Richard Honack is Assistant Dean, Chief Marketing Officer and Adjunct Associate Professor of Marketing Kellogg School of Management, Northwestern University

1. What are some critical things newspapers need to do -- and some things they need to stop doing -- in order to become more "nimble," more adaptable and better able to respond quickly to emerging market opportunities?

One of the first things newspapers need to do is step back and look at the world around them to realize that their customers are not waiting for "news" that happened on a deadline-driven cycle. The majority of "news" customers are past "what happened"-- they want to know "how it happened." The days of the "Front Page" have been gone for a few years. We live in a "nanosecond" world and newspaper buyers now read the paper for comfort when they have time. For the most part, the majority know the news, scores, stocks and anything else deadline-driven almost instantaneously on their mobile phone, computer or 24-hour cable news channel.

2. It's pretty clear that the newspaper industry's core business is under significant pressure. What do you say to newspapers that are resisting the idea of re-examining how they perform their core functions, and even whether they should continue performing some of them?

The core has changed and some organizations have gotten that message and have changed (USA TODAY and Gannett) and others are changing. But to the owners and publishers who still consider themselves "newspaper people" one can only say, "Change or go out of business." They need to accept the fact that they play a different role in the global communication world. There is still a need for newspapers but in a different form, frequency, etc. The Internet works 24/7/365 and that should be the core from which the newspaper, magazine, news services, etc., fall out in a given period. For example, seven-day newspapers may want to look at cutting back to five days and a weekend edition, or less. There's nothing wrong with that strategy, provided they package correctly.

3. What would you suggest to newspapers that would help them make "asset maximization" - the ability to leverage existing assets such as content and advertiser base across all appropriate products and platforms - a core part of their day-to-day operations?

First you need to look at assets on two dimensions -- people and facilities. The people aspect speaks to refocusing the mission of the organization from "newspaper producer" to "information provider." Most new journalists get this concept and, from what I hear in the business, editorial is pushing for change. Advertising departments need to expand their selling skills across multiple platforms and revenue models to enhance their customers' business. They need to focus on what is driving revenues for their business customers besides newspaper ads. In essence, they need to listen to their customers and partner with them to provide the best media solutions. It is no longer just about selling a "newspaper ad" but about partnering, sponsoring, co-branding -- and customers are willing to pay.

As for facilities, newspapers need to focus on what their core missions is - to provide information - and should consider offloading any function that drains resources from that mission, including downsizing facilities; consolidating printing with other local printers; using logistics companies for product delivery; selling off entire buildings and moving to smaller, more efficient, leased spaces. In short, as heretical as it may sound, newspapers may need to consider getting out of owning presses and buildings.

4. Local competition for audience and revenue has gotten more intense and more fragmented. Are there things newspapers can do to work with, rather than against, local competitors to enhance their revenue and audience?

News organizations need to look at the gaps in servicing their customers (readers and businesses) and determine who is filling the gaps. Then they need to partner with those competitors to provide full-service information needs to the customers. Are there parts of the newspaper that have been around for 50 or 60 years that are done better by a competitor today (hint: TV listings, stock tables, etc) that can be eliminated from the newspaper inventory, but still be provided to the customer via another service through the newspaper brand? The answer is "yes" but that takes entrepreneurial thinking and a major culture change within a newspaper company.

5. Are there opportunities for revenue-sharing with partners outside the newspaper industry that they should be taking advantage of, but aren't?

Definitely, and it is just limited by the thinking within the organization. If you think like a "newspaper person" you get "newspaper think." If you think like an "information provider" with assets that can provide new products or services you start to think about technology, real estate, creative services. It is a different world. In Tom Peters' book Re-Imagine: Business Excellence in a Disruptive Age, there is a quote that would serve newspaper leaders well: "Out of the box? Burn the box! Re-imagine: Call it: Leaders' number one job."