1. Financial issues
There are various different source of income such as advertising, competitions, premium phone lines, sponsorship etc. Magazines and newspaper make their income from advertising in sales, e.g. selling advertising space within a magazine or newspaper. Advertising is an audio or visual form of marketing communication which the print based media industry use in order to promote or sell a product, service or idea. There is various advertising space within a magazine and a newspaper to allow advertisers to buy from the magazine or newspaper, in order to advertise their products/businesses/services. Furthermore, competitions within the print based media industry are businesses who strive to gain more business than the other businesses. There is a large competition within the print based media as all the businesses are competing for customers. Premium phone lines are telephone calls during which certain services are provided, and for which prices higher than normal are charged. In premium phone calls, part of the call charge is paid to the service provider, this enables businesses to be funded via the calls, this is the difference between a premium phone line and a normal phone line. Sponsorship is when businesses within the print based media industry get sponsored. Different sponsors would financially support businesses within the print based media industry to be associated with that specific business. This has many benefits for the sponsor, along with the business.
The print based media industries spend money and their funds on different things, especially on purchase and maintenance, research and development, staffing, marketing, equipment hire, promotion, distribution and material costs. Purchase and maintenance is ensuring all the expenditures are maintained and kept consistent in order for the print based media industry to run smoothly and keep producing newspaper and magazines constantly. The business will need to spend money on buying new equipment if necessary, because they need to have the most up to date equipment in order for their magazine or newspaper to sell efficiently. By having new and up to date equipment, this allows the process to be as efficient as can be and it requires less staff to do manual labour. Research and development is the part of the business where staff will do research into different stories and articles that they will go onto publish into the newspaper or magazine. By having good research, this allows for success stories and articles that people will pay for to see in the newspapers or magazines. Therefore, paying staff to access this information is a crucial and huge part of a magazine or newspaper. The development stage is the editing and preparing of the story that the researchers produce. The business will need staff to operate the different machines and to put their professionalism into the job. Staffing is the process of hiring, overseeing and positioning employees into a suited business. Staff need to get paid for their services, any each and every staff will have an individual specific role in producing a successful newspaper or magazine. Staff wages depend on the role they have, however businesses have to stick by the regulations and laws about minimum wage. Marketing is the process of advertising, promoting and selling the newspaper and magazines, this is an essential aspect of having a successful magazine or newspaper because depending on where they are distributed to has a massive impact. They could get advertised through physical advertisements such as billboards or posters, although the most common and expensive type of advertisement is on television. They could also advertise them through online advertising space because the internet is a huge, popular place. The print based media industry may need to hire equipment to process the newspaper and magazine, and they would need a lot of it. The equipment is extremely expensive because it requires high tech, modern machinery in order to produce successful and professional newspaper and magazines. Promoting newspaper and magazines are done in various way, it is done to enhance the amount of customers who purchase them as well as to gain awareness. Distribution is placing the magazine and newspaper in a suitable location, available for consumers or businesses users. This can be done directly by the producer or service provider, or using indirect channel with intermediaries. Distribution is huge in the process of a newspaper or magazine, because it allows them to get sent to the right people in order to sell effectively. Money goes towards getting the best distributors along with the transport to get the newspapers and magazines to the distributors. Material costs is the amount of money which is invested into the production of a newspaper or magazine. For example, it is all the money spent on all the material needed to produce a newspaper or a magazine.
Business models are plans for the successful operation of a business, which identifies sources of revenue, products, details of financing and the intended customer base. A magazines and a newspaper have different business models, although the basis of them are the same. (INSERT BOTH BUSINESS MODELS). A business model describes the rationale of how a business creates, delivers or captures values, in cultural, economic, social or other contexts.
Financial responsibility is the process of managing money and other assets that are similar in a way that is considered productive. There are multiple financial responsibilities businesses will have to take on when producing a magazine or a newspaper. One of these responsibilities is managing their expenses. If they do not stay on top of their expenses, it could result in the business going overdraft or not having enough money to put into a specific department of the process. Examples of some expenses are; adverting, staff, electricity, machinery, researchers etc.
When producing a budget for a newspaper or a magazine, there are very similar guidelines that need to be considered and thought of. The various things need to be thought about; travel, staff, rent, office supplies, printing/copies, fees for training, postage, marketing/advertising, insurance, call lines, specialists/consultants etc. Preparing a budget is handy and useful because it allows the business to be able to understand how much money they have and what they can use their money on. This will allow them to not spend the majority of their money on a specific thing, then not have enough to spend on another department of the newspaper or magazine.
