Harvard Case - Trome: News for the Base of the Pyramid
"Trome: News for the Base of the Pyramid" Harvard business case study is written by Guillermo D'Andrea, Javier Jorge Silva, Maricruz Prado. It deals with the challenges in the field of Marketing. The case study is 28 page(s) long and it was first published on : Jul 15, 2008
At Fern Fort University, we recommend Trome implement a multifaceted growth strategy focused on leveraging its existing strengths in local news and community engagement to expand its reach and revenue streams. This strategy will involve a combination of digital marketing, product development, and strategic partnerships to cater to the evolving needs of its target market in the "base of the pyramid" segment.
2. Background
Trome is a Peruvian newspaper with a strong focus on local news and community engagement, targeting the 'base of the pyramid' segment, a population with limited access to information and resources. The case study highlights Trome's success in building a loyal readership through its focus on local news, community events, and relatable content. However, Trome faces challenges in maintaining profitability amidst declining print readership and the rise of digital media.
The main protagonists of the case study are:
- Pedro Cateriano: The CEO of Trome, who is seeking ways to adapt the business to the changing media landscape.
- The Trome team: The dedicated staff committed to serving their community through reliable and engaging news.
- The 'base of the pyramid' segment: The target audience of Trome, characterized by limited access to information and resources.
3. Analysis of the Case Study
To analyze the case study, we will utilize a SWOT analysis framework to identify Trome's strengths, weaknesses, opportunities, and threats.
Strengths:
- Strong brand recognition and loyal readership: Trome has built a strong reputation for its local news coverage and community engagement.
- Understanding of the target market: Trome has a deep understanding of the needs and preferences of its 'base of the pyramid' audience.
- Strong distribution network: Trome has an established network of street vendors and kiosks, ensuring wide reach within its target market.
- Cost-effective operations: Trome's focus on local news and community events allows for a leaner operating model compared to national newspapers.
Weaknesses:
- Declining print readership: The rise of digital media is impacting print readership, leading to declining revenue.
- Limited digital presence: Trome's online presence is underdeveloped, hindering its ability to reach a wider audience.
- Lack of diversification: Trome's reliance on print advertising limits its revenue potential.
- Limited resources for innovation: Trome may lack the resources to invest in new technologies and product development.
Opportunities:
- Growth of digital media: The increasing adoption of smartphones and internet access presents an opportunity to expand Trome's reach online.
- Expansion into new markets: Trome can explore opportunities to expand its reach beyond Lima, targeting other underserved communities in Peru.
- Development of new products and services: Trome can leverage its expertise in local news and community engagement to develop new products and services, such as online platforms for community forums and local businesses.
- Partnerships with local businesses: Trome can collaborate with local businesses to offer targeted advertising and content marketing opportunities.
Threats:
- Competition from established digital media outlets: Trome faces competition from established national and international news outlets with a strong online presence.
- Economic instability: Economic downturns can impact advertising revenue and consumer spending, affecting Trome's profitability.
- Technological advancements: Rapid technological advancements can create new challenges for Trome in keeping up with the changing media landscape.
- Regulatory changes: Changes in media regulations can impact Trome's operations and revenue streams.
4. Recommendations
To address Trome's challenges and capitalize on its opportunities, we recommend the following:
1. Digital Transformation:
- Develop a robust online presence: Trome should invest in developing a user-friendly website and mobile app, offering a comprehensive digital experience for its readers.
- Expand social media presence: Trome should actively engage on social media platforms, creating engaging content, fostering community interactions, and leveraging social media advertising to reach a wider audience.
- Implement a content marketing strategy: Trome should develop a content marketing strategy that focuses on creating high-quality, relevant content that resonates with its target audience, attracting new readers and building brand loyalty.
2. Product Development and Diversification:
- Develop online subscription models: Trome should explore subscription models for its digital content, offering premium features and exclusive content to attract paying subscribers.
- Introduce new products and services: Trome can develop new products and services, such as online classifieds, community forums, and local business directories, to expand its revenue streams and cater to the evolving needs of its audience.
- Explore partnerships with local businesses: Trome can partner with local businesses to offer targeted advertising, content marketing, and promotional opportunities, leveraging its reach and brand reputation.
