Q. Explain the importance of strategic, financial, and human resource management in a media organisation with examples
Media management is a discipline that is associated with business administration and involves planning, administration, organization, and marketing. Media management ensures that work is done in a productive, efficient manner.
Media management is involved in all stages of production, that is, preproduction, production, and post-production. All these stages are equally important. Media management helps set up the framework and base on which media organisations function.
Strategic Management is management that oversees both planning and execution. On top of that, it also monitors and supervises progress.
Strategic management is the process of defining the vision, mission, goals, and objectives of the media organisation, and developing and implementing plans and policies to achieve them.
Strategic management helps the media organisation to align its activities with its core values and purpose, to identify and respond to the opportunities and threats in the external environment, to leverage its strengths and overcome its weaknesses, and to create and sustain a competitive advantage in the market. For example, a media organisation may use strategic management to decide what kind of content to produce, what audience to target, what channels to use, what partnerships to form, and what innovations to pursue.
Financial management is the process of planning, organising, directing, and controlling the financial resources of the media organisation. Financial management helps the media organisation to ensure its profitability and sustainability, to allocate its funds optimally, to monitor its performance and efficiency, to manage its risks and uncertainties, and to comply with the legal and ethical standards. For example, a media organisation may use financial management to prepare and analyse its budgets and financial statements, to evaluate its investments and projects, to raise and manage its capital, to control its costs and revenues, and to deal with its taxes and regulations.
Human resource management is the process of acquiring, developing, motivating, and retaining the human resources of the media organisation. Human resource management helps the media organisation to attract and retain the best talent, to enhance the skills and competencies of its employees, to foster a positive and productive work culture, to improve the employee engagement and satisfaction, and to align the human resources with the strategic goals of the organisation. For example, a media organisation may use human resource management to recruit and select its staff, to train and appraise its employees, to reward and recognise its performers, to resolve its conflicts and grievances, and to communicate and collaborate with its teams.