The Current Level of Understanding of Events Impact and Events Stakeholder Management - Report Example

The Current Level of Understanding of Events Impact and Events Stakeholder Management and How It Integrates Into the Events Management Process Any process of event management has four fundamental phases. These are: Definition Planning (Preparation) Execution (Implementation) Assessment (Evaluation) Any event organiser knows that there is a lot of information and numerous tasks that are usually carried out in the preparation of any prominent event. Each of the above phases has numerous functions that have to be addressed if the event is to be successful. In large-scale events, these four phases sometimes lapse into one another, requiring the events coordinator to be prepared to concurrently handle multiple functions. Conversely, changing circumstances in each of the phases may require the events coordinator to re-visit previously completed duties. The complicated business environment compels event organisers to create relations with numerous stakeholders. These stakeholders each have their own desires, positions, and expectations, and businesses are confronted with stakeholder reputation risk if these requirements and expectations are not adequately addressed. Stakeholders can bring threats as well as opportunities for businesses (O’Brien, 2006). For example, if an organisation is well respected, stakeholders may give it more latitude to function. Conversely, a bad or lacklustre reputation can cause stakeholders to pass rules that make it harder for the organisation to carry out basic functions (Presbury and Edwards, 2005). Knowledge, reflection, and a basic comprehension of the desires of the organisation’s stakeholders and the reputation management procedures will profit any institution, in spite of its size or stature. There is no company that does not have stakeholders. The term ‘stakeholder’ refers to any individual or group that can somehow influence or is influenced by an institution’s actions, behaviour and performance. There is, therefore, the interplay of different elements to oversee to create an excellent reputation. An organisation gets its reputation from the way its stakeholders perceive it. They assess the organisation’s performance, activities, and behaviour, and then react to these factors by purchasing the institution’s services or products, and recommending the institution to their friends and acquaintances. It is such reactions that are important. The positive reaction of consumers is crucial as it allows the institution to be able to depend on the consumers when it requires some financial assistance. The word ‘stakeholder management’ defines the execution and development of organisational strategies, along with practices that take into account the objectives of the institution’s stakeholders. Stakeholder Management also includes discussion, process generation, and relationship formation that occur between a business and its numerous stakeholders. Any of the stakeholders can negatively or positively affect a business’s reputation, and therefore require varied strategies to balance the situation. Research studies in the past have proven that there is much that institutions can do to constructively cater to the needs of stakeholders (McKercher, 2006). The supervision of, and relations with stakeholders require careful attention if a firm wishes to make the most of its chances, while diminishing any existing threats when handling their stakeholders. Research studies have shown that when a business initiates relationships with important stakeholders, it actually saves on future expenses by eliminating litigation costs, boycotts, pressure campaigns, or even lost income as a result of bad relationships. Good relations with workers also increase the probability that they will be contented with the business as well as their jobs (Jones, 2005). This makes them more likely endorse organisational practices while avoiding interferences in company policies. The assessment of relationships includes a two-way communication procedure with the outcome, whether positive or negative, affecting both the parties involved. Building shared value is also included in the stakeholder management system. In the stakeholder inclusive concept, the institution considers the official expectations and interests of stakeholders because all these issues are important for the continuance of the company. They are not simply tools to cater to the shareholders’ interests. This means that in the ‘stakeholder inclusive’ concept, the shareholder’s interests are taken into perspective when determining the company’s best interests (Jackson, 2005). The trade-offs as well as integrations between numerous stakeholders are formed on a regular basis, to keep the organisation in a state of constant progress. No shareholder, then, is given more power than other stakeholders. However, shareholders’ interests may be given precedence if their contributions will be the best for the organisation at that particular point. The best interests of the organisation should be addressed within the organisational stipulations, and the business as a responsible corporate entity. This method gives effect to the concept of revaluating business objectives in terms of lasting constructive effects for all the relevant stakeholders. The Emerging Market Trends in Tourism Events The developing market trends have resulted in a professionalism that is