TOWs Analysis

This is what the basic diagram of a TOWS for the Olympic Park would look like, outlined is the basic points, and below is further explanation of these points and the understanding of them.

It is stillA distillation of the findings of the internal and external audits which draws attention to the critical organisational strengths and weaknesses and the opportunities and threats facing the company(Kotler et al 2005)

Threats

Other tourist destinations in London might become more popular.

Olympic Park another part of London.

Limelight will be taken of the Olympic Park.

Opportunities

The Olympic park could easily expand.

Ability to hold future events.

Potential to hold more sporting competitions.

‘Hot spot’ for people to work and live.

Weaknesses

Doesn’t cater for every sport.

Caused disruption during construction

Park hasn’t met expectations.

Football has taken over the Olympic stadium.

Increase the range of sports held at the Park – this will increase tourism.

To make the Park more exciting, to reduce the threat of Rio de Janeiro, have other events e.g. music.

Due to the Park’s large area and a need to make it more exciting, introduce motocross events which are high adrenaline events.

By reducing the priority of football, the Park could potentially increase in interest from a wider range of people.

Strengths

The Park helps the local area and suppliers.

The Park brings in a lot of money and helps the economy.

Popular tourist destination.

The Park has become its own part of London.

Although more homes could cause less tourism, this could cause a greater economic benefit. 

 

More events to encourage more visitors = more money and park staying busy.

More events mean more suppliers and more of a boost to economy.

Because the Park area is now considered a Hot Spot for business it boost economy as well as gives park other uses.

 

 

Weaknesses to Threats

Because the olympic park has the weaknesses that it doesn’t cater to everyones sports, with this compared to the threat that there are other attractions for tourist to see which could be more important then the park, causing less tourism. A solution could be that if the Park increased the range of sports they are likely to increase their tourism because of the fact that a wider range of people would be interested in watching the games.  Secondly a weaknesses of the olympics is that some people found that it wasn’t as big and exciting as they felt it should, this with the incoming threat of the rio games, it could be an opportunity for the park to hold other events such as concerts to make the event more interesting and exciting, increasing the tourism and making rio less of a threat.

Weaknesses to Opportunities

With the Park being so large, and having 540 acres of space and a need to increase the tourism a solution could be that the Park could introduce motor cross events which is a high adrenaline event which attracts lots spectators.  A second weakness is that some people felt the park wasn’t as exciting as they wanted it to be, on top of this the park has an opportunity is that it has lots of space and can hold lots of future events. To address this weakness through an opportunity is that the park could offer a wider range of sports rather then just football, which could help to increase interest, making the park more exciting.  Rumsby, B. (2015) Olympic stadium cost rises to £702 million ahead of west ham hand over – and tax payer will pay for most of it.Available at: http://www.telegraph.co.uk/sport/football/teams/west-ham/11686581/Olympic-Stadium-cost-rises-to-702-million-ahead-of-West-Ham-hand-over-and-tax-payer-will-pay-for-most-of-it.html (Accessed: 11 February 2016) This shows that football really did take over within the Olympic Park, especially as now that prices are going up its only football that can afford it, not giving other sports opportunities.Football being the main interest benefits in some aspects as football is extremely popular, it cause drawbacks in others because not everyone loves football. Therefore if football was still looked after but other sports could have opportunities within the Park, its likely to make the park more interesting and exciting, therefore encouraging more people to visit.

Strengths to Threats

A strength of the Park is that of how much the supplier scheme helped the suppliers as well as the local area, a threat would be the increase in the homes in the park which may result in less tourism. However if more homes are to be produced, it will still help suppliers and the local area, and there will still be an economic boost, therefore less tourism may be less of an issue. Here is an article which goes into further detail about the new home being created;East village (2012) Available at: http://queenelizabetholympicpark.co.uk/the-park/homes-and-living/local-developments/east-village (Accessed: 11 February 2016).                                                                  A solution to keep tourism high and insure suppliers continue to get work, regardless of the new housing system would be if more events are added in, consumers are still likely to come and watch events regardless to whether there is homes near by as long as congestion of traffic doesn’t occur. Because the olympic park brings in lots of money and helps the economy. This is put at threat as the rio game is approaching as well as more homes being put in, however if more events are put on its likely to keep the park alive, and continue to make money, regardless of the new home and new games, because if there are interesting events on peoples doorsteps then they will always go due to the ease.

Strength to Opportunities

A strength of the Park was its help to suppliers with the drumming up of business, and an opportunity of the Park is the sheer size and ability to hold more events. Therefore if the park used its strength to pursue its opportunities  the Olympic Park could put on more events not only will it mean more visitors entering the park but it will also mean that more suppliers will be needed, this therefore will continue to help the economy as its not only helping the local area but all the suppliers involved too. The second strength of the Park is the economic growth and wealth it brings to the area, this combined with the opportunity that the Park is now considered a Hot Spot especially in the business world due to its amazing transport links to the area. This could lead to the Park being seen at a different angle and now can be a multi purpose facility because meetings, conferences, ect could actually be held in the park. Again helping to bring in more money to the area, and helping the Park to continue to thrive.

Armstrong, G., Kotler. P., Harker, M. and Brennan, R. (2012) Marketing An Introduction, Pearson, 2nd Edition

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