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However, it seems that customers are not interested in the motives of these companies, they just want their problems addressed.
It is important that media companies focus on such activities. The fact that the activity of Fairfax Media allows the company to reach a large number of users, this can be considered an advantage in promoting its corporate social responsibility activities. This strategy can help the company increase its number of customers, because they want to be associated with companies that reflect their interest in their communities' situation by making significant investments.
The reduced level of profits is another problem that Fairfax Media must address. There are several factors that determined this situation. Some of the most important factors in this case are represented by the financial problems determined by the crisis that has affected most media companies, but also the strategy of the company.
In situations where the incomes of customers are reduced, leading to reduced incomes of the company, it is important to reduce costs. This allows the company not to increases its prices. In addition to this, it helps Fairfax Media control its investments by attributing the money to activities required by the production process in comparison with other processes of reduced importance. Such situations also determine investments in the research and development process. This allows the company to develop products that require reduced levels of investments, but that can determine important levels of incomes. It is also important to invest in technological advancements in order to develop products that are in accordance with customers' needs.
However, the competitors of Fairfax media on the media industry in the country are confronted with the same problems. Most of the companies in this market have reported reduced levels of incomes (the Australian, 2011). The environmental factors that affect the activity of Fairfax Media also affect its competitors. The issue refers to how to use these factors to the company's advantage. Situations where the market is in decline can also present great opportunities to companies that can invest in their business development. Therefore, it is important that Fairfax Media identifies the opportunities presented by the media industry.
Such an important opportunity is represented by international expansion. There are numerous countries where the media industry is developing. The experience of Fairfax Media on this market can help the company successfully invest in the media industries of such countries. The company can become the leader in some of these industries if it able to develop strategies that are in accordance with the market needs and these countries, and if it is able to significantly invest in developing its business on international level.
In addition to this, it is important that the company focuses on addressing the technological advancements that allow Fairfax Media to reach larger customer segments (Gome, 2012). The company has already identified the importance of technological developments and has developed several platforms and networks that can be used by its customers. Therefore, the company has developed product applications that can be addressed by customers interested in newspapers, radio, smartphones, tablets, online environments, online transactions, smart TVs, and others. Fairfax Media has significantly invested in product applications that can be used on most types of communications channels. However, specialists in the field consider that in order to be successful, companies should focus their investments in a reduced number of telecommunications systems and to improve the services provided in such systems. This usually leads to developing niche activities. But Fairfax Media is not interested in becoming a niche leader, but in providing high quality services that are able to address several categories of customers. This allows the company the market position that is required in order to become one of the important media companies on international level. In addition to this, the company can expand its customer base, and it can help Fairfax Media address international customer segments through digital media. However, it is difficult to develop digital media products that can address customers on international level. This is because the characteristics of these customers vary and the company cannot satisfy their needs.
It is recommended that the company develops its strategy in accordance with market trends with the needs and preferences of customers. This means that the company must establish the customer segments that it is recommended to be addressed. Fairfax Media must analyze the characteristics of this customer segment and determine the purchasing behavior and the needs that are reflected by this behavior. This is important in increasing the number of customers.
The company must also increase its investments in technological advancements. This is because the development of the digital media industry requires that Fairfax Media focuses on addressing the Internet and mobile phones customers. It is important that the company orients its research and development activity towards digital media products.
In order to improve its performance, it is important that the company increases the motivation of its employees. In other words, the success of Fairfax Media on the media industry relies on the quality of the work of its employees. This objective can be reached by investing in training programs intended to develop the skills of these employees that can be used in addressing the digital media market. T is important to focus on employees and on improving their performance.
1. Fairfax Media (2012). My Share Trading. Retrieved August 17, 2012 from http://www.mysharetrading.com/fairfax-media-fxj.htm.
2. Wilson, J. (2009). The New Media Industry. The Australian Government. Retrieved August 18, 2012 from http://www.australiacouncil.gov.au/writersguide/The_new_media_industry.
3. Annual Report (2011). Fairfax Media. Retrieved August 18, 2012.
4. Fairfax's Digital Strategy Is Working, Insists Greg Hywood (2011). The Australian. Retrieved August 18, 2012 from http://www.theaustralian.com.au/media/fairfaxs-digital-strategy-is-working-insists-greg-hywood/story-e6frg996-1226213614111.
5. Fairfax Outlines Digital Media Strategy (2010). Inside Business. Retrieved August 18, 2012 from http://www.abc.net.au/insidebusiness/content/2010/s3078519.htm.
6. Gome, a. (2012). Fairfax's New Strategy Won't Work for Readers, Advertisers, or its Staff: And Management Knows it. Smart Company. Retrieved August 18, 2012 from http://www.smartcompany.com.au/media/050260-fairfax-s-new-strategy-won-t-work-for-readers-advertisers-or-its-staff-and-management-knows-it-gome.html.
7. Rinehart Applies Luntz-like Strategy (2012). Financial Review. Retrieved August 18, 2012 from http://afr.com/p/opinion/rinehart_applies_luntz_like_strategy_HtjNGAJlI9sg4K9aufEUwI.
8. Fairfax Digital Edition (2007). Fairfax Media. Retrieved August…[continue]
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