Benefits of Conference and Exhibition Industry to the Community - Essay Example

Managing and Organizing conferences and Exhibitions Name Institution Benefits of Conference and Exhibition Industry to the Community The conference and exhibition industry is relatively young but recently it has redefined itself as a critical phenomenon in today’s society. The complex environments on which businesses have to operate require forging partnerships so as to create some synergy that would guide each party to success (Hewett Bruce & Subhash 2002). Conferences and exhibitions have numerous benefits to the community in trying to create the coveted interaction and mutual understanding between different players. The aspects of these benefits can be traced back to social, economic and even political benefits. This paper evaluates the various benefits that would accrue to a region or society as a result of engagement to conference and exhibition activities. The society is composed with people of different beliefs, orientations and practices. Conferences and exhibitions bring people with these diverse social backgrounds in the same floor and are given an opportunity to interact. This scenario brings about wider understanding among people with different sets of cultural beliefs. The forum hence promotes mutual understanding and enables people to appreciate culture and see life from a perspective different from that of their group (Sharron 1995). In essence trade is born out of diversity hence appreciating one another is vitally important in establishing business ties and by extension forging a wider understanding between groups of people. The industry engages the services of many people and agencies. Some of the people would be making up the undesirable figures for the unemployed in the country. By keeping these people actively engaged the community is saved from the social vices of crime, prostitution and drug abuse. Some of the conferences are also platforms for educating the authorities to handle some social vices like drug and substance abuse by closing down all avenues used by traders of these substances. There are political benefits accruing from conferences held on international scale. The interaction between people of different countries promotes international peace and security. Conferences and exhibitions are social forums and people get a chance to understand one another and probably iron out their differences (Sharron 1995). When this is done tension between countries is quelled. The contribution of the industry in cooling down the cold war temperatures cannot be ignored. Conferences have been used to bring together heads of countries with strained relations and through that, peace and harmony is brokered. The world is also confronted with the sensitive issue of international terrorism. Different nations take different positions regarding the phenomenon and this has brought tension among some powerful nations precipitating possible armed conflicts. Such has been the situation between Iran and Israel, for example. Conferences help to strike an agreement in such situations hence bringing about some political understanding between nations and regions. The economic benefits are enormous. The first point of reference is the number of people the industry has employed directly as organizers, consultants, and technical staff among many others. The industry’s importance cannot be slighted given the fact that managers of the economy in modern times have an immense duty of handling the levels of unemployment among the youth. The contribution of these people is a vital ingredient in a country’s Gross Domestic Product. The conferences and exhibitions bring together many people from all parts of the world. These people bring with them foreign currency. Furthermore, they spend time and money in the local resorts and parks. This further expands the size of the economy by boosting the number of transactions in the country. The peripheral services they seek also benefits local business (Helen & Robert 1998). For example commercial banks charge for currency exchange services. Other sectors of the economy like tourism may take advantage of the presence of foreign dignitaries to promote the countries natural heritage, wildlife and other unique attributes of a country. Hosting conferences can also trigger the desire for foreign investors to invest in the country. Conferences facilitate diffusion of knowledge and ideas on investment and trade. Experts make presentations regarding the business environment of a country or a region and their views regarding opportunities and threats. These presentations are usually the work of intensive research studies. The country’s potential investors are saved the cost and bureaucracy of conducting feasibility studies when they intend to start new businesses. This saves the economy a lot of funds that would have been spent by each investor in conducting an independent survey. The money can consequently be used for further investment hence expanding the economy and level of production capacity (Hewett Bruce & Subhash 2002). The exhibitions guide the buyers on their choices. When consumers attend the exhibitions they get a chance to choose from variety as the suppliers also get a chance to show case their products. This goes a long way to strengthening healthy competition in the economy through the sellers engaging in non price competition (Helen & Robert 1998). Competition helps to keep prices at minimum, much