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Topic: Challenges faced by Entertainment Industry

  

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Challenges Faced By Entertainment Industry

Introduction

Under the current competitive and dramatically ever-changing environment, many companies are succeeding whereas at the same time many are failing terribly. Offering the right products for the right markets at the right time is the main reason why some companies and it states an important way in terms of forecasting the shape of things, analyzing strategic alternatives and developing greater sensitivity to long-term implications.

Analyzing situation prior a strategic decision is critical for generating or sustaining competitive advantages, especially when facing the dynamic environmental trend, which can affect corporations’ performance positively or negatively. The main task for a situation analysis is to explore the external factors and internal factors and requires a corporation using its relative corporate strengths to better satisfy customer needs and finally achieve maximum positive differentiation over its competitors in a numbers of internal and external variables. The market situation today is changing rapidly followed by increasing keen competitors hence the main objective is to maintain competitive advantage

Background

Today, Entertainment Industry is a significant part of the society. It takes different forms like televisions, prints, and films. It also includes smaller segments like radio, music, OOH, animation, gaming and visual effects (VFX) and Internet advertising (Peterson, 1994, P.78). Nearly everyone uses either of the above. For instance it is common to see people taking photos or video or even accessing Internet using their mobile phone. Entertainment Industry has become one of the icons of today’s life, a symbol of an instant society, connection and organization. Many people find Entertainment exceedingly convenient resources for everyday life, but very few people stop to consider the negative impacts the Entertainment Industry forms could have on society if not handled appropriately or in the right places. Behind the iconic triviality lie grave issues, which have a negative impact to the members of the society. While different forms are arguably convenient, they can also be rather obnoxious (Dowswell, 2002, P.

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7). This report explores the different challenges facing the Entertainment Industry.

Problem statement

The purpose of this research is to investigate the challenges facing Entertainment Industry. It intends to explore how different entertainment forms can adversely affect general welfare the society. The entertainment industry is ever changing and faces challenges mainly from technological changes, changes in consumer behavior, and variety of different forms, which make the industry unstable and create an unpredictable environment (Lüsted, 2011, P.123). The media and entertainment organizations are obliged to become efficient, proactive, forward thinking and embrace the technological advancements in the industry.

The traditional approach used by most organizations in this industry concentrated their efforts on innovation, TV broadcasting and syndicated services (Oleksy, 1996, P.89). They also rely heavily on retailers to distribute their content and this excludes the main purpose of entertainment is to reach the customer who should be viewed as an asset. The industry is facing several challenges.

Some of these challenges include;

1. A decline in video margins resulting from price erosions and increase in costs.

2. The increase in retailers bargaining power, which means they will demand, low prices and expect higher services. For example, those that uses DVDs as their loss leader items

3. The increase in threats of market fragmentation resulting from distribution channel proliferation like broadband; video streaming, DVR, VOD, video pod casts, and cable (Greene, 1958, P.58).

4. The technical savvy set of consumers. Consumers are defining the future of media consumption and looking for technologies that will enable them to consume content on their own terms.

5. The change of consumer habits, behaviors, and wants

6. The increase in complexity of intellectual property rights (Kay, 1959, P145)

In particular, the results of this research came from the entertainment industry where different organizations and consumers interact in several ways creating a market structure, which is prone to several factors, which at times come as challenges. . With random selection and using both qualitative and quantitative content analysis, the organizations and customers’ reaction will be analyzed. As media utilization increases, the need for society, businesses and organizations to provide guidelines on appropriate usage and also state the related risks and legal obligation of inappropriate usage must become a priority. Failure to develop and communicate the policies exposes every organization to significant financial, security, legal and reputation risk. The research questions to be answered are; what are the challenges facing entertainment industry?

Methodology

This methodology part will categorize the major determinants the research results which include; case study design, geographical location, and population trial. Different instruments can be used to collect data. They are chosen depending on type of research to be conducted or the type of data to be collected ( Jha, 2008, P.48). Qualitative methods of data collection are mostly interpretive techniques, which aim to decode, describe, translate and come up with a definite meaning which can be addresses by different interested parties. On the other hand, quantitative is the data that can be counted or quantified. This research has been analyzed by use of both qualitative and quantitative data to provide an opportunity for exploring diverse dimensions of specific marketing issues. Most researchers use interviews, observations and diaries for qualitative data analysis whereas questionnaires and surveys are used to analyze quantitative data. Despite the use of both qualitative and quantitative methods for the primary research, the key objective is to analyze the challenges facing the entertainment industry (Welman et al 2005, P.24).

The research instruments are questionnaires and interviews. Questionnaires usually form an integral part of description and opinion. The research team distributed a total of 500 questionnaires to the entertainment organizations and customers of different forms. All questionnaires are to be given to non- patients.

