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Course #3
Media, Economics and Research: Value Chain and Marketing Analysis
Course objectives are two-fold. On the one hand, the course is targeted to provide students with deeper and better theoretical knowledge of contemporary concepts in media economics such as business models, value chain, content strategies, and management. These research concepts play a crucial role in media literacy because they are increasingly becoming a powerful tool of analysis of the economic mechanisms in social and cultural activity of media in modern democracies. On the other hand, the course is aimed at providing students with research methods crucial for media literacy. The seminars are intended to develop new skills such as SWOT analysis, strategy analysis, field research, in-depth interviews, etc. Applied in comparative research of media companies' strategies, these skills will play an important role in developing critical and professional attitudes of media studies instructors, as well as business and corporate strategies of media companies.
Objectives for year two therefore involve provision of both theoretical knowledge and analytical skill that should be applied to analyze media performance in market-based democracies. The level of media literacy is expected to increase when the research tools of media economics are applied. The case study and modeling of media companies' activity approach in teaching media economics should be subsequently the focus for the last year. In addition to providing students with applied research methods, analysis of recent trends in media industries, media policies and media economics would be also needed.
Course Summary
The theoretical concepts for the 'Media and Economics' course will be concepts of the value chain and value creation in media industry, which today is becoming crucial for understanding economic mechanisms of media content and media production. In addition to this theoretical concept, the course will also focus on researching corporate strategies and marketing concepts of media companies that also fit quite well with the overall topic of media literacy, research and innovation in teaching.
Teaching Methods
The course includes substantial elements of active learning and class interaction. After a theoretical presentation of the topic, group activity will be structured around particular topics involving methods of analysis discussed in academic presentation. The group would be divided into smaller sub-groups to provide others with summaries of their findings on the topic. In a rather short time this would give all participants:
new tools of economic analysis,
wider understanding of the field,
better knowledge of the role of economy in media.
Course Structure
Session 1. Contemporary business models in media industry. Significance of advertising. Traditional advertising under new pressures (new technologies, b2b, public relations, non-advertising revenues, product placement). Investments in media and ethics of new business models
Readings
Aris, A. Bughin, J. (2005) Managing Media Companies. Harnessing Creative Value. John Wiley and Sons, Ltd. Introduction, pp. 1-10.
Cappo, J. (2003) The Future of Advertising. New Media, New Clients, New Consumers in the Post-Television Age. McGrow Hill. Ch. 3. 'Advertising Changes its Tune', pp. 59-82, Ch. 9 'Reinventing Media', pp. 163-186.
Hoskins, C., McFadyen, S., Finn, A. (2004) Media Economics. Applying Economics to New and Traditional Media. Thousands Oaks, London, Sage. Ch. 11 'Advertising', pp. 247-260.
Galician, M.-L. (2004).Handbook of Product Placement in the Mass Media. New Strategies in Marketing Theory, Practice, Trends, and Ethics. Haworth Press, Inc.
Picard, R. (2002) The Economics and Financing of Media Companies. New York, Fordham University Press. Chapter 6 'Media, Advertising, and Advertisers', pp.122-138.
Session 2. Value creation in media industry. Value chain in media companies: content generation, content delivery, advertising sells, end-customer interaction process. Analysis of value chain in media. End-to-end supply chain. Firm resources and product differentiation.
Readings
Aris, A. Bughin, J. (2005) Managing Media Companies. Harnessing Creative Value. John Wiley and Sons, Ltd. Ch. 2 'Rebalancing Value Chain', pp. 13-80; Ch. 5 'End-to-end Supply Chain Management', pp. 175-196.
Handbook of Media Management and Economics. (2005). Erlbaum.
Picard, R. (2002) Media Firms. Structures Operations and Performance. Mahwah, London.
Session 3. Management of content generation. Innovations in content generation: ˇ°talent-drivenˇ± economy, non-blockbuster segments, user-generated content. Managerial decision making. Influence of international trade (film and TV production). Management of media companies adapted to new requirements.
Readings
Albarran, A. (1996) Media Economics. Understanding Markets, Industries and Concepts. Ames. Iowa State University Press. Ch. 6.
Aris, A. Bughin, J. (2005) Managing Media Companies. Harnessing Creative Value. John Wiley and Sons, Ltd. Ch. 9 'People Management in media Companies: creative managers or managed creativity?', pp. 373-398.
McDonald, P. (2005) The Star System. Holliwood Production of Popular Identities. London, New York.
Wicks, J.L., Sylvie, G., Hollifield, C.A., Lacy, S., Sohn, A. (2004). Media Management: A Casebook Approach. Mahwah, London.
Session 4. Content/programming strategies. Radio, television, cable, and telco programming. Role of formats. Fragmentation of audience and product segmentation. Management Issues in Programming. Human resource management in media industry. Management of creativity. Copy right management.
Readings
Albarran, A. (1996) Media Economics. Understanding Markets, Industries and Concepts. Ames. Iowa State University Press. Ch. 6.
Aris, A. Bughin, J. (2005) Managing Media Companies. Harnessing Creative Value. John Wiley and Sons, Ltd. Ch. 9 'People Management in media Companies: creative managers or managed creativity?', pp. 373-398.
Eastman, S.T., Feguson, D.A. (eds.) (2002)
Broadcast/Cable/Web/Programming. Belmont, CA, Wadsworth.
Hollifield, C.F., Vlad, T., Becker, L.B. (2003) The Effects International
Copyright Laws on National Economic Development. In: L.B. Becker and T. Vlad (eds.). Copyright and Consequences: Central European and US Perspectives. Cresskill, N.Y., Hampton Press, pp. 163-202.
Landes, W. (2003) Copyright, in: R. Towse (ed.) A Handbook of Cultural Economics. Edward Elgar. Chaltenham, Northhampton.
Session 5. Market analysis. Audience research: demographic, psychographic, geo-demographic research data. Sources of audience research data. Marketing media content. SWOT analysis in media industry. Analysis of marketing strategies for media companies using different business models. Branding in media.
Readings
Albarran, A. (1996) Media Economics. Understanding Markets, Industries and Concepts. Ames. Iowa State University Press. Ch. 5.
Handbook of Media Management and Economics. (2005). Erlbaum.
Wicks, J.L., Sylvie, G., Hollifield, C.A., Lacy, S., Sohn, A. (2004). Media Management: A Casebook Approach. Mahwah, London. Ch. 8, pp. 186-215.
Session 6. Quantitative and qualitative research methods in media economics. Analysis of corporate strategy in media industry. Supra-, macro-, meta-, micro- levels. Analysis of competitors. Sources of economic data and financial information, field research, types of interview. Verification of information for strategy analysis.
Readings
Handbook of Media Management and Economics. (2005). Erlbaum.
Porter, M. (1998) Competitive Strategy. Techniques for Analyzing Industries and Competitors. New York, London, The Free Press.
Read Course #1 -- Media, Society and Research
Read Course #2 -- Media Criticism and Research
Read Course #3 -- Media, Economics and Research: Value Chain and Marketing Analysis
Read Course #4 -- Survey in Media and Governance
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