The Benefits And Criticisms Of The Market Theory Of News Production - Essay Example

?What Are The Benefits And Criticisms Of The Market Theory Of News Production Use A Range Of Examples Table of Contents Table of Contents 2 Introduction 3 Benefits and Criticisms of the Market Theory of News Production 5 Benefits of the Market Theory of News Production 5 Criticisms of the Market Theory of News Production 8 Evaluation 13 Conclusion 15 References 17 Introduction In this essay, the benefits as well as the criticisms of the market theory of news production will be discussed upon. With respect to this topic the role of Journalism, Mass media and communication will be addressed upon and its contribution to the overall news production will be determined. There may be numerous benefits of news production which may result in huge profits for the company as well as there may originate factors that the industry will have to take care upon for improving their operative functions. News production can generally be referred as the process of performing all the functions which are required to convert raw data into information and hence in printed form which are readable and audible to the audiences by way of newspapers, magazines, internet, television and radio among others. News is produced after the review of various literatures which are relevant to the topic of the news (Philip, 1975). In this similar context, Journalism is a process of collection of true, justifiable and factually based information in a precise manner which proves to be interesting for the readers along with publishing of those collected information in a timely manner for attracting mass audiences (Berry, 2008). Mass media is a process of catering to the audiences by way of different communication channels including newspapers, journals, radio, magazines and television among others. These sources of information intend to deliver information to the audiences in a timely basis. Mass media is also actively involved in the World Wide Web through which it delivers maximum knowledge and information to the audiences (Livesey, 2011). Mass media and communication are very closely interconnected to each other. As stated above, mass media are the channels or tools through which knowledge is transferred to the audiences. By adopting these channels the main criteria is to transfer and share useful information with the mass audiences. Thus, the transfer of knowledge and information to the public can be regarded as “Communication” in mass media (Colombo, 2004). The objective of this essay is to study the overall news production activities of the news industry with respect to the aspects of journalism, mass media and communication and its components. For the completion of this essay, the main priority would be laid upon the benefits that are derived from news production in the overall market as well as the challenges and the critics that the companies operating in the industry are facing which may prove to be a drawback for the industry. In details a study would be carried out about the specific benefits that the mass audiences get from the production and channelization of news and its various components (Panda & Swain, 2011). All those factors which are affecting the news production units will also be studied upon along with the problems faced by the mass media and communication channels while delivering their information to the audiences will be determined. A proper evaluation of the results will be made once a framework is designed about the benefits and criticalities of news production and its components in the overall market. By following this step, a detailed evaluation of pros and cons about the industry can be achieved which will provide a lot of clarity to the research. The essay intends to design a proper scenario about the current market standing of the industry (Curran & Gurevitch, 2000). Benefits and Criticisms of the Market Theory of News Production Benefits of the Market Theory of News Production News production is a widely used commercial aspect of marketing which caters to the users all over the world. It provides major benefits to the audiences. There are a number of benefits that can be obtained through news production. The audiences are catered with valuable information about the economy of the world. All information related to SENSEX, market share of different companies, stability of the companies, expansion plans of the companies as well as information related to current shareholders and stakeholders of the companies can be ascertained. Apart from that the news production units i.e. newspapers, radio, television and magazines among others also update the audiences about the recent mergers and acquisitions of the companies. Hence, the information proves to be very fruitful for those audiences who are interested in the economies of the world. Apart from the economy, it also delivers information about the overall developmental activities taking place in all over the world (Schramm, 1964). Moreover, the news production units also update the audiences about the ever-increasing inflationary rates of the commodities which prove to be very useful sources of information to the general public. It updates the mass audience about sports reports and movie gossips which cater to the interests of those people who are interested in sports and movies. It also provides knowledge to the audiences about various happenings and top stories and events that capture maximum interest. It also creates awareness amid the audiences with respect to entertainment sections in newspapers which many them to feel interested to read newspapers and magazines (Aidt, 2000). News production industry is greatly vast in its scope and it has established a strong reach towards its audiences. People trust and rely on the units of news production and information along with knowledge that