2013 - 2014 MBA in Media Management Purpose 2 Handbook Purpose 2: Strategic Planning
2013-2014
Metropolitan College of New York Metropolitan CollegeSchool of Newfor Business York School of Management, Business Programs
TABLE OF CONTENTS Introduction: The Media Management MBA Program ...... 3 Overview of Purpose 2: Business Planning Development & Marketing ...... 4 The Purpose Dimension: Strategic Planning ...... 8 The Skills Dimension: Managerial Economics ...... 11 The Self and Others Dimension: Media Marketing in a Global Environment ...... 12 The Value and Ethics Dimension: Media Contract Drafting and Negotiation ...... 15 The Systems Dimension: Music and Publishing Industries in the Digital Age ...... 17 Purpose Performance Ability ...... 18 MBA Foundation Courses ...... 19 Media MBA Constructive Action Rubric…………………………….………………………..………………20
Media MBA Purpose 2 Constructive Action Working Outline……………………………………….……….24
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INTRODUCTION: THE MCNY MBA MEDIA MANAGEMENT PROGRAM The MCNY Media Management MBA program is specifically and uniquely designed to develop quality management practitioners in the media and entertainment industries capable of creating corporate cultures in which individual initiative, participation and autonomy will result in augmented self-esteem and job commitment, enhanced productivity, improved product quality and labor-management relations, strengthened global participation, and, ultimately, in increased profitability and responsible community awareness and civic participation. It does so by integrating management theory, practice and performance, focusing on the imaginative and entrepreneurial thinking and problem solving skills essential in today’s rapidly developing content driven and converging media environments.
The first of its kind in the nation, it remains the only one year accelerated specialized MBA program in Media Management, fusing the study of general MBA core competencies in economics, finance, marketing, operations, management, and accounting with intensive exploration of media specific fields essential for effective media management. The MCNY Media Management MBA program provides students with the tools necessary to successfully navigate the unique nuanced business, operations and management characteristics of the media and entertainment industries by providing students with a comprehensive analytical overview of the media industries including entertainment law, new media, broadcast, film, music and publishing industries, media marketing, advertising & public relations, arts administration & cultural heritage management, and media theory. Delivered by industry experts using MCNY’s Purpose Centered Education model, students combine this focused comprehensive analytical study of media industry topics with applied knowledge and practical skills gained through three semesters of hands on field experiential practicums in media entrepreneurial and/or intrapreneurial Industry & Venture Assessment, Business Planning, Development & Marketing, and Venture Implementation, Actualization & Evaluation.
In addition to the general goals of the MCNY MBA program, students in the Media Management program will gain knowledge to: Develop models for successful exploitation and utilization of social and mobile media in the delivery of traditional entertainment industries; Manage and develop new successful business models in changing music and publishing industries in light of digitization and convergence; and, Be at the forefront of administration of successful business models for developing “new” media industries, entrepreneurial media ventures or improved service methods within media businesses with skills acquired through the Dimension classes and the Constructive Action.
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OVERVIEW OF PURPOSE 2: BUSINESS PLANNING DEVELOPMENT & MARKETING
Students apply knowledge obtained and the strategic industry assessment conducted for their Constructive Action in the prior semester, to develop a comprehensive strategic business and marketing plan for their chosen entrepreneurial and/or intrapreneurial venture. They will also learn that well-written and exhaustive business and marketing plans are not only important in developing an entrepreneurial or intrapreneurial opportunity, but also essential in determining the allocation of resources, obtaining or securing them and successfully managing the resulting venture. When or where appropriate, students will also plan and build a website that can be used in marketing or implementing elements of their entrepreneurial and/or intrapreneurial venture.
PURPOSE ACHIEVEMENT ABILITIES The knowledge and skills acquired in engaging in this Constructive Action to achieve a worthwhile Purpose are embodied in 24 Abilities that are grouped by Dimension.
PURPOSE DIMENSION ABILITIES STRATEGIC PLANNING
1. Explore opportunities to improve the world. Identify the social, political, economic and technological challenges and climates faced by media businesses, stakeholders and constituencies and develop plans to address and/or over come them; Define goals that are critical to achieving successful business opportunities that are consistent with the venture you want to develop. 2. Choose the best goal. Develop an industry and market assessment for your particular venture taking into consideration your potential local, national and global stakeholders and constituencies; Identify feasible, sustainable and measurable financial and strategic objectives for your proposed entrepreneurial or intrapreneurial media venture. 3. Agree on a plan. Identify the business model and effective strategies to implement and market the venture with defined metrics. 4. Carry out the plan. Monitor progress and use of knowledge. Change plan as needed. Develop the business and marketing plans with proposed performance milestones, outcomes and measures, to allow for effective and accountable implementation of the venture and modification of plans and strategies as needed.
5. Assess the results and plan the next steps. Assess the business development and marketing strategy results, define strategic implementation projects and layout future course of action to launch and strategically management entrepreneurial or intrapreneurial venture.
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SKILLS DIMENSION ABILITIES MANAGERIAL ECONOMICS 6. Identify and use appropriate critical thinking skills. Identify and incorporate sound Managerial Economics concepts in making and managing business decisions and performance. 7. Identify and use appropriate mathematical skills. Identify and apply appropriate economic theories to develop and support business models in the media industries and in media related entrepreneurial/intrapreneurial ventures. 8. Identify and use specialized skills required by the Purpose. Identify and incorporate the appropriate managerial economic theories and tools that can support business development and growth as appropriate.
SELF AND OTHERS DIMENSION ABILITIES MEDIA MARKETING IN A GLOBAL ENVIRONMENT 9. Describe self in relation to the Purpose. Understand how convergence, digitization and globalization have impacted strategic marketing decisions, particularly in entertainment industries. 10. Appreciate experience and views of others. Develop appropriate tools to communicate with constituencies and business stakeholders consistent with converging media and entertainment industries while developing, implementing and measuring strategic marketing programs. 11. Build good relationships. Understand the role of marketing, branding and market segments in developing successful business strategies and analyzing market opportunities to develop methods of customer relationship management for your business while building sustainable viability and growth. 12. Communicate through reading, writing, speaking, and other modes of expression. Understand the principles and practices for developing marketing strategies, mediated communications and promotional messages for the entertainment industry. 13. Promote growth in self and others. Identify and incorporate methods to exploit new media and technological advances in the converging and changing media industries to operate a successful business, make a positive impact on and empower local, national and global communities within which your venture operates.
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VALUES AND ETHICS DIMENSION ABILITIES MEDIA CONTRACT DRAFTING AND NEGOTIATION 14. Clarify own values in relation to the Purpose and in relation to your Industry Venture. Develop plans to establish the legal framework(s) applicable to and suitable for use by the student's media venture taking into consideration and adapting for any ethical challenges arising from various legal frameworks and common practices and values in the media industries. 15. Describe individual and group values in past and present. Incorporate the needs, wants, the benefits, disadvantages and challenges of each stakeholders and constituencies into negotiations around agreements for your media venture. 16. Identify value issues as they arise. Anticipate and develop plans for legal and ethical issues that exist in the media industries and that have been faced by other business owners, stakeholders, and constituencies and inherent in the media industries. 17. Use ethical reasoning. Understand and incorporate the appropriate professional codes of behavior and philosophical principles guiding ethical decision making while planning and conducting business and in anticipating moral dilemmas that can arise in the media industries. 18. Act on ethical principles. Incorporate and develop plans as part of your strategic business and marketing plans that are based on ethical principles, policies and procedures consistent with ethical and moral decision making in response to legal and ethical dilemmas and issues arising in the media industries and in your media venture. 19. Respect capacity of others to make the world better. Incorporate best practices into strategic business and marketing plans that have been previously employed by others businesses, stakeholders and constituencies in local, national and global communities in the media industries, forging positive partnerships and business relationships as appropriate.
SYSTEMS DIMENSION ABILITIES MUSIC AND PUBLISHING INDUSTRIES IN THE DIGITAL AGE 20. Describe natural, economic, social, and technological systems related to the Purpose. Anticipate and develop strategic business and marketing plans that address the various competitive forces in all aspects of the music and print publishing industries and that incorporates the core competencies related to sustained viability and growth for successful local, national and global businesses in these industries. 21. Develop conceptual modes of systems. Employ and incorporate the various conceptual and newly developing business and economic models employed within all aspects of the music and print publishing industries and their interdependence, synergy and financial relationships with other media industries. 22. Identify strengths of systems. Identify and exploit strengths of the various business models within the music and print publishing industries on a local, national and global level as the media industries are digitized, converge and adapt to advances in technology.
