Digital Media Strategy for Profitable Company- myassignmenthelp

Question: Discuss about theDigital Media Strategy for Profitable Company. Answer: Digital media is any media that is electronic and is stored in binary numbers which are accessed through computers, handheld devices and mobile phones. It requires combination of digital technology and creative mind (Buckingham Willett, 2013). Digital media strategy involves ways of use of electronic media to pass information. A disability service centre has new product to offer and therefore it should use this strategy to inform the clients about the new product. The goal of this company is to be a global and profitable company with variety of products to satisfy customers. The vision of this company is to be a company which produces highest quality services especially to those faced with disability challenges while offering people a safe and meaningful place to work. Disability service Company is globally structured and the company plans to further its growth with existing customers around its location and by improving of product quality and introduction of new products and services An organizational structure is important especially to new employees so that they understand how the company is organized (Miles, et.al, 2001). This structure also shows the chains of command in the organization, higher rank being the top managers and goes down to employees on different levels. The source of funding to this company is through its sales, it is able to run its operations with the profits from their sales, and they are also funded by non-profitable organizations to help them boost their performance in helping the unfortunate in the society. The new service introduced by this company is the provision of day care services to patients. This is a new product in the company and through digital media advertising; the company will inform its current and potential customers. The introduction of new product will fit into the company because it will expand its sales hence meeting their future strategy and increase productivity of the company. S.W.O.T is an abbreviation of for Strengths, Weaknesses, Opportunities, and Threats. It helps build a strong business strategy by ensuring that strengths and weaknesses have been looked into that and utilizing the available opportunities and threats (Helms Nixon, 2010). Strengths and weaknesses are considered internal to the company and it can be changed any time to suit the requirements, opportunities and threats are therefore external, for example, competitors, suppliers and they happen on a daily basis and cannot be changed. Businesses which have been operational uses SWOT analysis (Kim, 2005) to assess changing environment and respond to it accordingly, while the upcoming businesses use the analysis for their planning purposes. SWOT analysis helps in strategic planning by building the companies strengths, reversing its weaknesses, maximize opportunities of investing in new products, overcome threats, helps in identifying competencies of the company. However, SWOT analysis is not exempted from limitations. It does not stress the importance of its aspects and does not tell a company how they can identify these aspects. There are demerits which include; price increase because of trying to compete with other companies, inputs, government regulations, search for new market for products without overseas market. This disability service centre is a company which deals with handling of patients with disabilities, either from birth or through sickness/injuries, there are factors which affect the running of this industry and a PEST analysis include; Political factors are those which involve policies and regulations of the government levied on products and services provided by the company. For countries who does importation of products are also affected by importation laws and also government foreign relations, exports are also affected by countries regulations, disability service centre will be faced with these challenges if they have to import or market its services and products (Gupta, 2013). Economic factor which affects this company is the purchasing power in that the services and equipments to be used can be of high cost; therefore it has to invest heavily so as to offer high quality care Sociological factors whereby some people decide to adapt a certain lifestyles hence affecting the sale of day care service. Another factor could be as a result of religion and attitude towards day care services that it only belong to those who are able financially. Technological factors has enabled disability centre to market several products at a low cost, this is because of the upward trend of post treatment services. The new product in the market will face all these factors and especially from other company which provides the same services. Some of the competitors offering the same product include the hospitals private wings, non- Governmental organizations registered to offer the same service. Hospitals especially private wings are mostly in towns and cities and their prices keeps fluctuating, other companies offering the same services are available and offer their services at a relatively low prices, other upcoming companies also do offer the same products at a price they feel best but the quality is still low, therefore with the introduction of this new product it will face a high competition from all the three competitors. Internal stake holders are entities within a company, and it comprises of workers, management, board of directors, investors (Morsing, 2006), while External stakeholders are those not within a business and it comprises of consumes, suppliers, regulators. When marketing a product, one should consider the competition present and the audience. For this case of day care service, it will face stiff competition from other companies offering the same service. A strategy to improve its sales should be implemented by ensuring that the quality of service provided is unique as compared to that of the competitors. Social marketing to reach all audience is to be used because of the increase in use of social media. Because it is a new product in the market, the company will sell it at a lower price compared to that of competitors; do product differentiation which is not done by its competitors hence increasing sales. Advertising through social media is not very expensive and therefore for the company offering new product it should invest in it to inform the market of the new product. The cost should not be too high as it leads to loss to the company, a reasonable price should be used and hence achieve high profits References Buckingham, D., Willett, R. (Eds.). (2013).Digital generations: Children, young people, and the new media. Routledge. Gupta, A. (2013). 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