Event Management Industry - Assignment Example

1. Event Management Industry The industry that deals with managing events is an Event Management Industry in its simplest meaning. Now a day’s event management industry is one of the largest businesses in the World. Estimated amount of events business in UK in 2010 is worth $18.8 billion according to Eventia’s 2010 UK Events Market Trends Survey (Eventia, n.d.).. Event Management requires planning whether a festival, ceremony, party, meeting, concert or competition. To plan an event following are the requirements, a. Research for the Event b. Create a design for the Event c. Find a suitable site d. Make arrangements for food, decoration and entertainment e. Plan transportation to and from the event f. Invite the attendees g. Make arrangements for the accommodations of attendees if necessary h. Coordinate the activities of Event personnel i. Hire employees to work for the Event j. Supervise The Event k. Evaluate of the Event History and Background The Events industry is not thought to be very old may be because it got publicized only from few years. But as a matter of fact throughout history events have a great role on the lives of people thus event management is as old as events them self. The first Olympic were held in 776 BC in the Ancient Greece, likewise there were many events and festivals celebrated ages ago as well. Considerably the ancient event organizers must have more difficulties and problems then today. The prominent organizations started operating on the small scale from the late 1960’s and early 1970’s, they mostly organized meeting. The industry grew by time including exhibition management and tourism. The event industry has grown huge by the two decades. Annually estimated $500 is spent on special events worldwide (Damster, 2005). The founder of International Special Events Society is Goldblatt, he is also the founding director of the event management program at the George Washington University (Damster, 2005). He serves as the dean of the Alan Shawn Feinstein Graduate School that offers the first MBA degree in Event Leadership. By today it is one of the most growing industries employing a large amount. Target Customers The range of customers is very vast in event management industry as every age group need help to organize events. Its starts from as higher level as politicians to organize their campaign events to a business meeting at lunch for just a group of ten people. From a birthday party to Olympics, event management deals with all age groups. Mostly the business conferences, exhibitions and parties are arranged throughout the season, thus it’s the people of all field that falls in the category, businessmen at the most. Events Sectors Events cover a spectrum of planned occasions (Damster, 2005). There can be many types of events as follow, 1. Sports Events 2. Business and Trade Events 3. Political Events 4. Private Events 5. Cultural Events 6. Recreational Events 7. Art and Entertainment Events 8. Educational Events Training and Education By the time the size and needs of the event management industry have increased, so the training of event management has emerged and started as per requirement. There are those who are working well due to the skills and experience they gained within the job. Many are from the related areas like entertainment, films, production and theatre. But as the industry is growing the logistics of events are becoming complex and the need for trained and educated professional has emerged to meet the industry requirements. (Allen, O’Toole, Larris and McDonnell, 2011) Competition within the Industry It is a huge business with a huge competition. Events encourage competition and thus the industry is affected by it both positively and negatively. Every place in the world has different features, some are suitable for events and some are not, some places are more beautiful than the others and some countries are more developed and safe to do events thus the completion is much making the industry demanding and meanwhile interesting and happening too. 2. Financial Benefits It is a financially beneficial business for both the dealers and the customers. Event managers not only earn money but helps in saving money and produce a better, more organized and beautiful event. The event management not only earns finance for self but is also a great source of foreign exchange for the country. Revenue Every industry needs to be marked thus event management marketing includes event revenue models, sponsorship relations, promotion and attendee services. The success of an event depends on a sound business plan and event budged. The landowners can develop revenue streams with the basic event costs established. They may take sponsorship and broadcast revenues, for example. In addition, there will be merchandising opportunities for example in trade exhibitions at the event; the stall holders are charged a fee, as well as the sale of event-specific merchandise. Though, that it can take years for an event to establish itself and it is unlikely to be very profitable with in the year. Fix Costs The fix costs are the expenditures on the event that is spend on the management and stuff requirements and is must and cannot be changed or escape for example venue fee, permit fee etc. Variable Costs Costs that can change are the variable cost, food is as per requirement and every event have different menu thus have variable costs. 3. Customers Customers are the most important attraction to any industry. Event management industry totally depends on its customers. Customers Acquisition The customer’s requirements are the priority of the event management industry because the event has to be arranged according to the personnel, especially if it is a private event. The customers acquisition largely depends upon a positive public response about the organization thus the event should justify the customer’s likes and dislikes. Customers Retention Customer retention is very important event industry, especially for the business parties as they provide business quite often. Customers Satisfaction Satisfaction is a needed at every step of event management and the planning totally depends on the customer satisfaction. The needs and demands of the customers in this business are very high as right from the planning to the arrangement event professional’s decision depends on the customers’ demands. 