MEDIA CONSUMPTION AS A FACTOR OF INFLUENCE ON BUSINESS PROCESSES - Scientific conference
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Рік заснування видання - 2011

MEDIA CONSUMPTION AS A FACTOR OF INFLUENCE ON BUSINESS PROCESSES

04.07.2024 14:03

[2. Economic sciences]

Author: Oleksiy Yereskov, master's degree in economics, Product Owner, co-founder Petskit, Kyiv



Today, the issue of effectively utilizing digitalization opportunities to create new prospects for both Ukraine's economic development in general and business in particular is highly relevant. This is evidenced by the fact that, as part of the plan to rebuild Ukraine, government officials propose spending UAH 69.2 billion on digitalization [1]. Numerous scientific publications in the national socio-humanitarian discourse are devoted to analyzing the current state and prospects of digitalizing Ukraine's economy [2-3], considering digitalization as a modern factor in the development of business processes [4], and exploring the challenges and opportunities of digitalization in marketing [5]. However, insufficient attention has been paid to a thorough understanding of the nature of media consumption as one of the aspects on which the effectiveness of digitalizing economic processes depends.

In our opinion, media consumption is an emerging category for business processes related to strategic planning of business organizations, innovation management, marketing, and customer communications. This is due to the fact that a person's consumption culture is shaped not only by their everyday practices and values but also by the media content they consume. These interdependent processes form a holistic course of personal and social attitudes towards certain economic entities. Understanding this plays a significant role in shaping marketing policies and business initiatives to promote their products and services through content creation, audience engagement, customer interaction, etc. It is crucial for businesses to consider the meaning of the information presented in the media in the context of its understanding and interpretation by the audience. Media consumption is a significant area of modern life, as it forms the basis for individuals to acquire informational potential in the information society, where both constructive and destructive actions can occur under its influence. This significantly impacts the formation of a person's worldview, subjective opinions, and prejudices. With this informational potential, individuals act as both creators and consumers of information, sharing their knowledge and prejudices with others while absorbing the knowledge and prejudices of others.

Media consumption in the context of business processes involves the transmission of societal consumer norms and practices using media resources. Understanding the formation of a culture of media consumption both in society as a whole and in specific segments of the target audience, which regulates an individual's social and consumer behavior, businesses will utilize this when broadcasting their content, enriching it with the necessary cultural meaning [6]. In this sense, it is worth paying attention to the views of Jean Baudrillard, who considers consumption as an economic exchange value, reflecting individual meanings for a person, which can often offset the benefits of what is acquired. This explains the success of advertising, which forms the idea that consumers need a certain product, leading to the conclusion that the consumer buys this very idea [7].

To better understand the nature of the impact of media consumption on business processes, it is advisable to consider the key aspects of media consumption in the information society. The first aspect to note is the development of the individual's social and cultural potential. Under the influence of the mentioned needs, the consumer's "information hunger" is constantly growing, and the demand for a wide range of media consumption in high-quality formats containing new knowledge is increasing. As a result, people are exposed to even more diverse media that take into account the characteristics and needs of each audience (which is why the modern media space is quite saturated with a lot of information). The second aspect we highlight is the limitation of information interaction between media spaces and people. It has been established that the process of perception and interpretation of what is heard and seen from mass communication sources by different communicators differs depending on their respective characteristics, such as their level of development and upbringing. The third aspect is the dynamism of time and the parallelism of media consumption. This allows for the simultaneous consumption of various content, including reading news, communicating on social media, shopping online, etc.

In summary, media consumption plays an important role in shaping consumer practices, values, and attitudes in modern society. Understanding the impact of this phenomenon on business processes helps identify the mechanisms and actions through which information affects individuals. As economic activity increasingly moves to the format of modern media (social networks, messengers, etc.), a new media landscape is being created, and new trends in the assimilation and selection of information sources are emerging, which, in turn, affects the emergence of certain trends that should be considered by economic entities when developing and shaping business processes. The following trends are worth highlighting:

- increased speed of content consumption (consumers can quickly switch between different types of content and media, increasing the amount of information they consume daily);

- fragmentation of attention (concentration on a single source of information decreases, which may lead to a lower depth of content perception);

- increased demand for content (due to the large amount of available content, the audience is becoming more demanding, encouraging media content producers to create high-quality and engaging content);

- more advertising opportunities (businesses can use different platforms to reach a wider audience and create interactive advertising campaigns);

- personalization of consumption (users can create individual media ecosystems that meet their preferences and needs).

Thus, media consumption is changing the way people interact with media, making this process more interactive, personalized, and dynamic, which not only changes the existing "rules of the game" for the consumption of goods and services but also creates new business opportunities. Studying the relationship between media consumption and the business processes of various economic entities is important for understanding how certain information is perceived by consumers and affects their future purchasing activity.

References

1. Dudko V. Digital landing page. Key points of the plan of digital transformation of Ukraine from the Ministry of Digital Transformation [Electronic resource]. Forbes. URL: https://forbes.ua/news/tsifroviy-lend-liz-klyuchovi-punkti-planu-tsifrovoi-transformatsii-ukraini-vid-mintsifri-04072022-6974 (request date: 30.06.2024), Ukrainian.

2. Lapin A. V., Grinchuk I. O., Oleniuk D. O. Digitalization of the economy in Ukraine: current state and prospects. Effective Economy, 2022, No. 7.  DOI: https://doi.org/10.32702/2307-2105.2022.7.22, Ukrainian.

3. Lagovsky V., Nemyrovska O. Digitalization of the economy as a trend of social development. Collection of scientific papers of the University of the State Fiscal Service of Ukraine, 2023, No. 2, pp. 117-137. DOI: http://dx.doi.org/10.33244/2617-5940.2.2022.117-137, Ukrainian.

4. Yatsenko V. V. Digitalization is a modern factor in the development of business processes. Effective Economy, 2022, no. 2. URL: http://www.economy.nayka.com.ua/?op=1&z=10042 (request date: 28.06.2024). DOI: 10.32702/2307-2105-2022.2.200, Ukrainian.

5. Petrenko D. (2023). Digitalization in marketing: analysis of challenges and opportunities. Innovation and Sustainability, (3), 96–104. https://doi.org/10.31649/ins.2023.3.96.104,  Ukrainian.

6. Kolesnyk А. Media consumption in the information society: main features [Electronic resource], 2020. URL: http://confuf.wunu.edu.ua/index.php/confuf/article/view/223/227 (request date: 28.06.2024), Ukrainian.

7. Baudrillard J. The Consumer Society: Myths and Structures. Faculty of Humanities, Nottingham Trent University, Nottingham. URL: https://monoskop.org/images/d/de/Baudrillard_Jean_The_consumer_society_myths_and_structures_1970.pdf (request date: 27.06.2024), English.



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