3. Strategic Partnerships:
- Collaborate with NGOs and community organizations: Trome can partner with NGOs and community organizations to develop initiatives that address social issues and provide valuable information to its target audience.
- Partner with educational institutions: Trome can collaborate with educational institutions to offer internships and training programs, fostering talent development and promoting media literacy within its target market.
4. Marketing and Branding:
- Develop a targeted marketing strategy: Trome should develop a targeted marketing strategy that leverages its understanding of its target market, focusing on specific demographics, interests, and needs.
- Implement a brand positioning strategy: Trome should clearly define its brand positioning, communicating its value proposition and differentiating itself from competitors.
- Leverage data and analytics: Trome should utilize data and analytics to track its marketing efforts, measure performance, and optimize its campaigns for maximum impact.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with Trome's core competencies in local news and community engagement, while also addressing the need for digital transformation and diversification.
- External customers and internal clients: The recommendations prioritize the needs of Trome's target audience, while also supporting the goals and aspirations of its staff.
- Competitors: The recommendations consider the competitive landscape, highlighting the need for differentiation and innovation to stand out from established digital media outlets.
- Attractiveness: The recommendations are expected to be financially attractive, with the potential to increase revenue streams, improve profitability, and enhance brand value.
Assumptions:
- Trome has the resources and capabilities to invest in digital transformation and product development.
- The target audience is receptive to digital media and online services.
- There is a viable market for Trome's new products and services.
6. Conclusion
By implementing these recommendations, Trome can successfully adapt to the changing media landscape, expand its reach and revenue streams, and continue to serve its target audience in the 'base of the pyramid' segment. The focus on digital transformation, product development, and strategic partnerships will enable Trome to leverage its existing strengths and capitalize on emerging opportunities.
7. Discussion
Other alternatives not selected include:
- Focusing solely on print media: This option would be unsustainable in the long run due to declining print readership and revenue.
- Merging with another media company: This option could provide access to resources and expertise, but it might compromise Trome's brand identity and editorial independence.
Risks:
- Failure to attract new digital subscribers: Trome's digital subscription models might not be successful if the target audience is not willing to pay for online content.
- Competition from established digital media outlets: Trome might face difficulty competing with established digital media outlets with greater resources and reach.
- Technological advancements: Rapid technological advancements might require Trome to constantly adapt and invest in new technologies.
Key Assumptions:
- Trome has the resources and capabilities to invest in digital transformation and product development.
- The target audience is receptive to digital media and online services.
- There is a viable market for Trome's new products and services.
8. Next Steps
Trome should implement these recommendations in a phased approach, starting with a pilot program for its digital transformation and product development initiatives. The following timeline outlines key milestones:
- Phase 1 (6 months): Develop a comprehensive digital strategy, launch a new website and mobile app, and implement social media marketing campaigns.
- Phase 2 (12 months): Introduce online subscription models, develop new products and services, and explore strategic partnerships.
- Phase 3 (18 months): Evaluate the success of the pilot program, expand the digital transformation and product development initiatives, and continue to monitor market trends and competitor activity.
By following these recommendations and implementing them in a timely and strategic manner, Trome can successfully navigate the changing media landscape and secure its future as a leading news source for the 'base of the pyramid' segment in Peru.
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Case Description
In June 2001, Empresa Editora El Comercio (EEEC) had launched a new popular newspaper, Trome, for low-income families. Although several studies had preceded this launch, sales in following months failed to reach expected levels and actually displayed a decreasing trend. Trome embodied the company's effort to expand its news coverage to new population segments that were not served by its other newspaper, El Comercio, a market leader that had served as the foundation for the company itself. Six months after Trome's launch and faced with dropping sales, company managers had met to discuss their options. This case describes management team members' dilemmas at that meeting: "Should the new paper's style and contents be changed? Should Trome focus more on sex and violence-related issues, as its competitors did? Would it be convenient to replace the silverware promotion chosen to support launching? Was the channel conflict adequately managed? Were intended readers' needs truly and fully understood? Should the company re-launch Trome or would it be wiser to just give up on this project?
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