Vocabulary Bank For LEGO

Vocabulary Bank

Convergence - When you merge lots of different accessible media on one platform. For example - a smart phone. You can play video games on a smart phone so you don't need an XBOX. You can take a picture on it so you don't need a camera. It is very convenient as it is easier to transport around and the value of the product will go up. However the individual medias - such as a camera - will be getting less money as more people will be buying a smart phone instead.

Brand image - The general impression of a product held by real or potential consumers. A brand may have a good and positive image because of its popularity, expensive prices, quality of the product etc. It is important for a brand to have a good image as it will bring in more customers and therefore income for them.

Franchise - A movie franchise is a collection of related films in succession that share the same fictional universe, or are marketed as a series. These are very popular as the audiences become loyal fans who continue to watch all of the films creating a mass audience and bigger income for that franchise as they diversify the product and possibly even globalise the product if it was very successful.

Loyalty - Audiences of a company (for example Apple or a movie franchise) may purchase the product and then continuously purchase it. This is very important as the loyalty of an audience can globalise and diversify the companies product.

Marketing - The action or business of promoting and selling products or services, including market research and advertising. This means a company advertising and selling what their product(s) is and distributing it around the world.

Diversification - Diversification is the process of a company or business expanding their market or audience by either producing a wider variety of products, expanding their reach etc. This means creating a more accessible way to access the certain product such as BBC, which can be accessed on a computer, a phone, the radio, the internet etc. This is important as it becomes easier for audiences to access it increasing the likelihood of a bigger audience and customer loyalty.

Gl🌎balisati🌎n - The process by which businesses or other organisations develop international influence or start operating on an international scale. This means diversifying the product making it accessible on other media platforms to be able to allow people to access it internationally and distributing their product in different and many ways. For example - a global company such as McDonalds has diversified by making a walk in restaurant, a drive through and Uber eats/Deliveroo. This has globalised and is very popular internationally.


Conglomerate 
What are the advantages and disadvantages of a conglomerate?
- Small number of companies own the media companies
- Lack of competition
- Owners have a lot of power to present their political views to         large audiences

Synergy
When you merge two or more media companies together to create a greater media product than outcome would have been if they worked individually. For example - Missguided collaborated with Playboy to create a new product which brought together both audiences of each company together. 

It works when different elements within a media conglomerate (e.g. film studio, record label, video game division) promotes created linked products (e.g. film, soundtrack, video game) so that they all publicise each other.

An example of a film and TV industry synergy product is the film 'Cars' by Disney and Pixar. However now Disney owns Pixar.