Editorial management (Schmidt) Flashcards

(40% of the module with Project Management (30%) and Media Planning (30%))

1
Q

What is Media Management?

A

πŸ“Œ Definition: A dynamic process where individuals work with and through others to achieve organizational objectives.
πŸ’‘ Key Idea: Media managers must adapt to industry changes and manage teams effectively.

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2
Q

Classical school of management (three approaches )

A
  • associated with Industrial revolution
  • was centered on practical measures, primarily improving the means of production and increasing productivity among workers
  • ## serious contribution to management - philosopher Mary Parker Follet;
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3
Q

Scientific management approach (Classical school)

A
  • father of this approach is F.W.Taylor
  • Systematic approach to the challenge of increasing production. Introduced: determination of the most effective way to coordinate tasks, careful selection of employees for different positions, proper training and introduction of economic incentives to motivate employees.
  • Approach viewed workers mechanistically, suggesting that management could guarantee greater output if better wages promised in return.
  • Today used from the approach –> detailed job descriptions, sophisticated methods of employee selection, training and development.
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4
Q

Administrative Management approach (Classical school)

A
  • Henri Fayol studied the entire organization hoping to make it more efficient. One of the first management theorists to recognize management as a PROCESS.
  • Introduced POC3 model
  • (!!!) Established a list of 14 principles of management
    1. Division of work (should be divided according to specialization)
    2. Authority and responsibility (the manager has the authority to give directions and demand compliance along with appropriate responsibility)
    3. Discipline
    4. Unity of commands (Orders should be received from a single supervisor)
    5. Unity of direction (Similar activities should be under the direction of one leader)
    6. Subordination of individual interest to general interest (Interests of single employee don’t outweight those of the organization)
    7. Remuneration (Should be fair)
    8. Centralization (Certain level of centralization of authority needed to maximase employee productivity)
    9. Scalar chain (Line of authority usually from top to bottom)
    10. Order (All necessary materials should be located in the proper place for max efficiency)
    11. Equity (Fair and equitable treatment of all emplyees)
    12. Stability of tenure of personnel.
    13. Initiative (The ability to implement and develop a plan is crucial)
    14. Esprit de corps (A spirit of harmony should be promoted among personnel)
  • Thought that the principles must be flexible enough to accommodate changing circumstances.
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5
Q

Bureaucratic Management approach (Classical school)

A
  • Max Weber in Germany
  • In 1947 Weber theorized that the use of a hierarchy or bureaucracy would enable an organization to produce at its highest level.
  • Needed: clear division of labor and management; strong central authority; system of seniority; strict discipline; clear policies and procedures; careful selection of workers
  • Weber’s contribution: organizational flow charts, job descriptions, specific guidelines for promotion and advancement
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6
Q

Maslow’s Hierarchy of Needs (Human Relations School)

A
  • Employees have a series of needs. As one level of needs if met, other levels of needs become important to the individual.
  • Some ppl have dominant needs at a aparticular level and thus never move through the entire hierarchy;
  • Some individuals respond differently throughout the life cycle.
  • Managers might require different motivational techniques to motivate ppl according to their needs.

5 - Self-actualization level (the idea of maximizing one’s potential)
4 - Esteem level (self-esteem and recognition from others)
3 - Social needs level (need to belong and be accepted by others)
2 - Safety level (no danger, predictable environment)
1 - Physiological needs (food, water, shelter, clothing)

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7
Q

Modern Approaches to management – Management effectiveness (/MBO)

A
  • Classic and Human relations schools consider EFFECTIVENESS a natural and expected outcome. MODERN management theorists question this assumption.
  • P. Drucker (1986) developed MANAGEMENT BY OBJECTIVES (MBO) - here middle-, and senior-level managers must identify goals for each individual area of responsibility and share these expectations with each unit and employee. Shared objectives serve as a way management can monitor and evaluate progress.
  • Criticism of MBO: it is time-consuming to implement and difficult to maintain in media organisations (rapidly changing environment).

