Pandora Radio – Implementing Strategy, Embracing Changes, and Risks Introduction
Pandora Radio – Implementing Strategy, Embracing Changes, and Risks
Pandora Radio Media is one of the most well-known companies in the media sector. However, the company is quite severely suffering from lack of market penetration and enhanced market growth as compared to its very rivals. The company is also going through a critical phase of its time and has substantial bounce rate considering the digital customers. To assess the potential grounds for improvements, different strategies were put forward. Some of them were quite generic; however, others possessed a long term perspective. Implementation of these very strategies as part of development and growth of the company is of core essence.
Creating a change surely takes careful utilization of numerous resources including man-power, capital investment and most importantly, machinery (or to be more specific IT infrastructure). However, as part of the value discipline strategy, it is of the essence that the company would provide a targeting specific consumer’s base. For doing that, at initial stages, different surveys and interviews should have to be conducted with certain data package offers. It would allow Pandora Radio to get more customers for the short term perspective along with their valuable feedback. The feedback should have to include different suggestions regarding their services and potential likes and dislikes of consumers. Surely, it will take a hefty amount of time to accumulate such massive amount of data. The interviews and surveys should have to be conducted both online as well as offline. This would provide substantial grounds for people to look for better understanding of services of Pandora. On the other hand, those very same consumers would also provide a comparative analysis of Pandora Radio and its very competitors. To implement it, substantial resources of manpower and information systems infrastructure are required. The action plan should have to be devised and hence, implemented. Details of action plans, tactics and durations are mentioned below:
Action Plan Tactics Duration Deadline
Surveys and Interviews – Conduction and Analysis Online and Offline survey based on certain incentives for consumers 3-4 weeks
Services Differentiation Provide video streaming and podcasts of lectures and other considerable subjects based on surveys. 12-24 weeks
Enhancement of playlists and volume equalizers in system Facilitating a chance for the consumers to create their very own playlists within a certain range. 10-12 weeks
Social Media Marketing Spread the word of different advancements and user experiences on the internet. Loyal customers should have to be awarded and celebrated online. Till the end of project
Sales Saving and Coupons Allowing consumers from competitors to move towards Pandora Radio 1-3 weeks after services launch
Massive music libraries Attaining a third party contracts with different audio recording studios. 1-2 after service inception
In the next step of implementation, after analysis of potential weaknesses the organization should have to find ways to mitigate them. Provision of different ways for enhancing sales and revenue drives would be identified. For that initial investment would be required for competing with the services of competitors. The IT infrastructure would also require the relocation of business to a more widen place and/or can be adjusted within the same headquarters for the time being. The core essence of these two outlooks would be based on the return on investment and more precisely, the break-even point (Weiss and Birnbaum, 1989).
The services of Pandora Radio are another potential hurdle in its way towards growth and development. Surely, IPTV and car audio streaming services are some of the strong suits but the market of users is quite limited in this domain. Nevertheless, the competitive environment calls for better enhancement of company’s range of services to people at large. The very same aspect can also include providing different services that target teenagers and young adults. However, to diversify the portfolio, it is of the essence to create customized playlists based on different data collected as part of consumers’ age and their taste of different music. Surely, the songs should not be limited to English, they can also be audio and video songs in almost every language ranging from Arabic, Persian, Lebanese, French and Hindi to name a few. In that perspective, the integration of those very services would have significant penetration within the minority groups within the multicultural cities and states (Brumbaugh et al., 2006).
Another issue related to a technical aspect includes the lack of user interface options. Some of them are quite common in almost every online media playing website. However, they are not available on Pandora Radio. Creation of playlist option and volume equalizers would enhance consumer base because they would target specific music-savvy and regular podcast listeners (Shneiderman and Ben, 2003). Apart from that linking the very developments within the company with different social media websites would provide a much stronger customers’ base. Nevertheless, the social media websites should be managed by a separate marketing entity having experience in social media marketing and also possess strong presence in the digital world. By doing that, that specific social media marketing officer would be able to integrate his/her presence with the Pandora Radio’s initiative (Hoffman and Fodor, 2010).
People are also quite attracted to different saving options and coupon based gifts. Pandora Radio will also implement that strategy and hence allow better chances for inclusion of better revenue generation in the shorter span of time. More specifically, the company can make use of this strategy within the first few weeks of services launch. The customers would provide short term gain but they would also enhance the financial status of company at the very initial stages as substantial amount of capital would be required for the company at initial stages of development (Jamal, 2003). Another important aspect is joining hands with different organizations and hence, provides a strong start of relationships with different audio recording companies and firms. The bargain should be the strike as part on the profit of sales from the very records (He and Ballmer, 2006).
Change Management Outlooks
Surely, the whole organization structure is going to change with increased number of services available. The organization should have to look for enhancing the vision and mission statement of the company as part of change management. Under the current market conditions and corporate environment, the normative-re-educative structure of change management would be employed. The core reasons for choosing it is because personnel are people who are social beings and quite commonly adhere to the very culture and values within the organization. Successful change that would allow the better organizational structure would include redefining, and re-explanation of prevalent norms and cultures thereby allowing them to be commented to the new one. The change should be managed so that people would be more constructive about the changes in the company and hence, become an active part of the change initiative. The key essence of managing change in providing a channel is that every employee of the organization would have a common vision and mission. For providing that, there are common ways of devising a communication plan to the grass root level of employees. It results in the enhanced participation of employees in the change process and also the provision of better results in the shortest time possible. Nonetheless, the organization should have to manage resources effectively. It includes enhanced compensation for performers and different remuneration packages for the employees. The core concern in this regard is that the communication barriers would be eliminated and authorities would be defined so that there would not be any cacophony regarding jurisdiction of resources within Pandora Radio Media (Todnem By, 2005).
Risk Management and Potential Vulnerabilities
Pandora Radio resides in the IT industry and hence, has a quite different risk management plans associated with it. Surely, implementation of such massive infrastructure would leave some common bugs that would be fixed from time to time. During the very same time of development, the firm would also be at high risk of intrusion into the system. For deploying a successful risk management strategy, it is of ample importance to determine what the potential risks are and what resources should have to be allocated for protecting that very asset. The vacancies of information security officers would have to be filled in at the immediate basis before airing the program for the first time. The reason behind this concern is that it would allow substantial time span for the people in the IT department to look for potential loop holes and correct the anomalies before its launch. However, the marketing campaign should have to be started during the very initial phase of development.
However, consequences are also part of every strategic implementation. For that, the firm should have to conduct a more detailed risk analysis and assessment within the organization. Also, the likelihood of frequency of those occurrences should have to be studied as part of an implementation. Within this aspect, the consequence of data theft and account information theft is one of the most severe issues that can lead towards the complete collapse of information systems’ infrastructure of any multinational company. To mitigate those risks, only specific personnel should have access to the critical files and documents that are vital for the launch of new services. Besides that, the company should also have to safeguard the very information at every junction and terminal of organization (ENISA, 2015).
On the physical grounds, the common risk associated are different natural disasters and other alarming situations’ planning. Surely, these factors and forces are beyond the control of a human. Hence, proper training and equipment availability is a must for Pandora Radio. Also, if the firm is provided with much more demanding situations of law and order, it must have standby measures to protect the infrastructure and personnel from the outside environment (Andrews, 1995).
All in all, Pandora Radio has numerous opportunities for raising the expectations of consumers. Moreover, they can also differentiate their services including the high-quality audio as well as video streaming to compete with brands like Vimeo and VEVO. The firm is facing such a massive competition because of the lack of marketing and required infrastructure for enhancing the deliverance of quality audio and video files to the customers within the targeted regions.
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