The challenges are many and leading publishing houses have adjusted their strategies to cope with these challenges. The Chronicle Gazette too has witnessed declining subscriptions and advertising revenue. Besides, competition in the industry has intensified. It is not merely disruptive competition but disruptive innovation that has affected the media industry (Sterling, 2008). This includes the network news, cable news and now the different forms of web news. Nevertheless, despite the advancement in internet and communications technology, despite the advantages that the internet has over the traditional system of obtaining news, despite the declining sales figures, the future of traditional newspapers remains bright. This report seeks to determine the best short-term and long-terms steps that this newspaper daily should take to make itself sustainable.It is generally believed that the American newspaper industry faces an uncertain future because of stagnant markets, increasing competition from other media for audience attention, and changes in advertiser media choices. The publishing houses are under pressure to maximize profits and company value as many newspapers have phased out of business. The number of afternoon papers and the secondary news appears has exited the American newspaper industry. As of 2004, 98 percent of American daily newspapers are the only daily published in their city of origin (Picard, 2004).News circulates every day of the “disruptive” changes taking place in the newspaper industry, that include disappearing readers, shrinking revenues, declining stock prices, or looming layoffs (Scott Clark, 2006). While 80 percent of the adults read newspapers in 1981, the figures declined to 58 percent in 1999 (Thad, 2004). The circulation volume has dropped by ten percent between 1974 and 1999.
Strategic Planning in Every Aspect of Life