Building a Digital City - Research Paper Example

Building a Digital City Introduction The advertising industry is playing an imperative role in the global media landscape. In recent times, the traditional media is facing extreme level of competition from the unabated changes made in introducing and developing digital media. The scenario, in this regard often brings major challenges along with opportunities for the existing market leaders operating in the advertising industry (McKinsey & Company, 2013). Keeping into mind the rapid transformations made in the development of global advertising industry, the prime intent of this research paper is to critically explore the different aspects of the advertising industry and the advertising media sector of New York City (NYC). The analysis of the sector tends to provide an in-depth understanding regarding the evolution in the advertising industry of NYC and describe its place in the cultural and economic ecosystem of the city. In this regard, the study includes a mapping approach by highlighting the roles and significance of the major players persisting within the advertising media sector of NYC. In order to critically analyze the sector, the study explores and focuses on making further research about the themes that are undertaken to provide a brief overview of advertising media in NYC. Therefore, the case study principally provides a clear understanding about the operational roles of BBDO, a prime market player in the advertising media sector. The study also explores the size of BBDO and how it is being operated within NYC. Moreover, the description of the case study also highlights how BBDO fits itself into the cultural and ecosystem of the NYC’s advertising media sector and manages its relationship with the city. Brief Description of BBDO in the NYC’s Advertising and Print Media Sector The advertising media sector of NYC is observed to achieve continuous evolution with an outstanding performance and substantially provided a major contribution towards developing economic as well as social conditions of the city. In relation to the recent business phenomenon, the sector incorporates major players that have profoundly witnessed to make continuous development in the practices or the functions related to advertising and media sector in NYC (New York State, 2010). BBDO, in this context, is regarded as one of the prominent advertising media agencies, located on Madison Avenue, NYC. With the increased level of globalization, the relentless performance of the company assists in developing the trends prevailing in NYC’s advertising and media sector. Founded in the year 1891, BBDO is currently performing its exceptional role in the global advertising and media sector across 81 overseas territories. BBDO is a privately owned company with a strong vision of developing its exceptional range of media practices that can enable both the country and the company to experience higher economic growth. In the context of NYC, BDO has built its strong advertising culture by incorporating individuals’ interests with the respective business practices of the company (BBDO, 2014). In this regard, the independency nature and well-built operational culture of the company eventually made it quite renowned as one of the major organizations, which fit into the cultural and economic ecosystem within a particular city i.e. NYC (Leonard, n.d.). BBDO has a long history in building strong relationship with its major stakeholders in the form of making continuous efforts towards improving socio-cultural and economic conditions of NYC. Justifiably, performing business activities with a set of cutting-edge digital contents as well as complying with the requirements of the customers support BBDO towards attaining the above stated objective (BBDO, 2014). Discussing and Exemplifying the Conceptual Issues of the Company Although BBDO performed the activities concerning advertising media with the inclusion of a set of well-built attributes efficiently, the company faced a number of conceptual issues relating to its business practices. In this regard, the emerging pace of digitalization can be duly considered as one of the major issues faced by the company while performing its wide range of advertising and media activities. With reference to the current media ecosystem prevailing in NYC, the advertising agencies are often involved in facing conceptual issues relating to the gradual increase of digitalization. Notably, the emerging practice of digital content is affecting the print media industry in terms of deteriorating the level of print readership in the city. The issue has further deteriorated the performance of other advertising agencies involved in print media within NYC (Leonard, n.d.). It is worth mentioning that the intensifying business market competition amidst the agencies along with their strong involvement in incorporating varied advanced technological aspects is the other major issue, which seems to be persisting in the current advertising and media environment within NYC. In the context of BBDO, the company also performs its seamless advertising practices through getting involved