Unit 1 Research Task
Unit 1: Research Tasks
Task 1: Business analysis tools
SWOT and PEST(EL)
SWOT – Strengths, Weaknesses, Opportunities and Threats
Strengths and weaknesses are within your company, things that you have some control over and can change. Examples include who is on your team, your patents and intellectual property and your location.
Opportunities and threats are external things that are going on outside your company, in the larger market. You can take advantage of opportunities and protect against threats, but you can’t change them. Examples include competitors’ prices of raw materials and customer shopping trends.
A SWOT analysis organises your top strengths, weaknesses, opportunities and threats into an organised list and is usually presented in a simple two by two grid.
(https://www.liveplan.com/blog/what-is-a-swot-analysis-and-how-to-do-it-right-with-examples/)
PEST(EL) – Political, Economic, Social, Technological, Legal and Environmental Factors
Political Factors - These determine the extent to which government and government policy may impact on an organisation or a specific industry. This would include political policy and stability as well as trade, fiscal and taxation policies too.
Economic Factors – An economic factor has a direct impact on the economy and its performance, which in turn directly impacts on the organisation and its profitability. Factors include interest rates, employment or unemployment rates, raw material costs and foreign exchange rates.
Social Factors– The focus here is on the social environment and identifying emerging trends. This helps a marketer to further understand consumer needs and wants in a social setting. Factors include changing family demographics, education levels, cultural trends, attitude changes and changes in lifestyles.
Technological Factors – Consider the rate of technological innovation and development that could affect a market or industry. Factors could include changes in digital or mobile technology, automation, research and development. There is often a tendency to focus on developments only in digital
Environmental Factors – Those that are influenced of the surrounding environment and he impact of ecological aspects. With the rise in importance of CSR (Corporate Sustainability Responsibility) and sustainability, this element is becoming more central to how organisations need to conduct their business. Factors include climate, recycling procedures, carbon footprint, waste disposal and sustainability.
Legal Factors – An organisation must understand what is legal and allowed within the territories they operate in. They also must be aware of any change in legalisation and the impact this may have on business operations. Factors include employment legislation, consumer law, health and safety, international as well as trade regulation and restrictions.
Political factors do cross over with legal factors: however, the key difference is that political factors are led by government policy, whereas legal factors must be complied with.
(https://blog.oxfordcollegeofmarketing.com/2016/06/30/pestel-analysis/)
Task 2: Types of business in the UK
Sole Trader – Run your own business as an individual and re self-employed. You can keep all your profits your enterprise makes, after you’ve paid tax on them. You are personally responsible for any losses your business makes.
(https://www.gov.uk/set-up-sole-trader)
Partnership – Partnerships are businesses owned by two or more people. A contract called a deed of partnership is normally drawn up. This states the type of partnership it is, how much capital each party has contributed, and how profits and losses will be shared. A partnership can also have a sleeping partner who invests in the business but does not have dealings in the day to day running of the enterprise.
(https://www.irs.gov/businesses/partnerships)
Social Enterprise Business Models – Profits are made by reinvesting in the creative sector which benefit people and or planet. This is often referred to as the “Triple bottom line” – profit, people and planet.
Charities
Charitable Trust – Organisations with charitable status cannot use assets for any purpose other than the pursuit of charitable objectives. The assets of a charity can never be used for private benefit.
Charitable trusts are widely recognised as existing for social good. This can assist with fundraising and suppliers, banks, funders and lenders are familiar with the concept of charity.
Charity Limited by Guarantee
A charity limited by guarantee is a legal structure for organisations seeking full charity registration and limited liability. Like Charitable Trusts suppliers, banks, funders and lenders are familiar with charitable CLG’s. It does have burden of dual registration
Task 3: Business plans and models
Business plan – A business plan is a formal written document containing the goals of a business, the methods for attaining those goals, and the timeframe for the achievement of the goals.
Business model – A business model describes how an organisation creates, delivers and captures value in economic, social, cultural or other contexts. The process of business model construction and modification is also called business model innovation and forms a part of business strategy.
Sustainable business model can be defined as a business model that creates, delivers and captures value for all its stakeholders without depleting the natural, economic and social capital it relies on.
