How a firm survives and even thrives with its initial limited resources always confused me, but after reading Picard's chapters, I have more idea of what's going on in the business world and reconfirm that I'm definitely not a business person by birth but need to study harder. What comes into my mind after realizing the detail of money flow, credit management, etc. is how we study media economics and, further, media management and how we learn from the complexity of media business. Due to the various managements of media firms, probably we need to have a comprehensive case study of certain media firm to realize the reasons why it succeed or failed and where the problems come from. (Is that what business school does?)
For example, like the suggestions or strategies in the article "Our plan to fix the New York Times", the author tries to adopt the Wall Street Journal's partial business model to the NYT and treats it as the panacea. It's necessary to learn from the successful firm but probably they need the comprehensive case study or analysis of why the Wall Street Journal succeed instead of just focusing on the simplified cutting cost and raising subscription fees. It's so easily for us to focus on certain or most obvious outcomes such contents and the adoption of new technology of the whole business without knowing the money flow, the inner management, or the financial structure, etc. So, I think using a comprehensive case study to analyze the media firms could provide us a broader view or stimulate our imagination when coming up the alternatives to help the media industry.
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