But still MBO could be found in the areas of promotion, marketing and financial forecasting.

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8
Q

Modern Approaches to management – Systems Approaches to Management

A
  • Macro perspective (entire organization is examined, the study includes in which environment the organisation operates)
  • Inputs, production processes, outputs
  • External environment is also studied as organisations are not isolated entities
  • Resource dependence perspective –> the media industries don’t operate in isolation, but form a larger systems that also includes political, economic, technological and social subsystems
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9
Q

Modern Approaches to management – Total Quality Management (TQM)

A
  • series of approaches to emphasize quality in organisations, especially in regard to producing products and serving both external and internal customers
  • managers combine strategic approaches to deliver the best products by continuously improving every part of the operation
  • every employee must be responsible for quality
  • TQM might help organisation to maintain a competitive edge
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10
Q

Modern Approaches to management – Strategic management

A
  • primarily concerned with developing tools and techniques to analyse firms, industries and competition, and developing strategies to gain competitive advantage.
  • Michael Porter !!! SWOT analysis
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11
Q

Modern Approaches to management – Leadership

A
  • there’s a wide agreement that the most successful organisations have strong and effective leaders
  • Bennis claims leadership consists of: vision, passion, integrity.
  • Leaders also willing to take risks and are not afraid of failure.
  • Bennis: leader innovates and offer long-range perspective, managers administers and exhibits a short-range view.
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12
Q

From publicist to manager

A
  • Manager:
    An executive, who is empowered to give instructions and to make decisions
  • Editorial manager:
    Journalistic as well as administrative and economic objectives (profit maximization and growth)
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13
Q

5 key aspects of editorial management

A
  • Cost Management
  • Editorial Marketing
  • Quality Management
  • Technical Management
  • Human Resources Management
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14
Q

What is cost management?

A

πŸ“Œ Cost Management = The process of planning and controlling business costs.
πŸ’‘ Key Idea: Helps businesses budget, forecast, and monitor costs to maximize profits.

πŸ”Ή Goal: Minimize expenses while ensuring efficiency & long-term sustainability.

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15
Q

Aspects of cost management (low/high costs savings vs time)

A

Low savings + Operational Short-term up to 3 months = Reduce costs and prioritize spendings

Middle savings+ Tactical timing of 3 months-2 years = Optimize costs (increase efficiency)

Higher savings + Tactical timing of 3 months-2 years = Rationalize costs (Business relevance, flexibility and agility)

High savings + Strategic timing 2 years and UP = Trasform costs (invest more to optimize more)

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16
Q

Tasks of Editorial Marketing

A

Kotler, P. (1994):
A social and managerial process by which individuals and groups obtain what they want and need through creating, offering, and exchanging products of value with others.

Goal: β€œCustomer acquisition” through orientation of a product based on the needs and interests of the audience in order to achieve customer loyalty and gain new customers

Conflict of goals: Orientation of advertising industry vs. journalistic
independence

Long term objectives of editorial marketing:

Market orientation
- Market orientation –> Analysis of the competition and demarcation to gain a specific position ((Meaning: USP - what are we doing differently compared to our competitors))
- Growth orientation –> Market position should be developed - through Marketing activities (e.g. qualitative improvements, new target groups)
- Future orientation –> Considering societal and economic changes - new products

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17
Q

Tasks of Technical management

A

Technologization of the journalists daily routine:

  • Provision of Equipment (From Laptop, VC to smartphone)
  • Introduction of editorial systems (electronic tools for planning
    and management of editorial content)
  • Providing necessary software
  • Digital archive
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18
Q

Tasks of Quality management

A

Journalistic quality as a competitive advantage in increasing competition

Task: That the company does everything that the product fulfils the requirements of the producers but also the needs of the target group.

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19
Q

What is journalistic quality?

