LCBS5064 Executive Company Project

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LCBS5064 Executive Company Project

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LCBS5064 Executive Company Project

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Course Code: LCBS5064
University: De Montfort University

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Country: United Kingdom

Question:
The current self-funded program of support has enabled young talents to succeed in the creative industry. Despite the support the young talents are not sufficiently expert to proceed beyond the paid experience. In order to resolve this issue, Mediorite needs to find out the following:1.How to measure and articulate confidence and mood2.How confidence and mood affect ability to perform3.How to improve soft skills, describing the creative industries on their doorstep. 
Answer:

1. Introduction
Empowering and encouraging the youth has been the goal for most organisations across the world. However, youth empowerment implies provision of the activities that would enable them to earn a living as well as being occupied towards various career fulfilment (Kouzes, 2014). Demographically, the youth have been acknowledged to be the group with the most vigorous and potential energy to undertake various tasks that contribute to both social and economic development. With the various organisations struggling to cater for the needs of the youth, Mediorite, in essence, the creative company, is looking forward towards recruiting most youths and help them advance their careers in the creative and film industry. The players from different sectors have elaborated that the opportunities for the young generation can only be harnessed through creativity and innovation of new ideas that provides entries into new markets as well as vacancies in the job market (Sassen, 2016, pp.89-104).
However, the creative and film industry has been reported to gain popularity among the youths who are willing to work and showcase their talents. This has been attributed to the fact that the industry embarked on intensive advertisement a few years back thus creating significant awareness among the people. The report focusses on the Mediorite company which is a creative and film organisation whose aim is to empower the young people by the provision of opportunities to those who can not fully support and advance their career in the industry. The company is in the United Kingdom that seeks to measure and articulate the mood and the confidence among the youth, how the confidence and the mood influences performance, and finally implement the rightful measures in place that are geared towards improving the soft skills by ensuring the creative industry is accessible to the selected candidates (Fransen et al., 2015, p.89). However, (Omotayo, 2015) in his studies acknowledged that the impacting the people with the knowledge is a powerful tool that can motivate individuals into going beyond their will to drive results. Concisely, Mediorite Company applies the similar principals that help in guiding the youths into the achievement of their goals.
1.1. Mediorite Background information 
The company is based in London, the UK which is the creative agency that specializes in media, photography, film, videography, the and the youth programs among others. Having been established in 2010, the company has registered a great milestone that has to lead to award-winning professionals in videography, animation, and photography for several companies across the continent. Moreover, the organisation being a social enterprise, it heavily indulges in appreciating the young and the creative talents through the provision of the paid experiences in the media industry while assisting the other professionals in the production of videos, designing and facilitating of the graphic animations as well as the conducting photo shoots. However, the trained young talents are natured into taking leads as role models through training seminars and programs in the industry.
    Additionally, the company engages in delivering websites, applications, running of PR accounts for the clients as well as focussing on the photography services (Scott, 2015). Due to the gap in employment of the youth, the organisation saw the need of young trainees to counter for the market forces that can only be addressed through the existence of energetic professionals that can deliver quality products. This also led to the creation of the MedioritePlus that is a service led by the youths which promotes confidence during redefining of the youths into leadership roles as well saving on the costs, which replicates the savings on the client as well. The agency further ensured that the youths get payment from the clients after delivering their work as a means to cultivate self-dependency among them and as an encouragement in the greater heights (Helin, 2014).
The organisation further generates revenue through bespoke training in media communications including advertising, branding, campaigning, and journalism among other media entities. This has enabled the company to get funds for training, accreditation of the offered skills and knowledge, and getting the young creatives to join and work for the organisation. Moreover, the firm is intermittently known for seeking the project based financing for the challenges identified by their young creative trainees (Cremin, 2015). Through these programs, the firm mentors the youth into competent personnel with the ability to deliver without supervision and high employability traits at the end of the training program.
1.2. Objectives of the Executive company Project
The aims of the project are to help the Mediorite company to review and refocus their training, refurbish their content marketing and offering. Another objective is to examine the reasons why the training programs laid in place is tabling medium results and the measures to be used to adjust these programs to enhance high results. Moreover, the firm’s strategising team believes that through well-structured frameworks of the training programs, the company can be able to achieve the required standard of results that could create a positive reputation for the firm. (Melian-Gonzalez et al., 2013, pp.274-283) pointed out the impacts of a positive review that is obtained due to customer satisfaction as a pillar to an expansion of the market shares of the firm which in advance increases the sales.
1.3. Measures of achieving the objectives
