A major part of creating or maintaining a successful business requires understanding the real-world environment
A successful business requires understanding the real-world environment
Objectives: A major part of creating or maintaining a successful business requires understanding the real-world environment where it operates. Changes in the economy, technology and customer preferences can sideline a business if it doesn’t keep up. A tool for planning for change is the PEST analysis (political, environmental, social, technological).
When the assignment is completed, the student will be able to apply the concepts learned in the Trends/PEST module ((see objectives for that learning module) to a specific entertainment industry, to practice research techniques and gain a perspective on trends that have shaped that industry as a whole
What you will do: In this assignment you will choose an entertainment industry (from the list below) and analyze how it has changed since 1999. You will write a brief overview of what that industry was like pre-digital in 1999; then do a PEST analysis on what forces caused it to change or evolve since 2000 to the business it is today.
First choose one of the entertainment industries below (an industry, not a company)
Preferably, it should be an industry you are interested in pursuing, or where you might like to work. This is an opportunity to learn more about that industry.
The music industry
The broadcast TV/cable industry
The gaming industry
The newspaper publishing industry
The movie rental industry
There several sections to the paper:
1. Explain why you chose that industry:
Why does it interest you and how does it impact on your potential career choice? (50-70 words)
2. Background: the industry as it was pre-digital in 1999.
Include how the industry distributed its products to customers (via cable, over air broadcast, sales of hard copies in stores, print publications, in theaters, via live concerts etc.). What media did your industry use to promote and advertise (on TV, on radio, ads in print publications, etc.?); be specific. (this is not the ancient history of the industry; it is how it operated in 1999) This requires research; cite sources. (150-175 words)
(NOTE: In 1999, pre-digital technology was very different: there was no high-speed DSL/internet speeds; there were only very slow dial-up phone modems. There was no social media. While audio (music) could be streamed by 1998, long-form video (TV) could not be streamed until after 2006 when the internet got fast enough. There were no smart phones that could access the web (cell phones could only call or text) and no mobile devices. Computers were desktop. There was no public access to Google search. Yet entertainment thrived, advertised, marketed itself and was profitable.
TWO COMPANIES: Name two companies that were dominant in your industry in 1999 and provide some information about each. Are they still dominant today? (worth 5 points)
3. PEST ANALYSIS: Four Sections with headers:
Create a PEST analysis defining the forces impacting your chosen industry that forced it to change between 2000 and present, 2017. These changes resulted in the way the industry operates today using current technologies to create, market and distribute its products and services. Don’t just say “digital”. How specifically did digital change that industry?
Include at lest two items in each section
The political climate: conservative or liberal; laws, regulations, tax policy, pressure groups, issues affecting the industry. New means of distribution may require new copyright laws or regulations. What ones that affect your business?
Economic forces affect purchase power & mood of customers: they can include recessions, lay-offs, taxes, stock market change, self-service online (automation) instead of call centers, downsizing and totally new businesses emerging. There have been two recessions and recoveries since 2000. Research financials that compare sales in your chosen business between 2000, 2010, or 2016. Did any major companies of 2000 go bankrupt and if so, what companies replaced them to distribute the product?
Social is people: new generations, ethnic diversity, more younger people, older people retiring, etc. How do changing perceptions in society affect an industry, products? Often major change is led by generations who come of age just as technology shifts.
How did digital technology specifically change the way your chosen industry produces its products, how customers can access them, and how they are marketed and distributed? (don’t just say “the internet”- what did the internet make possible). Include specifics about production techniques, new devices created, specific new services, byte speeds, etc – this is especially important in TV, gaming or music. (remember, social media is a technological force)
Include at least two items in each section with the statement, facts supporting the it and source (in short form) for the facts. Be sure to elaborate on what the item meant to the industry and its impact in forcing change. (check slide presentation for examples)
Summarize briefly what was discovered in the PEST sections; in about 150 – 175 words describe the main forces that worked on the industry that made it evolve and change over the past 12 years.
Research and References
— Have at least six sources for information (more is preferable). You are researching an industry over time.
At least half of the sources, (more is preferable) should come from articles found in the Full Sail Library databases. (note which database in the final list.)
— In text citing: Be sure to cite references in short form (Osterwalder 2011) in the narrative of the paper itself — at the end of the paragraph where the facts/specifics were used. (Using facts or quotes without sources can be considered plagiarism. )
— Full APA format: List the full sources in APA format at the end of the paper.