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23. Identify weaknesses of systems. Anticipate and plan for weaknesses within the various business models within the music and print publishing industries on a local, national and global level as the media industries are digitized, converge and adapt to advances in technology. 24. Make systems better. Develop strategic plans to improve existing and potential future opportunities and threats for successful business models and operation in the music and print publishing industries.
PURPOSE PERFORMANCE ASSESSMENT The Performance Achievement Abilities constitute the standards for assessing student performance in their Constructive Action to each Purpose. Students are assessed on their development, integration and mastery of these 24 Abilities in carrying out their Constructive Action. The attached rubric serves as a guide to assess the completeness and success of the student’s Constructive Action as demonstrated in the creation of their Constructive Action Document based on a set of criteria and standards linked to the Purpose.
The specific Course Objectives (or Learning Outcomes) in each Dimension establish the standards for assessing student proficiency in the MBA Common Professional Components and industry specific knowledge and expertise. The Professional Competency Topics in each course provide the guidelines for accessing students’ theoretical understanding of their business specializations; such classroom assessments include assignments, essays, quizzes, exams, presentations, peer reviews, and class projects.
The ETS Major Field Tests are adopted as comprehensive MBA outcomes assessments to measure the proficiency of critical knowledge and understanding of core MBA and specific media industry competencies acquired by students in the Dimension classes.
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THE PURPOSE DIMENSION: STRATEGIC PLANNING
PURPOSE SEMINAR/PRACTICUM OVERVIEW The Purpose Dimension is where students actualize their Constructive Actions. The Purpose Dimension seminars are the critical forums where, via discussions, planning, research, and shared exploration of problems and solutions, student learning is assessed, clarified and put into contextual focus. In these seminars, each student contributes actively, bringing ideas, research findings, specific problems, and plans concerning his or her specific Constructive Action with a particular business venture in his/her particular industry, to share with other students of the seminar. Additionally, a goal of each seminar is to foster and apply skills critical to developing professional and mutually beneficial relationships among students. As mutual contributors, students will bring their insights from fieldwork, assigned readings, and lectures in the other Dimension classes into a focus that integrates theory with their individual Constructive Actions.
A critical part in the development of student’s Constructive Actions is the field placement. Students are required to apply what they have learned in the classroom with their experiences with real world products, companies and/or organizations. As such, students will need to identify an appropriate field placement to execute their Constructive Action. The field experience may vary from one Purpose to the next if necessary and can be achieve via any of the following:
Current Employment work site – Student may use their existing employment to effectuate their project; Internship Placement – Students may use an approved internship site to effectuate their project; Mentor Match – Students may be guided by an approved mentor in their specific area of inquiry to effectuate their project
Each student’s Constructive Acton will be specific to his/her area of interest. For example, a student may opt to create a new business, new products and services to serve unmet industry needs, or to enhance performance with business growth potentials by utilizing the knowledge acquired. Their Dimension classes will allow them to analyze and apply the statistical data, as well as the industry and field research acquired through field assessments conducted during internships, job site assessments, industry field interviews, or mentor match arrangements with professionals in similar business ventures.
CONSTRUCTIVE ACTION OVERVIEW In Purpose 2, the Business Planning, Development and Marketing Purpose, the students will develop a comprehensive strategic business and marketing plan for their chosen entrepreneurial and/or intrapreneurial venture. It is expected that during this Constructive Action, students will integrate and apply the studies of the other Dimension classes, which will cover quantitative managerial economics skills, marketing, contract drafting and negotiation, and additional specialized industry fields, into the development, planning and marketing of their specific Constructive Action. When or where appropriate, students will also plan and build a website that can be used in marketing or implementing elements of their entrepreneurial/intrapreneurial venture in the next Purpose. It is expected that students will apply knowledge acquired through their field experiential learning placements, as well as through professional networking and communications with other business stakeholders to validate the value and strength of their plans.
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For their Purpose 2 Constructive Action document, they will maintain a record of all progress in the form of logs, detailed with an evaluation of each recorded event to facilitate the revision of the business and marketing plans as necessary. They are required to explain how they are using their applied knowledge and ideas to actualize the Purpose. Finally, students will analyze the effectiveness of their plans by drawing on feedback from mentors, supervisors, and other significant participants as well as from knowledge acquired from each Dimension class.
COURSE DESCRIPTION For their Purpose 2 Constructive Action, students will apply knowledge obtained and the strategic industry assessment conducted for their Constructive Action in the prior semester, to develop a comprehensive strategic business and marketing plan for their chosen entrepreneurial and/or intrapreneurial venture. They will also learn that a well-written and exhaustive business plan is not only important in developing an entrepreneurial or intrapreneurial opportunity, but also essential in determining the allocation of resources, obtaining them and successfully managing the resulting venture. When or where appropriate, students will also plan and build a website that can be used in marketing or implementing elements of their entrepreneurial and/or intrapreneurial venture. At the end of this Constructive Action, students will present their strategic business and marketing plans, which will serve as the necessary background material upon which to implement, manage and evaluate their venture in their Purpose 3 Constructive Action the following semester.
COURSE OBJECTIVES Students are expected to: 1. Develop strategic business models and marketing plans which support new products or services within the media industries relative to the chosen media venture that can effect positive change; 2. Develop anticipated goals and milestones for how provision of their products or services in the media industries will bring about positive change in society; 3. Devise a plan for how their ventures will meet the needs of a specific media industry, potential clients or consumers and other key constituents including identifying objectives and realistic strategies for sustained economic viability and success; 4. Prepare a detailed strategic business and marketing plan addressing all necessary economic, legal, financial, marketing, accounting, staffing, information management, and community needs to use to implement and manage their planned entrepreneurial or intrapreneurial media venture; 5. Maintain a record of all progress in the form of logs, detailed with an evaluation of each recorded event to facilitate revision of the research report; 6. Document and demonstrate how they are using knowledge and ideas gained through field experiences and Dimension classes to achieve the Purpose. 7. Assess the effectiveness of their plans, drawing on feedback from mentors, supervisors, and other significant participants as well as from knowledge acquired from each Dimension class.
PREREQUISITE Student must have successfully completed Purpose 1 Constructive Action on Strategic Industry Assessment. Students must also have access to a computer, the Internet, MCNY's Moodle LMS, turnitin.com, and Microsoft Office Suite 2007 or later.
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PROFESSIONAL COMPETENCY TOPICS Business Development and Marketing Goal Setting: Short and Long Term Identify and describe forecasting philosophies, approaches and methods Financial projections for business and market planning Negotiating access and research ethics Collecting, analyzing and applying primary and secondary marketing research to make professionally sound, viable and sustainable business decisions and projections Pitching a business concept or expansion plan Writing and presenting strategic business and marketing plan
REQUIRED TEXTS Hacker, Diana, the Writer's Reference, 5th Edition, Bedford Books, 2002, ISBN: 9780312397678
Abrams, Rhonda, Successful Business Plan, Secrets and Strategies, 5th Edition, The Planning Shop, 2010 ISBN: 9781933895147
This Purpose Handbook and Additional Materials as provided by the Instructor
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THE SKILLS DIMENSION: MANAGERIAL ECONOMICS
OVERVIEW OF MANAGERIAL ECONOMICS Managerial Economics is the application of economic theory and methodology to managerial decision making problems within various organizational settings such as a firm or a government agency. The emphasis in this course will be on demand analysis and estimation, production and cost analysis under different market conditions, forecasting and decision-making under uncertainty. Students taking this course are expected to have had some exposure to economics and be comfortable with basic algebra.
COURSE DESCRIPTION The course covers the basic principles and techniques of micro and macroeconomic analysis applicable to business decisions. Drawing upon modern managerial economics, this course will develop students' ability to apply the tools of economic analysis in the decision making process for for-profit and non-profit organizations. Topics include fundamental legal and practical considerations of financing packages; market structure; pricing and resource allocations; applications of managerial strategy and public policy with an emphasis on competition; market power and a business firm's optimal response to government regulation. Specifically, topics to be examined in this course are the evaluation of choices and alternatives, profit measurement, economic optimization, demand and supply estimation, profitability forecasting, production and competitive markets, competition and long-term investment decisions. This course will require students to apply these tools in the planning and development of your Constructive Action project.
COURSE OBJECTIVES 1. To apply economic tools such as demand and supply techniques to business and administrative decision-making. 2. To make ethical decisions based on limited resources and determine the socially optimal decision while maintain stakeholders and society interest. 3. To demonstrate the ability to collect, organize, analyze and process economic data and information for decision-making. 4. To develop demand and cost estimations for products and services for Constructive Action and long- term production strategies. 5. To explain market structures such as monopolies, oligopoly and monopolistic competition and determine short run and long term profit maximization conditions.