A
  • the definition of journalistic quality is diverse
  • NORMATIVE approach (accuracy, relevance, transparency, balance, diversity, topicality, understandability, legitimacy). Approach: quality is understood as a norm which should be taken over as a task by media - which is almost impossible to comprehend - and difficult to evaluate the fulfilment.
  • FUNCTIONAL approach (Society is strongly differentiated –> therefore differentiated journalistic systems are needed.
    As example: information journalism; investigative-, service-, sports-, life-style-, local-, boulevard/tabloid journalism…
    Conclusion: –> the specific journalism is then of a high quality level when it fulfils its function!!)
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20
Q

Instruments of quality management

A
  1. Determining the audience interests by conducting market research.
  2. Using internal expertise (editorial conferences, departmental conferences) and partly external know how. 3. Using external skills (training, expert speakers). 4. Dealing with errors proactively. 5. Fact-checking. 6. Success-oriented bonuses.
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21
Q

Reasons for Lack of Quality Management

A

1) Economic
2) Sociological

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22
Q

Some years ago, DW has launched a 24- hour English news channel to expand the scope of its reach. (Before the program was aired 10 hours a day.) The new channel aims to provide better and more relevant information to English speaking audiences, particularly in Africa and Asia.
Based on the concept of Editorial Management, what aspects belong to what key element of Editorial Management?

A
  1. Content Strategy
    Aspects:
    Expanding from a 10-hour to a 24-hour broadcast reflects a strategic decision to provide continuous news coverage, ensuring relevance for diverse time zones.
  2. Resource Allocation
    Aspects:
    Scaling up operations to 24-hour broadcasting requires additional human resources, such as more editors, reporters, and technical staff.
    Investment in infrastructure, such as studio facilities, transmission systems, and digital platforms, to support round-the-clock operations.
    Budget adjustments to cover increased costs for production, distribution, and marketing of the expanded programming.
  3. Audience Engagement
    Aspects:
    Targeting specific regions (Africa and Asia) involves understanding and addressing the unique information needs and preferences of these audiences.
    Utilizing feedback mechanisms, surveys, and analytics to continuously refine content and ensure audience satisfaction.
  4. Editorial Standards and Policies
    Aspects:
    Ensuring consistent adherence to DW’s editorial principles, such as impartiality, accuracy, and reliability, in a 24-hour operation.
    Training staff to address culturally sensitive topics, particularly for diverse audiences in Africa and Asia.
  5. Workflow Optimization
    Aspects:
    Introducing streamlined workflows and editorial processes to handle continuous news production.
    Utilizing newsroom management tools (e.g., content scheduling, story tracking) to coordinate teams and ensure seamless operations across time zones.
  6. Performance Monitoring and Evaluation
    Aspects:
    Establishing key performance indicators (KPIs), such as audience reach, engagement rates, and viewer satisfaction, to measure the success of the channel expansion.
    Regularly analyzing viewership data from Africa and Asia to assess the channel’s impact and relevance.
    Using performance insights to adapt editorial strategies and programming schedules for continuous improvement.
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23
Q

what is Total Quality Management?

A

TQM (Total Quality Management) is a management approach focused on long-term success through customer satisfaction. It involves the continuous improvement of processes, products, and services across all levels of an organization, with the active participation of all employees.

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24
Q

What is the EFQM Model?

A

The EFQM (European Foundation for Quality Management) Model is a framework for evaluating and improving an organization’s performance.
πŸ’‘ Key Idea: Achieve sustainable excellence by balancing the needs of all stakeholders (customers, employees, suppliers, society) while promoting innovation and continuous improvement.

