Reference no: EM133148074

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 entertainment world. The company has been successful since its inception and its greater aim is to gain market share by producing content that is both informative and educational. As such, you are hired to head the company in this direction

As a manager, you need to have knowledge and understanding of economic concepts in order to develop a sensible and resourceful strategy. One such important concept are factors of production - these are resources that organisations use to produce goods and service. There are two factors, which are primary and secondary, and these are divided into four categories, namely:

1. Primary factors:

1.1 Natural resources

1.2 Labour

2. Secondary factors:

2.1 Capital resources

2.2 Entrepreneurship

Referring to the case study and the above information, demonstrate your understanding of these factors by assessing and then evaluating how the shift will impact each of these factors. Give relevant examples that illustrate which area or areas this shift will affect most in the company's services.

Now that you have assessed and evaluated how this shift will impact the four factors that influence production, you will need to think about your company's vision statement and how this vision is being met or continued with this shift.

"To create exciting and engaging content that will push audiences to question and think about their own humanity and those of others. Our content will challenge corporate greed and unethical behaviour, both in the public and private sphere" - Savage Media vision statement.

Thoroughly inspect five ways in which this shift impacts and progresses the company's vision statement.