Micro environmental factors:
The Millennium stadium has many micro environmental factors influencing it every day. These are to do with the internal aspects of the millennium stadium as a business highlighting both the positives and the negative aspects that they may have to overcome.
- The company- This relates to the everyday running of the business and the sustainability. Money will need to be reinvested for future projects such as the expansion of the stadium, to cope with more customers and help to increase the amount of profits made. Also about attracting investors and making the stadium appealing to the customer and differentiation from the competition.
- Suppliers- This is a major aspect in the money making process of the millennium stadium because research shows that the main profit making aspect of the business is to do with the catering side. Profits made on food and drink alone is huge. They need to adopt the economies of scale process in order to maximise profits and keep prices down so that they are able to make the most of their money.
- Marketing intermediaries- This is to do with the advertising and showing people what the millennium stadium has to offer and benefit them. It will benefit the millennium stadium if they have lots of good quality intermediaries as they want lots of positive links, such as the RFU as this is a huge marketing base. Promotions will also play a big part in attracting people in, as the current economic climate is showing that consumer spending is low however promotions may help to increase spectator numbers to events.
- Customers- This is all about the customer journey from the travelling to the stadium to the journey home from the stadium. They want to be offering a unique experience to customers and good customer service is of paramount importance. Accessibility and infrastructure around the stadium is also a benefit t to the millennium stadium as they have a vast amount of parking and also public transport in the surrounding area.
- Competitors- Wembley, O2 arena. They need to differentiate from their competitors, such as the vast variety of sports played there from rugby to equestrian that these other stadiums may not offer. May be quite expensive to compete to hold certain sporting events.
All of these factors result in huge amounts of planning and reviewing of strategies for the development of the millennium stadium and they can change on a regular basis due to the macro environmental factors. They are aiming to invest money in the most sustainable way in order to attract the most spectators and also utilise the facilities to their maximum potential.