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25
Q

potential criticism of EFQM Business Excellence Model

A

Complexity; Overemphasis on Processes; significant investment in training, assessments, and ongoing improvement initiatives; Subjectivity in Evaluation; In media, employees accustomed to traditional workflows might resist implementing new practices outlined by EFQM, especially if they perceive the changes as bureaucratic

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26
Q

Editorial organisation - work in editorials is based on…

A

Work in editorial offices is generally based on labour division: ➒ numerous people are involved in the making of the final
product,
➒ and each of them is responsible for part of the product (texts, photos, layout).
β—Ό This requires the routinization of operations, since people work under time pressure

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27
Q

Four Fields of action of the Newsroom

A
  1. People (roles, skills, internal comms)
  2. Output (topics, target groups, channels, formats)
  3. Organisational (Structures, Processes)
  4. Infrastructure (Spaces, equipment, work tools)
28
Q

Lewin’s Golden Rules for Change

A
  • Change should only be implemented for good reason.
  • Change is most effective when done gradually.
  • Change should be planned and not sporadic or sudden.
  • Strive to include individuals who may be affected by the change as much as possible in planning for the change
29
Q

What is Lewin’s Change Management Model?

A

Developed by Kurt Lewin, this model explains how organizations can successfully implement change in three simple stages:

πŸ”Ή Unfreeze β†’ Change β†’ Refreeze

πŸ’‘ Key Idea: Before change happens, people must be prepared, guided through the transition, and then stabilized in the new way of working.

30
Q

Force field analysis (Lewin)

A
  1. Driving forces (positive forces for change)
    - Market needs/customer demand
    - Easy to manage
    - Low cost of change
  2. Restraining forces (obstacles to change)
    -Insufficient staff resources
    - Too high complexity
    - Lengthy implementation time
    - Extensive training
31
Q

What is change management?

A

Change Management = Planned and structured approach to implementing change in organizations.
πŸ’‘ Key Idea: It involves analyzing, planning, implementing, evaluating, and continuously improving change.

πŸ”Ή Goal: Ensure smooth transitions while maximizing efficiency and employee adaptation.

32
Q

Nature and extent of change

A

Nature of change: unplanned vs planned.

Extent of change: first order (gradual) change vs second order change (radical)

33
Q

first order (gradual) change vs second order change (radical) examples

A

1) First order (gradual) change: continuous change, minor change, endless modification, constant adjustment.

2) Second order change (radical): episodic change, reinvention, revolutionary change, decisive changes, high risk changes.

34
Q

Lean-approaches

A
  • Lean-Management (Flat hierarchies)
  • Lean-Production
  • β€œJapanese way” or β€œToyotism”

Basic Principles:
Holistic alignment of the management and the organization to the value chain

35
Q

Lean management characteristics

A
  • More value with fewer resources
  • Process optimization
  • Customer orientation
  • Cost reducing
  • Involvement of employees
  • Flat hierarchies
  • Outsourcing
36
Q

Reingineering approaches

A
  • Business-Reengineering
  • Business-Process-Reengineering (BPR)

Philosophy of Reengineering Approaches:
* Radical and hierarchical oriented models
* External consultants play an important role

In Practice:
* BPR is popular on the consulting market

37
Q

New management concepts

A
  • Hybrid flexibility (Digital leadership)
  • Agility
  • Learning organisation / Knowledge Management
37
Q

Typical attitudes towards organizational change

A
  • Visioners and missioners
  • Active believers
  • Opportunists
  • Indifferent people
  • Resistance fighters
  • Open opponents
  • Emigrants
38
Q

Instruments
for
Overcoming Resistance of change process

A
  • Qualification of the people affected
  • Active participation of the people affected by the change
  • Timely and open information
  • Building a faithful communication and working climate
  • Protecting people who are negatively affected by the change
  • Avoiding revolutionary approaches
  • Early wins make visible
  • Rapid stabilization of changes
39
Q

Factors of Success for organizational change

A
  • Clear vision
  • Concrete goal definition
  • Broad employee participation
  • Integrative approach
  • Introduction of cultural change
    -Top-Management-Commitment
40
Q

Factors of Failure for organizational change

A
  • Unclear vision
  • No understanding for problem
  • Lack of communication
  • Partial attempt of optimization
  • No courage
  • Short time frame
41
Q

What is the Coping Cycle Model of Change?