The cost of producing a print based document is extremely expensive, newspaper and magazines are the two most popular and most expensive documents. Before making a newspaper or magazine, the business calculate an average cost of how much each department would cost and then they estimate how much money they will need to make it. They also estimate how much money the newspaper or magazine will make them with their decided price, of how much the newspaper or magazine is going to sell for. It is sometimes helpful to look at the businesses previous profit and loss accounts, in order to get an idea of how their financial stability has been. This will help to create a clear and accurate estimation of how much they will be spending.
A management reporting system is a mechanism in which it monitors the 'mission' of a business. Therefore, this means that it monitors a businesses project, what they are working on. By managing all their financial statements and history, this will allow them to be organised and be up to date on who they owe money to, and how much. It also allows them to ensure they are keeping up to date with their financial stability, which is important because it can save the business a lot of money and time by being organised and having all their financial history properly man ganged and controlled.
A breakeven analysis is used to find out how many copies of a magazine or newspaper need to be sold, in order for the business to be able to cover all their expenses and when they will start to make a profit. The point in which the revenue equals all business costs is the point which is called the breakeven point. To find out the breakeven point, you would need to identify the fixed and variable costs. This is good when producing a newspaper or a magazine because the businesses will be able to determine when they will start to make a profit beforehand, because producing magazines and newspapers are expensive, therefore they don't want to start producing copies before they know how many they will need to make in order to earn a profit. This is because it could be a ridiculous amount of copies which makes it pointless and too expensive for the business to produce. If this happens, the business will need to try and reduce the costs of things within the magazine or newspaper, in order for the production of them to be cheaper. By doing this, it will allow the business to plan all the stages out throughly and ensure they are making a profit.
2. Market Trends
Within a magazine or a newspaper, they include specific products and services in which they promote. Businesses have to specifically figure out what kind of products and services they want to be associated with the specific magazine or newspaper, because this will be products and services that have to appeal to the target audience of the magazine or newspaper. Magazines and newspaper usually include products and services which give discounts or exclusive promotions if you buy that magazine or newspaper which entices customers to buy them.
The vision of an organisation is very specific to each business, however it should be what they are trying to achieve. An example for a businesses vision could, be to reach a new target audience, or to appeal to a certain type of people.
Each organisation will set a list of goals and objectives they want to achieve in producing their magazine or newspaper. Goals are an aim or a desired result in which the business want to complete. Objectives are very similar and a set of goals and objectives are put together for every business, so they have things to work towards.
In the print based media industry, there are multiple competitors, making it extremely competitive. There are a wide variety of different categories of magazines and newspaper although, within the specific categories there are still loads of competitors aiming to receive the most sales and most customers. The businesses will spend loads of time and money carefully planning how the magazine or newspaper will look in order to give it a distinctive look in order to achieve their goals, objectives and vision.
Target audience is extremely important because businesses have to find the right target audience to fit the right magazine or newspaper. If the magazine or newspaper includes things that do not suit the target audience, then the magazine or newspaper won't sell. Businesses have to research all about their target audience before hand, to ensure the magazine or newspaper is successful and sells by their target audience.
Magazines and newspapers can be international along with being national, local or regional. Depending on which one the magazine or newspaper are, they will follow certain market trends that suit the type of magazine or newspaper they are. They will do research beforehand to ensure they research throughly and fully into it, to make sure the content applies to the type of magazine or newspaper it is. Businesses should keep up to date with the latest news and trends in order for their newspaper or magazine to sell, because customers want them to include the latest and newest things.
New technology is constantly developing, which has a huge impact on the print based media industry. As its constantly developing and new modern technology is being used, all the businesses are competing to get the latest technology in order to produce the most effective and efficient magazine or newspaper. For example, new and improved printers have improved the way newspapers and magazines have been printed, which makes them more professional. Although, there have been negative impacts on the print based media industry, such as having so much information online. This has a negative impact due to the amount of people using online, instead of buying magazines and newspaper because they can easily access online information and news.
Media convergence is the merging of previous distinct media technologies and media forms resulting from digitalisation and computer networking. It is the coming together of computing telecommunication and media in a digital environment. Businesses within the print based media industry work on current trends and keeping up with the modern technology, by introducing new apps for example, to appeal to customers and keep up with their competitors by using media.
Diversification is the action of making or becoming more diverse of varied. The print based media industries can introduce new introduce new apps and more modern technology in order to to expand their target audience. This also allows customers to have more access to the business and resources. Businesses within the print based media industry will use diversification to expand the products in which they have, in order to gain more sales and popularity of their business.