Achieving results incurs a requirement that strict and sufficient measures be put in place as ascertained by (Cronje and Moolman, 2013, pp.1-12). For the company to achieve the mentioned objectives, there would need to evaluate the reviews through the social impacts and conduct an evaluation of the social enterprises as well as the film businesses. Another measure is to review the existing market plan that helps to increase the market opportunities and provide the means to counter the internal threats and setbacks that could be making the firm fail to achieve its targets (Levy, Duan, and Boo, 2013, pp.49-63). The market planning will also help to ensure the organisation has the proper standard for the voice, videos, and the image which are known for profiling the company. Concisely, another means to achieve the objective is through the website review that ensures the company consistent with the recent business models and marketing techniques that are informative and impressive to the viewers (Pulizzi, 2014). Updating the website on a regular basis facilitates trust among the viewers who are fed with confidence in the firm due to the availability of content and relevant information as illustrated by (Jansen, 2017).
2. Research design
2.1. literature review
Many scholars have appreciated the influence of social media on businesses. Social media has been acknowledged as an avenue of connecting the retailers with their dynamic range of clients that was initially, regarded as a means to connect the family and friends (Jenkins, Ford, and Green, 2018). However, with the advancement of technology, the ease of accessibility to the smartphones and fast internet speeds the marketers have realised that the social platforms are rolling out to be the easiest way to relay information concerning different brands. This rise of powerful search engines, advanced mobile devices, and the effective peer-to-peer communication has facilitated an intensive usage of the social platforms that have prompted the retailers to realise new touch points for the customers (Rainie and Wellman, 2012). For instance, the graph below indicates the usage of the social media in the marketing of small businesses in India.
On the other hand, the introduction of social media marketing has led to increased online stores for most companies. The aspect of convenience that comes along shopping from the online stores has rendered competition to departmental stores which are facing stiff competition from their competitors with similar products (Chakraborty et al., 2016, pp.47-56). The evaluation of the product reviews provided via social sites has promoted sales and increased the market shares for most companies. These sites have a provision for live chats where the customers can seek consultations and inquiries regarding the products which increase the confidence and assurances of the services and the products offered (Peppers and Rogers, 2016). Additionally, the access to the management through the social media enabled the online marketing firms to have more websites views due to the links on the social platforms that redirect the views to the company’s website. The more the views, the higher the chances and probabilities of the customers making a purchase or gaining interest in the firm’s services (Chiu et al., 2014, pp.85-114). For instance, the evaluation of the reviews on the Amazon website indicated that most of the viewers who visited the site were referrals of their friends as a result of the social platforms as studied by (Zhang, Trusov, Stephen, and Jamal, 2017, pp.24-41).
Another scholar lamented that the social media is a virtual brand community that bases on the theory of assumption that the aggregation of the consumers on the internet are as a result of their interest in certain products or brands (Jones, Borgman, and Ulusoy, 2015, pp.611-632). The author further explained that the brand community is a group of people who share common interests in a certain commodity. The study further indicated that when an individual is a member of a specified virtual brand community, they are likely to participate in giving the reviews and following up with the other consumers’ views on the internet through the company’s website or their social media pages such as Twitter, Facebook, and using Instagram among many others. This participation is reported to be a marketing advantage to the firm as the participants indulge in the review of the product without the idea that they are marketing the brand. The ideology is rampant in the beauty and fashion industry that has called the attention of ladies who share screenshots or download images of various brands such as cosmetics and jewellery. Moreover, the pictures of different celebrities across the social platforms have created the virtual brand community in the fashion industry where these sites have gained many followers with the interest of tracking the lifestyle of the specified celebrities. Such aspects have led to massive purchases that have seen the companies acquire greater market shares through social media advertisements (Holliman and Rowley, 2014, pp.269-293).
Researchers have also embarked on determining the consumer attitudes and motives through the use of social websites. The consumer attitude is one of the factors that determine their behaviour which could be used to device the measures that would lead to customer satisfaction. Additionally, the knowledge on the client attitudes and motives can help the retailers to adjust their operation to suit the customer’s expectations thus acting as a means to increase the sales. For instance, scholars examined how the aspects of social media define the motives and attitudes among individuals. He analysed the link between the Facebook marketed brands, the related group participation, the advertising responses, and psychological aspects such as attitudes and self-disclosure among Facebook users and non-users.
The findings indicated that those individuals who use Facebook are more likely to disclose their personal information than those who are non-facebook members. The scholar explained that group engagement and participation on social media with online ads calls for greater disclosure of personal information since the users usually reveal their connections with Facebook groups and therefore promoting the products when they pass the information on ads to the friends (Windels et al., 2018, pp.420-429). The authours further researched on the correlation between the age and the attitude and found that users between the age of 18-28 mostly exhibit a positive attitude towards advertisements such as videos, blogs, and the brand format channels contrary to the age above this range.
