H., Hermkens, K., McCarthy, I. P & Silvestre, B. S. (2011). Social media? get serious! understanding the functional building blocks of social media. Business horizons, 54(3), 241-251.
McDonald, M & Wilson, H. (2011). Marketing plans: How to prepare them, how to use them. Hoboken, NJ: John Wiley & Sons.
The Future of the New York Times. (2005). Web.