The current market situation is completely revolutionized, customers are the beneficiaries of all these developments as business firms including media struggle to achieve better services in terms of creative inventions and innovations. Globalization has contributed a bigger extent to the opening of financial markets and with advancement in technology, firms have developed means of surviving in the competitive world by ensuring that they provide exactly what the consumers want and on the other hand they keep up with competition.
One of the strategies applied by most media owners is diversity of products on the market both local and international. However there are some products that use homogeneity as a means of marketing. Globalization basically refers to the means by which political entities, economic corporations and industrial institutions are interconnected throughout the world. Diversity in the market field is used to describe the extent to which media services and products vary, homogeneity is similar production.
Media Diversity The media industry is regulated by rules that demand the media owners to provide services that serve public interests, prerequisite and convenience. The aspect of public interest is embedded in the function of public interest (Doyle 2002, 24). In media, diversity can specifically define the degree to which program diversity is provided to the consumers from one channel or across channels while homogenization is the provision of similar products on the market.
The increasing competition in the media industry is highly advocated for by many people with the belief that it would lead to improved broadcast and increase diversity of media services. Competition in the media industry is hence very tricky since the law states that each person was entitled to free choice of ideas and way of life that justify expression, adherence and consideration (Croteau & Hoynes 2003, p 16). Most political systems of various countries rest upon this ideology. Globalization on the other hand has brought in the free market proponents that encourage a broader range of diversity.
Social Factors The function of free media in any democratic society is to develop strong civil society, encourage and promote human dignity, encourage self domination, facilitate healthy society mixing, present useful information, and be agents of ongoing informal education of the all people alike. The media also provide services that serve to entertain insulate, and amuse the audience, though all the content should not protect the audience, it should not demoralize the civil society but rather uphold it (Doyle 2002, 26). Many critics argue that diversity in the media industry is flawed.
Some media operations have confined their diversity to ethnic groups while others invest in content diversity. Some of media regulatory bodies like federal communications commission (FCC) has been on a serious campaign to encourage media owners to embrace diversity, healthy competition. Economic Factors Diversity at times is confused with variety, in 2003, the federal communications commission expanded the coverage of media broadcast to 45% of the US population. The media owners who own the broadcast media were also in the internet news site business as a result of variety marketing strategy.
The need for diversified products comes from the realization that all types of culture had different way of defining quality and no single definition of quality could logically disclaim another or dispute the paternalism and exclusivity associated with the conventional public service significance. The fact that the democratic rights of the society and public consideration necessitate a variety of opinion and views from varied media sources is definitely beyond argument (Chan-Olmted 2006, p 205).
Bearing in mind the social responsibility, media owners have realized that the new paradigm that put emphasis on technical and economic aspects is the most proficient. Media is therefore a pragmatic construct, gauge open to objective measurement. Political forces The congress passed a law that demanded all television set to have UHF and VHF channels. Most governments would like to regulate the type of products are presented to the public by the media in terms of content and some times on the grounds of national security (Chan-Olmted 2006, p 199).
Some content may be very good for business but the host country may have strict regulation just like the Black Entertainment Television was banned in some states Technological aspects The advancement in technology has been one of the major forces that call for diversity as well as homogeneity in the media industry. It has been had to define diversity and homogeneity in the media because of reasons such as the existing differences in the community, a broad range of choices for individuals and provision of equal access to any contrary opinions (Doyle 2002, 26).
Media has experienced a shift from mass broadcast form to a more discriminated and individualized narrow cast form of presentation. For example, the ABC channel provided the ‘Desperate housewives’ program on the internet and was supported by several sponsors. Economics of media are basically about the market outcome in terms of prices, quality, diversity and quantity. These variables promote benefit to the audience and the providers leading to an economic satisfaction. Soap Operas and Music
Soap operas and music as media products in the industry could be of great success depending on the theme and the culture they depict. Some themes like love are universally interesting and accepted. Due to this factor, these two features gain their success partly due to possibility of audience to identify with characters, actors/actresses and stories. Soap directors affirm that one has to make soap operas on host country in its own particular humor bearing in mind that the success would be a collective identification with all the characters (Chan-Olmted 2006, p 70).
For these reasons, media providers have found out that it’s risky to homogenize products for the foreign markets. Conclusion With the globalization in place, free markets do not restrict suppliers or consumers and as a result, the media providers will tend to embrace changes in the market according to the customer requirements. Globalization fights against tyranny of place and as result, people can leave their places of origin to other areas, media on the other hand provides an imaginary escape by providing diverse products.
The trend in the media development is inclined towards diversity although there would be very little homogenization in cases where the media intents to educate about some culture or when the cost of diversity for the foreign market is very high.
References Chan-Olmted S M (2006) Competitive Strategy for Media Firms, Strategy and Brand Management in Changing Media Markets Routledge pp 69-209 Croteau D & Hoynes W (2003) Media Society, Industries, Images and Audiences Pine Forge Press pp 16 Doyle G (2002) Media Ownership, The Economic and Politics of Convergence and Concentration in UK and European Media SAGE pp 24