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Media Management: A Business Venture Description

14 Dec 2016Business Essays

Media, as a business sector is a very competitive one, where the name of the game is excellence against excellence. Mediocrity definitely has no room in media, especially in the modern era dictated by the usage of modern technology. While media was previously sub-pided into two main components—print & broadcast sub-sectors, today's media has expanded to include electronics. From the simple broadcast group of radio and television, it now includes the Internet as a new medium of communication. This is aside from the rise of advertising and marketing as principal components of media.

As a student applying for MBA Program in the Metropolitan College of New York, I plan to develop and work on this course of study according to my understanding and background on the field of media that I acquired through education and experience. I have always been interested in this field since my earlier school days in (country) where I grew up. My passion in the controversial world of media has further developed as I became more exposed to its many challenges and opportunities. My family and friends have also fueled my interest in media. This fascination has influenced my decision to live out my passion and establish a career in media.

Experience has also taught me that a great media practitioner essentially needs a great business school such as the Metropolitan College of New York (MCNY) to eventually prosper and meet the challenges of the industry. Realizing this goal requires getting into the MBA Program of the finest media-related business school. Aside from the fact that this school is renowned for producing the respected people in the field of media, I would like to obtain my MBA degree in this school because of the school’s efficient curriculum and suitable practical applications of the theories to be learned in the program.

Moreover, this college facility can influence me to freely practice the concepts and skills that I will gain and improve. It can also prepare me for the challenges of the fast-paced and competition-driven world of media management. Finally, with the support of the program and the school, a satisfying media management career would become a reality.

The MCNY's MBA Program, which is specifically designed to media practitioners, will help graduates on ways how to develop and work on the business venture related to media management. These manners include the foundation, skills, and competencies required to both understand and function within the complex legal, ethical, economic, and social dimensions of media management.

Entering into the Program necessitates aspiring students to have previous media, art or media related business knowledge. It would also require students to have a broad information in communication arts; radio; television; film; music; fine arts; gallery and arts administration; museum administration; law; education; business management; marketing; public relations; creative writing; journalism; multimedia; publishing; e-commerce; theater; dance; and opera.

I was attracted to three-semester program involves academic study with actual managerial experience. The first semester will make students focus their efforts on creating a comprehensive business plan for a media-related venture designed to satisfy a need, realize an opportunity, or address a challenge within a given media industry. The second one will have students implement aspects of their business plans. In the last semester, students will develop and implement a marketing plan to promote their respective media ventures.

Despite the vastness of career options in the field of media, I decided to venture on media management because there will never be a dull moment in this exciting career with its various challenges. Thus, the MBA Program will definitely help me to advance a business project related to media management.

Meanwhile, to meet the challenges of the industry, media management should be commercially conscious on the competition. A team of young and aggressive planners need to be on board to give an elbow room into developing new avenues and options. Focusing attention into what the leading competitors are doing may only lead into the production of similar but better products and not new ones which could result in more profits.

Just like any other venture, media management requires strict adherence to quality and a high level of consciousness on market demands and trends. To achieve excellence, one must always be on the lookout for possibilities of creating new markets and not merely working on getting a bigger share of an existing market. For instance, if one chooses to venture into the publishing media, he or she should first have a good idea on the existing publications in the area where the same will be circulated. A comprehensive understanding on the quality and styles of existing publications is necessary in order to be able to come up not only with a better version of the existing ones but also a new product distinct from the others. Thus, resourcefulness, creativity, perceptiveness, and insight are highly important in this field, which happen to be my strengths as well.

Managing media today also requires public relations, promotions, and advertising if one wants to have his product immediately gain a foothold of the market. Media itself needs to be subjected to PR, promotions, and advertising activities in order to become profitable and, to some extent, be more influential.

Another area that needs to be explored in media management is the challenge of installing print or publishing business as the public's medium of choice once again. Admittedly, newspapers and magazines have lost the honor of being the popular choice as sources of information and even entertainment. Over the years, television has become the leading source of information with giant networks such as the CNN, NBC, and BBC doing live and continuous coverage of developing events all over the world. Today, the broadcast medium already provides detailed reports.

Finally, the entry of internet medium has caused newspapers to lose a bigger part of the market. People no longer have to wait the following morning to be able to get a clearer idea on a certain event or incident that transpired the day before. The internet now supplies detailed information minutes after an incident or event took place.

Thus, in addition to quality packaging and programming, practitioners of Media Management, therefore, should not only be aware of existing trends and competition but must also provide a premium in constantly having or developing a young team with capabilities to come up with new brilliant ideas and products.

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