Quiz 9 Flashcards
Their resources are their time, money, attention
Seek to exchange money for entertainment and information.
Largest group
Consumers
Bring money to the game
Negotiate in exchange of their money to access audiences they want to target
Negotiate with media for lowest cost
Advertisers
These bring money, messages, and audiences to the game as they compete in three different markets simultaneously.
Media Companies
The three markets media companies compete in
- Talent market
- ) Audience Market
- ) Adertising market
Bring their time, skills, and talent to the game
Increase pay and benefits they receive for each hour worked
Media Employees
The crafts and clerical people who apply fairly common skills in the performance of their jobs
Below-the-line employees
The creative type and the entrepreneurs
Above the line
Those who play the game well, and continually negotiate resource exchanges so well that their payoffs are of greater value than their costs each day
Net winner
Players who give up resources more valuable than they receive in return
Net losers
One company controls the market, consumers must buy their products from that one company by paying high prices or going without the product
Monopolistic Industry
Have many companies producing same/simular products, continually improve the quality of their products while sleeping prices low enough
Competitive Industry
Coexisting of the features of the two types:
Monopolistic because each media industry is typically dominated by a large powerful company
Competition because each media industry allows for a large number of businesses that compete for resources
Monopolistic Competition
The actions of one player can affect other players in complex ways
Complex Interdependence
A segment of an audience to which you offer your product or service
Market
What factor of valuing one’s resources favors the consumer
Consider supply and demand
What factor of valuing one’s resources favors the advertiser
Making an assessment about how well the resource with achieve a goal
Businesses are run to make as large a ___ as possible
Profit
Maximizing overall revenue is to increase the number of _________
Revenue Streams
The bigger the scale of your business the more likely your costs will go down either through the ability to demand greater discounts or because you are able to operate more efficiently beyond a certain point
economies of scale
Achieved by distributing the same message through many different channels
Economies of scope
Trying to attract as large an audience as possible
Quantity Audience Strategy
Try to attract a certain kind of niche audience
Quality Audience Strategy
Long-tail marketing relies on _____ which are internet platforms that bring together buyers and sellers of all kinds of products and services
Aggregators
Five types of aggregators
Physical goods Digital goods Advertising services Information Communities/user-created content
