Macro environmental factors:
The macro environmental factors are considering everything that can affect the millennium stadium outside of its walls in the external environment. This can also have consequences on the everyday running of the stadium and is a big influence on current strategies and objectives
- Technology- Very rapidly changing in the external environment so have to keep updating and also training people to use equipment- may prove to be very costly. For example goal line technology and the new ref cam. Also need to keep up with competitors. The millennium stadium has a unique closing and opening roof system that helps to differentiate them from the competition.
- Economic- Relates to the economy at this moment in time, High unemployment rates mean that people have less disposable income and therefore may not want to be buying expensive tickets and also paying for travel to get to the stadium, may cause ticket prices to lower and profits to be smaller. However may make recruiting people for jobs an easier process. This may also cause more advertising and promotions.
- Natural forces- The wind and the rain may have an effect on the retractable roof, causing wear and tear, this may mean that maintenance cists increase during certain months of the year. Also the quality of the grass, they have to ensure that enough sunlight reaches it so that they can attract people to hold more events there.
- Cultural forces- The lifestyle of the people living in the surrounding areas will have a big effect on the amount of spectators and foot fall. Quite a sporting and community area will encourage more people to come and support at games and socialise.
- Demographic forces- The access to the millennium stadium is very good as it allows for lots of people to travel via public transport as there are bus stations and also train stations very nearby. This may encourage more people to come as the customer journey will be less stressful.
- Political factors- They will have to ensure that they keep up to date with health and safety laws and regulations, also legislations put in place. For example no smoking or smoking areas put in place and to ensure that people are informed of this.
These external factors are also very influential to the business and can have an effect on the stagey of the stadium. This ensures that research and development are reviewed on a regular basis reducing the risk of the business and ensuring that they are a success.