Free «Goal-Setting Framework for LA Times» Essay

Goal-Setting Framework for LA Times

The success of every company is always measured by its level of performance in the market. It means that all companies should have success strategies that would give them advantage over their competitors. In line with the situation at Los Angeles Tribune, three significant issues that will be discussed in the current essay include the rising distribution cost, the decline in circulation revenue and the inability of the available revenue to support the current number of employees. The persistence of these situations in the company could lead to subsequent collapse of the company because of the unbearable losses. Setting effective and achievable goals would automatically take the company to its level of performance, hence boosting its success in the print media industry.

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Current essay proposes specific goals and recommends strategies, tactics, activities, measures of success and goal measurements that would help Los Angeles Tribune deal with the rising costs and plummeting revenues.

The Cost of Distribution is Rising

The cost of distribution is assumed to be rising by 10% per annum because of the reliance on the company’s individual ability to purchase distribution vans and trucks.

Goal Statement

The goal is to reduce the cost of distribution by 6% by February 2016 so that the company’s level of profitability is enhanced.

Recommended Strategies, Tactics, Activities, Measures of Success, and Goal Measurements

The recommended strategy and tactic to lower distribution costs over the next one and half years is to outsource the distribution process. Cummings (2008), agrees that it would be vital for the company to outsource its distribution process to ensure it is able to share these costs with a specialized distribution company. It will lead to a decline in distribution costs because Los Angeles Tribune will only be required to deal with contract costs, as the distributing company covers other costs.

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The significant activities that could be undertaken by the company during this time include the opening up of some branches and selecting a specified number of hawkers to deliver its newspapers to customers. For instance, new branches could be set up within a distance of 50 kilometers, and a specific number of hawkers stationed in these areas to ensure newspapers are easily sold to consumers once received.

The recommended measure of success would be the increase in profitability due to reduced distribution costs. According to LeBlanc, et al. (2014), a minimal increase in profitability emanating from declining distribution costs will set the basis for performance measurement in the company. More so, the goal would be measured by the percentage decline in the overall distribution costs emanating from outsourcing the function.

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Circulation Revenue is Down

It is assumed that the circulation revenue is down because of low purchases emanating from inadequate marketing of the company’s newspapers.

Goal Statement

The goal is to increase circulation revenue by at least 20% by 2017, as this will boost the financial stability of the company in the print media industry.

Recommended Strategies, Tactics, Activities, Measures of Success, and Goal Measurements

The recommended strategy and tactic that will help boost the company’s circulation revenue is grass root marketing of the newspaper. The company should embrace the strategy and tactic of getting down to the common consumer. The focus of marketing the newspaper should be shifted from limited areas to the whole region. Cox (2014), opines that it will help encourage local consumers to adopt the newspaper reading habit, hence increase the overall revenues available to the company. Marketing should be aggressive and cover the entire region fairly, as this will help consumers understand the value gained from reading its newspapers.

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Examples of common activities could involve roadshows and other public relation exercises. The company should engage in roadshows and promotional activities that will give consumers the chance to understand what it has to offer in terms of content and news coverage. These activities will bring consumers closer to the company, as they look forward to satisfying their affinity for information.

Accordingly, it is recommended that the company utilizes the increased number of consumers to measure the successful implementation of the strategies. It will be crucial for the company to analyze any increment in its newspaper consumption. Success will be seen in terms of the number of consumers who will be added to the current number.

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Ulin (2013), asserts that the goal would be measured by comparing the current revenue with the earned revenue. Percentage change in the circulation revenue will provide a reliable framework for goal measurement because it will indicate whether the company has attained the 20% level.

The Current Number of Employees Cannot be Supported if the Revenue Continues to Shrink

The economic situation of the company is assumed dire at the wake of each day, and it is becoming unbearable for it to meet employees’ salaries and other benefits.

Goal Statement

The goal is to reduce the number of employees over the next year and replace them with technological systems, such as computers. It will ensure the company shifts from labor-intensive operations to capital-intensive operations.

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