are transferred through the communication channels of news production are very well accepted by the audiences. News is amongst the most popular sources of information that is widely viewed and listened to worldwide (Savolainen, 1999). People prioritise upon the authenticity and genuineness of the news production units. One of the most advantageous factors of news production is that news and its components are widely available all over the globe. The news production is done in such a way that the information collected is analysed and transferred in a very efficient manner so that the depicted information and knowledge reach the mass audience by way of different mass media. The mass media sources entail newspapers, magazines, journals, internet, television and Radio among others. It is an added advantage for the audiences as there are numerous options available to them for gathering maximum information from different communication channels (McManus, 2006). Media, journalists and newspapers have strong interconnection with each other. One of the major benefits of news production is that it facilitates in incorporating public relations in a very professional and efficient manner (Davis, 2000). Moreover, it can be noted that the overall journalism process is becoming more interactive and converged. The journalism nowadays is making networks for having a wider reach with the audiences. For example, there are mobile applications introduced in which the latest happenings are sent to the mobile phones in the form of news (Beckett, 2009). News production industry focuses on rendering exact and most relevant information to the audiences who believe in acquiring true and useful knowledge. Another example of news production which can be considered as a benefit for the audiences is that the information that is provided in the forms of newspapers or magazines are based on the current issues along with updated facts and figures. There are advantages of news production in a marketing context also through which the profitability of the news producing industry increases. Certain examples related to this aspect can be provided. The overall newspaper industry is one of the most booming industries all over the world. It has varied number of earning sources through which it is able to earn huge amount of profits in a yearly basis i.e. through various channels of mass media such as newspapers, magazines, internet, television, and radio among others (Johnson & Kaye, 1998). These media caters to the mass audiences worldwide and deliver maximum information along with knowledge to them and in return earn huge profits. As discussed earlier, media is actively involved with various industries, events and bodies comprising cinemas, sports, television, charitable events, multinational companies (MNCs) and government among others. Out of the above industries, the first three industries i.e. cinema, sports and television are three of the most expanding industries that are continuously moving into upward direction over the decades. These industries fetch maximum profits all over the world and the overall news production unit is actively involved with these industries since their evolution. Sports were firstly broadcasted in the radios before it came to the television. The news production unit and media have existed with these industries since the beginning. Therefore, the news making industry has strived to earn huge amount of profits from these sources over the decades and will continue to earn throughout the years to come (Jeanrenaud & Kesenne, 2006). Furthermore, newsmakers are actively involved with government as well as MNCs. Government is the regulatory body, which govern the operations of the countries. By providing services to the ruling body, the news production industry earns huge profits each year. Similarly, media’s involvement with the MNCs is enabling them to earn fair amount of profits. The future scope of newsmakers and media is increasing in a drastic manner as more and more MNCs are going abroad for expansion plans, with that the scope of news makers is also expanding as the companies will make new advertisements and promotions in order to attract new customers. And, for implementation of new advertisement strategies, the companies will take the assistance of the newsmakers and media which will enable the news production units to earn more and more profits which will benefit them by a considerable extent. Criticisms of the Market Theory of News Production As it is noted that there can be many benefits that can be derived by the use of news production, similarly there may also arise certain criticisms that may affect the overall cycle of news production and communication. A few of the examples of such events are illustrated below: In a market context, if the main aim of journalism is laid upon the enlightenment of the public instead of profit maximisation then it will create many hurdles in different levels of news production that will dissatisfy the investors. It will create a downfall in matters pertaining to the profitability of the news production (McQuail, 2002). One of the major challenges that the newspaper industry faces it that it has to continuously strive for making proper channels and work relationship with all the bodies which are directly or indirectly associated with the newspaper industry. In order to publish a newspaper, there are many criteria that are needed to be maintained. A newspaper production unit should be able to integrate itself with the plant. The unit should maintain strong co-ordination with the reporters, engineers, producers, directors, editors and managers. It is very much necessary to make strong coordination with them as the work of the newspaper production team is very interrelated with them and the newspaper production team has to work with them every day (Hardstone, 2004). Another