Task 4: The brand
Mission statement – A formal summary of the aims and values of a company, organisation or individual.
Brand positioning – Brand positioning is about owning a unique position in the mind of the target customer. Brand positioning is about owning a unique position in the mind of the target consumer, and it is an articulation of what you want your brand to be to consumers.
Business values – Company values are the set of guiding principles and fundamental beliefs that help a group of people function together as a team and work towards a common business goal. These values are often related to business relationships, customer relationships and company growth.
Business drivers – Business drivers are the key inputs and activities that drive the operational and financial results of a business. Common example of business drivers are salespeople, number of stores, website traffic, number and price of products sold and units of production.
Task 5: Legalisation and the creative industries
Intellectual Property – Intangible property that is the result of creativity such as patents and copyrights.
Copyright – The exclusive and assignable legal right given to the originator for a fixed number of years to print, publish, perform, film or record literary, artistic or musical material.
Talent Release – A talent release form is a simple legal document that is designed to prevent you from getting sued for the unauthorized use of someone’s image or voice. A talent release may be part of a more comprehensive contract, or it may be a separate document.
Location Release – A location release form grants permission to the filmmakers by the property owner to film on a specific property. The form has all the details about a shoot that a property owner needs to know, and it must have the property owner’s signature to protect both the filmmakers and the owner.
GDPR – The General Data Protection Regulation is a European Union privacy law that comes into effect on May 25th 2018. It has been years in the making and is to replace the last major piece of EU privacy law which dates from 1995 a time when Geocities was popular before Facebook, Myspace and Google.
Task 1: Business analysis tools
SWOT and PEST(EL)
SWOT – Strengths, Weaknesses, Opportunities and Threats
Strengths and weaknesses are within your company, things that you have some control over and can change. Examples include who is on your team, your patents and intellectual property and your location.
Opportunities and threats are external things that are going on outside your company, in the larger market. You can take advantage of opportunities and protect against threats, but you can’t change them. Examples include competitors’ prices of raw materials and customer shopping trends.
A SWOT analysis organises your top strengths, weaknesses, opportunities and threats into an organised list and is usually presented in a simple two by two grid.
(https://www.liveplan.com/blog/what-is-a-swot-analysis-and-how-to-do-it-right-with-examples/)
PEST(EL) – Political, Economic, Social, Technological, Legal and Environmental Factors
Political Factors - These determine the extent to which government and government policy may impact on an organisation or a specific industry. This would include political policy and stability as well as trade, fiscal and taxation policies too.
Economic Factors – An economic factor has a direct impact on the economy and its performance, which in turn directly impacts on the organisation and its profitability. Factors include interest rates, employment or unemployment rates, raw material costs and foreign exchange rates.
Social Factors– The focus here is on the social environment and identifying emerging trends. This helps a marketer to further understand consumer needs and wants in a social setting. Factors include changing family demographics, education levels, cultural trends, attitude changes and changes in lifestyles.
Technological Factors – Consider the rate of technological innovation and development that could affect a market or industry. Factors could include changes in digital or mobile technology, automation, research and development. There is often a tendency to focus on developments only in digital
Environmental Factors – Those that are influenced of the surrounding environment and he impact of ecological aspects. With the rise in importance of CSR (Corporate Sustainability Responsibility) and sustainability, this element is becoming more central to how organisations need to conduct their business. Factors include climate, recycling procedures, carbon footprint, waste disposal and sustainability.
Legal Factors – An organisation must understand what is legal and allowed within the territories they operate in. They also must be aware of any change in legalisation and the impact this may have on business operations. Factors include employment legislation, consumer law, health and safety, international as well as trade regulation and restrictions.
Political factors do cross over with legal factors: however, the key difference is that political factors are led by government policy, whereas legal factors must be complied with.
(https://blog.oxfordcollegeofmarketing.com/2016/06/30/pestel-analysis/)
Task 2: Types of business in the UK
Sole Trader – Run your own business as an individual and re self-employed. You can keep all your profits your enterprise makes, after you’ve paid tax on them. You are personally responsible for any losses your business makes.