During research, interviews are carried out mainly to form a relationship with participants to attract and make a platform for their cooperation. The main question to be interviewed will be to ascertain whether people perceived entertainment as advantageous to the public and a boost to the economic development of a nation.

Interviews have more comprehensive data than what can be collected by other methods of data collection. They also provide a more comfortable environment in which to gather information (Sharma $ Jain 2004, P.123)

Generally, interviews have a few restrictions and pitfalls, as is described below

They are prone to bias:

This can lead to biased interview responses. Many reasons can make the respondents give wrong information. The researcher should make great efforts to minimize biasness by designing good interview procedures.

They are time consuming

Much time is required to carry out all activities of conducting the interviews, transcribing the individuals, and analyzing the end results. When researchers are planning on how to collect information they should likewise consider time is also required for transcription of the data.

Other restrictions are the intensive training required to prepare interviewers and the fact that interviews require detailed analysis because they cannot be generalized…

The Process of interviews

This will try to explain the manner in is interviews are conducted during a research. Most researchers aim to ask several or multiple questions which the respondent’s can negatively approach. To ensure there is gathering of the most viable information the procedures and guidelines for conducting an effective interview should be followed. Conducting interviews have to follow similar procedures like any other survey technique. They have to go through developing instruments, gathering data, analyzing the collected data and disseminating findings.

Research Setting

The analysis setting, which is the environment within which studies are run, offers important consequences regarding experimental design, the data that collected and the interpretation of final results. So, for example using a study in an experimental laboratory may allow you to control variables in a way you cannot carry out in field do the job, and the results could possibly be criticized for not reflecting real world. It is often crucial that you conduct complementary studies in a variety of research settings so as to build arguments to the generalizability of findings.

Sampling criteria

For the purpose of conducting the research, there was a need to select an appropriate sample, which was selected based on certain criteria to meet the required standards. The criteria had to consider specific aspects like,

· Level of sanity and ability to agree to agreements

· Willingness to participate

· Age bracket. This case considered only the persons above 10 years of age but ordering participants below 18 years to seek their parents’ consent.

· To eliminate gender biasness, the subjects where to include both sexes.

Data Collection

This research uses two data collection tools, which include questionnaire and interviews. Both instruments are effective and reinforce each other by bringing together information which is gathered, they are normally both used concurrently because some respondents may feel it hard either to give a written response or to speak their opinions out. This study uses open-ended questionnaires, which were effective as they allowed respondents to answer the questions using their own words, which usually is more comprehensive and provides more details.

For this case, major success of the research can be attributed to;

· Good response rate because the questionnaires were distributed to the respondents by the research team. They also collected them in person.

· Good time allocation which eased the administering process

· Anonymity offered to the respondents gave them courage to fill the questionnaires completely

· The presentation was in a regular manner which kept aside chances of biasness

· A big percentage of the respondents filled the questionnaires, which gave the researchers humble time for making comparisons.

Common errors from questionnaires come are due to the weakness they have. Sometimes these instruments may be inaccurate or invalid which arises when subjects do not give their opinions or they do the procedures to please the researcher. This can lead to emission of valuable information, which may compromise the true opinions of other respondents, and this reduced the validity of this tools. To minimize this, the research team included both open ended and closed ended questions. The respondents had only choices to select from in the closed ended questionnaire and could give their opinions on the other. It has been the trend of most researchers to use only closed ended questionnaires because they are easy to administer and analyze.

Findings

Questionnaires are regarded as well respondent if they can be rated between 85

%

to 100%. The responses can be broken down and be listed in a table. In this study participants were allowed to list all the views they have about problems facing the entertainment industry. People had different perceptions about the problems facing the entertainment industry. Based on our research, we classified different perceptions in relation to the questioned asked and came up with the following chart which will help in the interpretation of the results

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Personal perception towards problems in the entertainment industry	Strongly Agree %	Agree %	Disagree %	Strongly Disagree %
The entertainment industry is facing a lot of problems	65		15	5

Discussion/ interpretation of results

From the research, 65% were of the opinion that the entertainment industry is facing a lot of challenges. Only 5% strongly disagreed with that point. The second data collection instrument was interview. The research team comprised of well-trained and aggressive members who adequately carried out the process. The respondents did not complain of harassments of been forced to answer. There was collection of enough data based on several questions.

Validity and Reliability

Reliability refers to the degree of regularity with which an instrument measures the attribute or aspect it is designed to measure. Minimizing causes of measurement error like data collector tendency can also ensure reliability. Data collector tendency was minimized from the researcher’s being alone to administer the questionnaires, and standardizing conditions like exhibiting similar personal attributes to all or any respondents, e. g., friendliness and assistance.

