where did a 19 year old roadie die? - ANSWER-Roadie Dies at Avenged Sevenfold Germany Concert
smartest thing you can so during planning process is to -
... [Show More] ANSWER-conduct a SWOT analysis
SWOT allows you to identify - ANSWER-internal and external influences
SWOT primary objective - ANSWER-to help organizations develop a full awareness of all the factors involved in a decision.
• A framework that allows managers to synthesize insights obtained from an internal analysis of the company's strengths and weaknesses with those from an analysis of external opportunities and threats.
when to use SWOT - ANSWER-• often used during strategic planning. They can serve as a persecutor to any sort of company action, such as exploring new initiatives, making decisions about new policies, identifying possible areas for change, or refining and redirecting efforts mid plan
• you can come up with ways to better capitalize on your company's strengths and improve or eliminate weaknesses
elements of SWOT analysis - ANSWER-• The SWOT analysis is a simple, albeit comprehensive strategy for identifying not only the weaknesses and threats of a plan, but also the strength and opportunities it makes possible.
• Knowing these positive and negative elements can help companies more effectively communicate what parts of a plan need to be recognized.
SWOT Strengths - ANSWER-• Strengths are those features of the business which allow you to operate more effectively than your competitors. For example, a strength could be your specialist technical knowledge. You need to consider your strengths from your own point of view and from that of your customers and clients. You must be realistic and honest.
• Try answering the following questions:
o What is it that you do well?
o What advantages do you have over your competitors?
when looking at SWOT strengths you must be - ANSWER-realistic and honest
BJC SWOT strengths - ANSWER-• Having ticketmaster
• Quick to respond
• UPAC Partnership for discounted student tickets
• Very strong country market
• Many dedicated staff that go above and beyond and won't let the building fail (quick response rate)
• Good routing
• Ability to purchase shows and take risks
• Reasonable rates and intensive promoter recruitment program
weaknesses - ANSWER-• Weaknesses are areas capable of improvement. Are you lacking skills or new products> so you have higher cost base or lower productivity than your competitors? You must face any unpleasant truths about your business and be realistic
o Can you do anything better?
o Do you do anything badly?
o What should be avoided?
o What causes problems or complaints
BJC SWOT Weaknesses - ANSWER-• Lower wage payroll rate/lack of people to work events (ACA)
• ICA Partnership
• Some departments are understaffed when we are in busy times
• Customers perception of staff (parking, event, management)
• Consistent synergy among teams is a constant challenge (some complacency)
• Wireless and cellular challenges (technology)
• Equipment is starting to reach the end of its life
• Lack of storage
• University/ union bargaining agreements
• Lack of substantial reserves for much needed capital improvements (university funds)
opportunities - ANSWER-o Can you identify any new opportunities for your business? Are there any interesting rends which you can take advantage of?
o Examples of opportunities include:
o Changes in technology and markets
o Changes in government policy or regulations/ legislation.
o Local and global events
o Potential new uses of products and or services
o Use of marketing or promotional techniques to boost the business
o Social factors, population fluctuation, lifestyle changes etc.
BJC SWOT Opportunities - ANSWER-• Utilize more student labor, interns and work study (use their professional skills Win/WIN)
• Look at taking the ticketing/ concessions/ etc responsibilities for other venues or events
• CCCVB Relationships
• New leadership in the BJC and the ICA
• Rise in basketball popularity
threatss - ANSWER-• Threats can be external or internal, and are anything which can adversely affect your business. External threats could be inflation, new legislation, or a new competitor in your market. Internal threats could include a skill or staff shortage within your organization.
• Try answering the following questions:
o What obstacles face your business?
• What are your competitors doing?
• Are there any changes in products, services or technology which could threaten your business?
• Do you have any financial problems such as bad debt or cash-flow difficulties?
BJC SWOT Threats - ANSWER-• Decline in overall arena shows in smaller markets and more overseas
• Continues fallout from Sandusky scandal
• ICA master plan?
• Booking- AD01
• Lots of other local options for people to spend their entertainment dollars for FREE or low cost events on campus.
• Outsourcing
• Constant increase in ticket price in a still unstable local economy
• Age of the facility/ amenities (lack-of)
Internal Factors - ANSWER-• The first two letters in the acronym, S (strengths) and W (weaknesses), refer to internal factors, which means the resources and experience readily available to you. examples of areas typically considered include:
o Financial resources
o Physical resources
o Human resources
o Access to natural resources, trademarks, patents, and copyrights.
o Current processes, such as employee programs, department hierarchies and software systems
o Companies can't hope to take advantage of or control ??????
External factors - ANSWER-• External factors typically reference things you or your company do not control such as:
o Market trends, like new products and technology or shifts in audience needs
o Economic trends, such as local, national and international financial trends.
o Relationships with suppliers and partners
o Political, environmental and economic regulations
Post SWOT analysis - ANSWER-• Once you have completed your SWOT analysis, it is essential that you make note of the following:
o What must you address immediately?
o What can be handled now?
o What needs researching further?
o What needs to be planned for the future?
• Once these have been identified, you should create an action plan to ensure that something is done! Assign someone to each point and set deadlines. Review the results of your analysis regularly to determine if anything has changed and what has been achieved
benefits of SWOT - ANSWER-1. Simple to do and practical to use
2. Clear to understand
3. Focus on the key internal and external factors affecting the company
4. Helps to identify future goals
5. Initiates further analysis
Limitations of SWOT - ANSWER-• Many managers and academics heavily criticize of don't evet recognize it as a tool
• Main flaws are as follows:
o Excessive lists of strengths, weaknesses, opportunities, and threats
o No prioritization of factors
o Factors are described too broadly
o Factors are often opinions not facts
o Not recognized method to distinguish between strengths weaknesses, opportunities and threats.
Strategic Planning - ANSWER-• A company's strategic plan is the fame plan that management uses for positioning the company in tis chosen market arena, competing successfully, satisfying customers, and achieving good business performance
• A solid strategic plan shod provide a roadmap to and answers (at a minimum) to following questions:
o How can out company be more focused?
o How can we deliver more value?
o How can out company and employees be more efficient?
o How can we be more successful?
Strategy: Key Components of a Plan - ANSWER-strategy formation
goal setting [Show Less]