However, despite the advantages that come along with social media marketing, the approach is prone to challenges such as preservation of the brand reputation. With the thousands of emerging competitors, an organisation is likely to face difficulties in relaying rage message about the product on bigger audiences. Moreover, the emergency of privacy and violation of the copyright, there are many counterfeits and product piracy that have ventured into social marketing (Neuwirth, 2017, pp.444-467). The literature review further indicates that it is challenging for the company to maintain consistency and storytelling concerning the posted content on the media. Through the sharing of information of the relative brand as an objective, the viewers are keen on finding contradicting content from the previous information. With such incidences, the users have ended up sharing the information their social media pages which affects the viability and brand integrity (Webster, 2013).  Another challenge has been the confusion between the local and the global strategy. (Leeflang, Verhoef, Dahlstrom, and Freundt, 2014, pp.1-12) Demonstrated that most organisations had found it to be challenging in distinguishing the rightful approaches to satisfy the local and international clients through social media advertisement. The author further pointed out that most firms have failed to resolve the customer’s issues raised on the media platform. For instance, the Paypal Services advertised on the social sites for the global customers has been regarded as inconvenient services as the review indicate the responses are hardly attended to (Preibusch, Peetz, Acar, and Berendt, 2015, pp.217-226).   
2.2. Research method
The use inductive research approach was prefered due to the ability to generate the meanings from the collected data sets to identify and establish patterns upon which analytic inferences and insights can be established (Bryman, 2016). The use of the individual and indictive research technique was identified as the method that favours the use of qualitative data and analysis for the existing training framework being used by the firm. Moreover, the mixed methods approach was used to articulate the quantitative aspects such as the trends in the financial growth about the factors influencing these trends. Some scholars established that the use of mixed methods of research enhances visualization and easier understanding of data presentation.
2.3. Data collection
The secondary sources of data were deployed to collect the data. These secondary sources include the organisation’s official website, the press release pamphlets, and the street league which were crucial in providing of the social impact data. However, the market plan data was provided by the Mediorite company which included investigation of the impact of the videos, voice videos and photos, and the standard tone for the company. On the other hand, social websites such as LinkedIn, Instagram, and Twitter
2.4. Sample size 
The study sampled two companies for comparison with the Mediorite company. The Causal films and the Inside Job Productions companies were selected for the analysis of the collected data. The differences in the performance of these companies were established through statistical analysis of both the qualitative and the quantitative data. However, the selection of the sampled companies was approved by the executive project host before proceeding with the comparative analysis.
2.5. Scope
Despite the performance of the comparative analysis for other companies, the study gave a wider scope to the Mediorite organisation to provide an extensive focus to the factors that lead to greater opportunities to advance the use of social media presence and attract clients in return for their business. The scope of the Mediorite ranging from the training programs to social media advertising among other aspects put the company in line for intense analysis to determine the missing activities to be put in place to improve the performance. The importance of observing the project scope which enables the researcher to uphold the focus and evaluate relevant factors within the constraints of the research question and objectives. The scholar further narrates that this will reflect reliable results that can be replicated to other companies in the industry.
3. Analysis
The analysis of the data deployed the use of comparative analysis that performed a competitor evaluation of the sampled companies whereby a suitable recommendation was provided after that that facilitated the improvement on the social media impact to the performance of the company. Moreover, the comparative analysis was to be used to identify the strategies that were implemented to attract the viewers. The analysis of the Mediorite was conducted using the following analytic models. The models analytically explain different circumstances and incidences both internal and external attributes that directly or indirectly influence the performance of the company.The models used in evaluating the company’s performance indices, potential market shares, and performance on social grounds are the PESTEL analysis, SWOT analysis, Porter’s five force model, McKenzie’s model, the Honeycomb framework model, and the comparative analysis technique.
3.1. The PESTEL model  
The industry of the social enterprise had been developed greatly by 2016 since the lauch of the Mediorite organisation. The growth has placed the company in a position grow regarding business and afford a sustainable revenue regardless of minimal external financing. The research has indicated the disengaged youths from respective regions have expressed interest in media and film industry which has facilitated a strong necessity for creative businesses at the doorstep of these young people to provide chances for those willing to work in the industry. The PESTEL model presents both the internal and external aspects of the business environment of the company. The model majorly outlines the political, legal, economic, social, and environmental factors.
3.1.1. Political factors 
