Business Development: New Opportunities for Southbank Centre

Business development

Contents
INTRODUCTION...........................................................................................................................1
Task A..............................................................................................................................................1
Covered in PPT poster.........................................................................................................1
Task B..............................................................................................................................................2
Business plan.........................................................................................................................2
CONCLUSION..............................................................................................................................11
References:.....................................................................................................................................12

INTRODUCTION
The concept of business development is the creation of long-term value for the
organisation from the customer, markets and relationships. The large or small organisation take
business development as an activity, non-profit for -profit enterprises which serves the aim of
developing business in effective way. In development of new venture it needs process of
implementing new strategies and opportunities across the organisation in order to promote
growth and boosting revenue. This involves pursuing opportunities for helping business in grow
and new prospects are identified by converting more leads into customers (Agwu, M.E., 2018).
The business developer work for the corporations across variety of industries for helping them in
attaining business goals. The experience is used in sales and roles related to business which have
contribution in innovative ideas to a company and its future growth. The report is based in the
case study of “Sountbank centre” which is complex of artistic Venues in London, England on
South bank of River Thames founded with the festival of Britain in 1951. The report will discuss
new opportunity for the development of nee tourism, events, hospitality business. Further the
business plan is prepared for the development of new business venture.
Task A
Covered in PPT poster
Task B
Business plan
The business plan defines the written document which provides the detail description of
how new business venture will start-up by defining its objectives and in what way it will attain
the goals. The business plan lays out the written roadmap for the firm from marketing, financial
and operational standpoints. The business plan involves several elements which is requited to
consider for the development of new venture.
Situational analysis
The existing business of the south bank centre is world-famous, multi-venue art centre
with the dynamic year-round festival programme and inclusive ethos. This is the UK largest art
centre place where people experiences world class art and culture which stimulates, inspires,
educates and amazes. It festival programme encompasses art, theatre, dance, classical &
1

contemporary music, literature and debate etc. It reached 6.25 million people a year and
encompassing over 5000 events which features world class artists globally (Benites-Lazaro, and
et.al., 2018). This also comprises several venues such as royal festival hall, Hayward Gallery,
Queen Elizabeth hall, national poetry library etc. The “southbank centre” has the new business
opportunity of Operas house. This will helps in attracting large number of customers and artists.
This involves the SWOT analysis.
 Strength- The opera house is greatest of all theatrical art forms which combines drams,
visual arts and music into deep emotional theatre experience. It has strength of
extraordinary ability for suspending audience disbelief in way that no other performance
art form can. It also have strength of strong brand image, loyal customer base. With the
use of unique technology it can attract large number of customers and artists.
 Weakness- The opening of new business of Opera house can face some weakness as no
coordination national performance schedule. The reduction in young and developing
artist program is seen as weakness. The lower number of opportunities of young artists
weakens the pool of high-quality artists.
 Opportunities- The opera house has several opportunities of making collaboration
between opera companies and other subsidised performing art where financial and artistic
economies can attain & develop the new ways for presenting opera as an art form. The
further collaborations with major performing venues where risk sharing and venue cost
would provide opportunities for more adventurous and innovative programming. The
public has understanding of art which is an opportunity for opera to have support
(Goncharenko, T., 2020).
 Threats- The company can face threat in levels of funding with rise in cost of
presentation which can restrict the growth of opera house. The regulations of industry
practices, reduction in number of new generations singers because of lack of training
facilities and professional development opportunities. The general lack of music
education. The opera house can also face threat from competition from other form of
entertainment which is provided by other companies.
Rational for new business
The development of the business is taken by the entrepreneurs by having motivation to
start something new. The art and culture is import aspect in the world which is recognised by
2