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INDUSTRY ANALYSIS
PESTEL Analysis
Political Factor
Since this is a startup business, the political factors we consider include, tax rates, sales tax, property tax, act of legislation and the stability of Philippines. There are some things to be considered when operating a business. The business must be registered first with the DTI, Mayor’s Office and also BIR. The BIR and Mayor’s Office will be the basis for the payments of the taxes of the business locally and nationally. These taxes include income taxes which are levied upon every business of every industry and are based on the structure of the entity, VAT wherein 12% must be collected on the firm and also percentage tax which is computed as a percentage of the sales.
Some policies of the local government could affect the industry. This includes Republic Act No. 7160 also known as the 'Local Government Cod of !991 wherein local governments could grant tax exemptions, incentives or reliefs to a business if it is necessary. This RA could affect the business in terms of tax of the firm.New start up business can be excluded from giving a minimum wage to their employees and would only last for a year.
Economic Factors
The Philippine economy is progressively increasing according to the World Bank Org. According to the date compiled by CNN Money, the Philippines is projected to be the fourth fastest in the world, that has a GDP at 6.7%. It is projected that the Philippines economy is higher than Bangladesh
More than any other time, organizations need to be acutely aware of changes in the business environment. Organizations need to take a broad stroke brush to strategy creation given likely changes in buyer behavior.
When developing strategy, it is important to scan the macro environment for opportunities and threats and other factors that have may have an impact on the organization. The best way is through a PESTEL analysis, which is an effective way to monitor the environment. Back in the late 1960, Francis Aguilar, Harvard Professor, was interested in strategy creation and published a book called Scanning the Business environment. He is widely cited with creating what is now known as the PESTEL analysis. PESTEL, formally PEST, is an acronym for Political, Economic, Social, Technological, Environmental and Legal factors. The categories are not necessarily mutually exclusive but intended to get you considering influences that may impact your business.
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SWOT analysis is a vital strategic planning tool that can be used by Casino managers to do a situational analysis of the firm. It is a useful technique to understand the present Strengths (S), Weakness (W), Opportunities (O) & Threats (T) Casino is facing in its current business environment.
The current pandemic environmental situation is fluid and changes nearly daily. Daily, weekly monitoring is necessary. A good way to start is to set up an interdisciplinary strategy surveillance group documenting changes in the environment. The interdisciplinary group is also a way to break down siloes.
From the PESTEL analysis continue your strategy development with “What If” scenario planning. Who would have thought casinos around the globe would close from a pandemic. Conducting “What If” analysis allows you to see the business from different vantage points given varying conditions. The degree of agility will allow you to flex with resources quickly to not miss opportunities.
The research report also provides Porter’s five force model, in tandem with the SWOT analysis and PESTEL analysis of the Casino Gaming Equipment market. Leading Casino Gaming Equipment manufacturers/companies operating at both regional and global levels. Macro-Environment Analysis. The PESTEL model was used for analysing opportunities and threats to Hotel X and the summary of the major factors can be found in Appendix 2. (P)olitical Factors. New Zealand general elections may bring changes to government and influencing legislation. Trade agreements have a positive correlation with tourism.
You may need to build a next generation business model quickly. The current situation requires a cocktail of adjustments to maximize revenue, as the environmental scan has a lot of negative factors.
While the microenvironments we live in are different, the macro environment is similar. Below is a quick PESTEL given the current situation.
Political:
Presidential elections will happen in November and with the pandemic Trump will get credit for getting us through the crisis. Like it or not, history will repeat itself in that leaders get reelected during times of crisis.
The United States will insulate from the world; close boarders and become more self-reliant.
China will accelerate investment in self-sufficiency.
Economic:
We are heading for a 2-year global recession with US being hit hardest small businesses. Small businesses and startups will suffer
Unemployment will be at an all-time high
Risk aversion across markets
Luxury and travel markets will suffer
Loss of 401k and long-term savings
No concerts or sporting functions until a vaccine or palliative treatments are developed
Casinos starting to open with restrictions and enhanced sanitation measures
Oil prices fall
Advertising dollars are cut, especially in TV and conventional channels, as will overall marketing costs with dollars directed to the highest worth players and most profitable segments
Additional economic stimulus coming, redistributing wealth
With travel restrictions, the Las Vegas strip will suffer
Tribal properties in more rural locations will fair better than those in metro areas, as there will be a false perception of safety in more virus free areas
Properties restructure preparing for a downturn.
Social:
Social distancing measures continue, meaning redesign of gaming floors or shutting down games
Capacity constraints enforced
Casinos reopen smoke free or with smaller, more controlled smoking areas
People age 65+ strongly suggested to continue to shutter at home
Groups limited to small parties
Continued humanitarian efforts
Hospitals and long-term care facilities on lockdown
People feel cooped up and there will be pent up demand for a time (gamers are risk takers and expect them to show up)
Fear of COVID resurgence in the fall
Technological:
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Adoption of apps and social gaming development
Additional use of kiosks to limit human-to-human contact
Playport concept – curb side kiosk-based gaming takes shape (could be a solution for those at-risk population of core gamers)
Continued development of tools to aid employees to work from home, i.e. Microsoft Teams, Zoom, etc
Environment:
People have measured the positive environmental impact of not traveling and consuming less. However, the government will not make the environment a big priority – no real focus on ecology, sustainability and renewable energy
Legal:
A time of acceptable individual surveillance
Individual civil rights eroded with contact tracing measures and biometric readings
Bailouts with strings attached
New employment practices
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Adjustments to pension laws and when people can draw
Going through a PESTEL analysis will help you build resiliency and seize opportunities in the market while mitigating risk factors.