Since the enactment of the Public Services Act of 2012, there has been a political influence on the economic and the well being in terms of business connections with the public service contracts as theAct targetted the rewarding of the Whitehall contracts that benefit the community. Concisely, there have been a series of activities that are likely to support the operation of the services based companies such as the accreditation of the Buy Social firms by the Social Enterprise of the United Kingdom (SEUK) in 2015. Moreover, the Social Value Act was reassessed in 2017 to champion the social enterprise as a natural fit for industry through the focus on great news.
3.1.2. Economic 
One of the major factors single out to be the most affecting the organisation is the Brexit preparation and campaigns. The move has been reported to cause the market uncertainties that have to lead to inflation in the mark to make the investors withhold their financial assets as they seek to establish the verdict of Brexit vote of March 2019 thus slowing down the economic growth. The Office of the National Statistics reported that the inflation is due to the withdrawal of some major stakeholders in the UK’s market shares thus affecting the corporates. Although the Mediorite organisation is yet to feel the impact, it could be affected if the continued inflation and uncertainties are persistent. However, the question of political stability in the UK’s market is yet to be established with the efforts of the prime minister, Theresa May who has promised a stable economy should the UK abandon the EU. This could cause a boost in the businesses should her predictions come true, or it could affect the organisation directly or indirectly in investing in youth empowerment.
However, the impact of the Brexit on the UK is the reported increase in the employment rate among the people. The ONS reported the existence of nearly 1.8 billion jobs in the media and film industry thus had an increase of 15.7 per cent starting from 2011, one year after the launch of the company. This is in line with one of the objectives of the study which is the provision of employment to the young people. The organisation could partner with several clients or the government agencies to give the available employment opportunities to the youths in the organisations. Due to the Brexit, there was endorsed value-added tax of 16 per cent flat rate that projected growth in businesses to be work-based pension scheme.
3.1.3. Social aspects
The house of the commons reported that there had been an increase in the number of youths between 16-25 years that are neither in employment nor fulltime which accounted for an increase of 8000. The analysis indicated that this unemployment rate is worse compared to 1992 statistics. These trends can be attributed to the social dynamics that have been changing with the increase in media usage.
3.1.4. Technological 
With more investment in technical equipment by the respective companies, the cost of digital cameras among other equipment has dropped thus compelling the marketers to lower their prices due to stiff competition in the market (Ivanov, Dolgui, and Sokolov,  2018, pp.1-18). The affordability of the high-resolution digital cameras has enabled the firms to acquire as many as possible thus providing more opportunities for recruitment in the creative and film industry. For instance, the high-resolution cameras with the capacity to shoot 4K files that are much larger and clearer have increased the credibility of the products in the creative industry which is being utilised by the Mediorite company to produce the best quality of products and professionals in the film industry.
Concisely, the evolution of technology has brought about fast internet speeds with powerful search engines that have increased the demand for video streaming on social media platforms such as Instagram, snapchat, and LinkedIn among others. For instance, most companies have been reported to post presentations for their products on LinkedIn as part of campaign strategies for their product launch. Such reasons have called upon the creative and film industry to produce high video quality for their clients due to these technological adjustments making the Mediorite company grow and expand its services and operations (Wu, 2016, pp.5310-5316).
3.1.5.  Legal 
These are the government policies that influence the process of businesses. They cut across the licensing, issuing of permits, registration of new companies, taxation laws, and regulating of production of goods and services (Bendel, 2017). Through the legal aspects, the government can impose heavy penalties on the companies defaulting the set policies and rules in the country. For the creative and film industry, the government could be mandated to monitor the content such as the production of pornographic videos against the legal frameworks under which the company should observe. Additionally, the legal policies could be meant to protect the companies against unfair competition such as turning the products the company by other competitors or the rampant piracy experienced in this industry. The meteorite company enjoys these favourable legal aspects with the fair competitions that have contributed to the growth of the company from 2010 to date.
3.1.6. Environmental 
The environmental factors that influence the performance of a business organisation include but not limited to the geographical location, weather, and climate among others. For instance, the geographic area of the Mediorite company enables it to trade in powerful and markets that include the members of the EU thus granting the firm a competitive advantage that ensures the company is on its toes to acquire greater market shares (Schaltegger and Wagner, 2017). However, during the shifts in climate changes, different industries experience different sales according to the type of services or products offered (Zehrer, Smeral, and Hallmann, 2017, pp.55-66). For instance, during winter the clothes and fashion industry is most likely to have more sales than during winter which is contrary to the creative and film industries where the services and sales are higher during summer seasons.
3.2. SWOT
The evaluation of the company’s internal and external factors that influence the operations can be done through an analysis of the company’s strengths, weaknesses, the potential opportunities, and the possible or pending threats that the company could be facing. These aspects are summarised in SWOT analysis for the Mediorite company as shown below (Brooks, Heffner, and Henderson, 2014, p.23). The combination of these factors brings out the picture that maps the position of the Mediorite creative company in the market as well as a prediction of the future by the executive managers or any interested shareholder.