integrated in the best business practices. In the field of tourism, this market trend has resulted in the emergence of a lot of new information (Lee and Taylor, 2005). The aim of the present day events’ industry is to deal with the different factors which are usually considered in the arrangement of prominent events. The increase of community art has also had a considerable outcome on the events industry. The rising market trends show that the large scale planning of events is no longer an ordinary task. Events are usually removed from the standard practices of the organisations. An event ought to be designed in a way that deals with the leisure requirements of its attendees. The organisers should reflect on the expectations that have to be met. Tourism events can be conventions, fairs, festivals, art symposiums, or even sporting activities. The planning of events has recently developed into an avenue through which institutions can create awareness about themselves, as well as raise their own profiles. Event tourism is increasingly gaining acceptance even among normally staid corporations. Events usually attract a lot of media attention, at the local, national, and even global level. Most of the world’s capital cities now actively compete to be designated as the areas where major international shows will take place. In addition, many governments, eager to benefit from this recently discovered pursuit, usually offer monetary support to the events industry. In most cases, the successful planning of such events is determined by what the market appeals for. Events Management in the Tourism Industry The tourism industry has a complicated arrangement of groups and stakeholders that have an interest in the growth, marketing, and management of tourism for definite destinations. The loyalty and cooperation of these stakeholders with the tourism industry is fundamental for its preservation (Getz, 2007). Recognising and comprehending who the stakeholders in a specific destination are, as well as their interests, is vital in creating a suitable engagement process. A stakeholder engagement procedure involves: Engaging the stakeholders to contribute to information that will be used for planning purposes Identifying the objectives of all tourism stakeholders. This is essential for decision-making, planning, and developing equally beneficial policies and actions Comprehending and communicating the significance of tourism, including social, economic, and environmental factors to stakeholders. This is essential for acquiring the support as well as participation of tourists in destination management and planning. Generating a shared perception of tourism in an area, including the ideals and values of the destination. This is vital for a contracted tourism focus. Creating an unique vision that gives a focus for development, future planning, and the management of the tourist destination Recognising clear functions and responsibilities of all the stakeholders. This can be an unofficial procedure, or through the creation of partnership agreements Recognising the governance constitution for destination supervision as a significant framework that plainly outlines reporting, communication, and decision-making procedures. In the present frenzied business settings, all industries are compelled to function under the stress of different influences and interests which management has to evaluate and appraise to balance them with organisational objectives. Hence, tactical stakeholder management operations could be seen as being useful implements in handling the stakeholder interests to realise organisational objectives (Gursoy and Kendall, 2006). In making significant corporate decisions, it is important to be aware of the impacts and expectation of diverse stakeholders. Tourism event management refers to the formation and development of events, festivals, and conferences. It involves learning the complexities of the brand, recognising the targeted audience, creating the event concept, handling the logistics and balancing any technical facets before making the decision to declare the event. Post-event evaluation and ensuring a return on investment is an important driver of the event industry. The recent development of events and festivals as an international industry means that the events management group can still bring numerous changes to the industry. Tourism events are functions that call for a lot of stakeholder involvement. This means involving stakeholder groups that have different ambitions and interests. In addition, they are directly interdependent as a result of the collective disjointed control over development and planning functions. The decision-making procedure calls for a lot of professionalism in order for the organising officials to communicate efficiently and institute cooperation in order to attain the predetermined objective of tourism destination development. There is the concern that without modernisms, business management can not realise any sustainable growth (Getz, 2007). Inventions or modernisms can be defined as suggested changes that have to be implemented. The practice of innovation arises from the interdependence between the different aspects that shape the causes of tourism destination development and its predetermined objectives. The reason for tourism destination development is the major driving force for any inventions. For instance, the sudden decrease of tourist appearances in the place of destination