PREREQUISITE Student must have taken an undergraduate or MBA foundation course on Principles of Economics and Finance within the last 5 years with a grade of B- or better in each. Students must also have access to a computer, the Internet, MCNY's Moodle LMS, turnitin.com, and Microsoft Office Suite 2007 or later.
RELEVANCE TO CA This course builds on the Constructive Action (CA), Purpose 2 on Business Planning, Development and Marketing. The goal of this purpose is to develop a broad understanding and working knowledge of how customers, business, and suppliers interact with each other. Students can apply demand estimation and analysis, production cost analysis, market structure and analysis output to develop their constructive action. (Exercises will be assigned in class.)
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REQUIRED TEXTS Farnham, Paul. (2010). Economics for managers. Second Edition. New York: Prentice Hall.
Harvard Business Cases as assigned
ADDITIONAL RECOMMENDED READING MATERIALS:
Depoo, T., & Chowdhury, M.C. (2007). Microeconomics: A Practical Guide. Upper Saddle River, New Jersey: Pearson Custom Publishing
Case, K.E. & Fair, R. C. Principles of Macroeconomics. Upper Saddle River, New Jersey: Pearson Custom Publishing
Hirschey, M. (2009). Fundamentals of Managerial Economics. Mason, Oh: South-Western Cengage Learning.
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THE SELF AND OTHERS DIMENSION: MEDIA MARKETING IN A GLOBAL ENVIRONMENT
OVERVIEW
Marketing involves decisions crucial to the success of every organization, whether large or small, profit or nonprofit, manufacturer, retailer, or service firm. CEO and managers as well as marketers must decide what technologies to pursue, what goods or services to sell, to whom, with what features and benefits, at what price, and so on. Changes in technology and convergence have dramatically changed how traditional marketing decisions are viewed and managers must understand how to operate in an increasing virtual environment of sales and services. We must remember though that today, since we live in a society dominated by entertainment and the media, our experiences are now as important as our possessions. Not a typical product or service, real-time entertainment is an involved experience and entertainment marketing communications tell audiences not just how to access entertainment products, but also how to experience them. Our challenge therefore in managing and marketing media and entertainment is how to make sound strategic marketing decisions while promoting entertainment experiences to audiences whose options and tastes vary widely.
COURSE DESCRIPTION The course will focus on how strategic marketing decisions are made and how entertainment and media marketers develop and employ sophisticated marketing tactics to engage audiences and consumers of experiences. Particular attention will be paid to how branding has become the most important component of marketing because of its importance for making personal connections with performance audiences and media consumers. Students will use actual Web 2.0 technologies for marketing efforts as well as develop a marketing plan for their own Constructive Actions.
COURSE OBJECTIVES Students are expected to:
1. Identify and describe the principles and practices for developing marketing strategies, mediated communications and promotional messages for the entertainment industry; 2. Describe the role of marketing, branding and market segments in developing successful business strategies and analyzing market opportunities; 3. Identify and describe how to develop, implement and measure strategic marketing programs; 4. Describe how convergence, digitization and globalization have impacted strategic marketing decisions, particularly in entertainment industries; 5. Identify, understand and utilize Web 2.0 technologies in developing a marketing plan in light of the new rules of successful marketing and PR in media and entertainment.
PREREQUISITE Students must have access to a computer, the Internet, Web 2.0 technologies, MCNY’s Moodle LMS, turnitin.com, and at least Microsoft Office 2007 or later version, including Microsoft Word, Microsoft Excel, Microsoft PowerPoint and one of the online Media Players.
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RELEVANCE TO CA This course builds on the Constructive Action (CA), Purpose 2 on Planning and Marketing a Business Venture. The goal of this purpose is for students to develop a business and marketing plan for the media venture they researched in Purpose 1 that is designed to satisfy a media industry need, realize a media industry opportunity or solve a media industry related problem. Through this class, as part of the Self and Others Dimension, it is intended that students will gain an understanding and ability to analyze how strategic marketing decisions are made and what drives the behavior of consumers in the media and entertainment industries. A direct link to the CA and this course will be the marketing plan that will be developed and submitted as part of their CA as approved by the professor.
PROFESSIONAL COMPETENCY TOPICS 1. Entertainment and Media Marketing: Consumers v. Entertainment Audiences 2. Understanding and Identifying Market Opportunities 3. Distribution Channels and Marketing 4. Understanding Consumer Buying Behavior 5. Measuring Market Opportunities 6. Researching and Measuring Entertainment Audiences 7. Targeting Attractive Market Segments 8. Differentiations, Mixing, Communicating and Brand Positioning 9. Product Decisions in Mediated Entertainment 10. Pricing as a Marketing Decision 11. Marketing Strategies in the New Economy 12. Marketing to New/Emerging Markets v. Mature/Declining Markets 13. Integrated Promotion Decisions and Promotional Communications 14. Measuring and Delivering Market Performance: ROI
REQUIRED TEXTS Burk Wood, Marian, The Marketing Plan Handbook, 4th Edition, Prentice Hall, Saddle Book, NJ 2010. [ISBN No. 978-0136089360] (**Students can also get Market Plan Pro with book)
Mullins, John and Walker, Jr., Orville, Marketing Management: A Strategic Decision Making Approach, NY: McGraw-Hill/Irwin, 2010. [ISBN No. 978-0073381169]
Tuten, Tracy and Solomon, Michael, Social Media Marketing, Pearson, Boston, MA 2013 [ISBN No. 978-0-13-255179-3]
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THE VALUE AND ETHICS DIMENSION: MEDIA CONTRACT DRAFTING AND NEGOTIATION
COURSE OVERVIEW The entire entertainment industry is dependent upon the ability to negotiate "a deal" and then draft an agreement that reflects what the parties agreed to while protecting everyone's rights and intellectual property assets. This class will provide an in depth overview of value issues inherent in contractual obligations, conflict resolution, and negotiation tactics while incorporating questions of best practices, inter personal relationships, ethics and the business of the entertainment and media industries with an emphasis on the scope of rights that attach to an entertainment enterprise, including contracts in television, cable, motion pictures, literary and music publishing, and music recording.
COURSE DESCRIPTION
Students study the types of agreements and contracts necessary for prudent and profitable employment and media-industry operation, and will engage in individual and group conflict resolution role plays and deal making negotiations as well as develop a fundamental ability to draft and read legal agreements. Particular attention will be paid to students identifying and creating value for parties to the negotiation and understanding how to determine the own and other parties’ positions of strength and strategies for negotiation.
COURSE OBJECTIVES 1. Identify and articulate how to incorporate the laws and regulations applicable in the media and entertainment industries, as well as common issues and areas of controversy in entertainment industry transactions into written contracts and negotiations. 2. Understand and describe the how to identify value for the parties and negotiate resolution of conflicts from both a distributive and integrative perspective. 3. Acquire and demonstrate a proficiency and skill at identifying and negotiating resolution of common legal issues and areas of conflict in various entertainment and media industry transactions. 4. Acquire and demonstrate sufficient general resolution and negotiation skills and knowledge to participate in and close media "deal" discussions. 5. Identify and describe the fundamental elements of contract drafting necessary for the legal review of media contracts to successfully memorialize terms negotiated to protect oneself and one's media- related entrepreneurial or intrapreneurial venture and organization. 6. Describe how to work with a legal professional in achieving desired outcomes during contract drafting and negotiation situations.
PREREQUISITE Students should take after Entertainment Law. Student must have access to a computer, the Internet, MCNY’s Moodle LMS, turnitin.com, Microsoft Office 2007 or later version, including Microsoft PowerPoint, Microsoft Excel and Microsoft Word.
RELATIONSHIP TO CA This course builds on the Constructive Action (CA), Purpose 2 on Strategic Planning. In this Purpose of the Media Management MBA program, students analyze the critical skills and abilities inherent in negotiation and developing contracts. Inherent in the study of negotiation and contract drafting is that 15 MBA in Media Management Purpose 2 Handbook 2013- 2014
students gain the ability to analyze a situation and think through a strategy, which are perhaps the most important elements of negotiations. By planning for negotiations in a variety of entertainment and media situations, students will become adept at considering a wide range of outcomes and options rather than rigidly insisting on a specific result. Students will be able to discuss key issues in order of priority and determine. Negotiators who are most successful are open-minded and avoid being locked in to one outcome. A direct link to the CA is the development of the ability to assess a situation, take that information to develop and implement a strategy, while considering a wide variety of possibilities and combinations of options.