problem that the mass media faces in a daily basis is that they are known to spice up the collected information along with presenting the information in a very interesting format as well as delivering them to the mass public to gather maximum attention of the viewers and readers. These types of activities are usually followed by the media as they want to generate maximum viewer ratio of their news and articles and crave for maximum viewer responses usually by the use of internet which the viewer may use for giving feedback. Media is generally criticised by the cinema or film industry and sports industry as it is famous for spicing up information by adding extra at times untrue elements. These activities are generally followed by the media as they are specialised in this field. Another example of news production facing criticalities would be when the news production unit tries to expand its mass media channels into new horizons. As the general public is very much accustomed with the traditional mass media i.e. newspapers, radio, television, magazines, and journals among others the audiences may not be able to adopt new channels of information introduced by the media. This can pose a serious threat to the overall news production in terms of innovation and upgradation (Barnett, 1997). Media continuously aims for commercialisation. It can pose problems for the industry. And, it may create a negative impact in the future. The goodwill of the industry may be lost. Audiences may believe a mindset that the industry favours commercialisation far more than delivery of genuine information (Levidow & Carr, 2000). By not following the concept of commercialisation, the industry will give birth to numerous other criticalities that can impact the overall growth and profitability of the company. Examples are illustrated below: By not following the concept of commercialisation, the companies functioning in the industry will lack in terms of profitability which can prove to be a major source of crisis to them. If the industry cannot earn huge profits then the companies would not be able to make necessary expenses in advertisement and promotions instead the industry will have to reduce the marketing costs as well as the expenses related to the management of the personnel. Apart from this, the expenses related to the editing of newspapers, journals, and magazines among others will have to be reduced. These activities will ultimately lead the organisation to incur decreased profitability ratios. If the industry runs out of profit then it will have less revenue to support new advertisement strategies and ultimately it will lead to very less audiences as without proper advertisement it is not at all be possible to attract audiences (Corsini, 2013). All the activities will lead to very low financial resources which is very much important for each and every industry to survive (Pinard, 2002). The news production industry is continuously expanding day-by-day. There is huge scope for development in the field of mass communication and journalism. There are many new newspaper companies that are coming out these days, and with the introduction of new companies the overall recruitment of the journalists is increasing in a drastic manner. This may lead to increased level of competition between the candidates that may pose a threat to many eligible candidates and it may in turn affect the overall news production. Also, for recruiting large number of candidates the industry will have to be very profitable so that the employees can be taken care of. If the financial position of the industry is not very good then setback by both employees and the overall industry will be faced (Sweney, 2013). As the scope of news production is broadening day-by-day, the industry needs to make extra efforts to deliver true and genuine information to the audiences. This occurs owing to the reason that the communication principles are very important for the newsmakers to follow in order to deliver correct information to the audiences; they should follow the principles in a very specific and precise manner. The news makers should access to genuine information. After accessing the information proper selection of information should be done. After this step, the information should be processed and edited in a very precise manner. Once the information is processed, the main stress should be laid upon the distribution of the information and channels through which the information is to be distributed. It should be made sure that the information reaches the mass audience. Moreover, the information that reaches the audiences should be able to deliver the exact message. It should be made sure that the message is understandable to the audiences and also the message should not misinterpret anything. The message should be very clear, precise and to the point. While designing communication plans, all the above points should be taken care of otherwise it may lead to misinterpretation of facts and knowledge which may end up in bringing disastrous results and hence it will prove to be a major factor that many lead to many criticalities (Domingo & et. al., 2008). Thus, from the studies it can be noted that news production is proving to be one of top profit making industries which has its presence in the whole world. It is an established industry and has reached the saturation level. The industry achieved all round growth and development and is recognised as the most trusted information provider worldwide. Apart from the advantageous points of the industry, there are certain factors which are needed to be considered by the industry. There are a few criticalities that are needed to addressed and checked upon in order to avoid any kind of errors while delivering the message to the mass audiences. There are certain loopholes in the industry which are needed to be filled by identifying