Helpful

Harmful

Internal

Strengths

Weaknesses

The Mediorite Company exhibit good relationships with its clients which is a great advantage that builds reputation for the company. Additionally, the existance of a large network of professionals who are young, talented, and cheap labour makes the operation cost low for the company as an internal advantage.
Through the establishment of the Mediorite plus, the company has a great need that has created opportunities for children and the youth thus, prompting the commercial agencies to gain  interest in funding the firm.

The company exhibits lack of value proposition which is termed to be unclear as well as the tonal voice across the portfolio of work. Moreover, the empowerment of the youth and children requires a lot of development before an individual is mentored into a profession whereby the survey suggests that most youths take longer time than the anticipated periods of training. The survey also suggests that the freelancers in this industry are expensive to hire thus limiting the level of required training. Another internal factor is the lack of attention to details by the professional trainees.

External

Opportunities

Threats

The emergency for new technologies have increased the demand for filming services such as video shooting and animations. Moreover, the cost of the creative equipment is continually dropping making the equipment affordable for a small budget by the company. The existance of a good work portfolio that has established a substantial reputation in the market. another opportunity is that most businesses that are purpose driven are becoming mainstream. The company can also sell the training services in the market and the potential financing from organisations willing to sponsor the children

With the drop in filming equipment, the cost of the filming services is also dropping due to their availability. The company has lack of clear financial platform due to unpredictable donors. The impending Brexit is likely to affect some corporates and partners to the company due to inflation among other aspects. Moreover, the noted heavy taxation on the creative services by the federal and local governments is a threat due to unpredictable returns that are experienced by the firm. The survey indicates that a number of clients offering the film services for themselves is gradually increasing which would limit the market shares.