The physical in addition to psychological environment where data was obtained was made at be ease by ensuring comfort, confidentiality and basic physical comfort. These subjects were presented comfortable chairs. In addition to all no interruptions were allowed. Subjects were requested never to write their names within the questionnaires, which ensured there is optimal confidentiality.

The validity of an instrument is the extent to which an instrument measures an aspect in respect of what it can be intended to evaluate.

Content validity is the term for the extent to which an instrument represents the factors under study. To realize content validity, questionnaires included a number of questions that sought to know responses based on the data or information the respondents.

Written content validity was additionally ensured by regularity in administering the questionnaires. All questionnaires had been distributed to subjects by the research team strictly. The questions had been formulated in uncomplicated language for clarity and simple understanding. Clear instructions where ingested to the subjects plus the researcher completed the questionnaires for those subjects who could hardly read. More so all the subjects completed the questionnaires in the presence of the researcher. This was done to counteract subjects from giving questionnaires to other people to complete them on their behalf. For validation, the questionnaires were submitted to the research team and statistician. Because of this more questions were put in to ensure higher representativeness. Rephrasing of several questions was done to clarify the questions plus much more appropriate alternative reaction choices were put into the closed-ended questions to provide for meaningful information analysis.

External validity seemed to be ensured. External validity would be the extent to which study findings can be generalized beyond the sample used in order to access the whole population. Most of the persons approached to engage in the study completed the questionnaires. Not even a single person who was approached refused to participate. Generalizing the findings to all or any members of a given population is not easy to warrant. Seeking subjects who are willing and able to participate in a research can be tough, particularly if case study requires extensive variety of time or other designs of investment by subjects. If the volume of the persons approached to engage in a study diminishes, generalizing the findings to all or any members of a population is just not easy to justify. The study should be planned to restriction the investment needs on subjects so as to increase participation. To ensure validity, any persons approached but declined to engage in a study should be reported. As the percentage of those who decline to participate increases, outside validity decreases.

Conclusion

Various organizations and consumers to create a stable environment should address with the entertainment industry challenges. This can be done through;

Renewed focus on communications: It is difficult to watch a great company struggle, but adversity can be good news for communications as a function. In major corporate crises, the business impact of communications failures becomes more obvious to senior executives throughout an industry or across a country. As a result, the communications function often gets part of the blame, but it also gets a chance to improve, receives additional resources, and gets more management attention (Sayre, 2008, P.129). This ultimately enhances the role that communications professionals are able to play in building and protecting reputation.

Alignment of internal standards of success and external measures of satisfaction: An organization’s values are never more on display than in a crisis. The best definition of a great entertainment industry is where organizations and consumers deals with problems well, and achieves business goals while delivering results in a way that is consistent with the common interests of all its constituencies. There should be an alignment in quality control, financial risk management, customer satisfaction, and corporate citizenship (Rigg, 2000, P.46).

Shift from brand thinking to reputation strategy: Business leaders must now realize that some of the factors that create challenges are true for all companies, and are moving the global economy from the brand era to the reputation era. Twenty years ago, brand became the focus of value creation in many industries. The idea then was to use the growth of media and higher disposable incomes around the world as platforms for increased consumer loyalty and price tolerance. By reducing the story of a brand to a few attributes, differentiated from competitors, and repeated thousands of times, branding and brand awareness became a fundamental approach to marketing and communications.

Recommendation

I recommend that every organization in the entertainment industry should adopt measures that lead to their success and delivery of desirable products to the consumers. The companies should adopt strategic marketing plans, which is inclusive of budget and upholding the overall organization goals and objectives. As we all know, their main purpose is to increase volume of sales and profitability making it a matter of decision and choices for the managers to choose the best strategies for the benefit of the organization and society in general. With changes in consumer preferences, the entertainment industry should also be viewed and dynamic and ever changing hence customers are expected to look for products with specific characteristics or special services (Burch, 2005, P.78). The organizations should ensure there are official policies regarding the use different forms of entertainment. The policy should include restrictions and malpractices, which should be avoided to limit the challenges facing this industry. The stakeholders in this industry must come up with ways of dealing with these challenges and making sure that they do not affect their business.

They should implement plans for facing the competition they face in this industry. To beat this competition one should come up with good marketing strategies. This entails making choices of target markets through market segmentation and market analysis as well as analyzing scientifically the consumer behavior (Lal et al, 2005, P.134). In view of the various concepts that stakeholders in the entertainment industry should choose to operate, a good strategy ensures successful marketing management, which shapes the market offerings, create a long-term growth and deliver a communication value.