A

Developed by John Hayes, this model explains how employees emotionally and psychologically respond to change.
πŸ’‘ Key Idea: People move through five stages before fully accepting change.

πŸ”Ή Stages: Denial β†’ Defence β†’ Discarding β†’ Adaptation β†’ Internalization

42
Q

Different Forms of Resistance to Change

A
  1. Political Resistance
    πŸ“Œ Cause: Fear of losing power, control, or status
    ⚠️ Employee Reactions:

Blocking change
Sabotaging initiatives
Slowing down implementation
βœ” Management Strategy:
βœ… Engage key stakeholders early
βœ… Show benefits of change for their role
βœ… Offer incentives or alternative roles

πŸ”Ή Example: A manager opposes a new reporting system that reduces their influence over decision-making.

  1. Emotional Resistance
    πŸ“Œ Cause: Fear of the unknown, stress, attachment to old ways
    ⚠️ Employee Reactions:

Complaining, avoiding new tasks
Low morale, refusal to adapt
Passive resistance
βœ” Management Strategy:
βœ… Acknowledge fears and listen
βœ… Provide support, reassurance, and training
βœ… Recognize past efforts to ease transition

πŸ”Ή Example: Employees resist new software because they fear they won’t be able to learn it.

  1. Rational Resistance
    πŸ“Œ Cause: Doubts about feasibility, effectiveness, or necessity
    ⚠️ Employee Reactions:

Asking for data and evidence
Questioning the logic of change
Raising concerns about risks
βœ” Management Strategy:
βœ… Provide clear facts, data, and reasoning
βœ… Involve employees in discussions
βœ… Pilot test before full implementation

πŸ”Ή Example: IT staff question the security risks of a new system before adopting it.

42
Q

Resistance to change comes in 3 forms, which are…

A

πŸš€ Resistance to change comes in three forms:
1️⃣ Political Resistance – Power struggles, needs stakeholder engagement.
2️⃣ Emotional Resistance – Fear and uncertainty, needs reassurance and training.
3️⃣ Rational Resistance – Logical concerns, needs data and discussion.

βœ” Effective leaders identify resistance early and use tailored strategies to ensure a smooth transition. 🎯

43
Q

What is BPR?

A

Business Process Reengineering (BPR) = Radical redesign of processes to improve cost, quality, service, and speed.
πŸ’‘ Key Idea: Start from scratch! Not small fixes, but breakthrough improvements!

44
Q

Why Do Organizations Need BPR?

A

⚠️ Problem: Over time, businesses become slow, inefficient, and outdated due to:

Bureaucracy πŸ“‘
Unnecessary steps ❌
Slow processes 🐌
βœ… Solution: BPR eliminates inefficiency by rethinking entire processes from scratch!

45
Q

6 Steps of the BPR Model

A

πŸ“Œ 1️⃣ Identify Processes for Change β†’ Find outdated, slow, or broken processes.
πŸ“Œ 2️⃣ Set Clear Goals β†’ What needs improvement? Cost, speed, quality?
πŸ“Œ 3️⃣ Analyze the Current Process (β€œAs-Is”) β†’ Map it out and spot inefficiencies.
πŸ“Œ 4️⃣ Redesign the Process (β€œTo-Be”) β†’ Remove unnecessary steps & use automation.
πŸ“Œ 5️⃣ Implement Changes β†’ Train employees & apply the new system.
πŸ“Œ 6️⃣ Monitor and Improve β†’ Track progress & adjust as needed.

πŸ”Ή Think of it as a full business makeover!

46
Q

Why Is BPR Important?

A

βœ” Eliminates inefficiency – No more outdated, slow processes!
βœ” Saves time & costs – Work faster & cheaper. πŸ’°
βœ” Boosts customer service – Customers get better, faster results. ⭐
βœ” Helps businesses compete – Stay ahead with technology & innovation!

47
Q

What is Lean Management?

