Growth Strategies – Essay Example

Growth strategies of the New York Times newspaper The New York Time newspaper belongs in the New York Times Company - one of the most powerful firmsin the media industry; the revenues of the firm in 2009 have been estimated to $2.4 billion. The expansion of the firm in the global market has been achieved through specific growth strategies. These strategies have been based on the firm’s characteristics and needs; however, the decline in the firm’s performance indicates that the policies used for the growth of the firm should be reviewed more carefully. More specifically, in 2005 the firm’s revenues were estimated to $3,215,199 (in thousands), in 2007 the revenues were $3,184,757 reaching in 2009 the $2,440,439 – a continuous decrease in the firm’s profitability is clear (New York Times Company, Investor Relations).
In regard specifically to the New York Times, the strategies chosen by the managers for the growth of the firm have been the following ones: a) expansion in terms of geography; in 1996 the firm’s website was launched; today, the firm’s website is the first – in terms of its visitors – newspaper website in USA (The New York Times, facts); through the website, the firm can reach customers all around the world, a fact that increases its financial prospects, b) internal growth; the firm has enhanced innovation in its services; iPhone and iTouch applications have been developed by the firm aiming to increase the number of its readers; in the same context, the content of the newspaper can be accessed through various platforms, such as e-readers and Amazon Kindle; the development of the firm’s services through the Web has been one of the key tools for the firm’s growth; the specific plan has been proved particularly effective – currently the firm’s website is ‘among the top 5 global news sites’ (the New York Times, facts) ; c) Research and Development – also part of the efforts for the firm’s internal growth - is strongly supported across the organization – aiming to increase the competitiveness towards the rivals. In accordance with the above, the firm’s managers are based on two major strategies for ensuring the high competitiveness of the firm in its industry: the expansion in terms of geography and the internal growth; the Web has been used as a tool for developing both these strategies. At the next level, it would be necessary, for all members of the parent company – the New York Times Company – to adopt similar strategies since the growth of the New York Times – as reflected in its report (The New York Times, facts) is differentiated from that of the Group – as presented and explained above.
Works Cited
The New York Times, 2010, available from
< http://www.nytimes.com/> 3/11/2010
The New York Times Company, 2010, available from
< http://www.nytco.com/> 3/11/2010
The New York Times, facts, 2010, available from
http://www.nytco.com/pdf/DidYouKnow_March2010_FINAL.pdf 3/11/2010