Business and Industries - The Profit Motive
4 important questions on Business and Industries - The Profit Motive
All cultural firms, like any other firm in different sectors, operate with a profit motive.
Can you explain the profit motive?
- To survive, cultural firms need to fit artistic production with the requirements of the marketplace.
- I.e., cultural firms need to sell their products to sustain themselves and thus want to make sure the products they produce are financially profitable.
How can advertising result in an unequal reflection of reality on tv, in regards to the profit motive?
- Advertisers prefer to focus on specific demographic groups that have more disposable income and are more likely to buy their products.
- E.g., many advertisers focus on young consumers in their twenties, who have more disposable income than other age groups.
- Because they need to make profits, television executives aim more shows to these specific demographic groups at the expense of other groups in society, as this will result in more profitable advertisements deals.
Although they are profit-seeking businesses, art-dealerships distinguish from other cultural sectors by emphasizing on their moral role.
What is this moral role?
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An important difference between art dealers and other cultural industries is that art dealers are selling products with respect to a long‐term horizon rather than a short‐term one.
Can you give 3 examples of different ways in which art dealers focus on the long-term horizon?
- They cultivate long-term relationships with their collectors.
- They may hold onto paintings while they appreciate in value.
- They are very conservative about raising an artist's prices because this may lead to a subsequent decline in the artist's prices, signalling a decrease in the artist's status.
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
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- 100% sure, 100% understanding
