Prehistoric and Post Modern Eras Development of Events - Essay Example

Management Table of Contents Introduction 3 PART I 3 PART II 6 Conclusion 8 References 9 Introduction The report will manly highlight about the history and evolution of events industry. The second part of the project will identify and explain the key demand and supply factors that strengthen the UK events industry. The first part signified as PART I will be highlighting about the evolution of events industry in UK and on the other hand the second part or PART II will be illustrating the key demand and supply factors that strengthen the UK events industry. Furthermore the second part of the project will also shed light on the modern trends or one force within the events industry and its impact on the supply and demand factors. PART I According to Bowdin events are the yardsticks of our lives. Before getting into deep lets define events. An Event can be defined or described as a situation where an organization makes itself present in front of the target audience or viewers. Nevertheless events can be also defined in accordance with the type of events, the industry from which the users come from and even on the basis of the market coverage (Businesstourismpartnership, 2010). To cite an instance events are sometimes defined on the basis of international and domestic market. Hence from an overall point of view it is difficult task to exactly define the events industry. In general there are various types of events. Some of the noteworthy forms of events are company meetings, trade shows, meeting face to face, events pertaining to corporate hospitality, and also various Public Relations (PR) events (Goldblatt, 2004, p.5-6). The history of the events industry dates back to the prehistoric times. The concept of events was first instigated in United Kingdom. From that era it was signified as one of the most astonishing diversified business. Over the last ten years the events industry has witnessed colossal growths and the fragmentation level is also high. Presently UK consists of around 2700 establishments. The events industry of UK presents the country with the opportunity to make UK as the global business destination. Hence it is also responsible for creating business opportunities for the local firms which leads to an increase in the network research and the international business. Since the time of its conceptualization, the growth of event industry is continuous, but in the post modern era, after the recent economic downturn and the great depression, growth slowed to a large extent (Connelly, 2008). Nonetheless prior to the global downturn, the industry was experiencing strong growths. Even it was successful in outpacing some of the other industries f the business environment. Further studies reveal that the industry has been able to generate a profit margin of 53 %, which has been the highest among all the other industries. However the growth was during the era when the corporate events and the corporate travels were at their peak. Business sector is now considered as one of the most affected sector Also studies highlight that in the last two decades the events industry has grown tremendously. According to the recent news the events industry of UK is work £36.1bn (Quainton, 2010). In order to cite an instance the value of corporate hospitality is worth £1bn, while the trade shows and exhibitions are nearly valued to £9.3bn. The sporting events also contribute around £2.3bn to the economy of United Kingdom. However separately, the meeting and conference sector is worth £18.8bn. The event industry is contains the following: Business events (this is also known as the business tourism) •Conferences, meetings and exhibitions •Corporate events and corporate hospitality •Incentive travel •Outdoor events Another form of events is the Leisure events: It includes the following:- •Civic events •Festivals and Fairs •Hallmark events •Hospitality (Goldblatt, 2010, p.11) Starting from the prehistoric times to the modern era the industry has been continuously developing. Some of the milestones of the UK events industry are Notting Hill Carnival, Glastonbury Festival, The Open championship, FA cup and the British Grand Prix among the others. These events were responsible for the colossal growth of the industry. One of the earlier forms of the events in the history of the events industry is the events pertaining to organizing musical events. However after the great depression the growth rate has declined substantially. The decline of the events industry has not only impacted the industry itself but has also affected the economy of UK. In the context of United Kingdom the country has the legacy of holding some of the major events of the world. Recently the country hosted some major sporting events of the world. The Olympics, Paralympics, and in the future the country will be holding the soccer world cup. PART II The event industry of United Kingdom presents an opportunity to the country to make it as the global destination of business. Likewise it is also responsible for creating the real growth by creating business opportunities in the United Kingdom (Businesstourismpartnership, 2011). It is also responsible for generating international business and research networks. The business