A

Lean Management = Continuous improvement to maximize customer value while minimizing waste.
πŸ’‘ Origin: Developed in Toyota’s Production System (TPS).
πŸ”Ί Think of Lean as a Pyramid – Each level builds on the next for long-term success!

48
Q

πŸ“Œ 4 Levels of Lean

A

πŸ“Œ Lean Management = Continuous Improvement + Waste Reduction
πŸ“Œ 4 Levels of Lean:
1️⃣ Foundation (Culture & Mindset)
2️⃣ Principles (Define Value, Flow, Pull, Perfection)
3️⃣ Tools (5S System)
4️⃣ Leadership (Servant Leadership & Employee Empowerment)

πŸ”Ή Strong Culture + Smart Tools + Leadership = Lean Success! 🎯

49
Q

πŸ“Œ Coping Cycle Model (Hayes) = 5 Stages of Employee Response to Change

A

1️⃣ Denial – β€œThis won’t happen.” β†’ Clear communication needed
2️⃣ Defence/Resistance – β€œI don’t like this!” β†’ Acknowledge concerns
3️⃣ Discarding – β€œMaybe I have to accept it…” β†’ Provide training
4️⃣ Adaptation – β€œI’m adjusting.” β†’ Support & celebrate wins
5️⃣ Internalization – β€œThis is normal now!” β†’ Reinforce success

πŸ”Ή Managing change = Helping employees transition smoothly! 🎯

50
Q

Characteristics of Change Management

A

βœ” Holistic Perspective – Change affects the entire organization, not just isolated areas.
βœ” Beyond Urgent Issues – It’s about long-term transformation, not just fixing short-term problems.
βœ” Key Action Fields – Looks at people, processes, culture, and technology together.

πŸ’‘ Successful Change = Comprehensive Planning + Employee Engagement 🎯

51
Q

Change Management Process (5 Steps)

A

πŸ“Œ 1️⃣ Analysis – Identify areas needing change.
πŸ“Œ 2️⃣ Planning – Develop a strategy for change.
πŸ“Œ 3️⃣ Implementation – Execute the change plan.
πŸ“Œ 4️⃣ Evaluation – Measure the success of the change.
πŸ“Œ 5️⃣ Continuous Improvement – Adjust and refine based on feedback.

πŸ”Ή Think of it as a continuous cycle! πŸ”„

52
Q

Why is Change Management Important?

A

βœ” Ensures smooth transitions & reduces resistance.
βœ” Increases employee engagement & adaptability.
βœ” Prevents disruptions & inefficiencies during change.
βœ” Helps companies stay competitive & innovative.

πŸ’‘ β€œChange is inevitable – managing it well is the key to success!” πŸš€

53
Q

Lewin Stage 1 – β€œUnfreeze” (Preparing for Change)

A

πŸ“Œ Goal: Ensure employees recognize the need for change and are ready to adapt.
⚠️ Key Actions:
βœ… Identify what needs to change πŸ”„
βœ… Gain strong support from management πŸ‘₯
βœ… Address doubts and concerns ❓
βœ… Encourage people to let go of old behaviors 🚫

πŸ’‘ Example: Management announces a digital transformation and explains why it’s necessary.

βœ” Success Tip: Communicate the urgency & benefits of change! 🎯

54
Q

Lewin Stage 2 – β€œChange” (Implementing the Change)

A

πŸ“Œ Goal: Plan & execute the change effectively.
⚠️ Key Actions:
βœ… Help employees learn new concepts & skills πŸŽ“
βœ… Communicate often & dispel rumors πŸ“’
βœ… Provide support & training πŸ“š

πŸ’‘ Example: Employees receive training on new software and are encouraged to use it.