PROFESSIONAL COMPETENCY TOPICS Elements of a Contract, Performance, Remedies and Damages Distributive and Integrative Negotiations BATNA, ZOPA, Walk Away Points, Developing a Negotiation Strategy Building Relationships, Creating Value and Assessing the Situation in Negotiations Talent Acquisition, Credit and Agreements, Intellectual Property and Copyrights Net Profits and Digital Content Contract Laws and Regulations applicable to Film, Television, Publishing, Broadcasting, Music and Advertising Writer/Producer/Director Agreements, Optioning Material for Production, Moral Rights, Derivative Rights Licensing and Ancillary Rights Copyrights in Contracts in the Global Legal Environment, Cyberlaw and New Technologies
REQUIRED TEXTS Appelton,D. & Yankelevits, D. (2009), Hollywood Dealmaking, New York, NY: Allworth Press. [ISBN No. 978- 1581156713]
Biederman,Donald, et al., Law and Business of Entertainment Industries, 5th Edition, CT: Greenwood Publishing Group,Inc., 2006. [ISBN No. 978-0275992057]
Luecke,Richard, Harvard Business Essentials Guide to Negotiation, MA: Harvard Business Press,2003. [ISBN No. 978-1591391111]
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THE SYSTEMS DIMENSION: THE MUSIC AND PUBLISHING INDUSTRIES IN THE DIGITAL AGE
COURSE OVERVIEW Artists and bands getting into the recording industry today have many new tools to help them on their way to recognition. At the same time, the music industry is a state of flux unlike any other time in history. Change is everywhere, from the choices available to record music, to marketing and promoting it. Some of those changes are challenges to the old traditions that help create the music business we know today. Similarly, book and newspaper publishers are trying to adapt as their industries also change dramatically, and they're doing so in the face of rapidly changing reading habits among consumers. In both fields, there are new and growing opportunities that await the enterprising artist/entrepreneur.
COURSE DESCRIPTION This course covers the business of the music and the literary, news and magazine publishing industries, in the United States and in the global digital environment, and focuses on the current spectrum of product creation, financing, production, marketing, distribution and exhibition in light of the rapidly changing technologies, digital rights management and copyright issues and end-user/consumer practices. Students will follow the artistic, technical and commercial development of a music venture or literary and periodically published products from inception and creation through production, distribution dissemination and marketing, both nationally and internationally.
COURSE OBJECTIVES Students are expected to:
1. Describe the business economic, and finance concepts, principles and practices of the music industry and print publishing industries and management. 2. Describe the changing nature of the music industry and print publishing industry technology, production, distribution and promotion and concomitant career structures and opportunities. 3. Identify new technologies in music and publishing industries and describe their impact on the music industry and print publishing industries, their institutions and practices, audiences, consumers and communities. 4. Describe the economic structure and corporate behavior of music companies and print publishing companies in the age of digitization and convergence. 5. Assess the various competitive forces in all aspects the music and publishing industries and the core competencies related to the local, national and global music and publishing businesses. 6. Identify and understand the interdependence, synergy and financial relationships of music and publishing with other media industries. 7. Identify weaknesses of the various business models within the music, news, magazine and book publishing industries on a local, national and global level as the media industries converge and adapt to advances in technology. 8. Identify existing and potential future opportunities and threats for successful business models and operation in the music and publishing industries.
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PREREQUISITE Student must have access to a computer, the Internet, MCNY’s Moodle LMS, turnitin.com, Microsoft Office 2007 or later version, including Microsoft PowerPoint, Microsoft Excel and Microsoft Word.
RELEVANCE TO CA This course builds on the Constructive Action (CA), Purpose 2 on Strategic Planning. In this Purpose of the Media Management MBA program, students analyze strategic marketing concepts and management systems required to support effective planning and marketing of their media related venture and incorporate this material into a strategic business and marketing plan for their respective media venture product or service. Through this class, as part of the Systems Dimension, it is intended that students will gain an understanding and ability to analyze the systemic nature of industry structures, markets and operations within the context of historical, political, economic, and social forces that have and continue to affect industry evolution, decision making, production, operation and dissemination, specifically in the music and book publishing industries in today’s converging digitized environments. A direct link to the CA and this course will be the assignment memos.
PROFESSIONAL COMPETENCY TOPICS Music Industry Structure and Business Models Business Models and Operations in Newspapers and Magazine Industries Music Production and Distribution in the Age of Digitization and Convergence: Preproduction, Production & Postproduction Business Models and Operations in the Book Publishing Industry: traditional v. Internet Music Publishing Industry Live Performances, Merchandising in the Music Industry, Ancillary Income and the 360 Deal Piracy and P2P File Sharing
REQUIRED TEXTS Brabec, Jeffrey and Brabec, Todd, Music, Money and Success: The Insider's Guide to the Music Industry, 6th Edition. NY: Schirmer/Macmillan, 2008. [ISBN No. 978-0-8256-7346-7]
Guthrie, Richard, Publishing, First Edition: Sage Publications, 2011 [ISBN No. 9781847870148]
Hull, Geoffrey, Hutchinson, Thomas and Strasser, Richard, The Music Business and Recording Industry, 3rd Edition. Routledge, 2010. [ISBN 978-0-2759-9205-7]
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MBA FOUNDATION COURSES
MANAGERIAL STATISTICS MBA 501 FDN (1.5 Credits) This foundation course introduces students to statistics useful for their MBA studies and for solving managerial problems. Students will learn a variety of techniques and tools to solicit, evaluate and communicate information for problem solving purposes. The course teaches the concepts and applications of business statistics, as well as providing the students the opportunity to observe and actually carry out computer-generated solutions using SPSS and Microsoft Excel.
PRINCIPLES OF MANAGEMENT & MARKETING MBA 502 FDN (1.5 Credits) This foundation course teaches management principles to tomorrow’s business leaders by weaving three threads: strategy, entrepreneurship and active leadership. Students will also be exposed to key concepts of marketing in today's business environment such as service, sustainability, ethics and social responsibility, global coverage, and metrics.
PRINCIPLES OF FINANCIAL ACCOUNTING MBA 503 FDN (1.5 Credits) This foundation course teaches fundamental accounting procedures and the uses of accounting information. Topics include: recording transactions; controlling, costing and analyzing inventories; reporting and controlling liquid assets; measuring and reporting long-operating assets; current and contingent liabilities; the time value of money; analyzing and reporting owners' equity; balance sheets and statements of cash flow; and managing and accounting for corporate income tax.
PRINCIPLES OF ECONOMICS & FINANCE MBA 504 FDN (1.5 Credits) This foundation course helps students to understand the practicality and relevance of economics and finance with a variety of illustrations and insights. Economics topics include: classical vs. modern economic thought; supply and demand; elasticity; competition and Monopoly; inflation and unemployment. Finance topics include: the Federal Reserve System; FOMC and the money market; interest rates; financial Structure; investment decisions.
REQUIRED TEXTS Foundation courses use Flat World Knowledge Open Source Texts
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5-4 4-3 3-2 2-1
0 Criterion A (90–100) B (80–89) C (70–79) D (60–69) F (60 or below) Needs Need for Product or Need for Product or Need for Product or Need for Product or Service Analysis Service is effectively Service is adequately Service is not fully is undeveloped or has no supported with supported with developed or supported supportive examples with no examples with examples with some with rudimentary substantive analysis leaving No Needs substantive and substantive analysis of analysis; reader gains reader confused or Analysis for insightful analysis. the topic; Includes fully few insights uninformed Product or Includes fully developed points and Service developed points and relevant scholarly relevant scholarly research; reader gains research some insights
Plan of Plan of Action is well Plan of Action has 3 Plan of Action has 3 Plan of Action has less than 3 Action developed with at least Short Term Goals, and Short Term Goals but Short Term Goals; missing 3 attainable Short Term some indication of may be missing some elements for Objectives or Goals, with Objectives Objectives and elements for Objectives Methodologies for and Methodologies for Methodologies for or Methodologies for Achieving, or an incomplete Achieving, and Achieving, and an Achieving, or an Evaluation Plan. Plan of Action Evaluation Plan and Evaluation Plan, but incomplete Evaluation not provided long term goals for next Goals may not be laid Plan, includes steps out in manner to be indication of long term attained. Includes goals for next steps indication of long-term goals for next steps.
