Unit 1: Task 1

 

Neva Morrison

Task 1

SWOT analysis

A SWOT analysis is a tool used to identify the strengths, weaknesses, opportunities and threats a business or individual has. the opportunities and threats refer to the potential the business or individual has to succeed well threats refer to the aspects that may interrupt this. A SWOT analysis can evidently show the strengths and weaknesses a business or individual has. while also showing the potential business growth through opportunities and highlighting business difficulties through threats.

PESTEL analysis

A PESTEL analysis looks at the external environment that effects a business, the factors reviewed in a PESTEL analysis have a massive impact on the success and issues of a business and determines many key pieces of how the business runs. The PESTEL acronym stands for Political, Economic, Social, Technological, Environmental and Legal.  

Political

The Political influences mentioned in a PESTEL analysis refer to the influence the government’s actions have on a business such as the knock-on effect of a change in income tax being reflected in the publics disposable income resulting in potentially less money for people to spend on the business, decreasing profits. These rules and regulations can be reflected in a local, national and international dependent on government changes.

Economic

The economic considerations within a PESTEL analysis cover the impact of different measures of the economy on a business, these economic measurements include inflation rates, unemployment rates and interest rates, these can all influence the market positioning and customer base of a business given the different economic situations that effect the businesses income and potential clients/customers.

Social

The social influences considered in the PESTEL analysis look at the cultural and demographic areas of the environment this can include income level, occupations, family structure, religion, educational attainment, language and culture. This directly effects the characteristics of a potential demographic as all these factors have an impact on the disposable income and interests’ customers may have, effecting the businesses success and showing how to attract the right demographic.  

Technological

The technological influences of the PESTEL analysis refers to the innovations that have been made, these will have a significant effect on business as it may potentially improve interest in a certain market due to advances or overtake an industry making those businesses unsuccessful.

Environmental

The Environmental aspects of the PESTEL analysis refers to being conscious of the environmental impact a business may have. This includes concerns over air pollution, deforestation and greenhouse gases, all which businesses should work to minimise generating, as many businesses have done by pledging to long term eco-friendlier goals.

Legal

 The legal aspects of the PESTEL analysis refers to the legal aspects that can effect a business, this includes the introduction and changes of laws that can effect how a business runs, their products and services and the legalities they need to pay attention to. A PESTEL Analysis can be used to identify the effects on a business, allowing the business to plan, adapt and edit their business to comply to rules, help their business withstand any issues and succeed in their sector.

Current factors impacting business and ventures in the UK

There is a wide range or factors that continually impact businesses such as supply and demand, inflation, income and employment and government regulations. More current issues include Brexit and a global pandemic, which both increase issues such as regulations and trade routes which can greatly affect how are business runs and gather supplies as these issues can further push supply and demand,  Meaning the lack available supplies and services increases the demand, potentially generating more business, however issues such as a pandemic can cause a decrease in employment and disposable income which may negatively impacts some businesses as left of the market is able to fight to afford some products and services.

Brexit's effect on the creative industries

Brexit has a potentially great impact on the creative industry through a variety of different aspects. I was working in the creative industry worry that changes to regulations surrounding the free movement of people and services will create trade barriers and visa requirements that will Impact the potential for new talent and partnerships to be created within the industry, further impacting the global standing the UK creative industry has due to lack of easy connection with global talent. another issue that Brexit may cause the creative industry quick is that 11% of people working in the creative industry are not UK residents and changes to immigration visa requirements, quality and regulations may significantly impact these employees. other impacts lie in the access to funding that the creative industry in the UK may lose due to a variety of programmes that can offer funding being associated with the EU, this includes the loss of an initiative called creative Europe the offers €1.46 billion to creative businesses, these impacts will likely be seen in smaller companies that will no longer have these sorts of programmes to support these business ventures.

Cultural policy

The UK’s cultural policy refers to the government programmes, actions and laws that protect, encourage, and financially support activities related to the creative sector and the arts. Cultural policy covers the areas such as the city of culture list and works to promote these places. There has also been a focus on regenerating the cultural industry due to the impact places such as theatres, museums and galleries had to face during the pandemic.

Personal SWOT analysis

Strengths	Weaknesses
-organisational skills -planning skills -time management -analysis skills -writing -experience assisting and running events -good qualifications in literature, media and travel and tourism -good research skills -leadership skills	-often anxious -often overwhelmed - low social battery -lack of self confidence -obsessive planner -struggles with unfamiliar places/people/roles
Opportunity	Threats
-many local theatres to work with to develop skills, contacts and experience -potential to meet others that are working within industry	-unable to drive, makes travel more difficult -lack of developed contacts in industry -lack of financial backing -lack of relevant work experience