βœ” Success Tip: Frequent communication = Less resistance! πŸ“’

55
Q

Lewin Stage 3 – β€œRefreeze” (Making Change Permanent)

A

πŸ“Œ Goal: Ensure the change sticks and becomes part of daily work.
⚠️ Key Actions:
βœ… Reinforce and stabilize the new ways πŸ”„
βœ… Develop strategies to sustain the change πŸ—οΈ
βœ… Celebrate success & recognize achievements πŸŽ‰

πŸ’‘ Example: Employees now fully use the new system, and management rewards top adopters.

βœ” Success Tip: Recognize efforts & make new behaviors the norm! πŸ†

56
Q

Core Structure of the EFQM Model

A

πŸ“Œ 1️⃣ Enablers (How results are achieved)
πŸ“Œ 2️⃣ Results (What the organization achieves)

πŸ’‘ Think of it as INPUTS (Enablers) β†’ OUTPUTS (Results)

57
Q

EFQM - Enablers – How an Organization Achieves Results

A

βœ… Leadership – Drives vision, values, and sustainable strategies.
βœ… Strategy – Aligns the mission with stakeholder needs.
βœ… People – Engages, develops, and empowers employees.
βœ… Partnerships & Resources – Manages external relationships and internal assets.
βœ… Processes & Innovation – Continuously improves and innovates operations.

58
Q

EFQM - Results – What an Organization Achieves

A

βœ… Customer Results – Measures satisfaction and loyalty.
βœ… People Results – Focuses on employee engagement and well-being.
βœ… Society Results – Tracks the impact on the community and environment.
βœ… Business Results – Evaluates financial and operational success.

59
Q

Example – EFQM in a Media Organization (Digital Transformation)

A

πŸ“Œ Leadership:
Senior executives focus on a digital-first strategy, adapting to changes in audience behavior (mobile, video streaming).

πŸ“Œ Strategy:
Aligns journalism with real-time audience needs, while ensuring ethical reporting (e.g., combating misinformation).

πŸ“Œ People:
Upskills journalists in AI fact-checking, multimedia content production.

πŸ“Œ Partnerships & Resources:
Collaborates with tech companies to expand distribution (e.g., streaming platforms, social media partnerships).

πŸ“Œ Processes & Innovation:
Automates workflows for video captioning, analytics, and user-generated content integration.

πŸ“Œ Results:
βœ” Customer Results: Track website engagement & social media reach.
βœ” Society Results: Measure the impact of investigative journalism on policy.
βœ” Business Results: Analyze subscription growth & ad revenue.

60
Q

Key Aspects of Cost Management

A

βœ… Collecting Cost Data – Tracking business expenses.
βœ… Analyzing Costs – Understanding cost patterns & trends.
βœ… Reporting Costs – Providing insights for decision-making.
βœ… Budgeting & Forecasting – Planning for future expenses.
βœ… Cost Control – Finding ways to reduce unnecessary spending.

61
Q

Operative Objectives of Cost Accounting

A

1️⃣ Determine Cost of Products/Services – Know how much production/service delivery costs.
2️⃣ Provide Data for Planning & Control – Help in budgeting & cost control strategies.
3️⃣ Support Decision-Making – Provide useful financial insights.
4️⃣ Assist in Pricing Strategy – Help management set the right selling price.
5️⃣ Compare Costs Over Time – Track trends & identify inefficiencies.

62
Q

Why is Media Management a Dynamic Process?

A

βœ” Process = A series of actions marked by change
βœ” Media industries are fast-moving & unpredictable
βœ” Managers must respond to evolving consumer behavior

63
Q

Key Challenges for Media Managers

A

βœ… Changing consumer tastes & preferences – Media consumption shifts rapidly.
βœ… Social trends – Audiences demand diverse and ethical content.
βœ… Regulatory changes – Government laws can reshape industry practices.
βœ… Technological advances – AI, streaming, digital platforms change distribution.

64
Q

No Universal Theory of Media Management. πŸ“Œ Why?

A

⚠️ The media industry is too diverse for a single management theory.
⚠️ Different companies require different approaches based on their goals.
⚠️ Managers must analyze their own environment to find the best strategy.