(https://www.gov.uk/set-up-sole-trader)
Partnership – Partnerships are businesses owned by two or more people. A contract called a deed of partnership is normally drawn up. This states the type of partnership it is, how much capital each party has contributed, and how profits and losses will be shared. A partnership can also have a sleeping partner who invests in the business but does not have dealings in the day to day running of the enterprise.
(https://www.irs.gov/businesses/partnerships)
Social Enterprise Business Models – Profits are made by reinvesting in the creative sector which benefit people and or planet. This is often referred to as the “Triple bottom line” – profit, people and planet.
Charities
Charitable Trust – Organisations with charitable status cannot use assets for any purpose other than the pursuit of charitable objectives. The assets of a charity can never be used for private benefit.
Charitable trusts are widely recognised as existing for social good. This can assist with fundraising and suppliers, banks, funders and lenders are familiar with the concept of charity.
Charity Limited by Guarantee
A charity limited by guarantee is a legal structure for organisations seeking full charity registration and limited liability. Like Charitable Trusts suppliers, banks, funders and lenders are familiar with charitable CLG’s. It does have burden of dual registration
Task 3: Business plans and models
Business plan – A business plan is a formal written document containing the goals of a business, the methods for attaining those goals, and the timeframe for the achievement of the goals.
Business model – A business model describes how an organisation creates, delivers and captures value in economic, social, cultural or other contexts. The process of business model construction and modification is also called business model innovation and forms a part of business strategy.
Sustainable business model can be defined as a business model that creates, delivers and captures value for all its stakeholders without depleting the natural, economic and social capital it relies on.
Task 4: The brand
Mission statement – A formal summary of the aims and values of a company, organisation or individual.
Brand positioning – Brand positioning is about owning a unique position in the mind of the target customer. Brand positioning is about owning a unique position in the mind of the target consumer, and it is an articulation of what you want your brand to be to consumers.
Business values – Company values are the set of guiding principles and fundamental beliefs that help a group of people function together as a team and work towards a common business goal. These values are often related to business relationships, customer relationships and company growth.
Business drivers – Business drivers are the key inputs and activities that drive the operational and financial results of a business. Common example of business drivers are salespeople, number of stores, website traffic, number and price of products sold and units of production.
Task 5: Legalisation and the creative industries
Intellectual Property – Intangible property that is the result of creativity such as patents and copyrights.
Copyright – The exclusive and assignable legal right given to the originator for a fixed number of years to print, publish, perform, film or record literary, artistic or musical material.
Talent Release – A talent release form is a simple legal document that is designed to prevent you from getting sued for the unauthorized use of someone’s image or voice. A talent release may be part of a more comprehensive contract, or it may be a separate document.
Location Release – A location release form grants permission to the filmmakers by the property owner to film on a specific property. The form has all the details about a shoot that a property owner needs to know, and it must have the property owner’s signature to protect both the filmmakers and the owner.
GDPR – The General Data Protection Regulation is a European Union privacy law that comes into effect on May 25th 2018. It has been years in the making and is to replace the last major piece of EU privacy law which dates from 1995 a time when Geocities was popular before Facebook, Myspace and Google.
Child labour law - Children can only start full-time work once they've reached the minimum school leaving age - they can then work up to a maximum of 40 hours a week. Once someone reaches 16, you may need to pay them through PAYE . Once someone reaches 18, adult employment rights and rules then apply.
Public liability insurance - Public liability is a type of insurance for businesses of all sizes, across a variety of industries. It covers you if a client or member of the public claims they have been injured, or their property damaged, because of your business activities.
The Competition Act 1998 - The Competition Act 1998 prohibits any agreement, business practice or conduct which has, or could have, a damaging effect on competition in the United Kingdom. This includes abuse by a company which uses its dominant position in a way that harms competition.
The Enterprise Act 2002 - The Enterprise Act (the Act) makes a number of significant reforms to competition and consumer law enforcement in the UK. These are designed to empower consumers and to give competition authorities such as the Office of Fair Trading (the OFT) a stronger role in ensuring that markets work well.
