The Australian Oil and Gas Exhibition and Conference - Case Study Example

Upcoming Perth Business Events Name Institutional Affiliation Date Introduction The report below provides a review of four important business events that will take place in Perth within a period of one year. The events will include two conferences or meetings and two trade shows or exhibitions. The review will entail analyzing the purpose of the events, the expected benefits to Western Australia, the approach used to market the events, and the key stakeholders of those events. Current literature was utilized in the compilation of this report. Upcoming Event 1: The Australian Oil and Gas Exhibition and Conference Description This conference will take place at the Perth Convention Exhibition Centre between 22nd February 2017 and 24th February 2017. The Australian Oil and Gas (AOG) Company is a state owned parastatal formed for the purpose of exploring both conventional and unconventional hydrocarbon accumulations, in the ten Australian sedimentary offshore basins. Oil and gas are major natural resources that significantly contribute to the economy of Australia thus their discovery attracted and motivated the key stakeholders of this company, (Australian Oil and Gas Company, 2016) The scheduling of the conference during the last week of February 2017 is ideal and will provide an opportunity for the company to showcase the diversity of the company’s operations as well as the successful contributions of the company since its inception. Over the years, the company has become a major source of attraction to contemporary stakeholders both in Australia and across the globe including countries that do not produce oil (Louw, 2012). Australia’s offshore basins contain enormous deposits of the hydrocarbon compounds with several multinational corporations expressing their interest in exploring this natural resource. Naturally occurring oil is a valuable product in the oil and gas industry with widespread uses both locally and internationally. Consequently, the event organizers will seek to use this event to reinforce the great potential of the Australian oil and gas capability while bridging the gaps in the importing of oil and gas by Australia. Australia mainly depends on imported oil for several years hence this discovery is very timely as the country is very keen on making the much-needed investment in the Australian Oil and Gas Company. A reduction in the quantity of oil importation will translate to huge savings for the country, which will be diverted to other development programs, as the oil becomes a major driver in the country’s economy just like the Middle East countries, (Australian Oil and Gas Company, 2016). Moreover, the February 2017 conference seeks to strengthen collaboration efforts with more than a hundred companies that have interests in the Australian oil and gas sector. A combined approach by these companies will ensure the rapid growth of the oil and gas industry and expand its market potential. The Australian oil and gas company is state owned hence the government remains committed in asserting its role as the main stakeholder that drives the oil and gas industry for effective and efficient operations. However, the company has a low share level on the stock market thus the conference will be very useful in strengthening the company’s performance on the Australian stock exchange market. Better performance of the company on the stock market will ensure effective transformation of the oil and gas industry in Australia, (Meetings and Events Australia, 2016). The conference also aims at fostering close working relationships with key stakeholders in the gas and oil industry to reduce the operational costs while increasing productivity of the sector thus translating into reduced prices for this vital commodity. Consequently, the government will be in a better position to improve the standards of living for its citizens and reduce out of pocket expenditures incurred in relation to the high cost of energy in Australia. This will be possible because of the company’s growing popularity and support following this conference as the company becomes more productive with increased outputs of more oil and refined gas. Oil production entails several steps that refine the crude oil to yield the consumable products (Rajagopal, 2007). Oil and gas are the main sources of energy that most industries rely on to power their machines involved in the manufacturing process hence a reduction in oil and gas process translates into a significant reduction in the production costs of goods and services. This confers great benefits to the consumers and steers rapid economic growth with improving standards of living. The 2017 AOG Company conference aims at accommodating several delegates in order to encourage the interactions during the conference with flexible sessions for enhanced participation. The full program of the event will feature over 20 live stream sessions, sited for everyone working inside and outside the oil and gas sector. Networking activities will include the opening party, the official dinner and the inaugural golf day, (Perth Convention Bureau, 2016). The AOG 2016 Conference will have over 48- exhibiting companies drawn from more than 20 countries across the globe. The exhibiting companies will be granted an opportunity to showcase their technological advancements and innovative approaches in the oil and gas sector as well as their key achievements. Offshore services and supply chain management are the main activities that will feature in the exhibitions with manufacturing designers, contractors, and system analysts expected to take centre stage. There will be a great display