Internationalism is the principle of cooperation among nations, for the promotion of their common good. Many newspapers and magazines are international, some famous ones are Vogue, The Daily Telegraph, Hello, BBC History, USA Today, Financial Times etc. Newspapers and magazines could include international information within them, so that they apply to people all over the world, not just to their country. One way of doing this is by including information about a celebrity who is known all over the world, not just in one specific country. Also, it could have information and an article on something that affects the whole world.
3. Legal
There are regulatory requirements in which all businesses have to comply by, as they will face severe consequences otherwise. Compliances are things that are put into businesses to ensure things don't happen.
Copyright allows information or photographs to be protected and not copied by anyone else. In the print based media industry this is important because it allows nothing to be copied. It is the legal right created by the law of a country that grants the creator of an original work exclusive rights for its use and distribution. However, this is usually only for a specific period of time.
Trademarks a a recognisable sign, image, expression or design which identifies products or services of a particular source form those of others. The business have legally registered it, which means legally it is heir own trademark and it cannot be copied or used by anyone else. Many businesses within the print based media industry have trademarks for their businesses, as it makes the business more recognisable.
Intellectual property examples are copyrights, patents, trademarks etc. It refers to creations of the minds, such as inventions, artistic work, symbols, names, images, designs etc used in commerce. Intellectual property is legally put into action, to stop other businesses or people from copying any brands, logos, photos, names etc. Not all businesses have intellectual property, due to it costing, although it is very important to have to be successful. Some examples of newspapers and magazine which have it are; The Telegraph Newspaper, VOGUE, The Daily Mail Newspaper, Hello Magazine, The Jewish Chronicle, Star Magazine etc.
A libel is a published false statement which is damaging to a person reputations, basically a written defamation. In newspapers and magazines businesses cannot write false or invalid information about someone because they could get sued. The print based media industry have to massively ensure this doesn't happen because they do not want to get sued.
Health and safety is a crucial part within the print based media industry, especially with all the machinery and equipment used. There are multiple laws and regulations put into place to ensure health and safety is kept within the work place. Examples of some of these laws are; the Workplace (health, safety and workplace) Act, Health and Safety act etc. The businesses will carry out risk assessments frequently to address the risks and potential hazards that could occur in the workplace, to be well prepared in case of an accident.
Data protection is an act in which controls personal information within a business or the government. Within the print based media, there is extremely important information that needs to be kept protected and secure. By following the Data Protection Act, the businesses make sure all employees and people within the business follow the law and keep information and data safe.
Contempt of court is the act of deliberate disobedience or disregard for the laws, regulations or decorum of a public authority. Contempt of court is seen as a behaviour which opposes or defies the authority, dignity and justice of the court. Being in contempt of court is illegal and there are serious offences if any business in the print based media industry are seen to be in contempt of court.
Offensive material is seen as any published content such as; films, websites, articles, photographs etc that could be seen as being insulting, objectionable or upsetting to a group of people or the majority of people. This is a really crucial part of the print based media industry because they have to throughly and carefully think about the information and photographs they publish in the newspapers and magazines incase it is objectionable, upsetting or insulting to anyone.
The Race Relations Act 1976 was an act accepted by the acts of parliament in order to prevent discrimination on the grounds of race. In the print based media industry, it is not acceptable for them to publish anything discriminative based on someones race. If businesses break this act, there are major consequences. The act was put together to make fresh provision with respect to discirnation on racial grounds and relations between people of different racial groups.
Obscene Publications Act 1959 is an act in which is also obeyed by the acts of parliament. It is an act to amend the law relating to the publication of obscene matter. It provides protection of literature and to strengthen the law concerning pornography. This act is massive within the print based media industry because it is really important to follow, because it can get businesses sued or in major cases, people imprisoned. Businesses ensure they do not use any inappropriate or obscene material within the newspapers or magazines in order to follow the act.
Data Protection Act 1998, as mentioned before about data protection, it is an act to protect data and infraction within a business. By following the Data Protection Act, the businesses make sure all employees and people within the business follow the law and keep information and data safe. Businesses have to ensure all their information is kept within the business and the employees within the business ensures this.
4. Ethical
There are various policies and procedures that every business within the print based media industry have to follow in order to ensure the right things are performed.
There are many ethical requirements in which show the ways in which to serve a good purpose to the businesses customers. Ethical requirements are principles that when followed, promote values such as good behaviour, fairness, just and/or kindness. There isn't one specific set of requirements in which all businesses within the print based media industry follow, however the businesses have the right to develop the requirements that are meaningful and specific to their business.
