Crafting of strategies requires intellectual and mental ability as this is based on the conspiracy of the competitor. The novelty element should form part of the strategy to set unique identity of an entity in relation to its rivals in the same market. Two center management has selected London town for analyzing its strengths and weaknesses. The current project report is based on applying strategic roundabout model that stresses on the culture factor of the London. The socio-economic impact of the whole town has analyzed with the application of PESTLE analysis. The challenges identified by the officials are further rectified by adop
1. Apply Elements of Strategic Roundabout
The current project report is based on assessing the existing culture of London which is located in the United Kingdom (Jones, 2016). The London is one of the famous destination tourist destinations situated in the center of the UK in order to please the heart of wide number of customers and tourists. The famous tourist destination will occupy with the large set of audiences who visit daily to this place in order to best the existing conditions and tourism of this place. The town center management has selected this place to assess the culture of this city to identify its importance for being famous in the whole world.
London is famous destination to be explored by different set of customers to gain the popularity among worldwide customers (Goldman and Scott, 2016). This place is famous for architectural structures, engineering, music, museums, festivals and other kinds of entertainment services. This place is the capital of the United Kingdoms as the heart of UK is bestowed with unique talent. The current place is culturally strong enough in order to meet the needs and the expectations of various customers and tourists. The tower of London is the glory of royal emperor of the London and reflects the royalty in their structure. The phase of industries and their arena has started with the industrial evolution takes places in the London. This current revolution has started in the period of 1760-1840 period (Stacey, 2016). The revolution has produces various resources to be used in the manufacturing processes by using different machines and the manual procedures.
The variety of resources to be utilized in generating the higher amount of sales and the revenue to boost up the economy. The revolution has brought several resources such as iron that can be used to improve the efficiency of various processes. The resources are used to initiate the unique technology of power. The natural resources re used to initiate the proceedings of the power technique includes water power, steam power, machinery (Jones, 2016). All this system will give rise to the inauguration of the factory system to facilitate the local people to get the finished products. The starting of the factories will increase the employment in the country which in turn enhances the social objectives and obligations of the whole society. The textile industry of the London is famous all over the world by generating higher output by utilising less manpower than compared to the use of capital intensive techniques. The generation of higher output will be beneficial for the whole economy as their current level will get improved with the use of several tools and techniques.
The positive impact of the industrial revolution is to support the whole economy by raining the existing standards. The revolution gas result into the discovery of steam engine and the railway tracks to facilitate the local users (Penczynski, 2016). The support of local individuals is essential in order to implement new things in order to save itself from the heavy resistance among people. The evidences seen in the current time is the outcome generated from this revolution which is still alive after so many years of the revolution. The evidences of all these revolutions are currently wrapped in the technology to meet the current needs and the expectations of several users. The steam engine is the initial changes takes laces in the whole London which further gets fundamental strong position by adding the touch of technology. The railway tracks of the earlier economy are transformed into metro rails. The strong fundamental created by the revolution has seen in the current time (Avolio and Yammarino, 2013). The new generation of today's time is denied with the fact that these metros are based on the concept of steam engine and all, other old generation machinery. The revolution plays a significant role in raising the level of the technology.
There are various highlights which showcases the ability of this economy in relation to the external market fall under the same category in terms of generating fame. The list of technological developments attained by the economy of London will amaze all individuals. The Iron making is the surprising thing for this economy who owned the technique to rule the world on the basis of the current procedures (Tovstiga, 2015). The iron is made with the usage of Coke which reduces the cost of producing the iron that sets a unique identity of this economy. The production process of iron will generate different quality of output. The higher and lower range of iron will sell all around the world. The iron has increases the export in all around the world by producing variants of iron production to cater the needs of several users.
The textile procedures will produce variants to please the variety of customers all across the world will includes different quality and the quantity of fabric used. The famous fabric generated while applying various textile procedures will result into Lancashire (Jones, 2016). The cottage industries are promoted in this revolution to bring out the talent of small scale entities. The approach adopted by the officials of the London government have been seen in the current time. The current government of the London are supporting the efforts applied by the small scale businesses in order to bring innovation and creativity in their original work. The efforts made by the users as they have more enthusiasm to bring innovation in the current approaches in order to gain the competitive advantage over variety of economies in the world. The scope of agriculture and the farming practices are promoted by the economy officials to add the touch of diversified economy.