of professionalism during this conference as the government seeks to strengthen ethical practices within the sector (Perth City, 2016). The conference will provide a networking opportunity for potential stakeholders as well as shareholders in the oil and gas industry. Exhibitions during the conference will no doubt strengthen business relationships between the Australian Oil and Gas Company and the multinational corporations as well as strategic partners, (Meetings and Events Australia, 2016). Upcoming Event 2: Nifnex Perth Small Business Expo Meeting The Nifnex Perth Small Business Expo will entail capacity-building activities on the requirements for setting up start-up businesses in Perth, production of goods and services, as well as developing and implementing expansion strategies for such businesses (Hill et al., 2015). The event will be hosted at the Ascot Racecourse along 71 Grandstand Road, Ascot, Western Australia 6104, between Friday, 8th July 2016 to Saturday 9th July 2016. The Expo will attract both local and international investors who will partner with the start-up businesses requiring investment to support their growth and expansion. For an instance, a software company may require a potential hardware company, probably a computer, or smart phone based with the intention of making business more efficient, (Nifnex Success Academy, 2016). The event will host fresh university grandaunts with the aim of granting them with more practical business experience, by being shown how and what it takes to start up, manage, grow as well expand any business ideas. The city of Perth is one of the leading cities in world that hosts key potential business forums, with many investors attending most of these forums to share as well as hold exhibitions while similarly marketing their companies, (Nifnex Success Academy, 2016). Before starting a business, it is always crucial understand all the requirements for starting and running the business, including the technological requirements, the supply chain for raw materials and the associated supporting credentials for such a business. The Nifnex Perth Small Business Expo seeks to provide technical support to young entrepreneurs as well as existing business persons who are willing to gain more knowledge on innovative approaches of doing their business. The expo will feature companies that are keen on supporting start-up businesses to grow and become the next big thing, (Meetings and Events Australia, 2016). The expo will focus on elucidating the essential platforms for different kinds of businesses with valuable advice from a team of market experts who will provide technical guidance on crucial issues like business websites, networking, funding the business and other related topics. The event will also feature over 150 associate exhibitions with an opportunity to strike a key contract. Moreover, the event will cover the main fields in business namely production of services providers and goods for sale, supply and distribution of the products and services, marketing, managing consumer expectations, and risk management covering all the key sectors and industries (Meetings and Events Australia, 2016). Many multinational companies will participate in this upcoming event, most of which are expected to share their success stories with the fresh as well as the young entrepreneurs who will be seeking to gain from the forum. Similarly, the companies are bound to benefit from the forum, as they will showcase the extent to which they have reached, in ensuring their competitors are kept at par. Similarly, the event will act as a strategy to reach out to more clients and customers for the businesses who will be in attendance. The participating businesses will be given an opportunity to advertise their companies during the event thus gaining more popularity, which is essential for the growth of the individual companies, (Hill et al., 2015). Last year’s expo had 150 successful exhibitions with thousands of attendees who were keen on benefiting from the Expo. Majority of the exhibitors in this year’s Nifnex Perth Small Business Expo are expected to range from corporate companies, professionals, entrepreneurs, and start-up business entities whose aim is to explore emerging opportunities in the markets. Similarly, the expo will host investors, venture capitalists, and international organizations targeting the expansion of the key potentials of their companies, (Nifnex Success Academy, 2016). Most multinational companies that are currently doing well did not realize their potential within a short period, but rather started up as small businesses, and grew over time to attain their current dimensions. Most of the exhibiting companies will be seeking to offer the critical help required by start-up businesses in their specific field. Many delegates will be attending the event to learn, as well as become informed on innovative approaches of doing business. The established businesses will also be sharing their success stories while in addition to utilizing the opportunity to market their companies, (Perth City, 2016). The Nifnex Perth Small Business Expo will involve many events occurring simultaneously. These will include the grand opening ceremony, to be overseen by a potential executive, probably the CEO of a renowned multinational business company in the world. Another event will be the key exhibitions by individual companies in attendance. Local successful businesspersons will host a dinner party while a refreshment and enjoyment party will take place hosted by one of the co-sponsors of the event, probably a renowned hotel, (Nifnex Success Academy, 2016). Upcoming Event 3: End of Financial Year Accounting Update