Research CA Document includes CA Document includes CA Document includes CA Document includes relevant research relevant research research section and research section, and makes section incorporating section incorporating makes an attempt to no attempt to incorporate both primary and primary and secondary incorporates divergent divergent views, new trends, secondary research; research and views, new trends, and or global perspectives; consisting of credible incorporates divergent global perspectives; Research does not consist of and authoritative views, new trends, and Research may not authoritative or credible analysis of scholarly global perspectives; consists of authoritative professional sources and and professional sources Research consists of or credible professional makes no attempt to to persuasively credible and sources and does not persuasively demonstrate Does not include demonstrate need, authoritative analysis of persuasively need, support plan of action Research section support plan of action scholarly and demonstrate need, or the development of and development of professional sources but support plan of action or adopted/planned business adopted/planned does not persuasively the development of actions. business actions. demonstrate need, adopted/planned Incorporates divergent support plan of action or business actions. views, new trends, the development of global perspectives and adopted/planned is critically evaluated business actions. and presented in a well- organized manner.
Integration Student has successfully Student has engaged in Student has engaged in Student has engaged in Student did not of engaged in extensive constructive real world superficial real world minimal real world action, or engage in Constructive and constructive real action (at least 5) in the action in the industry of engaging in hypothetical industry related Action and world action (at least 5) industry of choice, but choice; actions may not action in their intended Constructive Field in the industry of may not be following directly assist in industry; Action does not Actions or has Experiential choice; actions followed plan of action; actions achievement of further achievement of refused to engage
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Learning plan of action and somewhat effective in Purpose. Student has Purpose. Student is assigned in any form of effectively allowed for assisting in achievement Field Placement at to mentor or internship in Field successful achievement of Purpose. Student internship or is assigned industry related to CA but Experiential of Purpose. Student has incorporates Field to mentor, but only has only met once or is not Learning during Field Placement and is Placement at work site occasionally meets with otherwise working to engage Semester. actively pursuing or internship or works supervisor or mentor in actions in furtherance of constructive action plan with an industry and is making only their Purpose. of action at work site or supervisor or mentor to minimal attempts to internship or is discuss business incorporate field regularly meeting and decisions, constructive experience into working with an actions and real world furtherance of Purpose industry mentor to applications of discuss business knowledge being gained decisions, constructive in Dimensions. actions and real world applications of knowledge being gained in Dimensions.
Situational Identifies and analyzes Identifies and analyzes Identifies and attempts Minimal analysis of actions Analysis of actions taken in relation actions taken in relation some analysis of actions taken in relation to core Does not include Business to sound core business to most core business taken in relation to business management, analysis of Concepts management, management, some, but not all core marketing, legal, ethical and actions taken in marketing, legal, ethical marketing, legal, ethical business management, quantitative strategies, relation to core and quantitative and quantitative marketing, legal, ethical principles or best practices. business strategies, principles strategies, principles or and quantitative strategies or and best practices. best practices. strategies, principles or principles. best practices.
Purpose Actively participates in Actively participates in Participates in Minimal participation in class Dimension discussions, planning, discussions, planning, discussions about own discussions about CA research, and shared research, and shared progress, planning, progress, plans or issues exploration of problems exploration of problems research and problems addressed while furthering and solutions that arise and solutions that arise with CA but CA, with minimal in connection with in connection with own inconsistently participation in shared Constructive Action Constructive Action but participates with learning, integration of Student does not while working with may not consistently classmates on shared Dimension classes or field incorporate classmates to assess working with learning, integration of experience. Purpose student learning, classmates to assess Dimension classes or Dimension integrate learning from student learning, field experience. Dimension classes and integrate Dimension put field experience into classes or put field contextual focus. experience into contextual focus.
Values Clarifies own values in Identifies value issues Demonstrates a general Demonstrates minimal Dimension relation to the Purpose in relation to Purpose understanding of value understanding of value issues and business venture as and their Business issues and ethical or ethical concerns. Does not part of CA. Consistently Venture, uses ethical concerns but does not incorporate any identifies value issues, reasoning and acts on consistently employ values issues in uses ethical reasoning ethical principles. ethical reasoning or act CA and acts on ethical on ethical principles. principles.
Self & Others Identifies methods to Identifies methods to Identifies methods to Minimally or superficially Does not Dimension incorporate new incorporate new incorporate new incorporates new technology incorporate any technology in changing technology in changing technology in changing and shows minimal concerns concern for Self
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society to operate society to operate society to operate for customers or customer and Others in CA successful business successful business; successful business. relations management beyond while making a positive attempts to make a Demonstrates some making a profit impact and furthering positive impact on local, understanding of own empowerment of local, national or global venture in relation to the national and global community. greater society and in community. Demonstrates some relation to Purpose but Demonstrates own understanding of own does not attempt to venture in relation to the venture in relation to the simultaneously make greater society and in greater society and in positive impact or relation to Purpose relation to Purpose minimize negative impact.
Skills Demonstrates mastery Demonstrates Demonstrates Demonstrates minimal Dimension and incorporates understanding and understanding of understanding of quantitative quantitative analysis incorporates quantitative analysis analysis appropriate to appropriate to the quantitative analysis appropriate to the Purpose or missing financial Purpose in developing appropriate to the Purpose in developing analysis and/or necessary Does not business venture and Purpose in developing business venture and documentation demonstrate any furthering CA. Includes business venture and furthering CA. Includes understating of all appropriate properly furthering CA. Includes some financial analysis necessary prepared financial, all appropriate financial, necessary as appropriate quantitative economic and/or economic and/or to Purpose but has many analysis. finance documentation finance documentation errors or is incomplete. necessary as appropriate necessary as appropriate to Purpose. to Purpose with few errors.
Systems Incorporates mastery Reflects general Reflects some Reflects minimal Dimension and understanding of understanding of understanding of understanding of natural, Does not natural, economic, natural, economic, natural, economic, economic, social and demonstrate any social and technological social and technological social and technological technological systems of understanding of systems of selected systems of selected systems of selected selected industry as it relates systems in industry as it relates to industry as it relates to industry as it relates to to the Purpose. Business industry of CA the Purpose. Improves the Purpose. Includes the Purpose. Includes modeling is based on faulty and lacks upon business models business models business models but presumptions or does not functional appropriate to the appropriate to the might not be consistent sustain business in the business model. system/industry of CA system/industry of CA with norms of the system/industry of CA system/industry of CA
Critical Logs CA Document includes CA Document includes CA Document missing CA Document does not at least 5 critical logs to at least 5 critical logs to up to 2 critical logs to include at least 3 critical logs. CA Document document actions, document actions but document actions, may Does not include learning, next steps and may not include not include learning, any Critical Logs Dimension analysis learning, next steps or next steps or dimension dimension analysis analysis
Self Understands and . Understands need and Attempts to incorporate Minimal understandings of Assessment incorporates plans to attempts to incorporate plans to leverage need to leverage strengths, and leverage strengths, plans to leverage strengths, exploit exploit opportunities, Does not include Evaluation exploit opportunities, strengths, exploit opportunities, compensate for weaknesses any SWOT compensate for opportunities, compensate for or minimize threats as analysis or other weaknesses and compensate for weaknesses or minimize appropriate to Purpose. self-assessment. minimize threats as weaknesses and threats as appropriate to appropriate to Purpose. minimize threats as Purpose, but elements appropriate to Purpose. missing.
Analysis by Incorporates a Incorporates Analysis Analysis by Dimension Minimal Analysis by Does not include Dimension comprehensive Analysis by Dimension but is superficial or missing Dimension covering Analysis by
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by Dimension covering missing 1 Dimension in 2 Dimensions in Dimensions in Purpose. Dimension all Dimensions in Purpose. Purpose. Purpose.
CA Final CA Document has Final CA Document has Final CA Document is Final CA Document is Document all elements and all major elements and missing Abstract, missing Needs Analysis or Development, business takeaways business takeaways Introduction or Plan of Action among Final CA Completeness listed as required in listed as required in Literature Review required elements of CA in Document is and Purpose Handbook; Purpose Handbook; among required Purpose Handbook or is missing multiple Organization Topic is effectively Topic is adequately elements of CA in missing business takeaways elements supported with supported with Purpose Handbook or appropriate to the Purpose. required; no examples with examples with some fundamental aspects of Topic is only superficially substantive substantive and substantive analysis of Purpose required developed with only analysis leaving insightful analytic the topic; Includes fully business takeaways. rudimentary analysis; reader confused handling of the topic; developed points and Reader gains few argument is not clear or or uninformed. Includes fully relevant scholarly insights. Central points persuasive. Points are not developed points and research; reader gains are adequately presented relevant scholarly some insights, and is developed to support logically to research. Paper is well generally persuasive thesis, although support thesis; presented and and effective; arguments are not persuasive. always effectively or persuasively presented
Writing Assignment is written Assignment is written Assignment is written Assignment has minimal Assignment has mechanics on an appropriate on an appropriate below appropriate scholarly value with a great no scholarly scholarly level with no scholarly level with few scholarly level with number of errors value errors errors many errors
APA format Uses APA format Uses APA format with Reflects incomplete or Document attempts some Document does accurately and few violations inconsistent knowledge format of citation but not not incorporate consistently of APA format APA any format of citation.