3.3. The porter’s five force model
Another analytic method to evaluate the Mediorite creative company is by Porter’s five force model. (Yunna, and Yisheng, 2014, pp.798-805.) Identified that there are the five forces or factors that shape the operation and existence of any industry. The author identified these five forces as the competitor rivalry, buyer and supplier power, threat of substitution, and the threats to new entries as depicted in the visual representation below..
3.3.1. The competitive rivalry
The rivalry among the competitors is the primary determinant of the number of returns a company is likely to obtain from the market (Chen, Y.M., H.H. and Wu, 2016, pp.2145-2150.). If the rivalry is too high from the competitors such as the Inside Job Productions and the Suited & Booted CIC, it is upon the firm to aggressively compete for its place in the market. When there are many competitors, high exit barriers, the slow or negative growth rate of the industry, ease of product substitution due to lack of differentiation of brands, when the competitors are of equal size, and when the customer loyalty is very low or poor (Davcik and Sharma, 2016), pp.5547-5552).
3.3.2. Supplier power 
The force is used to examine the degree of control the supplier has in the market. The power of the supplier is what determines the variation in the prices of different products. For instance, if the Inside Job Productions company has a more supply power, they could lower the costs to gain more sales and customers which would force the other competitors to lower there prices that could result in massive losses. Additionally, the supplier power assesses the number of suppliers available. The higher the number, the lower the demand and therefore low prices which replicate lower profit margins (Kahkonen, 2015, pp.396-415).  
3.3.3. Buyer power 
The Mediorite company faces a low bargaining power due to the availability of many sellers of similar products. This has made it easier for the customers to switch from one supplier to another as well as the products. However, this forced the Mediorite company to lower its prices in an attempt to curb the low bargaining power as well as massive marketing their brands to sustain its relevance in the market. The other aspects that define the bargaining power of the clients are their numbers, the cost of changing competitors, price sensitivity, and the ability to substitute the products and services (Chae, Choi, and Hur, 2017, pp.39-60).  
3.3.4. Threat of substitution 
The demand for high-quality products and services is on the continual increase. However, the surveys indicate that the Mediorite firm does not exhibit the threat of substitution due to their distinguished quality services and products. This force is regarded as an added advantage as it would substitute the clients from other competitors to buy their products. The other factors that determine the effect of substitution threat are the number of substitutes, cost of changing, and the performance of substitutes (Lee and Parachuri, 2016, pp. 89-124). This has called for appropriate benchmarks by the Mediorite company to ensure there is no substitution threat in future.
3.3.5. Threat of new entry 
Scholars have demonstrated that the position of the business in the market can be threatened by the entry of the new competitors in the market (Tomy, 2018). The stability of the business in the market would determine the degree at which the company, such as the Mediorite would lose its customers to the new competitors. The ease of entry into the market is determined by the costs and the efforts required to enter the market. (Fresard and Valta, 2016, pp.1-35) Pointed out that a market dominated by monopolistic stakeholders would be more difficult to venture into than those with near equal competitive powers. This makes it difficult for the Mediorite company to compete in regions where the Inside Job Productions control the market.
3.4. McKenzie’s 7S model 
The Mckenzie’s 7S model was designed to provide an understanding of the organisation’s internal operations can be done effectively and efficiently. The model is made up of seven elements that are categorised as hard and soft which are incorporated into the organisation to improve the performance (Aarabi, 2016, pp.456-481.). The soft elements according to the author are the shared values, style, and the staff whereas the hard elements are the structure, strategy and the systems. For an organisation to achieve a substantial performance, these elements are interrelated as shown below to drive results. Using this model, we can evaluate the performance of the Mediorite company to their functionality.
 Basing on the strategy element, the firm is observed to be fully focused on the creative and filming activities through the offering of training programmes in animations, video shooting, and film directing among other events with its largest target market is the UK. However, based on the element structure, the company has a small and straightforward organisation structure that has enabled it to conduct the administrative roles in a fast and effective way. The presence of subordinate departments has allowed the company to be timely coordinate all its activities both internally and externally. Furthermore, the organisation has an effective customer relationship management system ensures the trainees are fed with up-to-date progress information such as internships and training seminars (Kumar and Reinartz, 2018). This has ensured that any relevant information is shared to the respective parties ranging from the top management to the junior staff and trainees.
