Develop three strategic objectives

Economic, Legal and Regulatory Forces and Trends

The newspaper industry is undergoing an intense restructuring process that has affected crucial revenue streams such as advertising revenues. Trends indicate that there are changing newspaper formats of access. Initially, it was just the physical newspaper, but newspaper readers took to tablets, smartphones, and computers to access news. The news sources have also been on a changing trend as newspaper readers took to social media platforms such as Facebook and Twitter. Newspaper consumption has equally undergone demographic changes in its consumption. Newspapers used to be a preference of the older educated generation, but now the youth have taken to news consumption through digital platforms globally. Besides, the industry has seen changing financial models adopted by media houses (Olsen and Solvoll, 2018). Historically, newspaper generates a large percentage of their revenue from newspaper advertisements and a small fraction from subscriptions. However, the modern digital world has seen ads placed on digital media and social sites. Newspapers have taken to adopting digital-only subscription models where readers have access to a limited number of stories per month for free. Once the free limit is exhausted the reader must begin paying to access further content.

From the legal perspective, government lawmakers have debated legislation to help the collapsing industry. The federal state and the central government intervened by providing more than $ 1 Billion to the news media outlets through postal subsidiaries, tax policies as well as legal requirements for public notices (Haveman, and Kluttz, 2014). Additionally, Congress ratified legislation regarding the use of intellectual property online and passed the free flow of Information Act of 2009. The law protects journalists and shields them from any legal backlashes when they withhold their sources of information.

Regarding media regulations, there are two primary regulators of the newspaper press. First, there is a negative and reactive type made with the intention of countering threats to press diversity and independence. The second category is the positive and enabling type which offers financial support to newspaper outlets. Against this backdrop, many newspaper companies are quickly turning to web-only publications thereby doing away with print versions, while others have cut the size of the physical newspapers.

Adaptability of the Organization to Change

Hoosier Media Inc.’s adaptation to the digital era has been slow at best. The media company did not make an effort to change their original financial model in the onset of the digital age. The company has exhibited an overdependence on print circulation for a prolonged period of five years. While the company has made some efforts in having online ads whose revenues account for 5 % of the company’s total revenue. In this regard, Hoosier Media Inc. has demonstrated little adaptability to change.

Primary Internal Organization Considerations

The company has a clear need to adapt to the digital era and the trends above. In this light, the company should consider restructuring personnel. Leaders should be hired in strategic positions related to digital marketing. Additionally, the company should consider opening social media pages that will boost their brands. The pages should be opened on multiple social media platforms such as Facebook, Instagram and Twitter thereby increasing acceptability among the youth.

The company should consider changing its financial model to suit the digital age. The print newspaper should be replaced with subscription-based editions that are customized for the specific type of consumers. Digitization of a large portion of the news content then customizing it to suit preferences of consumers may help in categorizing subscription based income. In this light, the type of material can also be classified regarding income streams.

Primary External Organization Considerations

After five years of declining revenues, Hoosier Media Inc. may consider rebranding. To the consumers, the company might resonate with stagnation and an old ideology. However, rebranding the company to suit the digital age would be the rousing start that would ensure the company's transformation (Benavides and Leiva, 2014). Also, the company can design content that is contemporary with millennials since they form the bulk majority of readers. In so doing, the attraction profile of the new brand would be boosted, thus increasing revenues.

The print versions can be reduced in size to save up on production costs or they can be converted to weekly, monthly, quarterly or even yearly periodicals. With legislation in place requiring outdoor advertisements to be in print, the company can evolve to include billboards and electronic posters. The print versions can supplement revenue through diversifying the income streams from the traditional print versions.

Major Issues and Opportunities

The company does not have a compelling digital brand and presence. Therefore, this presents an opportunity for Hoosier Media Inc. to establish an online presence through social media platforms. Also, the company can launch a web-based app that can work on both Android and IOS devices which users can install and gain access to digital content. The company needs to be rebranded to fit the current trends in media consumption and boost their appeal to the readers. Besides, changing the current financial model will work to reduce the company’s expenses and increase its income. The situation also presents the chance to get in new personnel with new ideas which will help the company in innovation and adaptability to change.

Conclusion

The newspaper industry has been profoundly affected since the introduction of digital media. Trends indicate that there has been a shift in consumer demographics, financial models, and accessibility formats. Lawmakers have attempted to aid the industry's dwindling revenues with key legislation targeted at boosting their finances as well as protection of news sources. Hoosier media Inc. has exhibited low adaptability to change within the last five years. The company should consider restructuring their personnel to adapt to digital news dissemination as an internal measure. Additionally, the company should consider rebranding to boost their external image to consumers. To this end, Hoosier media Inc. needs to establish a significant online presence through social media and online platforms.

References

Benavides, C., & Leiva, R. (2014). Identifying the relevant factors in newspaper advertising effectiveness. Palabra Clave, 17(4), 1114-1134.

Olsen, R. K., & Solvoll, M. K. (2018). Reinventing the business model for local newspapers by building walls. Journal of Media Business Studies, 15(1), 1-18.

Haveman, H. A., & Kluttz, D. N. (2014). Property in Print: Copyright Law and the American Magazine Industry.