EDIT Discussion and Peer Response - Dancer 17

Complex and interdependent relationships

In response to discussion post question

Consumers, advertisers, media companies, and employees of the media need to have complex and interdependent relations because they both get mutual benefits. In this world of the market today, there is a need for independence. Which will play a key role in increasing the sales of goods and affect both the demand and supply in the market? Media is a way to communicate the ideas of the company to the other targeted group. Media play a crucial role to affect the demand and supply of a certain product in the market. ( Chu, et al. 2020) A well-advertised product by the media will result in high demand for the product hence increasing its supply because the producers want to make more money. For example, a good relationship between media employees and the company will lead to the company depending on the media employees for the advertisement of their manufactured products. This will be a mutual benefit to both because media companies will generate more money as well as manufacture company increasing their sales of goods hence making profits. Advertisers also depend on the media to lay a platform for advertising products on behalf of their employers.

In response to Lisa Ganisky

I agree the future of business is the mesh; this is because many business investors invest in the wrong profession. For the example she gave about the zip car company, Zipcar is the largest car sharing and car club service. But during the start of this company it took them so many years to penetrate the market, this may be caused by poor relationships and interdependence between the company, its consumers, advertisers, media companies, and media employees. (Vyas, 2020) Media play a key role in communicating the ideas and thoughts of any partnership company. If the company had a good relationship with the media, its penetration into the market would have been easy. Lisa also gave an example showing how it took ten years for zip car to get a thousand cars while the European counterpart company took only six months in the market to get a thousand cars. Media lays a platform for advertisement of most of the various organization products, if the zip car company could have used the media well like creating an online app for the company, services could have been closer to their consumers. Also, media employees play a crucial role, they are celebrities who move people with their opinions, and they have a greater influence on the market today.

In response to Philip Evans

I agree the use of data can transform business, about transaction costs which hold the business together, the relationship and interdependence between the consumers, media, advertisers, and media employees can enhance data transformation in the business. An example that Philip gave was; in the past time, people used to write information in books called an encyclopedia, this wasted a lot of time and energy compared to now where everybody can access the data on Wikipedia. He was in agreement that Wikipedia replaced the encyclopedia, this is through technological development, where the world has moved from the analog way of transferring data to digital way. (Schwertner, 2020) This strengthens the relationship and interdependence among the consumers, media companies, media, advertisers, and media employees. Because this makes it easy for the media during the advertisement to even display visual images of the product that will entice the consumers. Through technology it will bring competition to the current market through competition of the various organization, consumers will not be exploited. It will result in fare pricing of the goods and quality goods being produced. Philip also agreed that data has transformed many businesses such as the medical industry. Through technology, many businesses can offer their service through media.