2. Demonstrating the Socio-Economic Impact on a vibrant town center
The external environmental will be analyze by the town center management in order to assess the internal capabilities of the town in relation to the external market which is given as below with the help of PESTLE analysis:
Political- The impact of the political government will influence the country in order to make judgments in the favor or against of all the citizens of the town. The United kingdom is famous country for showing monarchy rule which influences each and every decisions of the town. The constitutional system set by the people of the London that is the parliamentary system are dominated the overall monarchy system (Penczynski, 2016). The UK is counts among the category of fair and stable country which provides variety of opportunities to explore all around the UK. The country has divided into two categories such as national and local administration to frame policies and regulations in order to set the stable political conditions in the existing country. The government of the London is adopting proactive actions in order to save the interest of the country from the external threats faced by other countries in form of new regulations.
Economic factors- The current economic conditions of this is strong enough in order to treat the complex matters easily. The current economic conditions of this country is stable and strong in relative comparison to other strong countries of the whole UK (Goetsch and Davis, 2014). This country has also supported higher amount to the GDP by raising the level of income from the variety of sources to increase the income by strengthening the current economy. It ranks among the 5th higher Gross domestic product in relation to the Europe and the Germany. The Population of this country are contributing the small scale markets of this place to attain the profitability.
The small markets are increasing with the current pace rate in relation to the external market. The diversified economy of this country is contributing higher efforts pf this place in order to support an organization. The current economy is a collaboration of the private and public limited sectors who raise the scope of this entity in realization with the external market (Crawford, Costa-Gomes and Iriberri, 2013). Free trade is the market approach followed by this country which is the basic reason behind the higher achievements attained by this country. The market liberalization has raises the overall skills and capabilities currently enjoyed by all the citizens of the country. The current players of the overall market will help in ruling the overall business entity. The FDI is also promoted to challenge the capabilities of all the domestic producers who lies in the existing market. The domestic producers and sellers strives harder to compete with the foreign investors to safeguard their existing business and the overall market share enjoyed by the current users.
Social factors- The tastes and preferences and the religion perspectives are taken into considerations which will be helpful for the peoples to stay connected with the current sellers. The products supplied by the users with a clear aim to sell their products among the local customers and the tourists to support the current aim of the business entity. The government of the London will provide variety of services to facilitate its local people to take advantage from the services offered to them (Tovstiga, 2015). The free public services provided by the legal authority in this country includes national health services to ensure the health of all the individuals. The offering of these kinds of services will help to maintain the loyalty among the variety of customers. The social structure of this country includes 64.1 million inhabitants. The cost of living is higher in the London in comparison with the other town in the UK. The rate of migration is higher in this twin due to the search of employment, proper environment and in search of house to live.
Technology factors- The technology is regarded as one of the important factor used in improving the existing working conditions of the business (Goetsch and Davis, 2014). The innovative technology will be used by an entity in gaining competitive advantage over competitors. The quality training will be provided to all the corporate users who intend to increase their current level of the business. The patent and copyright laws will be effectively imposed in the country to increases the compliance of all the laws. The European Union will intervene all the businesses who comes under the boundary of European union to protect the interest of several users and the customers. The laws and the regulations are framed to safeguard the interest of customers from the competition by framing competition Act, 2002.
Legal factors- The status of the London government has increased with the organizing of Olympic events which showcases the support of the officials (Tovstiga, 2015). This current strategic movement taken by the government of the London to support the events to strengthen their economic conditions. The legal policies are framed by the country in relation to the external business parties. The taxation matters will also influence the decision of an individual in order to select a country which provides benefits and tax reliefs. The concessions in the tax will be helpful for the people who ensure their new business in this country.
The basic aim of the Town management center behind applying this tool is to determine the errors and core challenges faced by this particular town which is given as below:
FISH BONE Diagram Showing contributory factors
The above mentioned fish bone diagram is depicting the factors which held responsible for the current situations faced by the country (Penczynski, 2016). This diagram is one of the major part of the root cause analysis in which the contributory factors are analyses in order to determine the cause and effect relationships. These factors are identified which is affecting the country in both positive or negative manner.
