EXECUTIVESUMMARY This report has beencommissioned by the Board of The Economist Group to understand the criticalcomponents of operation of the company in this changing era. It is imperativefor the firm, to develop effective Business strategies to ensure that the firmis able to achieve its goals and objectives despite the challenges. During January – June 2017 The Economist hadcirculation worth nearly 95% in the UK.Digital circulation increased by over 7% during 2017,which showed a 12% year on year growth.
During January to June 2017 circulation of digitalformat of the magazine was determined to be nearly 35% while for the printversion it was more than 65%.This report focused on evaluating competitiveness andeffectiveness of overall strategies adopted by The Economist Group. SWOT and PESTLEanalysis of the firm was conducted in the report. Herein it was found that thecompany is overly dependent on UK market, which in turn was affecting itsperformance. The Objective of this report was to assess competitiveness andstrategies adopted by The Economist Group.
- Thesis Statement
- Structure and Outline
- Voice and Grammar
During the study, it was observedthat the firm’s excessive dependence on one country, as it is its largestmarket, is affecting its performance. It is imperative that the firm expandsinto other markets as well. The brand value analysis showed that the company enjoysa superior position in the industry and has a strong as well as loyal customerbase, which has been recognized as one of the main reasons behind theineffective performance of the firm. On the other side, it was also observedthat the company’s superior brand recognition and brand value, has essentiallyhelped it to perform better than many other media firms in the country. The key recommendations as discussed include:· The management should focus on creating a strongtechnology-based product line · Focus on selling e-magazines, audiobooks, etc. · Diversify into other forms of newsreporting.
· Develop strong customer base anddistribution networks in countries other than the UK.· Increase online Subscription.