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Alex
Alex, Bachelor's Degree
Category: Essays
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Experience:  BS in Business Administration with honors. Able to assist in various business related questions.
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Conduct research on the Internet to study the history of Martha

Customer Question

Conduct research on the Internet to study the history of XXXXX XXXXX Living Omnimedia (MSO) from the day of its inception. Examine MSO's business performance in detail as a part of the history.

What have been the contributions towards MSO's earlier business success by (a) XXXXX XXXXX's name, and fame and (b) management practices and strategies?

Submit a two- to three-page report that includes the following:

A synopsis of MSO's history.
How XXXXX XXXXX's name and fame contributed to MSO's early success.
What were the management practices that helped MSO in its early success?
Submitted: 2 years ago.
Category: Essays
Expert:  Alex replied 2 years ago.
Here you are:

http://wikisend.com/download/639310/MSO.doc

Thanks
Alex
Alex, Bachelor's Degree
Category: Essays
Satisfied Customers: 2655
Experience: BS in Business Administration with honors. Able to assist in various business related questions.
Alex and other Essays Specialists are ready to help you
Customer: replied 2 years ago.

Please resubmit in Word Doc.

 

Thank

Expert:  Alex replied 2 years ago.
Hi, the link above is in Word format. You can also try this link if you had a problem:

http://www.mediafire.com/?6e3m40uaw81xb14

Below is the actual text if you have trouble with the links:

One of the key ingredients to the success of any organization is the brand image that the company either obtains by purchasing a competitor or the brand they build through advertising, their marketing mix and the type and quality of products they deliver. Before the insider trading scandal that this MSO the brand was a huge success. What's unique in this particular case is that the company didn't create a brand image using a slogan or a logo much like Coca Cola or Pepsi. Instead their entire brand was focused around a single person that represented the brand – Martha Stewart.
If you were to see a product labeled Martha Stewart in a retail store the first thing to come to mind wouldn't necessarily be quality or the price of the product but the image of Martha Stewart that everyone had become so familiar with in their homes. The entire MSO empire was built around her image and how people felt about that image. Her leadership style was one of being a visionary such that she found a way to use her likability in terms of home products and turn that into an organization that focused on such products as well as media and TV. She was able to transcend home products and break into varied types of businesses. As the company went public with Martha as CEO the company was hugely successful. People believed that if Martha had been so successful so would her company.
While things worked out great for a while Martha unfortunately became involved in an insider trading deal with her then boyfriend and founder of ImClone. After lying to federal prosecutors she was sentenced to jail time in a federal prison and served her time. The fact that she had to step down was an enormous blow to the organization as the company was successful based on her vision and leadership she provided as the CEO and as the brand of the company.
Leadership practices during times of growth and times of crisis requires a different mindset. During times of growth the leader must be able to create a vision for the growth and find ways to effectively allocate capital to projects that will expand market share and profitability. The goal during any growth phase is to capture new market share, create new products and follow the vision. This was perfect in the case of Martha as her forte was being that brand that could sell all kinds of new products. However, in times of crisis and economic uncertainty leaders must focus not on expanding market share but maintaining market share. This is very difficult as the company must find ways to reduce cost. The goal is not to find new business ventures, the goal is to survive until the economy enters another growth phase.
The current crisis which has resulted in the CEO stepping down is due to a faltering economy and rising gas prices forcing individuals to do without luxuries such as recreating the Martha Stewart look at home. For this reason the company needs a CEO that isn't in the business of brand building but in the business of finding ways to help cash strapped consumers be able to afford their products. As such they need to focus on more affordable brands. In fact, they are doing that by working with JCPenney. The goal is to join forces at a time when JCP is attempting to increase its brand image and MSO wants to be able to sell to the lower end of the retail price spectrum. They must find ways to reduce cost and introduce new products that cost less to make but still produce a profit.
There were definitely organizational politics at work when Martha stepped down as she remained heavily involved in the organization and since the company was named based on her namesake she remained active as the image of the organization. In fact, she remained Chief creative officer of the organization even while in prison which is an interesting concept not seen often. The company had to make sure that even if her image was tarnished by the insider trading deal that she was still the brand and as such needed to be visible.
Other companies have been raised from the ashes including the very well known Apple where Steve Jobs was actually let go and later came back to lead the company turning it into the most valuable company in the world in terms of market share. Steve was actually invited back just as the company felt that it was about to breathe its last to see if there was a chance of survival. Steve applied what he had learned while working outside of Apple and found new ways to create innovative products resulting in a highly successful company. Another company that suffered a brand problem was Coca Cola after they released New Coke. The reception for the product was so bad that the product the company had staked its future on had to be pulled from shelves. The company of course found new management that didn't attempt to alter the product line or change things but to find ways to reconnect with the consumer in an effort to remind people about the brand and the feelings associated with drinking Coke. The company came through a complete turnaround and has regained their image as well as the lost market share.

References:
Marth Stewart to Step Down from MSO. June 5, 2003. FoxNews. Retrieved May 21st, 2012 from http://www.foxnews.com/story/0,2933,88573,00.html

CEO of Martha Stewart Living Steps Down. June 11, 2008. MarketWatch. Retrieved May 21st, 2012 from http://articles.marketwatch.com/2008-06-11/news/30709671_1_wenda-harris-millard-ceo-susan-lyne



Expert:  Alex replied 2 years ago.
Should be a little over 2 pages plus references.

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