Task 6: The Creative Economy
Creative Industries – Advertising, Architecture, Arts and Crafts, Design, Fashion, Film, Video, Photography, Music, Performing Arts, Publishing, Research and Development, Software, Computer Games, Electronic Publishing and TV/Radio.
Around about 32.4 million people are employed withing the United Kingdom.
The combined economic footprint of the sector is found to have been £178 billion in GVA in 2019, with a total of 3.5 million jobs reliant on the Creative Industries.
Task 7: Regulatory frameworks
Regulatory Body – Public organisation or government agency that is set up to exercise a regulatory function. This involves imposing requirements, conditions or restrictions, setting the standard for activities, and enforcing in these areas pr obtaining compliance.
Regulatory Framework – The regulations, decisions, directives, regulatory policies, guidelines, recommendations and procedures made by the Authority from time to time including any revisions or amendments made to them.
Ofcom is the regulator for the communications services that we use and rely on each day.
Ofcom makes sure that people get the best from their broadband, home phone and mobile services, as well as keeping an eye on TV and Radio. They also oversee the universal postal service, which means Royal Mail must deliver and collect letters six days a week, and parcels five days a week, at an affordable price throughout the UK. Ofcom looks after the airwaves used by wireless devices like cordless phones, walkie talkies and even some car keys and doorbells. They also help to make sure people don’t get scammed and are protected from bad practices. This is particularly important for vulnerable or older people.
Ofcom provides advice and information to thousands of people each year, they register complaints from people and businesses which helps act against firms when they let their customers down. Parliament has not given them power to resolve people’s complaints about their broadband, home phone or mobile phone. Instead, they can be considered by alternative dispute resolution services.
Task 6: The Creative Economy
Creative Industries – Advertising, Architecture, Arts and Crafts, Design, Fashion, Film, Video, Photography, Music, Performing Arts, Publishing, Research and Development, Software, Computer Games, Electronic Publishing and TV/Radio.
Around about 32.4 million people are employed withing the United Kingdom.
The combined economic footprint of the sector is found to have been £178 billion in GVA in 2019, with a total of 3.5 million jobs reliant on the Creative Industries.
Task 7: Regulatory frameworks
Regulatory Body – Public organisation or government agency that is set up to exercise a regulatory function. This involves imposing requirements, conditions or restrictions, setting the standard for activities, and enforcing in these areas pr obtaining compliance.
Regulatory Framework – The regulations, decisions, directives, regulatory policies, guidelines, recommendations and procedures made by the Authority from time to time including any revisions or amendments made to them.
Ofcom is the regulator for the communications services that we use and rely on each day.
Ofcom makes sure that people get the best from their broadband, home phone and mobile services, as well as keeping an eye on TV and Radio. They also oversee the universal postal service, which means Royal Mail must deliver and collect letters six days a week, and parcels five days a week, at an affordable price throughout the UK. Ofcom looks after the airwaves used by wireless devices like cordless phones, walkie talkies and even some car keys and doorbells. They also help to make sure people don’t get scammed and are protected from bad practices. This is particularly important for vulnerable or older people.
Ofcom provides advice and information to thousands of people each year, they register complaints from people and businesses which helps act against firms when they let their customers down. Parliament has not given them power to resolve people’s complaints about their broadband, home phone or mobile phone. Instead, they can be considered by alternative dispute resolution services.
Task 8: Other considerations for business
Finance - Depending on how projects are commissioned, creative organisations will aim to provide a substantial amount of funding from their own cash resources and the income they generate from sales, advances, royalties and development fees.
Insurance - Insurance types within the creative industry include Professional Indemnity Insurance, Employers Liability Insurance, Public Liability Insurance, Business Equipment Insurance, Tax Enquiry & Legal Expenses Insurance and Directors and Officers Liability.
Task 9: Cultural Policy
The Department for Digital, Culture, Media and Sport (DCMS) helps to drive growth, enrich lives and promote Britain abroad. They protect our cultural and artistic heritage and help businesses and communities to grow by investing in innovation and highlighting Britain as a fantastic place to visit. They help to give the UK a unique advantage on the global stage, striving for economic success.
DCMS is a ministerial department supported by 46 agencies and public bodies.
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