As the print based media industry is growing and expanding, so are social concerns and expectations. There are many newspapers and magazines which have are publishing online now, which means customers buy less paper copies because its more accessible to read online. Also, because the industry is expanding, customers expect all the businesses to keep up with each other, for example The Sun has a news app, as well as VOGUE. Therefore customers have a high expectation for all the other magazines and newspapers to be that advanced. As well as this, due to social media now a days news spreads extremely quickly which can make it hard to find the origin of the story.
Privacy is a massive factor within the making of newspapers and magazines. Privacy is literally a state in which an individual is not observed or distributed by other people, and this is massive when trying to take photographs or trying to get things out of people. This is due to the fact researchers have to find out articles and stories from celebrities or individuals who have something interesting to write a story or article on. However, this can sometimes be hard as researchers have to respect peoples privacy.
The breach of confidence is a common law which protects private information and data that is told in confidence. A claim for breach of confidence usually requires the information to be of a confidential nature, which is communicated through confidence, and was disclosed to the detriment of the claimant. When producing newspapers and magazines, if an interviewer is interviewing a celebrity for example, and they tell them something in confidence in which they ask to not be included within the article when published, if the interviewer then goes and publishes the article with that piece of information within the article, that is a breach of that persons confidence. This is because the person told the interviewer that in confidence, asking them to not include it or tell anyone and the interviewer published it in the article and made it public.
A complaint is any contact form, on behalf or, a customer or potential customer who isn't stratified with any part of a businesses service. Being inside the print based media industry can be hard, because they aren't going to please everyone. Due to this, businesses can receive complaints from people outside of the industry, or from celebrities etc. Every newspaper or magazine will receive complaints as they will not please everyone by the articles and stories they publish. The businesses will hold meetings regularly to discuss some of the complaints and see what they can do to work around them or to discourage them.
According to the Random House Dictionary, public interest is the welfare or well-being of the general public. People who buy and read the newspapers and magazines have a public interest in the things that are within them because otherwise they wouldn't buy them. Newspapers and magazines involve things within them that would gain a public interest from a majority of people, because they cant include things that only apply for a minority of people as they would get no customers.
Representation is the action of speaking or acting on behalf of someone or the state of being so represented. Within the print based media industry, groups, individuals and religions have to be respected and represented in a fair way. This used to be a huge problem, as the newspapers and magazines would publish harmful things and portray specific types of people in an offensive manner. Now that isn't allowed and there are various laws and regulations in which ensure this.
Professional bodies are people who have an expected function of a member of a particular profession. Examples of professional bodies are; physicians role, nurses etc. Within the print based media industry, there are different roles in which consist of professional bodies and these people are important because the have skills and experience. An employer body is employees from the same business who work together for the best interest of all employees in the business.
Trade union is an organisation of workers who come together to achieve common goals such as; to protect the integrity of its trade, achieve higher pay, improve health care and retirement, increase the number of employees and employer assigns to complete the work etc. Inside the print based media industry, there are different trade unions such as the IFJ (International Federation of Journalists), NUJ (National Union of Journalists), BAJ (British Association of Journalists) etc.
A regulatory body is a public authority or government agency who is responsible for exercising autonomous authority over some area of human activity in a regulatory or supervisory capacity. They have regulations which they put are enforced and put into place, in order to carry out a purpose or provisions of a legislation, also known as a regulatory requirement.
The Press Complaints Commission (PCC) is a a voluntary regulatory body for British newspapers and magazines, which consists of representatives of the major publishers. On 8th September, the PCC closed down and was replaced by the Independent Press Standards Organisation (IPSO), which is chaired by Sir Alan Moses. They ensure the rights of the reader and the press are treated fairly. The print based media industry have to ensure they are writing nothing offensive, insulting or unfair as they are obliged to abide by the PCC's code of practise which includes clauses of accuracy, privacy, harassment, right of reply and intrusion into shock of grief.
Advertising Standards Authority (ASA) are a self-regulatory business of the advertising industry in the UK. It is a non-stators business and therefore, they cannot enforce legislation or interpret regulations. Although, their code of advertising practise reflects legislation in many ways. Their roles are to regulate the content of advertisements, sale promotions and direct marketing in the UK. Advertising space within newspapers and magazines are sold and businesses use that spade to advertise their business, product or services. The print based media industry have to ensure they are carefully choosing the advertisements in which they include inside their newspapers and magazines to abide by the regulations of the Advertising Standards Authority.
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Financial
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Market
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Legal
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Ethical
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