Competitive Challenges in Technological Innovation - Lab Report Example

Lab Report, Marketing Table of Contents Introduction 3 Discussion 4 Conclusion 9 References 10 Introduction Technological innovation has changed the entire scenario of the modern world. People, in their daily lives, use electronic gadgets, like television, radio, mobile phones. Due to technological interventions, the level of connectivity between viewers and presenters has increased to a considerable extent. Nowadays, media is a well-established industry where rating is the ultimate destination for television channels. In the media industry, audiences’ feedback is very important and crucial for producers or makers of the programme. However, from an industrial perspective, television programme makers desire to cater to more audiences of different age groups to increase their popularity that in turn increases competitive challenges within the sector (Higher Education Statistics Agency Limited, 2014). To comprehend this phenomenon from a critical perspective, the entire study has been based on the television programme rating and its popularity among different age groups. Contextually, to identify the popularity of television channels among different age groups of the UK, BBC1 channel has been selected as the media outlet. Both industrial as well as general perspectives have been considered when evaluating BBC’s performance within the UK market in the recent phenomenon. From the varied channels of the UK, BBC 1 is one of the renowned television channels. In the first phase of its development, BBC was known for its news broadcast. Presently, BBC is an established network, which has multiple channels for different age groups. Moreover, BBC always provides quality news to its viewers. Since, 1997 BBC has appeared in news broadcast field and until now, has created milestones for its rival channels. BBC is the first news broadcaster, which presents news about the overall the world. The digitalized platform has enriched BBC’s journey, enhancing and diversifying its contents to a substantial extent. In the 2013, BBC also announced its High Definition (HD) simulcast, which has helped to enhanced its viewer ship more than previous times (Media Tel, 2014). Discussion In the present scenario, the popularity of television channels is judged under different scales. Under Television Rating Points (TRP), television association has measured satellite channel reach. In this regard, to identify the actual rate of popularity of BBC 1 among different age groups, a survey report has been used to avail proper results. Media Tel is the source from where all data regarding BBC has been gathered. Based on the September 2014 data of MediaTel, BBC viewership has been created. At the time of developing the report for BBC network, different questions were framed to obtain proper results from different age groups. Besides, through BBC network, the UK audiences have gained the opportunity to enjoy various channels, such as ITV and Chennel5, which has also enhanced its popularity to a substantial extent. Nowadays, with the advent of technology, people are surrounded with multiple gadgets and mediums. Internet is one such medium, which has absorbed more time of common people. In the digitalized era, every medium aims for more customers through its programmes. The age group of 16-24 years has accordingly been recognised as the most important part of viewership. To cater the interest of this age group, every channel has become more innovative in presenting interesting programmes to suffice the tastes and preferences of the targeted audiences (Potter, 2014). Likewise, BBC has developed different programmes like reality shows and dramas to attain more viewers of different age (Media Tel, 2014). MediaTel data has provided an overview about BBC viewership throughout the UK region. According to the September data of MediaTel, the audiences within the age group of 16-24 years watched television for more than 2hours and 22 minutes in an average in a week. As per the data of MediaTel people of this age group likes to watch lifestyle drama and sports channels on a regularly. Correspondingly, to attract more viewers of different age groups numerous channels are coming up with varied programs (Media Tel, 2014). In this regard, from the analysis it can be observed that BBC 1, as one of the leading UK outlets, has become very popular amid this particular group of viewers, which apparently reveals the impact of industry trends on the operations of the organisation. The depicted diagram represented weekly reach of BBC channels: Source: (MediaTel, 2014) According to the statistics of MediaTel out of the entire population of viewers in the UK, 10% adults watched television on regular basis. In the television industry, different sorts of channels were watched by adults such as reality shows, doctor online programmes, cop dramas and more (Weight, 2014). It is in this context that adults, who were 65+ year old, were found to be watching television, wherein BBC 1 programs had gained quite a commendable impression. It is evident from the data retrieved that in an weekly average, the viewers of above 65 years watch BBC 1 for 14 hours and 35 minutes as compared to 2hours 22 minutes by the people within the age group of 16-24 years. Therefore, it can be ascertained that the monthly average of the people is 57 hours and 4 minutes, watching BBC 1 (Media Tel, 2014). Throughout the day, adults aged above 64 years watch television for almost 8 hours. Besides, programmes like doctors online and reality shows, as well as dramas of various genres, such as comedy, religion and ethics, learning, entertainment and others, are watched by this group of people, as they have more leisure time than the young adults do (Weight,2014) . However, according to the reports of MediaTel, BBC 1 has made around 6.3% money from advertising in the month of September 2014, irrespective of its highly diversified viewer range. The television broadcasters’ of the UK has also faced big revenue losses in the September. Nevertheless, a comparative viewpoint to the issue reveal that BBC 1 has made a mark in the television broadcasting and earn more revenue as compared