Environmental Analysis
Australian National Maritime Museum is located in Darling harbour, Sydney and operates in a highly competitive environment. The business is susceptible to changes in consumer behaviour such as shift in customer priorities, attitudes, etc. In order to develop an understanding of the macro environmental forces and conditions, a PEST (Political, Economic, Social, and Technological) analysis was carried out. A good understanding of the target consumer segment and the environment will enable ANMM to develop successfully strategize and plan for the future.
PEST Analysis
Political
ANMM, being a Government institution, depends on Government grants and policies to facilitate expansion and growth. With government funding 70% of operational and capital requirements, changes in fiscal policies and budget can impact the feasibility of new projects and initiatives undertaken by ANMM. While a stable government at the helm is a favourable factor, there also exist apprehensions about safety and security due to the recent …show more content…
This model will be used here to assess the overall attractiveness of the market segment. The basic concept behind the model is that the market attractiveness is determined by the interaction of six forces with respect to the operating environment of the museum.
Threat of New Entrants: LOW (favourable)
The threat of new entrants can be considered as LOW as high capital investment is required for establishing an institution in Sydney Darling Harbour due to high demand and space constraints. With multiple established players in the location, entry into the market can be facilitated only through major players and government support. The availability of established brands also contributes to increased competition and high barriers of entry.
Bargaining Power of Buyers: HIGH
Australian National Maritime Museum is located in Darling harbour, Sydney and operates in a highly competitive environment. The business is susceptible to changes in consumer behaviour such as shift in customer priorities, attitudes, etc. In order to develop an understanding of the macro environmental forces and conditions, a PEST (Political, Economic, Social, and Technological) analysis was carried out. A good understanding of the target consumer segment and the environment will enable ANMM to develop successfully strategize and plan for the future.
PEST Analysis
Political
ANMM, being a Government institution, depends on Government grants and policies to facilitate expansion and growth. With government funding 70% of operational and capital requirements, changes in fiscal policies and budget can impact the feasibility of new projects and initiatives undertaken by ANMM. While a stable government at the helm is a favourable factor, there also exist apprehensions about safety and security due to the recent …show more content…
This model will be used here to assess the overall attractiveness of the market segment. The basic concept behind the model is that the market attractiveness is determined by the interaction of six forces with respect to the operating environment of the museum.
Threat of New Entrants: LOW (favourable)
The threat of new entrants can be considered as LOW as high capital investment is required for establishing an institution in Sydney Darling Harbour due to high demand and space constraints. With multiple established players in the location, entry into the market can be facilitated only through major players and government support. The availability of established brands also contributes to increased competition and high barriers of entry.
Bargaining Power of Buyers: HIGH