in incorporating advanced technological features and equipment. This is mainly performed through using varied social media networks and other internet-based tools like web design along with search engine marketing and internet or e-commerce. In this regard, the extensive deployment of technology based tools and application programs in the advertising and print media segments are evident to bring radical changes in the current ecosystem of the NYC media industry. Therefore, it can be stated that the higher usage of information and technological aspects by BBDO is also a major aspect, which is bringing changes in the current media industry of NYC (New York City Economic Development Cooperation, 2011). Since the practice of extensively using internet tools in advertising improves quality and reliability, the evolution of technology has substantially lowered the performance of the print media segment. In this regard, the consequences derived from the usage of varied technologies by BBDO are evaluated in terms of reducing current rate of employment in NYC’s media industry. Hence, the scenario might impose adverse impact particularly on the current economic conditions of the city (Leonard, n.d.). With reference to the consequences, it is also evident that the evolution of technological advancement has also radically lowered the performance of the television advertising industry prevailing in NYC. The emergence of digitalization in the advertising practices of BBDO also drastically affects the TV ads industry in NYC. The conduct of various product promotional campaigns through the incorporation of various websites and other internet tools eventually lowered the number of TV viewers across different locations in NYC. For instance, promoting web-based advertising practices towards community development such as protecting natural ecosystem, enhancing health and safety measures in the community can be identified as a major set of promotional campaigns conduct by BBDO (New York City Economic Development Cooperation, 2011). Hence, the practice of web-based promotional activities often generates major threats for the TV ads industry towards sustaining in the similar market for long term. Justifiably, a majority of the consumers in the recent business environment prevailing in NYC are likely to get influenced by the promotional campaigns that are delivered by the global brands on specific internet websites. Moreover, the involvement of promotional campaigns through social media networking sites is also identified to increase the number of potential buyers for the global brands as compared to the media activities transmitted through other channels such as radio, TV or any sort of print media (Kirchhoff, 2010). In the context of BBDO, the company has built its renowned position by campaigning brands through incorporating highly developed internet-based tools. The practice of the company in this regard often generates major threats to other media service providers in terms of attaining their predetermined business goals. The scenario is often identified to reduce the current rate of employment of the organizations operating in print as well as TV ads media industry, imposing major financial debacles in the city. Notably, the current usage of print media and TV ads have drastically fallen in NYC due to the higher usage of internet-based tools by the most potential consumers belonging to various industrial fields. Nevertheless, the growing trend of consolidation amid the global brands with advertising and media agencies also contribute in generating major threats to other companies that are likely to promote products through traditional media networks that entail TV, radio and/or print media. In this regard, the promotional activities of BBDO concerning the campaigns of global brands through extensive usage of internet-based tools can be contradicted in terms of lowering employment along with deteriorating the overall performance of NYC’s media industry (Diaz, 2011). Analyzing Themes of the Case Study and justifying their Relevance in accordance with the Case Overview and Class Notes The advertising and media agencies in NYC are strongly observed to build a relatively strong ecosystem with the involvement of advanced information and communication technologies. In relation to the recent evolution of internet or e-commerce, the advertising and media agencies are making deliberate efforts towards developing unique concepts of promotional activities for their respective products and/or services. The primary intention of adopting advanced form of technological aspect is to attain superior competitive position over chief business market competitors (Leonard, n.d.). In the context of BBDO, the company is viewed to be performing as one of the dominant advertising and media agencies in terms of conducting innovative promotional campaigns for the globally renowned brands. For instance, a few of the major globally renowned brands of BBDO include General Electric, PepsiCo, Starbucks and FedEx among others (BBDO, 2014). The continuous deployment of web based tools and extensive use of cutting-edge information and technological tools