to rival channels in television market (Weight, 2014). Source: (MediaTel, 2014) With the help of technological inventions, people have greater options than only watching television programmes. Due to massive popularity of social networking sites among youngsters, adults of 16-24 years now watch less television channels than 10 years ago. From the studies, it has been witnessed those 10 years ago, adults of 16-24 years old were fond of television as they had lesser options of entertainment. But nowadays, adults of 16-24 year olds use their mobile phones to watch match clipping and other programmes of channel websites, which has further augmented the publicity of these channels (Weight, 2014). Source: (Media Tel, 2014) In the year 2013, BBC had earned around 9% more revenue as compared to September 2014. Nowadays, BBC as well as other television channels uses many sources to earn maximum revenue. Television channels also use its own websites to attract more audiences of 16-24 years age. For instance, advocating this data, in 2013, BBC1 earned around 2% from online resources. Evidently, advertising can be regarded as a very productive source for earning revenue (Media Tel, 2014). Television Viewer Ratings (TVR) is the standard buying currency for television advertising in the UK. Television ratings are conveyed as a percentage of potential TV audiences viewing at given time. With the help of TVR, the total audience of television is measured, wherein one TVR is equivalent to 1% target audience. TVR helped the ad makers to find the popularity rating among its prospective audience. Contextually, according to the TVR, BBC 1 have maximum amount of viewership than other channels (Sweney, 2012). This certainly exhibits the popularity of the media outlet today, which in industrial terms can be categorised as its competitive advantage. According to the data of MediaTel, it has been observed that during festivals or occasions, viewership has increased at a greater proportion than other months of the year. To be mentioned in this regard, at the time of Christmas, BBC 1 was able to gather maximum ratings as compared to other channels. BBC 1 also created a trust and quality among its viewers and helped to gain more audiences at the seasonal time (Potter, 2014). The advertising and revenue has also created another frame for every channel, as every channel need to obtain more revenue through better retention of audiences. In the past 3 years, media scenario has completely changed. To be mentioned in this regard, the entire scenario of audiences or the readership is likely to change in coming 5 years. With the help of technological interventions, the entire scenario has been changed over the past 10 years. In the past 10 years only two medium existed in the global market. With the help of digital media, a revolution has been seen in advertising. With the advent of electronic media, new global scenario has changed the advertising over the past 10 years (Potter, 2014). In the media industry, audience feedback is considered very important and crucial for producers or makers of programmes. Digital media has also strengthened the value of feedback systems and thus, the traditional media producers are becoming increasingly engaged with this form in order to improve its rating. Digitalized media has also made the television medium more popular among the society and thus, has helped to create a new path for the media industry (Higher Education Statistics Agency Limited, 2014). Conclusion Nowadays, in media industry, different media outlets, like print, electronic and digital, has been able to retain a huge amount of revenue around the year. From the various media, digital medium has predicted to increase its revenue by the highest amount this year. Based on the study it can accordingly be inferred that modern media has purely depended on readership and revenue. As the study reveals, being on competition with the other media outlets, BBC 1 has been taking many innovative strategies that has not only enriched the quality of the information delivered to the viewers, but has also accelerated its ability to attain revenue and sustain in the long run. Similar to every other media platform, BBC 1 also aimed to create mass appeal and sustain in the long term with adequate competencies. Viewership and revenue have been the common tools through which, BBC 1 and many other contemporary media outlets have been able to sustain in the current phenomenon. Nevertheless, the rising number of media viewers has also increased challenges for companies like BBC, who now need to suffice the varying demands and requirements of the global customers, who not only belong from different age groups, but also have varying cultural backgrounds with dissimilar choices for entertainment. Although BBC 1 has taken measures adequate to suffice these needs of its wide-ranging viewers, it has witnessed instability in its financial performance, which indeed signifies the increased competition within the industry context. However, the rising population has helped increase viewership day-by-day. Conclusively, to achieve the same target, BBC 1 needs to generously serve with quality programme to its audiences. References Higher Education Statistics Agency Limited, 2014. Student Population. Student Introduction 2012/13. [Online] Available at: https://www.hesa.ac.uk/intros/stuintro1213 [Accessed November 3, 2014]. Media Tel, 2014. TV Market Round-Up: September 2014. Newsline. [Online] Available at: http://mediatel.co.uk/newsline/2014/10/17/tv-market-round-up-september-2014/ [Accessed November 3, 2014]. Potter, C., 2014. National Newspaper Abcs - Sept 2014. Newsline. [Online] Available at: http://mediatel.co.uk/newsline/2014/10/10/national-newspaper-abcs-sept-2014/ [Accessed November 3, 2014]. Sweney, M., 2012. X Factor Ratings Slump Could cost ITV £10m In Ad Revenue. The Guardian. [Online] Available at: http://www.theguardian.com/media/2012/nov/06/x-factor-ratings-slump-cost [Accessed November 3, 2014]. Weight, S., 2014. TV Viewing Round-Up: September 2014. Newsline. [Online] Available at: http://mediatel.co.uk/newsline/2014/10/16/tv-viewing-round-up-september-2014/ [Accessed November 3, 2014]. Read More