The Martha Stewart Living Omnimedia is a media company that works in a variety of business segments, including the internet, media platforms, merchandising, and publishing. The company primarily focuses on selling and advertising homemaking products, how-to content, and similar products for the average population (“2021 media kit”, 2021). The idea of a strategic alliance can be effective and beneficial to the company, both in securing further profit and increasing exposure. Generally, the effort of a strategic alliance includes the professional cooperation of different corporate entities, with all parties deriving profits from the action. Importantly, the concerned corporations are also able to retain the sense of their corporate identity and independence. In the case of the Martha Stewart Living Omnimedia, the establishment of a strategic alliance can be used in a variety of positive ways. Most importantly, it will expand the reach of the company and increase the potential audience, using the customer base of a partner company as an opportunity. Furthermore, new products and project ideas can be developed in collaboration, leading to better creative output by the Omnimedia as a whole. The process of forming a strategic alliance does not have the downside of having to change a company’s public image or perception, instead bolstering the already existing one. Furthermore, it can be said that a collaboration will likely improve profits for the Martha Stewart Living Omnimedia. In the current reality of the COVID-19 pandemic, many businesses are struggling to recover and need all the possible business opportunities they can get, meaning that there is a productive climate for collaboration. A mix of further exposure and new products or services will lead to better financial gain.
Reference
2021 media kit. (2021). Martha Stewart.