How could SWOT analysis help newspaper companies remain competitive in the new media environment?

Howcould SWOT analysis help newspaper companies remain competitive inthe new media environment?

InstititionalAffiliation

Howcould SWOT analysis help newspaper companies remain competitive inthe new media environment?

SWOTis an acronym for strengths, weaknesses, opportunities and threats. ASWOT analysis is the process of identifying the internal (strengthsand weaknesses) and external (opportunities and threats) factorsaffecting the company’s future position. Newspaper companies arefacing a new challenge operating in the new media environment, wherethe internet has become the main source of information for many(Simoneaux&amp Stroud, 2011).As such, performing a SWOT analysis is critical for these companiesto enter the new media environment and remain as relevant and popularas in the print media. There are various benefits that newspapercompanies can reap from incorporating a SWOT analysis in theirplanning for new media.

Everycompany, regardless of its size relies upon its available resources.These resources are sometimes finite and by carrying out a SWOTanalysis enables a company to determine how to allocate theseresources including manpower for optimal results (Simoneaux&amp Stroud, 2011).Newspaper companies are able to know which personnel can help in thenew media environment such as IT experts, editors as well asmarketers.

Lookingat the weaknesses of the newspapers companies is important as it willhelp identify the most crucial areas that require improvement to makethe newspaper companies competitive in the new media. Besides,analyzing weaknesses will help the newspaper companies avoid theembarrassment of entering the new media with inferior products andservices (Raviv,2011).The companies can be able to match their competitors and outdo themwhere necessary.

ASWOT analysis allows for exploring new opportunities for a company.Newspaper companies may realize great opportunities in new media.These opportunities may include development of new product andservices categories, geographic expansion and new potential customerbases.

SWOTanalysis also helps evaluate threats. Newspaper companies are able toevaluate the risks they are about to face in the new media. As suchthey are prepared to the new challenges.

References

Raviv,M. (2011). SWOT Analysis of the Use of Composts as Growing MediaComponents. In InternationalSymposium on Growing Media, Composting and Substrate Analysis 1013191-202.

Simoneaux,S. L., &amp Stroud, C. L. (2011). SWOT Analysis: The Annual Check-Upfor a Business. Journalof Pension Benefits: Issues in Administration,18(3),75-78.