The process of strategic management involves analyzing current situations and carrying out a series of interconnected and sequential activities. These activities can result in various outcomes, such as implementing strategies, analyzing situations, evaluating strategies, and formulating strategies. Essentially, this implies that every organization has the potential to develop and accomplish their own strategies.
MTV's New Reality Case #3 demonstrates the application of strategic management and the strategic management process. In 1981, MTV strategically launched with a focus on teenagers and young adults. Their introduction of "The Real World" in 1992 became a significant success, as this television show documented the lives of seven strangers living together. Both the show and channel received widespread acclaim, resulting in over 2.1 million subscribers.
As the audience grew, MTV expande
...d by acquiring multiple MTV TV channels and shows. This growth led them to expand digitally and globally, reaching viewers in the US and 160 countries worldwide. However, there are critics in the industry who believe that MTV's dominance in youth culture is at risk. To address this, MTV developed strategies for both global expansion and the digital environment.
MTV is encountering a fresh obstacle with the departure of CEO Judy McGrath. She opted to resign due to her desire for a different career path. Nevertheless, according to the Viacom press release, she was compelled to resign by the president of Viacom after being presented with an offer that would have altered her duties. As a result, MTV executives must now collaborate closely with the president of Viacom in order to formulate strategies since they no longer have McGrath's leadership and expertise overseeing that department.
MT
is employing different performance metrics to enhance their digital and global strategies. They have established a dance website (dance.mtv.com) for amateur dancers to submit videos of their dances. Moreover, they are leveraging social networking platforms such as Twitter and Facebook to expand their audience reach across all age demographics. As the media industry advances, MTV must continuously adapt its digital strategy.
Implementing a global strategy is the company's current focus. With 120 channels in 160 countries worldwide, they aim to target channels with broad appeal. In May 2011, there was a significant leadership change as Judy McGrath, the long-time CEO, resigned. Consequently, the executive team will face strategic challenges in both digital and global domains. The President of Viacom will be responsible for making decisions on their behalf, marking a notable shift from McGrath's previous role of taking charge and making necessary decisions.
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