eventually played a decisive part for the agency to accomplish greater competitive position over its rivals persisting in NYC (Mandel, 2013; Leonard, n.d.). The case study provides an in-depth understanding regarding the current challenges faced by the print and TV ad media networks that are highly influenced by the emergence of internet tools. Therefore, the following discussion tends to evaluate the major subject areas or themes that are undertaken from both the class materials and the overview of the current advertising and media ecosystem of NYC. The Key Subject Areas Described in Overview of the Sector With reference to the understanding of the sector overview, the cultural aspect can be ascertained to be one of the key subject areas affecting the current advertising and media activities perform by the agencies in NYC. In addition to the cultural factor, the evolution of globalization can also be duly considered as the major subject area, which imposes intense impact on print media and advertising industry in NYC. This particular subject area has revealed a major understanding about the negative impacts imposed by increased extent of globalization on different media networks. Moreover, changing business policies and practices of the agencies throughout the decades have also contributed in intensifying the competitive position of the organizations employing advanced internet-based tools for conducting varied advertising and media activities efficiently. The Key Subject Areas associated with Class Notes The case study associated with the advertising and media activities of BBDO also tend to incorporate a few number of subject areas in terms of exemplifying the contradiction and problems faced by the agency. In this regard, the competitive factor of the advertising and media industry of NYC can be duly considered as one of the major subject areas. Justifiably, the business position of BBDO has been transformed towards excellence due to its conduct of exceptional range of media campaigns relating to the promotion of global brands. Apart from this, the dominant culture prevailing in the current NYC advertising and media industry has certainly enabled the company to gain substantial benefits as compared to its other rivals persisting within the city. In this similar context, the adequate practice of digitizing traditional media can also be ascertained as the other major subject area of the provided case study. In this regard, it can be stated that the business functions of BBDO have been highly transformed from traditional to internet-based media practices. The process of promoting global brands through different web-based tools and social media networks has radically influenced the organization to reap several significant benefits in the domain of NYC’s advertising and media industry. Conclusion From the above analysis and discussion, it can be affirmed that the current advertising and media industry in NYC is achieving continuous growth due to the incorporation of varied technological advancements. It will be vital to mention that the radical transformation of organizational practices from a traditional approach is witnessed to bring major catastrophes, due to which the organizations had to face numerous challenges. In relation to the case study, the extensive focus laid on integrating internet-based tools in performing diverse advertising and media activities has certainly raised major contradictions for BBDO. However, in this regard, the transformative changes made in the promotional campaigns by the company have raised the business market competition specifically in the domain of NYC’s advertising and media industry. References BBDO. (2014). Who we are? Retrieved from http://www.bbdo.com/#!/page/59 Diaz, A. C. (2011). The creativity awards report: Domination is theme this year as Wieden & Kennedy pervades the top of the charts. Retrieved from http://adage.com/article/news/creativity-awards-report/230726/ Kirchhoff, S. M. (2010). The U.S. newspaper industry in transition. CRS Report for Congress Prepared for Members and Committees of Congress, 1-25. Leonard, D. (n.d.). Nightmare on Madison Avenue. Chapter 9, 150-158. Mandel, M. (2013). Building a digital city: The growth and impact of New York city’s tech/information sector. Retrieved from http://www.mikebloomberg.com/files/buildingadigitalcity.pdf McKinsey & Company. (2013). Global media report 2013: Global industry overview. Retrieved from https://www.google.co.in/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0CBsQFjAA&url=http%3A%2F%2Fwww.mckinsey.com%2F~%2Fmedia%2Fmckinsey%2Fdotcom%2Fclient_service%2FMedia%2520and%2520Entertainment%2FPDFs%2FGlobal_Media_Report_2013.ashx&ei=Gk_sU_21IJXr8AWJwIHQBQ&usg=AFQjCNFQcD87TX9ILvTqcbO52yNqz6KjrQ&sig2=nAPT74W3lBJ27SmbYZvH2g&bvm=bv.73231344,d.dGc&cad=rja New York State. (2010). New York City advertising industry changes with the times. Retrieved from http://www.labor.ny.gov/stats/PDFs/enys1210.pdf New York City Economic Development Cooperation. (2011). Media NYC 2020. Retrieved from http://www.nycedc.com/sites/default/files/filemanager/Industries/Media_EmergTech/MediaNYC2020_Report.pdf Read More