Note: Criteria are evaluated on a 5-0 basis. Each rubric criteria is valued at 5% except red shaded which are worth 15%. Blue sections relate to preparation of the physical CA Document.
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MCNY MBA Media Management Working Outline for Purpose 2 Strategic Planning Constructive Action Documentation
When there is nothing in writing about a business’s structure, future direction or position in the marketplace, it is hard to take that business seriously. A strategic business and marketing plan is a longer- term plan detailing the operational, marketing and financial aspects of a company. The research and information uncovered in the strategic industry analysis supports the subsequent strategic planning stage and reduces the research time.
OVERVIEW OF CONSTRUCTIVE ACTION DOCUMENT
Producing a written documentation of your Constructive Action is a separate endeavor from carrying out the Constructive Action itself. The process of Constructive Action is described in the earlier sections: "Constructive Action: An Overview" and "Purpose." This section provides you with specific guidelines for the documentation of your efforts. This documentation covers:
1. Constructive Action Abstract 2. Strategic Business Plan Executive Summary 3. Introduction 4. Planning Phase 5. Exploratory Phase 6. Literature Review 7. Implementation Phase 8. Final Assessment Phase 9. Formatting Your Constructive Action Document
1. CONSTRUCTIVE ACTION ABSTRACT
Although this section appears first; it is completed at the END of your Constructive Action. It includes a brief overview of the Purpose, your own objectives and why chosen, and what you learned and accomplished. The Final Abstract (1 page, typed, single-spaced) is composed of three parts:
Part 1 Purpose: What is the Constructive Action and how does it relate to the Purpose of this Semester? Background: What was the need for the Constructive Action?
Part 2 Objectives/ What were the goals of the Constructive Action? What Methodologies: were the objectives planned to achieve these goals? What methods or strategies did you employ in achieving these objectives?
Part 3 Conclusions: Assess the outcome of the Constructive Action? What will be the follow up or next steps?
2. EXECUTIVE SUMMARY OF STRATEGIC BUSINESS AND MARKET PLAN
Like the Constructive Action Abstract, the Executive Summary of the Strategic Business and Marketing Plan is completed at the completion of your research and presentation/determination of your findings and conclusions. It is a summary of all key sections of the Strategic Business and Marketing Plan and should
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work as a separate, stand-alone document. Interested parties, like advertisers or investors, will probably read the Executive Summary in conjunction with a glance at the financial projections first when deciding whether or not they want to read the rest of the report.
3. INTRODUCTION (To Constructive Action Document)
Begin the Introduction to your Constructive Action with a topic statement: It should introduce the media venture you plan on starting and unmet or other need for your venture or improved service. You should also reiterate the hypothesis researched and briefly present the results/findings from Purpose 1 where you explain how you believe the media venture or other intrapreneurial service that you are proposing to begin or develop will serve or solve the unmet need or improve the delivery of a service that is unproductive or ineffective.
4. PLANNING PHASE
The Planning Phase is comprised of a discussion of the Short and Long Term Goals of your Constructive Action this Purpose and the Plan of Action to achieve those goals. A discussion of your plan to assess the success of your Constructive Action during the Purpose completes it.
A. Statement of Short and Long Term Goals
Goals: Generally, your goals should be appropriate to the Purpose performance area; this Purpose involves research and analysis of the health/state of your industry and the viability of your media venture. The Short Term Goal: what you hope to have achieved by the end of the Semester. The Long Term Goal: the goal to follow from your short-term goal. Set a realistic time frame as part of your long-term goal statement.
Objectives: In this section, you write the specific, short-term objectives that you hope to accomplish to achieve your goals during this Purpose. These objectives should be as specific as possible in terms of obviously measurable changes.
The objectives should be related to: the Purpose to be achieved; the analysis of the needs and setting in which you currently work; and, the support of your long-term development. It may be helpful to write objectives for each dimension, depending on your goals.
Strategies/Methodologies: These are the actions you will take to reach your objectives for the Purpose:
1. List each method or action you will take. There should be at least one strategy/method for each objective. These actions should be as concrete and practical as possible. You may also suggest alternative strategies or multiple strategies for any one objective.
2. Analyze resources and constraints relevant to the accomplishment of each strategy. Decide whether you want to include organizational or external resources. Do you want to include your self-assessment of skills and abilities? Areas for development? Other?
3. After you are at your midpoint assessment phase, ask yourself if you want to change any strategies and implement new one.
B. Plan of Action
The Plan of Action consists of a four-section chart that is laid out as follows:
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1) The goal(s) of the Constructive Action (short-term—by the end of this term; long-term—the next goal to follow from the short-term goal);
2) Proposed objectives (expected results, both task and learning);
3) Strategies/Methodologies (how to get there);
4) Evaluation/Assessment criteria (how will you know you got there).
A blank chart is included at the end of this outline.
C. Evaluation Plan
Describe the criteria or benchmarks to be used to monitor progress toward achieving goals and objectives during the Semester; that is, how exactly you will know a) whether or not your strategies have succeeded and b) that these strategies will help you meet your objectives. Also describe the methods to be used for determining whether these criteria have been met.
There should be at least one measure for each objective and each strategy. Measures should be both quantitative and qualitative. Evaluation criteria are part of the plan of action and are set out before you begin to implement your plan. They may be altered if the reality of a critical incident so demands. Assessment of learning (Part III) is done after implementation.
5. EXPLORATORY PHASE
This phase will result in the creation of the majority of your strategic business and marketing plan. Begin with a recap of your Needs Analysis for the problem or unmet need your product will address. Then prepare a Company Overview that lays out what your company is today, or what it will be, what market you are targeting and how you plan to monetize it. It is followed by a discussion of the Mission and Vision of your proposed company. This statement will eventually be drawn up to develop the first paragraph of your abstract.
A. Needs Analysis
Provide a description of the unmet need or problem that your product or service will address or improve upon that you researched and discussed in CA1. Be sure to update any statement of need to ensure that the data that you are relying upon is still accurate.
B. Company Overview
Lay out a brief introduction to the product or service of your media venture, and describe how customers would use or buy your product or service. Give just enough detail to help the reader judge the effectiveness of your marketing or positioning plans (you will provide more detail later in the document.) Describe key components or other unique factors of your product or service and how the enterprise will source or secure these. Describe demand and supply factors and trends for products or services similar to yours in the industry.
In addition, you must provide the following information:
1. Legal Name and Business Description: Discuss the formal name that you’ll be seeking to get approved and registered with your local government in order to operate your media venture. Explain how that name will benefit and/or represent the product or service that you will be providing. Provide a description of the type of business entity that your venture will take; will it be a Sole Proprietorship,
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Partnership, Limited Liability Company or a Corporation. Explain why this entity is most beneficial to operate your media venture.
2. Management Team/Operations: The management team provides leadership for your business and must include combined strength in both management and technical areas. The management team should be selected or developed in such a manner that talents are complementary rather than overlapping or duplicated. In the discussion of your Operations, you should ensure that all the key areas necessary to achieve goals and objectives of the company are met within the strengths and talents of your planned management team. You should also set forth whether you will be using a Board of Directors/advisors, staffing plans, strategic alliances, and what, if any, management functions will be outsourced.
C. Analysis of Work Setting
An analysis of the work setting takes these factors into account:
1) Design of your work area; 2) Description of how your design influences (promotes or impedes) communications, work flow, and morale; and 3) Description of how the design reflects job status, job function, and department/company policy or philosophy.
The basic questions to be answered then are:
— What is the environment in which you work or will work? What is its physical setting? What are its professional and psychological conditions?
— How will this environment and/or your position in it support or limit your Purpose or opportunity to act and to develop professionally?
— What values are communicated through non-verbal channels (e.g. use of space, size and placement of objects, desks, etc.)?