3. Apply strategic models and tools
Blue ocean strategy can be used by the town management center are identifying the core challenges faced by the London. The factors which play an important role in assessing the existing economy condition of the London is done with the application of PESTLE analysis. The various elements of the current model are applied in assessing the current conditions (Goldman and Scott, 2016). The rationale behind applying the current model is to create additional value and innovation in the existing economy. The existing problems are identified in relation to the external framework which supports in raising the standards of the current enterprise.
The above value creation model which emphasises on attaining innovation by curtailing its weaknesses in order to grab higher market opportunities. The problems and the issues faced by this town currently are identified by the town center management by conducting PESTLE analysis. The analysis has been conducted by the owners to rectify its existing weaknesses in relation to take future opportunities. There are various stages of this model which analyses each and every step which is given as below:
Eliminate- The current stage will include all those factors which are taken for granted without understanding its true value should be eliminated (Olson and Simerson, 2015). The complexity factors which can be trouble maker for the business entity while establishing their business in the London. The Rigid political rules should be eliminated as it decreases the glory of the whole economy. The chaos in the political system of the London is not beneficial for the business users in order to establish their business in this town.
Reduce- This phase will involve all those factors which is reducing the current image of the whole economy among various users of the economy (Stacey, 2016). The London two is currently facing some problems which reduces the image and popularity of this place. This place attracts wide number of tourists with the aesthetic beauty of the place and all the destinations which steal the interest of all the individuals. The Economic recessions should be reduced as this decreases the revenue of the government (Singh and Khamba, 2016). The sales and the revenue need to be improved by collecting revenue from different sources such as taxation, penalties, interest charged. The economic recessions is that phase which occurs due to the heavy external pressure on an economy. The Social challenges faced by this town is related with the education cost which decreases government revenue as no one is taking admissions to the educational services of the London. The effect of this problem can be reduced by taking funds for education from neighboring countries to support the whole economy. Another problem faced by this town is the heavy pressure of high migrants from outside the city (Singh and Useem, 2016). The people travel from outside the city in the London are increasing the current populations size. The problem of high migrants can be solved by prioritizing the rights and duties of all the migrants separately to safeguard the interests of local citizens of the London.
Raise- The factors which form part of this stage which is precious elements for the economy of the London. The technology factors are raises by improving their existing capabilities to gain the competitive advantage over other economy. The technology is constantly changing which is dynamic in nature which allows an entity to enrich their existing skills to provide benefits to the economy (Blue Ocean Strategy, 2016). The London is currently adopting the new trends and patterns of the technology as the new generation is enjoying the current technological devices in their daily routine. The London is regarded as the technological icon who changes technological devices frequently. The patents and copyright laws need to be re-enforced as the higher usage of technology will also involve cyber crimes. The cyber crimes will be eliminated by reducing internal weaknesses and the errors lies in the laws need to be restated. The ethical hackers will be appointed to beat the intruders in the legal system to steal the private information. The leaking of information from the legal servers will lead an economy towards the death trap. On the other hand, environment will be protected by ensuring its safety and protection by framing forest laws and regulating pollution. The emissions from the vehicle is affecting the environment which increases the global warming. The approach adopted by the government behind imposition of these laws to promote the sustainability.
Create- This phase will emphasize on the creation of unique factors which needs to be executed to facilitate various users of the London. The value will be created to raises the existing level of the London in the eyes of different individuals that is the local users, migrants, corporate. The PESTLE analysis has identified different reasons in order to communicate important reasons which is supporting the existing economy (Rao, Sabat and Sharma, 2016). The rules and regulations committee need to be formed by using technology to grab the defaulters who committed crime. The manual systems that is the cops are collaborated with the application of technology to provide the services of robotic analytic. The robotic and business analytic streams are used to find out the future step taken by the defaulters in order to frame legal policies and frameworks to caught the culprit. The economic issues will be resolved by increasing investments in inter economy businesses to harvest revenues in case of business emergencies.
It can be conclude from the above assignment that London town has selected to ensure its pros and cons in relation to the different parameters. The culture model applied on analyzing its ability have shown that Industrial culture has clearly evident in the current time. The steam engine is the primary evident of the industrial revolution have been seen in the new generation. On the other hand, the core challenges of various categories f the PESTLE analysis have identified the major problematic areas in the political factors. The blue ocean strategy have given solution to remove the drawbacks of the current town.
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