the critical issues that are presently existing in the industry and hence designing plans along with procedures in order to resolve the identified errors. Evaluation In accordance with the evidences obtained from various studies, it is lucidly identifiable that news production is one of the most profitable industries, which caters to the mass audiences all over the world. The scope of news production is broadening every day; therefore the industry needs to make extra efforts to deliver true and genuine information to the audiences. Thus, it may provide the industry with a great deal of challenge. As per the research, it has been evidently identified that along with many advantageous factors the companies face many issues that may create hurdles for the overall news production industry in the near future. All the issues that the industry is dealing with currently are mentioned in the above studies of this essay. As per the current marketing theory, the issues which are being faced by the company at present are issues pertaining to the overall business growth of the news production industry. The primary objective of all the industries is to make profits. If an industry cannot earn a favourable amount of profit then it will lead to many issues which may affect the overall financial position of the industries. Similarly, as there are many criticalities identified in the news production industry, the underlining issues must be addressed by designing proper means of effective measures that the industry needs to adopt, otherwise it may lead to less awareness of the messages which are being conveyed to the audiences. All the criticalities should be properly identified and analysed in such a way that the root causes are identified. The identified errors should be re-examined and worked upon so that it becomes easy to derive a set of proper solutions. It is very necessary for the industry to improve its channels of communication. The messages that are being imparted to the audiences should reach them and the message should be understandable so that the objective of the communication process is complete. The industry needs to keep track of all the major criticalities that it is currently facing and needs to address the problems in a fast manner. Based on the above studies, it is found that the industry is improving and broadening its scope but in order to compete with the overall business environment it needs to continuously strive for improving its scope and dimensions for reaching maximum audiences and hence withstanding with the current marketing theories and demands. The industry needs to keep on innovating itself in order to meet with the ever increasing demands of the market as well as the mass audiences. Conclusion After a detailed study, it can be observed that news production industry is one of largest profit making industries globally. News production is a widely used commercial aspect of marketing which caters to mass users. The scope of news production is broadening every day. The news production industry has varied number of earning sources through which it is able earn huge amount of profits in a yearly basis i.e. through various channels of mass media such as newspapers, magazines, internet, television and radio among others. It has also been observed that news makers are actively involved with government as well as MNCs. By providing services to the ruling body i.e. the news production industry earns huge profits each year. Similarly, media’s involvement with the MNC’s is enabling them to earn fair amount of profits. News production industry has been able to maintain strong connection with the audiences over the decades as the industry is involved with cinemas, sports, and television and also the industry is makings its presence felt in charitable events which are directly or indirectly supported by the government. The industry’s involvement with these bodies and events are enabling it to make huge profits. Along with these advantageous factors, the industry is also moving along with certain criticisms that may affect the overall cycle of news production and communication. There are many factors that are needed to be considered by the industry which are discussed in detail in the above sections of this essay. If the industry does not follow effective measures to sort out the issues then the companies operating in the industry may face numerous hurdles and eventually they may run out of profit. The industry may also end up having less revenue to support new advertisement strategies and ultimately it will lead to very less audiences as without proper advertisement it is not at all possible to attract audiences. All the activities combined may lead to very low financial resources which is very much important for each and every industry to survive (Hallin & Mancini, 2004). After the study, it can be concluded that all the factors that constitute to criticism and challenges for the industry should be properly addressed and thus proper measures should be adopted by the industry in order to avoid any kind of barriers that may occur while designing effective communication channels and it should also ensure that the interpreted message should be understandable to the audiences in such a manner that it provides a very clear picture. References Aidt, T, S., 2000. Economic Voting and Information. Electoral Studies. Vol.19, No. 3, pp.349–362. Berry, D., 2008. Journalism, Ethics and Society. Ashgate Publishing, Ltd. Beckett, C., 2009. Media, Connectivity, Literacy & Ethics. EDS Innovation Research Programme. No. 20, pp. 1-8. Barnett, S., 1997. New Media, Old Problems, New Technology and the Political Process. European Journal of Communication. Vol. 12, No. 2, pp.193-218. Curran, J. & Gurevitch, M., 2000. Mass Media and Society. The Oxford University Press. 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