to the advantage of consumers. Furthermore, when consumers get perfect information about the market meaning they cannot be exploited by scrupulous traders on grounds of price or product quality. When prices are kept at considerable rates inflation levels are checked. Information about quality of products help the consumers to avoid dumped products that may destabilize the local market. Exhibitions are crucial in the modern times when organizations are increasingly applying the concept of pure marketing philosophy. The first step in applying this methodology is being able to understand the customer’s perspective, orientation and specific needs. In this regard the contribution of conferences and exhibitions becomes vital in facilitating the interaction between the firm and the customer to forge a mutual understanding (Adler, Mitchel & Fagleys 2005). Exhibitions also allow the seller to launch and implement a new program. A new program be it a new product, new line of product or rebranding strategy would require the graces of the customers. The consumers must be convinced that the undertaking is aimed at increasing the value they get from the organization and not to exploit them. Exhibitions offer the immense opportunity for businesses to launch their programs by bringing together the two parties. When this approach is used then the program is owned by both the seller and the customer and hence will be bound to bear positive results (Grayson & Tim 1999). Conferences and exhibitions provide the much desired platform for the marketers to meet with their customers and potential customers face to face. This is vital in creating a business understanding that will benefit both parties. In such circumstances the firm will have a chance to learn firsthand the perspective of the consumer regarding the product features (Adler, Mitchel & Fagley 2005). The suppliers can based on the information gathered from their customers change the branding, revise their pricing, change the packaging sizes among others. Exhibitions also further promote customer relations management by minimizing conflict between the customer and the producer. One of the most awkward situations that an organization can find itself in is unresolved conflict. Conflict between a customer and a seller destroys their relationship almost forth wit. Conferences and exhibitions bring these two parties hence fostering mutual understanding and the firm can always remain informed on the quality and service requirements of its customers (Bolton, Amy & Janet 2003). These forums are vital meeting point where the users of various products can be trained on matters regarding the usability of the products. In this regard the consumers can learn how to handle the products, maintain them and ensure that the products realize their anticipated useful life. In addition the users can be trained on the safety application of the commodities or the side effects of over consumption of certain substances (Hewett, Bruce & Subhash 2002). It is through provision of truthful information that trust can be established and maintained between the firm and the customers. In the light of this discussion it is safe to state that the conference and exhibition industry in playing a vital role in today’s society. This is with regard to first, promoting the social interaction by bringing together people from diverse cultural backgrounds. The political benefits include promoting international peace and security by creating business relationships between countries. Conferences have also been used as a platform to broker peace between warring nations. The economic rationale of conferences and exhibitions touch on the market competition - by enabling the consumers to make more informed decisions; promoting the health economic status through keeping inflation levels at minimum, enhancing the country’s foreign exchange reserve among others. The mass population the industry has employed is also a major contribution to solving social and economic challenges of modern times. References Adler, Mitchel, G & Fagley NS 2005, ‘Appreciation: Individual Differences in Finding Value and Meaning as a Unique Predictor of Subjective Well-Being,’ Journal of Personality Vol. 73 pp. 79-114. Bolton, RN, Amy, KS & Janet, W 2003, ‘Striking the Right Balance: Designing Service to Enhance Business-to-Business Relationships,’ Journal of Service Research Vol. 5, pp. 271–91. Business Events, 2012, ‘membership prospectus 2012-2013. www.businesseventstasmania.com. Retrieved 20th October 2012. Grayson, K & Tim, A 1999, “The Dark Side of Long-Term Relationships in Marketing Services.” Journal of Marketing Research, Vol. 36 pp.132–41. Helen, C & Robert, D 1998, Who’s My Market? A Guide to Researching Audiences and Visitors in the Arts, Australia Council, Sydney. Hewett, K, Bruce RM & Subhash, S 2002, ‘An Exploration of the Moderating Role of Buyer Corporate Culture in Industrial Buyer-Seller Relationships,’ Journal of the Academy of Marketing Sciences, Vol.30, pp. 229–39. Jap, SD & Erin, A 2007, ‘Testing a Life-Cycle Theory of Cooperative Inter-organizational Relationships: Movement across Stages and Performance,’ Management Science, Vol. 53, pp.260–75. Sharron, D 1995, The marketing mix: promoting museums, galleries & exhibitions, Museums Australia, Melbourne. Woolcott Research Pty Ltd, Positive Solutions and Judith James Consultancy, The Great Indoors: Developing audiences for contemporary art and craft in Australia, 2003 Read More