Staff Writer: Carolyn Johnson
“Communications Markets” is a graduate seminar created by Professor Esther Thorson at the University of Missouri. Los Angeles advertising agencies already use communications markets to attract consumers, so it is important to consider the multi-faceted definition of the concept and forward that information along to students and future advertisers.
Communications Markets is a concept that more closely examines communications processes in terms of a three-tiered analysis of how they grow, operate and get interrupted in the global marketplace. Internet marketing Los Angeles is an ideal place to study communications markets, as the city is bustling with consumers to study.
The first level has a micro-focus, studying the role of the individual. More specifically, this first levels delves into how the individual participates in communication markets, and how participation changes in an ever-evolving digital era.
For example, how do people re-approach their use of media outlets as they change their use of television, smart phones, tablets, laptops, radios, etc? And how do these changes affect the world of advertising? Will these expanding technologies change the very face of how consumers approach advertising and marketing, and how will that impact advertising agencies Los Angeles?
The second tier is known as the organizational level. This tier more deeply examines organizations and businesses, such as news organizations, marketing and other communications businesses and the role they play in the digital world. As technology changes, these businesses must remain viable as consumers alter their methods of communications due to new technologies. For example, how will the newspaper businesses be affected after advertisers distribute more ads to the Internet as opposed to taking out newspaper ads?
The third and final level is called the economic level. This level of analysis details how the economics of such communications will be affected, such as pricing media, electronic and Internet content; marketing public policy; and the external markets and the geographic differentiation of said markets. Basically, it examines all of the money matters involved in communications markets, such as how much advertisers should pay for digital marketing versus print marketing, for instance.
Media economists will be mainly concerned with this tier.
It is important to consider all three levels for most questions on communications markets. For example, you would consider all three levels of analysis in regards to the example given by Esther Thornson: introducing an affordable broadband internet to rural neighborhoods and small towns in Missouri.
On a first-level basis, the introduction of high-speed Internet would cause more efficient communications on an individual level. On an organizational level, small business would be allowed more exposure to the community and even increase their revenue. On the third economic level, the economy will change as communities begin to thrive with high-speed Internet. People can expect mean salaries increasing and consumer behaviors changing for the better.
According to Esther Thornson, because of the diverse range of studies that communications markets require, many different kinds of students learned from the seminar, including advertising, mathematics, marketing, economics and even journalism students.
Communications markets is a very real concept that has just recently been implemented in marketing and advertising. It’s a deep concept to get your head around, so getting your students familiar with communications markets will give them an advantage in the marketplace.