(Veblen, 2017) Ascertained that the operation style of a business is one of the determinant factors of the business sustainability in the market. The Mediorite limited having been in operation for nearly a decade, the founders have ensured that the work is done according to procedures and legislation put in place although individuals can determine their personal goals and targets at that are self-governing which must be in line with the set procedures. This style has ensured a friendly operation and a pleasant working environment through mutual understanding among the staff. Additionally, this has replicated the presence of the shared values whereby the employees have celebrated with their colleagues’ success thus improving the teamwork at the workplace (Lyons and Kuron, 2014).
Moreover, the company exhibits a strong team of professionals with competent skills in different creative activities that have led to a positive reputation and client’s referral from time to time. These skills are acquired through intensive training and sufficient exposure to practical work. Apart from the competent skills among the employees, the management has ensured the roles and responsibilities of every member are clearly defined to every employee with the provision of channels that allow for inquiries, clarifications, and consultations in cases of obstacles (Hair Jr et al., 2015). Quality is key.
3.5. The Honeycomb framework model
(Kietzmann, Silvestre, McCarthy, and Pitt,  2012, pp.109-119.) Illustrated the Honeycomb framework is the most suitable technique for understanding social media ecology. The Candian professor came up with the model to review the effectiveness of the social media while seeking for reasons why the users engage with social networks. The framework is composed of seven building blocks that define the media functionality of social platforms. These blocks are represented in the diagram below.
Using this model, the implications of the Mediorite company can be evaluated to help in increasing their media engagement. The identity block defines the extent to which the users reveal themselves. The online reviews have indicated that the Mediorite company has effective data privacy controls and tools for user identity promotion. Additionally, the company has a sufficient structural flow of properties among its network properties that has enabled the users to relate well over different social media platforms (Lu and Yang, 2014, pp.323-332). Moreover, the present aspect is also depicted across the social networks of the Mediorite organisation where the users can be able to distinguish whether other users are online or offline. However, most social networks have the pricy setting platform where the user can hide their availability among different users.
Another essential principle of the Honeycomb framework is the media reputation. This is directly associated with the control of content on the media. Through the monitoring and evaluation of the responses and comments, the strength, passion, sentiments, and means of access to brands by the users can be put into consideration for improvement of the services and products to suit the dynamic customer behaviours (Effing and Spil,, 2016, pp.1-8). Another principle block is the ability for the members or the clients to form groups on different social networks. The Mediorite company enjoys this principle due to the formation of different media groups such as on Facebook that provide reviews and critics that can be tapped into considerations for future improvement of operations and services. Additionally, through the ease of joining conversations on media networks, the Mediorite company has ensured inclusivity of all the interested clients to join the talk on different products and service thus enabling sharing of information among the users. The cumulative advantages of these building blocks of the Honeycomb framework have enabled the Mediorite company to engage its clients and potential customers as well as other users on the social media. This has provided the platform for criticism which is addressed through timely improvement and giving positive feedback to the users thus building trust (Parmenter, 2015).
3.6. The comparative analysis technique.
The comparative analysis method is used to give na evaluation between different study cases or among several cases. Using the differences and the similarities derived from the analysis, the researcher or the stakeholders can give the position the subject company or business into position concerning the market performance (Serrano-Guerrero, Olivas, Romero, and Herrera-Viedma, 2015, pp.18-38). However, the technique can use both the qualitative or the quantitative sets of information or data to provide different inferences or insights. Two companies were selected for the comparative analysis are the Inside Job Productions and the Suited and Booted CIC Company. By giving briefs about these competitors, we can relate to the Mediorite over the same aspects.
3.6.1. The inside Job Productions
The company was started as a profit-making arm of the Media that focused on training the inmates on media skills through operation of a unique trainee scheme as part of the efforts to transform the lives of those behind bars. Just like the Mediorite, the Inside Job Production is an award-winning that helps to turn the creative ideas into realities through their products such as the imaginative animations, dramas, documentaries, and promotional videos and films. However, the company has clients across the United Kingdom and has collaborated with several charitable organisations that have helped in creating job opportunities for those people facing different barriers and unable to find opportunities to fend for themselves. Unfortunately, the recent developments have indicated that the company had faced challenges over the social value of the media which resulted to closing some of its corporates through struggles to justify their credibility in the market (Pearson, 2016). This lack of social value resulted in the loss of the crucial associates and clients to the Mediorite such as the PwC.
3.6.2. The Suited and Booted CIC Company