D. Situational Analysis
After you have written your Work Setting Analysis, develop your Situational Analysis of your three goals selected for the semester, which should include an analysis of your business vision, business model, product or service description, a discussion of your marketing plans, including your targeted market and explanation of how you will segment this targeted market, your competitive SWOT, and any other projections/plans for how you will deal with any other matters discussed in the Situational Analysis.
A. Vision Statement
By defining and understanding your company’s future destination you help determine the feasibility of your businesses success. Vision is simply a picture of where your business is headed. It describes the dream, intended future destination of your business, based on realistic long-term projections of the present situation. It puts into brief words what the company will be like, how big it will be, what industry will be serving, what kind of products it will be providing, and hold future customers will probably be. For a strict digit business and marketing plan your vision should discuss the direction of your company for the next 5 years.
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The vision statement can influence a wide range of people: potential investors, employees and potential employees, partners, vendors and customers can all contribute to drive your company to success… if they buy into your vision.
Your vision statement should be reality based and should not paint a larger picture and the company has a good chance of going into. If division is clearly achievable, rather than self- serving fluff, you can more readily develop a concerted team effort and build enough momentum to make it happen. Don’t be too idealistic for it can be counterproductive. The vision statement should lay out a path for your company to stretched possibilities, yet it must remain simple, believable, achievable, and understood.
B. Mission Statement
Your company’s mission statement should concisely describe the intended strategy and business philosophy for making the vision happen. It conveys how all the combined efforts put into your business will move it toward its vision. You should distinguish your business from all others. Mission statement can and do vary in length, content, format, and specificity.
Your mission statement should answer the following questions:
Customers: Who are and who will be your customers? Product: What are your company’s major products or services? Markets: Where will your company compete? Technology: What is your company’s basic technology? Concern for survival, growth, and profitability: What is your company’s commitment toward economic objectives? Philosophy: What are the basic beliefs, values, aspirations and philosophical priorities of your company? Self-concept: What are your company’s major strengths and competitive/technological advances? Concern for public image: What is (or will be) your company’s public image and standing in the community? Concern for employees: What is your company’s attitude toward its employees?
Depending on the size and complexity of your business, you may feel that only a few of the above components need to be directly addressed in order to produce an effective mission statement company.
C. Service/Product Strategy
The current service or product description in your business plan should highlight its unique, distinct, or improved features and benefits. This section is of special interest to investors and bankers; they will want to know what sets your product or service apart from the competition, how well you produce your product, and what new trails your company may be blazing. Present any proprietary technology that your product may include and any related patents or copyrights you may hold in connection with your product or service.
Customer satisfaction is increased if she or he understands the features and benefits of your product. These features and benefits must address the customers’ needs and wants and must distinguish a product from the competition.
A service should also address unmet needs or find a niche in a pre-existing service sector that is not been fully exploited or has not experienced infusion of competition.
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You need to also explain how you’re going to make your future product or deliver your future services. Determining your equipment, material and labor requirements, as well as their price and availability, can be critical factors in the production process. Consideration should be given to alternative sources and materials, inventory requirements, and Karen handling of various materials; you want clearly demonstrate that your production capabilities are sufficient to produce the product or deliver the service your business proposes to offer.
D. Analysis of Intended Target Market and Segmentation Plan
1. Provide a brief industry analysis by clearly defining and describing the industry or industries your enterprise/media venture operates in, including size, growth rate, and outlook. Don't base your projections on a hunch. Cite experts, refer to census data, excerpt industry analyses, present findings compiled by media organizations that serve your customers, or show a recap of your sales history to prove market momentum. Offering proof for what you say about market size and growth is important because this proof is the claim on which you stake your marketing plan — and budget.
2. Provide an overview of the Target Market and how you plan to segment your targeted market in your industry.
I. Target Market:
Define and describe the target market(s). Distinguish between end users and customers. Be clear how end users and customers benefit. How and why would they buy the product or service?
What is the projected needs your product or service fulfills? How big is the opportunity? What level of actual market demand can be measured versus projected?
II. Market Segmentation/Customer Profile:
Customer Profile: Define your customers in geographic terms (where they live), demographic terms (facts such as age, gender, race, education level, marital status, income level, and household size), and psychographic terms (lifestyle characteristics, including attitudes, beliefs, and behaviors that affect customer-purchasing patterns).
Market Segments: Market segments are comprised of unique groups of consumers that share similar characteristics. For example, women may buy from your company very differently than men do, and buyers from one geographic area may have different product interests than customers from another. Morning Drive customers may be decidedly different than overnight customers.
For Business-to-Business markets, include what industry the target market is in, who the key players are, frequency of product purchases, replacement needs versus expansion, and/or purchasing process? For Business to Consumer markets, include demographic factors, such as income level, age range, gender, educational level, and
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ethnicity as well as psychographic factors and relevant behavioral factors like shopping behavior. Identify if there are additional factors like consumer adoption process or influencers that might impact who potential consumers might be.
E. Competitive SWOT
1. An analysis of the situation requires an analysis (not simply a chart…you must provide a narrative discussion) of the micro/internal factors impacting your ability to operate within and with the targeted market that you have identified. To grow your business, you need to gain market share by drawing customers and purchases away from competing companies. In this portion of your strategic business and marketing plan, you summarize what kind of competition your company faces, including
A. Direct competitors: These competitors are companies that your customers consider when they think about buying. Describe each one, along with what you know about the threats they pose to you.
B. Indirect or stealth competitors: These competitors are companies that go after your customers in different and unexpected ways. For example, cable television, satellite services, movie rentals, and low-priced DVD purchase offers are all indirect competitors to movie theaters.
2. Strengths and Weaknesses
You should include a discussion of the major macro/external factors impacting your positioning in the market and identify direct competitors that are already in the market serving your target market. In identifying the strengths and weaknesses of your competitors’ product or service, you are evaluating the competitor’s coverage of the market and its success in meeting customer demand. By exploiting this weakness, you can improve both your service or product and your position in the market and convey that you are, or will be, strong where your competitors are weak.
3. Unexploited Opportunities
Based on your marketing analysis, you may discover additional niches and/or opportunities to explore. Often a successful product or service can be leveraged through new distribution channels, licensing, packaging, and so on. Identifying your top market opportunities will help you focus your marketing efforts.
4. Threats/Risk Analysis
Risk can be broken down into 2 major categories: business and environmental.
A. Business Risk
Each industry has its own set of unique business risks. Some industries have high capital needs others have a seasonal business cycle and still others have a very limited group of customers and suppliers. You must identify the potential business risks your venture faces. They may include:
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Seasonal Businesses Complementary Industry Product Substitution Power of Suppliers Limited Customer Base Personnel and Management Strength
B. Environmental Risks
Your business will also face risks that are not limited to the industry you operate in. An economic downturn or revised tax laws are examples of environmental risks that can affect a wide range of companies. Discuss those environmental risks your company faces as well. They should include:
Economic: Adverse changes in prevailing economic conditions can have a negative impact on the company’s projected business. In a recession, consumers decrease their expenditures and retailers are less inclined to make capital investments.
Environmental: Factors include ecological and environmental aspects such as weather, climate, and climate change, which may especially affect industries such as tourism, farming, and insurance.
Legal/Government: Factors include licensing, zoning, discrimination law, consumer law, antitrust law, employment law, and health and safety law. These factors can affect how a company operates, its costs, and the demand for its products.
E. Marketing Plans
Present your market strategy explaining how you intend to sell your service or product to customers and clients.
1. Sales Strategy
Value Proposition: Developing a value proposition is based on a review and analysis of the benefits, costs and value that an organization can deliver to its customers, prospective customers, and other constituent groups within and outside the organization
Positioning: Positioning means how your customers perceive your company, product, or service relative to your competitors. Explain how you intend to position your product or service in the market.
Pricing: Discuss your prices: How did you set them, is it competitive, is there perceived value inherent in the price, or is it based on costs? You should also explain if your prices differ from competitors and any elasticity in the market. Finally discuss the overall pricing strategy you employed to arrive at the price. (Profit Oriented Goals, Sales Oriented Goals, Status Quo Pricing, Discounts, etc.)
Segmentation and Targeting Strategy: Assuming you are not selling your product to everyone and anyone, you must explain how you will tailor your
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marketing efforts to reach each of the different segments of your targeted market.
2. Distribution Channels
Explain how you will sell your product or service, where you are going to locate your business and how you are going to get your product or service to your customer, understanding the key to proper distribution strategies is to deliver the product to a place where the customer will purchase it. Indicate, when appropriate, whether you will be using Direct v. Indirect Sales, the Internet and if you will be employing Selective v. Exclusive v. Extensive distribution channels.
