World Wrestling Entertainment
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Institution Affiliation
Introduction
World Wrestling Entertainment is a company that offers fight entertainment on television. The company has employees who pose as fighters. Very well build individual with muscles that are displayed to show fans their affections and unique skills. The primary business is to convert the viewers into fans, which translates to income to the company. Since the fans will be subscribed to the show, there will be cost implications for tuning and live events to those who are in the wrestle ring venue.
The WWE company is led by a team of professionals headed by the Chief Executive officer who is also President Linda McMahon. Due to the stiff competition that has been growing tremendously from other martial arts disciplines, the company introduced live events on the web page, phone network and other exclusive live shows. Through that, the WWE show remain the most-watched and preferred entertainment all over the world by all age groups.
Although Wrestling was managed by regional fiefdoms, (WWE) was sold out rebranded and changed the its from World Wrestling Entertainment to World Wrestling Federation by Vince Mc Mahon in 1982.The local television channels began to air matches courtesy of Vince. (WWF) began to draw more fans and shaping their characters to sooth the growing fan base. However, the show was meet with mixed reactions from fans across the world. Hats was after Vince McMahon revealed to the public that show was always a script contrary to the public thought. His level of honesty was admired all over including the State athletic commission who were his major fear.
Despite of the criticism, the company made major strides financially. Super profits from the subscription of fans were recorded, Icons and super stars like Hulk Hogan and Andre were made from the industry and acted as main ambassadors to propel the show and bring more entertainment to fans. According to the WWE annual financial report, the entertainment industry has been growing steadily over the last four years
The firm has been faced with numerous threats to take over the entertainment industry. Due to its proper strategy in the market fields to keep his fan base engaged in activities like roadshow launches from one city to the other.in this case the firm has been able to sell its merchandise to the fans who always turn up to the shows shouting throughout the events.
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Supplier Industry Competitors
Bargaining power of Supplier Intensity of Rivalry
Strategies
The firm applied Entrepreneurial Strategy to ensure they remain competitive and relevant to the crowded market. Through this strategy the firm opened operational offices across the world and adopted the necessary changes required to remain most preferred. Including ensuring the show is brought to the fans in their own Languages and toning down the use of abusive languages. In addition, the show can now accommodate the whole family since they give viewers digression and warning to those watching.
Furthermore, the firm introduces the sale of its merchandise to its fans who turn up to the show in different costumes and attires. Seeking partnership from investors who record the video and CDs for sales. Toys for kids and other accessories that are attached to the wrestlers which translates into sales. The firm has expanded exponentially across the world with a huge fan base and many Television channels tuning to the needs of the people.
Another great strategy that was implemented is Related diversification. Through Diversification the organisation the firm become more adaptive to the competitive environment. Whereby WWE was designed to fit the whole family and producing materials for efficiency of their viewers to reach. Introduction of online streaming, Apps development.
Despite of the many threats from the growing martial arts, The WWE has been able to ensure their fans get the relevant newsletter, published articles and more update regarding the next matches. Characters are also involving the crowd by driving them to their own moves, entry style and unique performances.
Recommendation
The needs and taste of the consumers change rapidly. However, to remain afloat into the market of entertainment. The WWE company must diverse and adapt to the technology. Through technology the show is able to reach the world, they should also continue seeking strategic partnerships to help them produce materials and quality merchandise, brands and logos that can be sold to cinemas, toys for Kids and wears for adults.
Conclusion
Sustainability of a business depends on the strategies employed to ensure it remains relevant for years. However, Consumer satisfaction, consistency of delivery and reliability to consumers is key to every business survival regardless of the geographical location.