Media kit for small business. Galaxica Media - Essay Example

?Media kit for small business Table of Contents Media kit for small business Table of Contents 2 Introduction 3 Company Fact Sheet 3 Company 3Location & when it was founded 3 Mission Statement 3 Products Offered 4 Customers Targeted 4 Corporate Social and Ethical Responsibilities of the Company 5 Company contact information including Email and website 5 Personality Businessman Profile 5 Business Challenges 5 Motivation of Employees 6 Support Systems 7 Credible Business Financial Profile 7 Credibility of Financial Information 7 Assets and Liabilities 8 Revenues and Expenses 8 Multimedia Organizational Culture Story 9 Organizational Culture 9 Maintenance of Organization Culture 9 Evaluation and Feedback 10 References 11 Introduction Business organizations are essentially operating in a highly turbulent and competitive market environment. This has led to strategists and marketers to devise alternate strategies for maintaining profitability and sustainability. The present study would deal with the business strategy of a new start up named Galaxica Media into the multimedia business including preparing a media kit. Galaxica media is a start up business that has business interests in the multimedia business. The role of media in the sustainability of business assumes importance as media largely act as a tool for communication and have a significant role in positioning the firm in the business market. This is completely in tune with the Morgan’s metaphors which states that the business leadership should have abilities to analyze activities and devise alternative strategies. The study would contain the media kit for the firm with regards to its maintenance of sustainability while including elements like company policies as well as financial and human resource strategies of the organization. Company Fact Sheet Company Name Galaxica Media Location & when it was founded Galaxica media was established in November 2010 in London, UK. The company is presently headquartered in London UK. Mission Statement The mission statement of Galaxica media is stated below: The company aspires to be a customized service provider that provides multimedia solutions to businesses. The company aims to provide clear and simple multimedia programs designed to meet the individual needs of retail as well as corporate clients. The company would also provide multimedia solutions at an attractive price and provide continuous customer support to ensure complete satisfaction of the customer. Products Offered Galaxica media is mainly engaged in the entertainment business industry with its main product portfolio being in the area of animations and multimedia. The company’s product offering includes customized support for web design and multimedia effects for the entertainment industry. The company also provides web design support to different organizations. The company also provides 3D visual interfaces to customers engaged in the business of providing fun and entertainment. The web design team helps different organizations to design their websites according to their individual needs. This includes use of high end graphics that are designed keeping in mind the individual needs of the customers. Customers Targeted Galaxica media targets corporate clients which includes participants of the media industry. The company’s customized products are largely being used by media houses for their entertainment programs. The main clientele of the company forms the media and advertisement industry players who normally outsource some of their content creation and design to other players that have expertise in the area of graphics and multimedia. The clients of the firm also include business houses that generally outsource their web design aspect to include better graphics and looks. The company also targets different public sector organizations for design and development of their websites. Corporate Social and Ethical Responsibilities of the Company Corporate social responsibilities at Galaxica media would include strategies that tend to contribute towards the upliftment of the society. Galaxica media’s CSR activities would revolve around helping the needs of the underprivileged children in areas of education and poverty reduction. Company contact information including Email and website Address- Galaxica Media, XYZ Street, ABC square, AT11 3GH, London Tel: +44 (0) 1111111111 Fax: +44 (0) 2222222222 E-mail- info@galaxica.uk Website- http://www.galaxicamedia.co.uk Personality Businessman Profile Business Challenges The man business challenge for the organization is to maintain profitability and sustainability in the wake of the increased turbulence and competitive market environment and to establish itself in the market. The large scale competition in this industry coupled with the growth of internet and new technologies in broadcasting have squeezed the profit margins of the existing companies. Being an initial start up Galaxica media faces considerable challenges with regards to establishing itself in the market amidst the tough competition prevailing in the markets. The price wars resorted due to the increased market competition between the market players and their strategies of lowering prices to attract new customers have eroded the profit margins of the existing firms. This has forced start up firms like Galaxica media to undertake strategies that tend to formulate strategies so as to ensure profitability and sustainability. The firm also faced the challenge of maintaining profitability due to the effects of the global economic recession that has placed considerable challenges before the organization. Motivation of Employees Motivation is largely essential for a firm to gain strategic advantage as human resources form the most important asset for any organization (Kondalkar, 2009, p.246). Galaxica media lays considerable focus on improving the aspect of motivating its staff members which are its most valuable assets. Being a start up in the industry with about 12 employees the company is able to maintain a good line of communication with the employees which also helps in individual attention to every employee. Employees are also encouraged to provide new ideas which can be directly communicated with the top management. This ensures that employees take up their activities as responsibility rather than routine tasks which help in motivating them to achieve greater heights of excellence. The company has a policy in which the employees are free to share their experiences, grievances as well as discuss their performances with their seniors. There are employee reward schemes which offer financial as well as non financial benefits to the deserving employees. In addition to this there are flexible work timings, compressed time durations as well as family development schemes that help the firm to ensure job