4. Management Information System (MIS) Management is a system that works to set the performance standards in queue to performance objectives and design the information feedback system. According to Singh (2007) MIS is a system that is responsible to provide information to support managerial functions like planning, organizing, controlling and directing. MIS collects information in a systematic way according to a defined set of rule; it includes files, hardware, software, and operational research models of processing, storing, retrieving and transmitting information to the users. (p. 7) The objective of MIS is to facilitate the decisions making process, keeping information at proper time, providing information at every level of management to let them function, helps highlighting the necessary factors, and provides a system of people, computers, procedures, query and documents for collecting, storing, retrieving and transmitting information to the users (Singh, 2007). MIS cover all the functions of an organization and produce meaningful and reliable management information. MIS is capable of producing a balance between the set up costs, manpower, overtime, production capacity, inventory level, available money, and customer service. As MIs plays an important role in an organization it is capable to form an impact on the organizations performance and productivity. If the MIS is effective the management of finance, marketing and production etc becomes effective too because it provides a frame to function better making the tracking and monitoring easy (Singh, 2007). Once an MIS of an organization is ready to be implemented, following are the steps involved in installing it, 1. Preparing the organizational plans 2. Planning of work flow 3. Training of personnel 4. Development of the software 5. Acquiring computer hardware 6. Designing data collection format 7. Constructing data files 8. Operating old (if any) and new system side by side 9. Inducting the new MIS in place of old MIS 10. Evaluating the new system 11. Maintenance and Control MIS of an Event Management Industry Event management is all about managing and an effective management information system is a basic need of event management organization. Customers attract through the organization by the MIS, it provides information to the employs at every level of the organization and helps in making decision at the upper level of the industry. Event management is a business where time is very important and thus short too. On time supply of almost everything needed is the first step towards a successful event. MIS help to save the valuable time of both the organization and the customers. It provides a frame to manage batter and most importantly on time. The event manager cannot work without a good MIS because planning is the priority of this business. 5. Survey Questionnaire 1. Is event management helpful to organize events? Yes No 2. Can events like Olympic be organized without event management industry? Yes No 3. Have you ever organized your events by event managers? Yes No 4. If yes then did your event become a success? Yes No 5. Do you think proper training and education is necessary for the event managers? Yes No 6. Is it important to have a good management information system for an event management organization? Yes No 7. Do you think event management is helpful in saving money and utilizing it in a better way? Yes No 8. Is event management an attractive business to you? Yes No 9. Do you think every creative person is capable to run an event management organization? Yes No 10. Are you satisfied by the event management industries performance and development within the past five year? Yes No Results The results are derived through 20 survey questionnaire Number of Question Yes No 1. 17 3 2 2 18 3 12 8 4 8 2 5 18 2 6 18 2 7 12 8 8 15 5 9 4 16 10 11 9 6. Future of the Event Management Industry The event industry is the world’s largest employers and contributes major economic impact thus the future of the industry is bright (Damster, 2005). Everyone and everything is affected by the rapid technological growth, including the events industry. By 2020 comes around, the dominant audience is going to be an entirely different set of people than have attended events in the past. Not only technology but the other aspects associated by the industry seem to have a fair chance of increasing business (Golovinski, 2010). 7. Suggestions Event management is becoming better and better day by day so it is needed that the organization updates regularly to stay in the competition. The questionnaire and its results help us understand and bring about betterment in this business. Awareness about this business still lacks in people. They do not hire the services of event management companies for events like birthdays and small parties. Event management is thought to be an expensive option when one has to go for such services. There is a requirement to spread the word that things can be better organized with the help of people who help you make your event a huge success. Technology is important to revolutionize the world of events thus new technologies are a must to be replaced by the old (Robinson, Wale and Dikson, 2010). Latest software usage helps in better and fast organization of businesses and thus technological advancements should be encouraged. 8. Work Cited Damster, G. (2005). Event Management: A Professional and Developmental Approach,. (2nd Ed.). South Africa: Paarl Prints. Singh, R. S. (2007). Information System Management. New Delhi: A P H Publishing Corporation. Allen, J., O'Toole, W., Harris, R., and McDonnell, I., (2011). Festival and Special Event Management, (5th ed.). Australia: John Wiley & Sons. Robinson, P., Wale D., and Dikson, G., (Eds) 2010. Event Management. UK: CBA international. Eventia. (n.d.). Eventia. Retrieved from http://www.eventia.org.uk/html/article/conference-and-business-events-worth-188billion-eventia (Accessed 16th March, 2013) Read More