causes the management to develop new strategies to defeat these downturns. The set objectives can be viewed as the main driving force for modernism. If a tourism destination, for instance, is set as the major objective to increase the revenue from international arrivals, new tourism products are launched into the market. Innovations can be realised in numerous ways. Usually, they are associated with the structural reformation of the management, which is also referred to as a corporate innovation. For instance, a nation can execute a new corporate structure whereby the main power is designated to the ministry in charge of tourism (Connell and Page, 2005). Any consequent propagation of numerous non-profit organisations in that nation will have an impact in the tourism sector, and the marketing division will used for creation of innovations. In tourism management, the branding strategy along with new tourism products is of considerable importance. Branding strategies not only raise an awareness of the destination among strangers, but also increase competitiveness. Effective destination management is probably the most difficult challenge facing tourism event organisers at present (Getz, 2007). In order to make sure of the efficiency of the management, destination management calls for innovations to create an integrated approach, in order to involve assorted stakeholder groups in the process of decision-making. The development of an incorporated tourism destination organisational structure is one of the most significant innovations in the field of tourism. In the past, organisers that promote destinations have worked with numerous approaches, but there is no ideal model that can be employed to address issues in all tourist destinations. Each destination should actually be viewed as a unique case because of the different stakeholders involved, and their disjointed authority in shaping the process of decision-making. However, the development’s vision, and its desired objectives differs remarkably in each group of stakeholders. It is an important challenge for tourism event organisers to create this structure of incorporated destination management. In spite of this, the challenge has to be met in order to avoid disorganised developments that result in the disintegration of the productive tourism industry. Usually, the focus of events organisers is on marketing their destinations in order to achieve a competitive status in the global market, along with benefitting from the development of tourism destinations (Getz, 2007). However, in the development of tourist destinations, the concept reveals that the outer approach which comes from the destination organisers to the targeted market cannot be efficient without the collaboration between the local community and the management. There is an obvious balance and cooperation that is required from these two factors for the tourism event to be a success. The creation of any tourism event is a sensitive procedure. This is because it calls for the involvement of the local community, which owns the tourist attractions that the tourists are going to enjoy. It is necessary for the locals to feel that they are an indisputable part of the entire process. Many event managers use different approaches in securing the dedication of the local populations to ensure that the tourist event will be a success. These community members are actually also important stakeholders whose desires and expectations have to be perceived as being important to the event organisers before they can agree on all the proposed collaborative efforts. Event organisers can actually recruit the members of communities in which prominent events to show the tourists through their cities. This makes them feel like they are a part of the entire program while allowing the tourists to experience from the knowledge of the locals. Tourism events are highly dependent on the willingness and involvement of these particular stakeholders. The level of participation from these stakeholders can significantly assist the tourism event to be a success, or to be a failed enterprise. References Connell, J. & Page, S.J. (2005) ‘Evaluating the economic and spatial effects of an event:  the case of the world medical and health games’ Tourism Geographies, vol. 63, p. 85.  Getz, D. (2007) Event studies: theory, research and policy for planned events, Butterworth-Heinemann, Oxford. Gursoy, D. & Kendall, K.W. (2006) ‘Hosting mega events: modelling locals’ support’, Annals of Tourism Research, vol. 35, no. 3, pp. 603-623. Jackson, J. (2005) ‘Innovations in measuring economic impacts of regional festivals: a do-it-yourself kit’, Journal of Travel Research, vol. 43, pp. 360-367. Jones, C. (2005) ‘Major events, networks and regional development’, Regional Studies, vol. 39, no. 2, pp. 185-195. Lee, CK. & Taylor, T. (2005) ‘Critical reflections on the economic impact assessment of a mega-event: the case of 2002 FIFA world cup’, tourism management, vol. 26, pp. 595-603. McKercher, B. (2006) ‘Are short duration cultural festivals tourist attractions?’ Journal of Sustainable Tourism, vol. 14, no. 1, pp. 55-66. O’Brien, D. (2006) ‘Event business leveraging:  the Sydney 2000 Olympic games.’ Annals of Tourism Research, vol. 33, no. 1, pp. 240-261. Presbury, R. & Edwards, D. (2005) ‘Incorporating sustainability in meetings and event management education’,  International Journal of Event Management Research, vol. 1, no. 1, pp. 30-45. Read More