Leading the Shift: Utilizing Economic Concepts to Strategically Move Scavenger Media into Educational Content Production

Scavenger Media has been in the arts and entertainment industry for the past decade and the board wants to strategically shift into a different direction in the world of entertainment. The company has been successful since its inception and its main goal is to gain market share by producing informational and educational content. As such, you are hired to lead the company in this direction.

as Manager, you must have knowledge and understanding of economic concepts to develop a sensible and resourceful strategy. One such important concept is factors of production: these are resources that organizations use to produce goods and services. There are two factors, which are primary and secondary, and these fall into four categories, namely:

Primary factors:

Natural resources

Manpower of labour

Secondary factors:

capital resources

entrepreneurship

With reference to the case study and the information above, demonstrate your understanding of these factors by assessing and then evaluating how the change will affect each of these factors. Give relevant examples that illustrate which area or areas will be most affected by this change in company services.