Rely on an individuals talent to the same degree but

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rely on an individual’s talent to the same degree, but the way talent is used is at the root of their success or failure. According to this, all media products seem to fit Caves’ definition of a creative product; “the product or service that contains a substantial element of artistic or creative endeavour” (Caves, 2000, p. vii). In Creative Industries , Caves (2000) synthesized the major characteristics of a creative product,highlightingitserraticbehaviorinthemarket.Thecausesofthisbehaviorare,on the one hand, the demand (uncertainty in the consumption itself of the experience goods) and, on the other hand, the offer (which has no previous or sometimes even posterior knowledge of the key to success or failure). This joint uncertainty or symmetric ignorance, besides having to accept high fixed costs and successive sunk costs, entails undertaking
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9. MEDIA PRODUCT MANAGEMENT 187 great economic risks to produce creative products. Unlike other sectors, another vital element of these type of products is that “creative workers care about their product” (Caves, 2000, p. 4). Journalists, singers, actors, scriptwriters, etc. strive to maintain their preferences, tastes, and professional views, which in turn have a direct impact on the number and quality of the features embodied in the creative product. The professionals’ creative inputs, almost irreplaceable, must be coordinated and harmonized in high complex work groups. At the same time they must be integrated with what Caves (p. 4) defines as “humdrum (non-creative) inputs,” for example those such as distribution. Last, creative products are gifted with the immense ability to differentiate themselves, which is conditioned in great measure by the number of distinct creative skills in the market. Inviewofallthis,itisnowonderthattheeconomicsofstarshasthepowertoaltermedia product management (Adler, 1985; McDonald, 1988; Rosen, 1981). This phenomenon has been dealt with thoroughly in the film industry (Marvasti, 2000; Wallace, Seigerman, & Holbrook, 1993), yet its significance remains enormously visible in other markets, ranging from music to the news media. Cases such as the swelling of Martha Stewart’s or Oprah Winfrey’s creative businesses are but the tip of the iceberg of that phenomenon, and they are sufficient proof that stars and individual talent are bearing greater weight on this sector with the passage of time. There are other cases in which talented individuals constitute ingredient brands (Norris, 1992; Venkatesh & Mahajan, 1997); the success of some products depends primarily on these ingredient brands, a kind of “Intel Inside” with a range of content formats. This is also true of cases in which some of the talents associate themselves with specific media brands, thus setting up real brand partnerships (Rao & Ruekert, 1994). Unfortunately, attempting to operate the dependency of media products on those essential talented individuals poses a tricky added risk. The fact that those individuals are gifted with the power to sway audiences from one media to another, from one firm to
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