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EVENTS MANAGEMENT - Essay Example
Events organized for the purpose of celebrating sport, business and fun have been found to be originating from time immemorial (Getz 2002) Events have always been considered to be the catalysts for the performance of other activities like investments in infrastructure, businesses on tourism and destination marketing…
There are different theoretical approaches to the stakeholder management in an organizational context. They are; agency theory, transaction cost economics, competitive theory, institutional theory, stakeholder theory and network theory. In the context of event management it is worth considering the stakeholder theory and the network theory. The stakeholder approach deals basically with groups or individuals who can affect the performance of an organization and whose interests are taken care of by the management (Freeman, 1984; Frooman 1999) Power, legitimacy and urgency are identified as the basic attributes of stakeholders (Mitchell et al 1997)
The network approach talks about the positions of different actors created by the links among them. (Thorelli, 1986) A different kind of social relationship among actors is assumed in the network analysis (Galakiewicz, 1996) Thus actors, activities and resources are the basic concepts in a network (Johanson and Associates 1994) The actors in the network own and control resources and carry out activities by combining resources (Sharma, 1993) While stakeholder theory is mainly static the network theory deals with the dynamic process involved in changing the network. Thus event management encompasses the basic elements of both of these theoretical approaches.