The Company is a social enterprise centred around the charity films portfolio with the partnership to different universities across the country. However, despite the claim of being a social enterprise, the company does not have clear means on how they deliver their social mission. It is noted that the suited and Booted company engages the university students who are willing to pursue the creative industry or interested in the filming and media aspects. The organisation provides a wide range of services including event filming, charity filming, productions of documentaries, product demos, internal communication, and social dramas. The Suited and Booted CIC company is also acknowledged as one of the major producers of science and technology firms in the United Kingdom (Lehmann and Joseph, 2015). Unlike the Mediorite company, the company majorly focusses on the production of education-based films.
4. Results and discussion
From the in-depth analysis of the Mediorite limited, it can be directed that company is entirely in good market position despite the need to alter some factors. Additionally, the economic factors from the PESTLE analysis could easily drag the company into stagnation with the impending unpredictable outcomes of the Brexit move. Despite the advantages that are likely to be accompanied by the step, in essence, increased employment for the youth, caution should be exercised to ensure the factors such as the inflation that is an external factor does not bring the company to the knees. On the other hand, the advanced technology has helped the company to increase its operations, and by extension, its recruitment frequencies thus leading propelling the company towards its aims and objectives. The findings from the analysis also depict that the UK is inhabited with many competitors in the creative and filming industry such as the Causal films and the Suited and Booted CIC Company. This has awakened the company making it utilise any single opportunity that comes its way as shown in the SWOT analysis (Pandya, 2017, pp.12-14.).
Furthermore, from the porter’s analytic model, the company has been identified to enjoy the low threats of substitution due to their quality products at an affordable price. Despite the firm facing a stiff competition of the bargaining power from the clients, they have tried to carry out extensive marketing strategies and massive recruitment of the less fortuned youths and offering sufficient training capabilities to minimize the pressure of the competitive rivalry by staying at the top of the market shares. Moreover, the company has an outstanding client engagement on the social networks that enabled response to reviews and timely feedback to the inquiries and discussions raised on the social media platforms. This is evidenced through the Honeycomb framework model that has granted the company and added marketing advantage with the positive customer relationship comes (Kaleel, Petrolo, Waas, and Carrera, 2017, pp.358-367).
On the other hand, the McKenzie’s 7S model has shown that the organisation exhibits strong administrative elements such as effective strategies, management style, sufficient size of staff and skills who exercise sharing of values within the workplace, and a simple organisation structure that promotes faster decision-making. These have helped the firm to sustain a pleasant working environment thus retaining their employees. Finally, the comparative analysis indicated that the selected companies for comparison, in essence, the Inside Job Productions, offer a similar range of products and services thus pausing a strong threat to Mediorite limited. However, the company lacked a clear definition of social values on media, which led to the loss of some of their clients to the Mediorite limited. This indicates that upholding clear social values is essential to the public and could lead to the drop in market shares and lose of clients (Guiso, Sapienza, and Zingales, 2015).
5. Conclusion
The process of recruitment and training of the youths in the media and creative industry is a good approach in ensuring that the youth are engaged and involved in self-sustaining activities that should be supported by all players not only in the media industry but also in the other sectors. (Darling-Hammond, 2015) Acknowledged that investing in the youth is a way of preparing of future economic stability as the young people are prepared to take the country’s economic roles that generate revenue. However, competition among the players in the industry is a good sign of engaging more people, in essence, the youth as a form of employment. The companies such as the Mediorite limited should device means that would lead to increased frequencies of recruitment through intensive marketing across all the social media platforms that have been facilitated with the advancement of technology that has lead to increase in the internet users (Batrinca and Treleaven, 2015, pp.89-116).
Additionally, the external factors have been pointed out to be the major challenge affecting the creative and media industry. It is recommendable that the Mediorite limited to put in place the measures that would enable the company to compete among the other players. (Demary, 2015) Demonstrated that its only through successful market competition that the business organisation can expand and grow its shares. This would reflect an increase in the recruitment and training of the youths into competent professional. Some of the measures that can be exercised by the company too are to have a framework that would ensure the products are massively produced and offered at a slightly lower price. Through intensive marketing strategies, these products would incur more sales thus returning minimal profit per product while generating cumulative significant returns (Ngai, E.W., S.S., and Moon 2015, pp.33-44).
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