satisfaction which in turn motivates the employees to perform at their best in the interests of the organization. Finally the company also has a well developed career development program comprising of effective training and development modules that help in enhancing the knowledge curve of the employees as well as the organization. This ensures that employees largely contribute towards their career development on one hand and also ensure competitive advantage for the organization. Support Systems Galaxica media’s support systems comprises of dedicated teams having expertise in diverse areas like finance, HR etc. The web support team tries to provide back end support that includes continuous and uninterrupted broadcast of programs as well as promote the products to the prospective customers. The web support team tries to continuously monitor and evaluate the performance of the internet based activities. In addition to the technical teams the HR department serves to take care of the issues surrounding the management of the human resources of the organization. This also includes taking care of the recruitment and staffing needs of the organization. The combined activities of these support units provide the required critical back end support to ensure operational efficiency. Credible Business Financial Profile Credibility of Financial Information Galaxica media is a start up firm which is basically a proprietorship based organization with limited liabilities. As a part of the maintaining transparency and credibility the firm regularly publishes the annual report which contains detailed information about the company’s activities including the detailed balance sheet which contains a detailed description of the financial aspects of the organization. In view of maintaining transparency the firm also publishes these reports in the official website of the company. The company also has an audit committee that specifically conducts audits to ensure compliance with the norms. This wing is outsourced to an industry expert who has considerable expertise in this domain. The audit committee conducts checks into the financial as well as non financial aspects thus ensuring credibility and transparency in the business processes and also ensures aspects of relevance, comparability, reliability and nature of understanding which are the elements that necessarily determine the financial transparency and credibility of the organization. The current assets of the firm include inventories, trade and other receivables, as well as cash and shorter term deposits. Assets and Liabilities The total asset size of the company including tangible and intangible assets is valued to be about 10000 pounds. Out of this about 8000 pounds are currently in active use, 1500 pounds as cash reserves and the rest 500 pounds as unutilized assets. The financials of the firm reveals non-current assets of the firm being valued at 3500 pounds which includes equipments worth 3000 pounds. The company plans to hike the capital expenditure budget by about 25000 pounds next year which would be obtained through bank loans. This would be used to increase the asset base of the firm which would include renting of a larger office premise in the main metropolitan city area. Revenues and Expenses Due to the pressure from the economic recession and considering initial start up expenses the group did not have net revenue as it had not achieved breakeven point. The loss was mainly accounted due to the advertising and other start up expenses including hiring and training costs for employees. He company plan to achieve break even by the next 3 years owning to god demand and revival of economy which would ensure better opportunities for the organization. Expenses mainly occurred in the form of payment of salaries, auditor’s remuneration as well as initial set up costs to make the total finance costs at 22000 pounds. Multimedia Organizational Culture Story Organizational Culture Organization structure largely includes the management structure and hierarchy of an organization. Organization structure can be either tall or flat. Flat organization structure allows greater flexibility and ensures fewer levels of hierarchy. Tall organization structures are largely classified by presence of multiple levels thus ensuring slower decision making and less flexibility (Swansburg & Swansburg, 2002, p.328). Galaxica media aims to have a flat organizational structure with few levels of hierarchy. This has a positive effect on the morale of the employees as it ensures faster decision making as well as ensures greater responsibility which acts as a motivating factor for the employees of the organization. Lower levels of decision making also ensure that there is flexibility and fast decision making which again ensure competitive advantage for the organization considering the turbulent nature of the business environment. The flat organization structure reduces the chances of grapevine communication as employees can easily discuss issues with their supervisors. The relatively low levels in the organization structure also ensures that communication is effective and there is less distortion of communication and the message to be transmitted from the top level to the lower levels. Maintenance of Organization Culture The employee friendly policies of the organization largely ensure the maintenance of a positive culture at the organization. The company provides an option to every employee to discuss their personal as well as professional issues freely with their superiors. This also includes sharing of grievances about the policies of the organization. This shows the aspects of formalization, standardization, specialization and centralization are largely being included in the policy making of the organization. Inclusion of all these elements ensures the maintenance of a positive organization structure that largely helps in ensuring sustainable competitive advantage. Evaluation and Feedback Every business strategy needs to have a framework that helps in evaluating the strategic business initiatives of the organization. This includes a strategy for analyzing the strategies adopted at the organization. A balanced scorecard technique would be used to analyze the financial as well as non financial strategies of the firm that would help Galaxica media to take timely action in case of any shortcomings in the adopted strategies (Balanced Scorecard Institute, 2011). References Balanced Scorecard Institute. (2011). Balanced Scorecard Basics. [Online]. Available at: http://www.balancedscorecard.org/BSCResources/AbouttheBalancedScorecard/tabid/55/Default.aspx [Accessed on May 12, 2011]. Kondalkar, V.G. (2009). Organization Effectiveness and Change Management. PHI Learning Pvt. Ltd. Swansburg, R.C., & Swansburg, R.J. (2002). Introduction to management and leadership for nurse managers. Jones & Bartlett Learning. Read More