reputation of UK is extremely good and therefore organizers around the world are trying to make their events happen in various place of the United Kingdom. To cite an instance the Olympics of London in 2012 and also the Paralympics has portrayed the attraction and legacy of United Kingdom in the context of their event management (Bowdin, 2012, p.xxvi). Apart from that this sector is also responsible for providing benefits which have direct impacts on the economy. This is also termed as the invisible benefit. The benefits mainly come in the form of increasing the export earning potential. Furthermore it is also a fact that most of leading organizations or multinational companies have their roots in the markets of UK. They play an active role towards the development of B2C (business to consumer), B2B (business to business) trade fairs & exhibitions and also ensures development of cutting edge technology also takes place. The recent trends of the events industry is characterized by the presence of music and festivals market, which is expected to grow considerably in the coming years. Now the key supply and demand factors that emphasize the events industry in the United Kingdom are discussed below:- One of the most conservative as well as conventional way of driving the demand within the events industry is by expanding the existing base of consumers. In events industry demand also draws a parallel relationship with the supply. Therefore it can be highlighted that for any operations, it is imperative to have initial economical means to enlarge as the customer base grows. Nevertheless the key to success lies in the way where the industry is able to acquire new customer base and also retain the existing base of customers. Service is another factor which acts as key elements towards supporting the supply and demand factors of the events industry. The force or trend within the present day event industry and its likely impact on these factors is the bargaining power of suppliers. Suppliers are highly involved in the delivery of services to the consumers. Also the quality of output depends heavily on them. Furthermore, the factor pertaining to expanding of existing base of consumer acts as a key factor towards increasing the demands and supply During the course of the study it has been also identified that the present trend within the events industry is to remain sustainable. As environmentally sustainability is one factor by which the events industry in the United Kingdom is highly impacted. With the rising concerns over the environment, companies belonging to the events industry have also become more careful in order to remain in accordance with the environmental law of UK. The concept of sustainable event management has emerged as one of the factors to face the climate changes and also to reduce the level of carbon footprints. In this context the UK events industry has come up with the BS 8901 as the set standard for sustainable event management in the United Kingdom (Kitchin and Ferdinand, 2012, p.63). Even the government of UK has made it mandatory for every event management company to follow the mentioned guidelines in order to remain environmental friendly. Also the rationale behind the implementation of the BS 8901 was to ensure that the development, planning and management of the events did not contain any environmental or natural resources. Some of the organizations or the groups those are fully compliant with the guidelines of BS 8901 are seventeen events, London Olympics 2012, Lords Cricket Ground, and a number of football grounds in the country. Conclusion The report was manly about the discussion about the events industry. The study highlighted that the conception of events industry dates back to the pre historic times. With the passage of time the industry has witnessed colossal growth. Some of milestones of the industry include Notting Hill Carnival, Glastonbury Festival, The Open championship, FA cup and the British Grand Prix among the others. The second part of the project has explained the key demand and supply factors of the UK events industry. The study revealed that service is one key factor that highly impacts the demand and supply. On the other hand the second part has also illustrated that sustainable events is one of the modern trend or force, which highly impacts the events industry of UK. References Bowdin., G., et al. (2012). Events Management. 3rd ed. London: Routledge. Businesstourismpartnership, 2010. Labour Market Review of the Events Industry. [pdf] Available at: [Accessed 19 October 2012]. Businesstourismpartnership, 2011. Opportunities for Growth in the UK Events Industry Roles & Responsibilities. [pdf] Available at: [Accessed 19 October 2012]. Connelly, P., 2008. Modernity in the Sequence of Historical Eras. [online] Available at: [Accessed 19 October 2012]. Goldblatt, J., 2004. Special Events: Event Leadership for a New World. 4th ed. New Jersey: John Wiley and Sons. Goldblatt, J., 2010. Special Events: A New Generation and the Next Frontier. 6th ed. New Jersey: John Wiley and Sons. Kitchin, P., and Ferdinand, N., 2012. Events Management: An International Approach. California: SAGE. Quainton, D., 2010. Events industry worth £36.1bn: read the full report. [online] Available at: [Accessed 19 October 2012]. Read More