Exhibition In-site Professional Development - Accounting Update Series This event will be hosted by accounting professionals with the objective of of appraising and updating the year’s financial accounting systems. The event will take place in Subiaco Western Australia on 6th May 2016 from 8.30am to 12.00 pm. Accounting is a dynamic aspects in any business and accurate financial reporting is a crucial step in monitoring the performance of a given business over a period of time. There are many financial reporting systems used in different parts of the world, and each one of them has a standard means of reporting. Many accounting professionals will be meeting in the End of Financial Year Accounting Update Seminar to highlight some of the probable developments, which can be implemented in different accounting and financial reporting systems to improve their efficiency and efficacy, (Meetings and Events Australia, 2016). Scheduling the seminar at this time was ideal due to its close proximity with the June financial year for reporting whereas a financial update seminar will be held at the end of the financial year. This seminar will cover several aspects ranging from the accounting to the financial reporting structures. The seminar will allow the accountants to focus on the reporting of the last year and use it as an example of how the incoming financial year accounting standards should be. The seminar will seek to focus on this financial year as well as the years beyond, regarding financial reporting, and all other aspects relating to the financial management of an organization. The event will feature exhibitions on the best forms of keeping and updating any business records, managing transactions, and feeding accurate data in the various accounting software for any businesses (Zhang, 2016). This event is similarly expecting speakers to address a wide-range of issues in accounting such as taxation, auditing as well as the advisory divisions. Internal auditing is one of the crucial areas in accounting. The seminar will host auditors who will highlight some of the key regulations towards an effective auditing process. Different international auditing associations will also attend the event, and outline some of their best practices in ensuring an effective auditing process. The seminar will greatly nature young grandaunts who would like to pursue a career in the field of auditing, (Meetings and Events Australia, 2016). Taxation is a contemporary issue in accounting and business and provides the main source of income for the government as many companies and corporations abide to their tax requirements. The government has enacted governing laws to oversee management of taxes that companies adhere to by paying their taxation obligations. The event will also host some government representatives who will elucidate on the facts surrounding the government’s taxation policies as well as the subsidies offered by the government on certain services and the innovative approaches to streamline taxation systems. On the other hand, some companies and businesses investors opt to use illegal means to evade taxes, while pocketing huge sums of profits. Consequently, the event will as outline some of the possible consequences for defaulting tax obligations as well as the government’s new rules on taxation. The local department for tax collection and revenue allocation will send representatives to attend this event (Zhang, 2016). Some of the main agendas forecasted to be discussed during the seminar include economic and market updates, the disclosure initiative, the guidance on non-reporting entities, the progress on vision 2020, the Australian charities and non-profits commission, the IASB programs, and other topical issues. The seminar will be helpful especially to the new businesses entering the wide market, as well as the other international businesses seeking to enter the Australian market. These new entrants into the market will make use of the seminar by learning some of the requirements of the Australian market sector. Multinational company entering the Australian Market will benefit by learning the locally acceptable financial reporting systems such as the IASB system. Some of these companies include the United States private corporations who are used to the US bound GAAP accounting system. This is an accounting seminar hence most of the beneficiaries will be the young accountants and growing Australian companies. The wide-ranging exhibition and coaching by the top personnel in different sectors will aid their faster growth, (Upcoming Business Events, 2016). Upcoming Trade Show 4. The Perth Innovation Month April 2016 Program The Perth innovation month is scheduled for April 2016, and it covers a period of four weeks during which innovations are exhibited and new ideas selected for presentation. Innovation is a key transformational business strategy in the current world. Most of the business ideas in Australia and also other developed countries have been reached a saturation point, hence, the only way forward for the companies is to focus on innovation. Innovation unveils new products and services for the customers served by these companies. For instance, Microsoft software has been improving its Microsoft Windows for computers on a continuous basis to incorporate innovations. Many other companies, including the product selling companies, are increasingly becoming innovative in one or more ideas. Innovation results to products and service improvisation to suit the need of the clients, the innovation ideas are more appealing and clients love new innovative ideas as compared to the conventional designs (Gerber, 2016). The Perth innovation month is an event organized