3. Promotion
The goals of promotion are to inform, persuade and remind the customer of your product/service, brand and value. Your goal should be to convince your potential customer that your have the product or service that can satisfy their demands or needs, to convince them to buy that product or service from you and to successfully compete with other similar businesses in the market. Explain how you intend to promote your brand, product or service via advertising, publicity, public relations, sales promotions, etc.
A. Advertising: Advertising is sending impersonal messages to selected large audiences for the purpose of soliciting or informing consumers. Describe what means you intend to use to advertise your product or service and brand. These methods may include Internet, television, radio, print, direct mail, email, etc. The medium you employ should be determined
Advertising Budget: Your plan needs to include your advertising and promotional budget to show how much it costs to launch or maintain your sales. You must reflect in-kind service values in this budget as well.
Anticipated ROI: Indicate your predicted Return on Investment of the Advertising Dollars you will spend/invest. Explain the metrics you will use to keep track of the effectiveness of your promotions
B. Public Relations: Publicity is the information about your product that is not a direct message from you to the potential customer. Generally, it is not something that you can directly pay for, although you can pay indirectly and the value can be immeasurable. Explain what public relations efforts you will employ (press releases, editorial screenings, trade shows, list management or events) to garner publicity for your brand and product or service.
6. LITERATURE REVIEW
Prepare a summary on the theoretical or conceptual sources and data underlying your Constructive Action. In this section you cite the research material and data from which you have drawn for theoretical sources and corroborative references. In applying primary source content to the Constructive Action process, you will have to sift and filter facts, data, theories, and hypotheses. Decide which sources, illustrations or pieces of evidence are useful towards the conceptualization, implementation and assessment of your specific Constructive Action.
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7. IMPLEMENTATION PHASE
In this section of the document you will record the actual step-by-step implementing of your analysis for your Constructive Action and present the findings, results and conclusions deriving from your research about the viability and feasibility of your media venture in its planned industry.
A. Presentation of Financial Statements and Projections
Provide spreadsheet for the various financial projections you can make based on your research and to support your business and market plan efforts for your media venture. Be sure to include clear footnotes to explain assumptions and projections including projected budgeting for start up costs and cost/benefit analysis.
B. Recording Critical Incidents
In recording critical incidents, you are asked to describe specific occurrences or interactions based on the implementation of strategies/methodologies that you utilized to carry out your Constructive Action. This written "log" or summary tells what happened, how you dealt with it, what knowledge gained you’re your Dimension classes that you brought to bear on what was happening and how you felt and reacted. You can analyze the challenges you encountered, and whether or not you have succeeded. You must provide a minimum of 5 critical logs. A critical incident report briefly details the following information:
a. When and where did it happen? b. What happened? (What did you see, hear, say or do? This should not be a transcript of a conversation, but rather a critical analysis of what you did.) c. Who else was involved? How did they affect the way the situation went or how you responded? d. What knowledge from Dimension classes did you apply or became more clear because of the incident? How did you incorporate that knowledge into the situation you were dealing with? (Show the relationship between what happened in the situation and understandings you have gained in your studies.) e. What, if anything, did you learn about your venture? About yourself? f. How did it turn out? Why?
You must give careful thought to what information is relevant. Select and focus on what is significant. Each specific situation is different, so no absolute rules can be given, but generally conversations with members of the faculty or completion of class assignments do not warrant a critical log. For your Constructive Action, monitor those incidents that involve the issues and/or relationships that are the focus of the Constructive Action and document actual action in the business industry of your intended media venture. In addition, each incident should illustrate either progress or lack of progress toward the goal(s) you are working to achieve.
Logging or written monitoring is the process by which you record the development of your Constructive Action. It cannot be rushed in the last few weeks; it must be developed over the course of the semester. The material in the recordings, when appropriately detailed, becomes a major part of your analysis. It demonstrates how well you planned and implemented your Constructive Action, and how well you were are able to integrate academic learning into "live" situations.
A chart for recording critical incidents is included at the end of this section.
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8. FINAL ASSESSMENT PHASE
The final phase of the Constructive Action process provides the last major section of the written report. That is, you have researched and planned your goals and objectives, your strategies and evaluation criteria (all in relation to your needs and your current position on the job or in the industry) and you have spent several weeks acting on your plans (i.e., implementing them). In the final weeks of the Semester, then, you reflect and assess what has happened, what worked and what didn't work and why, what you learned from your class readings and actions, and their applicability to the Constructive Action, which is also written up as the Analysis By Dimension attached at the end of this guide.
A. Assessment of Business and Market Plan
Explain whether your plan presents a viable, financially feasible, achievable direction to develop, grow and market your business. Be sure to present evidence to support your conclusions about the viability and feasibility.
B. Assessment of Constructive Action Goals
1. Did you achieve your short-term research and analysis goals? 2. Were your goals realistic? Explain. 3. Did you reach your research and analysis objectives? How do you know? 4. Which objectives were redefined, if any? Explain why.
C. Assessment of Methodologies/Strategies
1. Which methods/strategies worked to achieve your research and analysis objectives? Why? Cite references to specific materials to support your discussion. 2. Which methods/strategies did not work, if any? Why not? Cite references to specific materials to support your discussion. 3. Would you use these methodologies/strategies again in similar situations?
D. Assessment of Overall Learning
1. Explain what you learned from this experience. What do you know that you did not know before? 2. In what ways did the Dimension classes and their accompanying readings help you with you to achieve your goals? In what ways were they not helpful?
E. Conclusion
Write a statement of your plans for further action.
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FORMATTING YOUR CONSTRUCTIVE ACTION DOCUMENT
General Format and Organization of the Constructive Action Document
All pages are to be typed, double-spaced (Abstract, Plan of Action and Critical Logs are single spaced.) Margins: 1 - 1 1/2 inches all around Times New Roman 12 point
Parts of the Document:
Title Page
Table of Contents
Abstract
Executive Summary
Introduction
Planning Phase 1) Short and Long Term Goals Statement 2) Plan of Action Charts 3) Evaluation Plan
Exploratory Phase 1) Needs Analysis 2) Company Overview Legal Name and Entity Form Management Team/Operations 3) Work Setting Analysis 4) Situational Analysis Vision and Mission Service/Product Strategy Target Market/Segmentation Plan SWOT 5) Marketing Plan Sales Strategy Distribution Channels Promotion
Literature Review
Implementation Phase 1) Financial Projections 2) Critical Logs
Final Assessment Phase 1) Assessment of Business and Market Plan 2) Assessment of Constructive Action Goals 3) Assessment of Methodologies/Strategies 4) Assessment of Overall Learning 5) Conclusion and Next Steps
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Analysis By Dimension Appendices and Other Supporting Documentation I. References: Provide a list of the academic and professional sources that you cite in your paper. II. Bibliography: Provide a list of all of the academic and professional sources you consulted in connection with carrying out your CA. III. Business and Marketing Plan: Attach a copy of your formal Business and Marketing Plan. IV. Miscellaneous: These may include memos, letters, and/or reports relevant to the Constructive Action, as well as feedback from faculty, supervisor, peers, other company constituents, and personal assessment.
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Plan of Action
Name: Purpose: Date Prepared: Date revised:
Short-term Constructive Action Goals Objectives Strategies Evaluation Plan
- appropriate to Purpose of the - are observable; - define resources to be used, - identifies semester; - are realistic within given how and by whom; evaluation of each - represents a logical step time frame; - describe how constraints will be strategy toward long- range goal; - Are challenging handled; - identifies method; - Are challenging but doable. - Are appropriate to Needs - Is appropriate to Analysis, long- and short- range Needs Analysis, goals long and short- range goals.
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Constructive Action: Record of Critical Incident
Date: Time:
Place: Persons Involved:
Strategy Implemented:
Content - Text Interpretation and Learning—subtext On this side, summarize specific words, actions (verbal On this side, record your thoughts, feelings inferences, and non-verbal), and/or occurrences between strategies, assumptions, etc. participants.
.
Critical Incident Log Page 2 Assessment/Summary of New Understanding
What do you know now that you would not have known if this incident had not taken place?
Indicate if you thought the situation went well or badly. Did it help you reach your goal or objective? Why or why not? (It went well because.../It would of gone better if...)
Next Steps
I will
Others (co-workers, supervisor, et al) will
Analysis by Dimension®
In what ways were the Dimensions involved/exhibited in this incident? What specific theories, readings, or activities from the seminars help you to understand what happened? Note citations.
Purpose
Values
Self & Others
Systems
Skills