The business environment for many firms is rapidly changing and is becoming increasingly uncertain due to the disruption caused by new digital technologies, deregulation, new business models and the threat of new competitive entrants. This dynamic competitive environment increases the level of uncertainty for senior executives and strategic planning teams who have responsibility for the strategic development of the firm, particularly in terms of the future direction, scope and the strategy required to deliver on corporate objectives. This in turn, places increased scrutiny on the strategic planning tools that are used to undertake a rational and comprehensive analysis of the competitive dynamics that inform strategy formulation. This paper presents empirical findings and reflections on a scenario planning project that sought to develop a long-term Corporate Level Strategy. Whilst Scenario Planning is an established constituent of the 'strategist's tool box' the increasing level of dynamism and uncertainty in many markets has meant that it has seen a resurgence in usage. This paper presents empirical findings on how the scenario planning tool was selected and applied before reflecting on the individual and organisational outcomes of using Scenario Planning to develop organizational strategy in uncertain market conditions.
The past decade has seen a transformation in the way television broadcasters have managed their businesses. This paper examines the theory of 'dynamic capability' in two UK television broadcasters, BskyB and ITV, and their attempts to transform themselves into multi-product, multi-platform media companies. Using Comparative Financial Analysis and Content Analysis in a time series, this paper illustrates how the strategic management of media firms can be significantly different for two companies operating in the same sector. This research demonstrates an original contribution to knowledge by providing evidence of the dynamic capability performance effects of significant players in UK television broadcasting.
The UK broadcast media landscape provides an interesting context to understand and explore the competitive dynamics of media organisations'. As an industry characterised by uncertainty and turbulence, this paper considers the process by which broadcast media organisations develop their strategies and the type of analytical tools that they use to underpin this process. This paper presents the findings of a survey of UK broadcast media executives and their views on the outlook for the UK Media Industry; the influence that the competitive environment has on developing media strategy; and the management tools that they use and their levels of satisfaction with these tools.It concludes that UK broadcast media is a competitive and turbulent environment, and that media strategy is developed using a number of media management tools that have varying degrees of success in terms of helping broadcast media executives to manage their media organisations' in uncertain and complex conditions. Media Management Tools: UK broadcast media executives' perspectiveThe media landscape is changing, and fast. Its future size and shape in the medium to long term is unknown and that is a daunting prospect for those responsible for managing media firms and developing strategy. This dynamic competitive environment also "represents a real challenge to managers tasked with planning a strategy" (Kung, 2008, p.8) where the existing business models, and practices are under pressure to deliver audiences, revenues and profits.The strategic drivers of change have been extensively covered in existing literature, and as Picard (2004, p.12) pointed out "Strategic planners need to attend to these lessons as they develop responses to the turmoil and opportunities caused by changes in the environment and markets in which their media firms operate". What we can conclude is that the media industry is operating in a significantly different competitive environment than it was just a few years ago; and that it will operate in a different type of environment in five years' time compared to what exists today. In these shifting and uncertain conditions (Oliver, 2012), one has to consider the process by which media organisations develop their strategies and the type of analytical tools that they use to underpin this process.These tools are often used to develop strategy, organisational policy and inform management decision making. This paper presents the findings from a survey of UK broadcast media
PurposeDynamic capabilities (DCs) help media firms adapt to rapidly changing environments. The purpose of this study is to provide a comprehensive literature review of studies of DCs in strategic management research with a view to understanding its implications for the management of media organizations. Essentially, it fertilizes on the idea that the concept of DC is useful and vital for answering various critical questions regarding the challenges that media organizations are currently facing.Design/methodology/approachThis study builds on a systematic literature reviewing design as the research methodology. It aims to identify, critically evaluate, and integrate factors, dimensions, and findings on studies of DCs in strategic management research and builds knowledge transfers to the field of strategic management research in the media industry.FindingsThe study shows that the DC framework helps media firms effectively respond to changing environments. The conceptual DC framework has implications for media strategy practice. Results indicate a considerable growth in the number of papers published related to the DCs in media organizations from 2003 to 2018.Originality/valueThe study qualifies the relevance and validity of the DC framework in strategic management research for the field of strategic media management. It explores a research agenda in this domain by precisely explaining the significant trends in the theory of DC to shape managerial strategies in the media industry.
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