by the top Australian companies who seek to display their achievements based on their innovative approaches. The Perth’s 5th annual innovation month inspires the individuals of all ages to be able to generate as well as engage with the creative ideas. Innovation requires professionalism as well as experience in a certain field hence for one to be innovative they must be fully conversant with the original product or service. This creates more idealistic room for a new idea thinking. It also inspires the young people to utilize their ability in thinking widely and seeing things from an invisible dimension. Many innovators are young people, who enter a given setting to set a new record by introducing innovations in the company’s products and services (Meetings and Events Australia, 2016). Generally, the Perth innovation month event seeks to influence many people, majority of who deal with goods and services that directly contribute to the economy. The power of innovation cannot be underestimated even amongst young people who gain the expertise that enables them come up with ideas that will transform the economy of a country or the entire globe. Creativity leads to innovation and one has to be creative, and critically think on how many wide-ranging products can transform the society (Upcoming Business Events, 2016). The 5th annual innovation month will host hundreds of innovative exhibitions, which will no doubt inspire many businesses as well as companies. A country with a shortage of new business ideas, like Australia, requires innovative approaches to improve market penetration. For instance, in the smart phone industry, the companies involved, such as the Chinese Xiaomi, South Korean Samsung, and the United States Apple are some of the companies that manifest innovation in their business operations (Gerber, 2016). The event will inspire creative thinking amongst young people as they come up with innovative solutions to Australia’s major problems. This move aims to influence the leaders and the executives of both local and international companies as well as young people to gain more curiosity and get involved in innovative creative thinking while acquiring skills that cut across in all the sectors. The Perth’s 5th annual innovation event will accommodate a lager number of the main industries in Australia and across the globe capable of accommodating innovation while changing the way of living for the whole society. Most of the industries will have their exhibitions during the Perth fifth innovation week and will include the food industry, the dance industry, the health industry, music, media, publishing, cinema, as well as science and technology. The event organizers chose these sectors of the economy since they serve a large number of people and have very successful business ventures recorded in Australia (Meetings and Events Australia, 2016). One of the key companies scheduled to exhibit during this year’s convention is the Western Australia Angel’s Investors, (WAAI). These investors will present their innovative ideas in the health sector detailing their health education sessions. The investors have innovatively invested in a local health technology framework as well as many business ventures in the Western Australian region. These ideas will greatly benefit upcoming medical practitioners who will be in attendance so that they are able to learn innovative approaches to health education (Gerber, 2016). Conclusion This review analyzed four business events scheduled to take place within the next twelve months in Australia. The review entailed an analysis of the entire event and exploring the potential benefits conferred by those events to the economy of Australia. These events included the Australian Oil and Gas Conference, the Nifnex Perth small business expo meeting, the end of financial year accounting update exhibition in-site professional development, and the Perth innovation trade show. These events will boost the business culture of Western Australia and improve the lives of its citizens. References Australian Oil and Gas Company. (2016). Australian Oil and Gas Exhibition and Conference. Retrieved April 20, 2016, from AOG Conference 2017: http://aogexpo.com.au/ Gerber, K. (2016). Marketing communication. Cape Town: Pearson Education South Africa. Hill, C., Jones, G., & Schilling, M. (2014). Strategic management theory. Stamford CT: Cengage Learning. Louw, A. (2012). Ambush marketing and the mega-event monopoly how laws are abused to protect commercial rights to major sporting events. The Hague, Netherlands: Asser Press. Meetings and Events Australia. (2016). MEA Conferences. Retrieved April 26, 2016, from http://www.meetingsevents.com.au/ Nifnex Success Academy. (2016). Nifnex Perth Small Business Expo 2016. Retrieved April 20, 2016, from Eventbrite: https://www.eventbrite.com.au/e/nifnex-perth-small-business- expo-2016-tickets-22192231562 Perth City. (2016). Perth Innovation Month. Retrieved April 26, 2016, from Perth City Events: http://www.visitperthcity.com/events Perth Convention Bureau. (2016). Conference and Event Support. Retrieved April 26, 2016, from Perth Convention Bureau: http://www.pcb.com.au/Home.aspx Pride, W., Ferrell, O., Lukas, B., Niininen, O., & Schembri, S. (2015). Marketing principles. South Melbourne: Vic: Cengage Learning. Rajagopal, B. (2007). International marketing: global environment, corporate strategy, case studies. New Delhi: Vikas. Upcoming Business Events. (2016). Retrieved April 2016, 2016, from Busines Events Australia: http://businessevents.australia.com/businessevents/ Zhang, Y. (2016). Collaboration in the Australian and Chinese mobile telecommunication markets. Heidelberg: Springer. Read More