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Media Markets And Management Essay

2795 words - 11 pages

A market is defined as a place where demand and supply of goods and services come together and equilibrium is reached with accordance to price. In communication as a market there is a demand for media and other communication products, a media organization supply that demand and to reach equilibrium a communication price needs to be reached. But the communication market consists of two sub markets, namely an information market and an attention market. In the information market the supplier of information (media product or service) offers the product to the recipient but also demands attention from the recipient. In the attention market the recipient buys the media product (information) and offers his attention to the sender. For example, the consumer has a need for a student newspaper. A media company recognizes this need and supplies the market with the desired product and demands attention from the consumer. To reach equilibrium communication price, the right product price as well as the effort and attention that the consumer has to provide (non-material returns) needs to be met. The supplier offers a student newspaper at a product price. The demander buys the newspaper and offers his attention to the supplier by reading the paper.The communication market, like other markets are led by the need to make a profit with communication and media products. Because of the dualistic character of media products (cultural and economic), not only profit is desired but also the attention of the consumer. Communication as a market is dynamic and always in motion.2.2 Competitors in a competitive marketCompetition between suppliers in a market is an absolute necessity where both conflicted parties benefit. Competition determines a fair price. Without it, too much power would be in the hands of a single supplier, causing a monopoly. Demand and supply reach equilibrium where competition exists. Products are of better quality because of the competitive need to have the better product. New products come to existence because of the innovative need to reign the market and gain competitive advantage. Competition brings maximum economic wealth for society.Two types of media competition exist, namely intermedia competition and intramedia competition. Intermedia competition refers to competition between media of different media types. Intramedia competition consists of competition between media within the same type of media. Advertisers use the different types of competition to establish the ideal form of communication for their market. Access to the audience, ability to promote product names and ability to reach target groups with high information media play a strong role in the competition of sourcing advertisers. Moreover, these markets are generally interrelated on the demand side. For example, the value of placing an ad in a local newspaper depends on the paper's circulation, and the subscribers' valuation of the newspaper is, at least to some extent, affected by...

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