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Strategic Marketing Management for VYP Company
Strategic Marketing Management
Conceptualization of V and P. Productions (VYP) Company
The VYP Company was conceptualized as an independent company for TV Productions, in October 2004. The owners of the organization and its initial founders include Voddil and Young, who were both experienced TV Production makers, working as program directors in big broadcast companies. The corporation initially had only twelve employees, but currently constitutes over sixty employees inclusive of the directors. Its founders and a number of directors, who constitute the board, currently own the company's share. The other shareholders include Shah and Maas, who are currently positioned as directors overseeing the videotape (VT) editing, Black the financial director and Fisher, who is in charge of Legal Affairs and Business activities of the organization (The Chartered Institute of Management Accountants, 2012, p. 3).
In depth Analysis and Evaluation of the VYP Company
Aims and reputation of VYP
The ultimate aspiration of YVP is to make sure it produces the best programs, which will be successful and ensure good profit returns. This is usually the main goal of many organizations that are business oriented, maximizing profit returns. The company's reputation was build and linked to Voddil and Young, who tirelessly helped the company, grow to the position of winning new programs. These programs are commissioned by the major Broadcasting Companies, like the BBC in the U.K. Thanks to both directors who continuously and efficiently worked with the production managers to shape the organization to its present position. The VYP Corporation is related to innovation and excellence in terms of their productions. With the respect it deserves, the organization's reputation is to be treated, as one of the organization's driving forces, hence needs maintenance.
The Company's Outsourcing History
When VYP Company is in relation with any external service and product providers, who perform tasks that could have been done in-house (by the organization's staff) then this defines the meaning of outsourcing. The provider is either a company or individual (Jacques, 2006, p. 19). Outsourcing is mandatory in most organizations, including VYP due to the technicality of certain tasks that need technical knowledge, which might be unavailable in VYP. The company currently outsources about four hundred employees. However, the company bases its skills in creativity and art those employed, especially the program makers, are obliged to outsource most of their personnel for production purposes. In addition, most of the facilities including necessary equipment for production are outsourced. The onshore outsourcing (Outsourcing from within the country) practiced by VYP Company is aimed at hiring freelance individuals on a short-term basis, to make the programs. VYP ensures most of the personnel outsourced posses the required skills.
Program Genres for VYP Company
Over the years, since its conceptualization, VYP has maintained high ranks in producing programs including Documentaries, Drama Series, Scripted Comedies and Entertainment. Regardless of the tough opposition from its competitors, VYP has managed to offer reputable comedy and entertainment programs. The company's documentary programs are also wining TV awards, due to quality productions, leading to viewer's demands for the documentary shows during the peak hours, when there are the most viewers. This reputation build for the documentaries has also lead to VYP gaining commissions, which boost the company's income. The organization also features in dramas, which has rapidly increased the viewer's interests and satisfaction, though the company incurred initial costs, as it was not previously producing dramas.
The production costs are entirely the obligation of the VYP Company, which should monitor to guarantee that the costs are not exceeding the funds provided to them by the broadcasting companies. The broadcasting company expects that VYP make its profits from the funds it provides. VYP should therefore evade miscellaneous costs that may lead to losses. The company also appreciates that the commissioning revenue from the broadcasting companies depends on the genre of production, or the length of the commissioned programs, and should consequently focus on the genres that attract high revenues.
VYP's facility, labor and space
Due to its small size, VYP is incapable in terms of owning full facilitation, especially equipment to aid production. The company currently rents its premises, as the cost for owning private premises and installing the necessary equipment is quite overwhelming to the company. Though VYP has four videotape editing suites with editor workers, it hardly has any studio or videotape (VT) crews. The organization has a management team of sixteen directors in the HR department, the finance, and contract and administration departments. It also contains program-making employees who are about forty-four in number, inclusive of the Executive Directors.
VYP has a specific way of motivating their employees, who are expected to be creative enough and have strong relationship bonds at the workplace. The directors and program producers are rewarded with bonuses if they work as per the budget, and if they produce successful programs. This is done typically to ensure high employee retention levels. It is the program director in charge of the program that makes team, and ensures the creativity of ideas. The program producer on the other hand manages the resources available for a particular program, and should be critical to avoid and financial constrains.
VYP's Technological Input
The company operates its accounts, including its ledger and non-current assets accounts, using common accounting software. The software package is controlled by the financial department that operates the accounts from the time any program is commissioned by the broadcasting company.
As a result, tight economic times has made the company has experienced tough financial moments. The commissioning revenues have been reduced from the broadcasting companies for the programs commissioned to VYP. This has affected the company to the level it has to reduce employee's remuneration, which might have negative implications to the organization, including resignations and de-motivation of employees (Armstrong, 2007, p. 127).The quality of the programs produced is prone to deterioration, due to de-motivated employees.
Issues and Recommendations in Table Format
Issues Requiring Attention
Aims and maintaining company's reputation
To focus better on VYP's aim, the company should design and implement a Mission and Vision that will be tools to guide the employees in realizing and exploring greater ideas. The mission should help understand the type of business VYP is. However, the vision explains the company's future ambitions. An efficient mission should be selected (One that is supported by the employees).
In maintaining culture, the organization has to develop the right culture that will assist in combating unnecessary competition and exploring the competitive advantage (Keyton, 2005, p. 98). In this case, of VYP, cultivating the culture of 'viewer oriented production' would be most appropriate.
Though it is inevitable, excessive outsourcing such as the one experienced at VYP has adverse negative effects on the company, including exceeding dependency on third party, high levels of resources required, loss of control by VYP company, expected delays of contracts and many others (Hunter, 2006, p. 57). Alternatively, VYP company should set a well-structured joint venture with other organizations. This will cut on cost and time consumption (Greaver, 1999, p. 111).
Production and program Costs
The increase in production and program costs are due to VYP's market strategy and the economic forces. The company should therefore restructure and change the measures of rewards to the employees (Adjust the remuneration systems). There is need for appointing a marketing manager, to help examine the economic trends and advice the company appropriately.
Motivation is compulsory for better employee performance. Just as VYP has adopted the satisfier motivator, which involves bonuses to the best performers, there should also be other motivators including efficient company policy and administration, favorable supervision structures, good working conditions and considerate working regulations (Motivator Hygiene Theory by Hertzberg).
Space and Equipment
Though the initializing costs are quite demanding, there is dire need…[continue]
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