Business Strategy Assignment- Glastonbury Festival
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Added on 2020-06-04
Business Strategy Assignment- Glastonbury Festival
Added on 2020-06-04
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BUSINESSSTRATEGY
TABLE OF CONTENTINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Apply appropriate frameworks to analyse macro environment for Glastonbury Festival.....1P2 Using appropriate frameworks analyse the internal environment and capabilities of a givenorganization..................................................................................................................................4TASK 2............................................................................................................................................7P3 Apply Porter’s five forces model and to evaluate the competitive forces of a given market.7P4 Apply a range of theories to interpret and devise strategic planning for a given organization......................................................................................................................................................9CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONBusiness Strategy is a systematic plan that helps a strategic manager in setting futureactivities in a systematic manner so that targets could be prioritise and should be conducted ontheir priority basis. Business strategies are helpful in getting future task done in most frequentmanner so that all actions could relate with each other so that remarkable profit could attainalong with grabbing competitive advantages (Scholes, 2015). These tactics are useful inachieving success and growth in marketplace. Business strategy enables manager that he/shecould utilize all resources in optimum way so that entire sources could be placed in those areaswhich are able in generating high results. Formulation of effective strategies and their effectualexecution is methods that showcase capabilities of a person. Glastonbury Festival is an event thattakes place in Pilton, Somerset in England. This is a five day functions which consist circus,performing arts, cabaret, comedy, dance, theatre and other arts. More than thousands of peoplecame across the world to attend this fest in UK. TASK 1P1 Apply appropriate frameworks to analyse macro environment for Glastonbury FestivalThis section comprises that all macro factors of external atmosphere that are veryimportant to be analysed for formulating an adequate business strategies. Environmental analysisis a term that includes that some elements that influences occurrence of an event and also impactfestivals in negative and positive manner. (Johnson, 2016). Analysis of factor of macro analysisare described below:Political Factors: There are some aspects which is to be comprised in this section andelaboration of these factors are described below: Serving Alcohol – In England, people are becoming more health conscious and becauseof this reason, population of nation reduced their use of alcohol. Thus, if governmentmade rule that a certain amount of alcohol would be served in Glastonbury festival thennot more than this volume of ale could be served and this rule is beneficial for public buton the other hand, it will be a losable factor for whom deal in this sector. Main reasonbehind banning alcohol or deciding a fixed amount of ale is that in festival where lots ofactivities are present where ratio of children upon total population is more than youngand adults (Verbeke, 2013). 1
Capacity – It is decided that how much capability a functions gathers and howgovernment allows that permission is a complex task. Health & Safety – It is clear that a place too much fun is exist in the form of variousactivities then people take part in bulk and become audience of various sections. In thistype of food options are present so that all rules that are set by government in context offood and safety should be followed and if it is not followed by host than this action leavesnegative impact on whole event. Labour Laws – Before hiring personnel then it should be recognised that whethergovernment did has not set any rules and regulations related to this and if it is found thatsome policies are made for securing right of all labours than all rules should be followedby host. For example for all kind of workers, government set equal wages and salariesand this rate depends upon capabilities and skills of a person then this regulation shouldbe followed for smoother conduction of all activities that take place in festival. Taxes – Government that belongs to political factor of macro environment chargesseveral strategies and taxation policies is one of them. If Govt. frames different policiesfor festivals and events then it should be positively adopted by host. Profit of wholefestival depends upon tax rate and if this value is more then profit would be low and onthe other hand if rates of taxations are less than it would generate high amount of benefitsalong with more financial results. Economic Factors: This factor includes some factors like demands and supplies, per capitaincome of a country and many more. Some economical aspects are described below: Recessions – This term is defined as economic decline generally between two quartersand in this time period activities of industries and trades are reduces. This action happensdue to reduction in gross domestic product of country. Due to recession, festival shon lowrate of public participation and this is reason behind low profit rate of event in somecertain years (Blackburn, Hart and Wainwright, 2013). Increased Cost – Festival are happened for every sort of people and all concerns relatedto events should be relate with all age group and societal class individuals. Price of everyproducts and services that are present in any function should be economic so that allincome level person could purchase them and this type of behaviour further generateshigh footfall of audience for attending festivals (Cascio, 2018). 2
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