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EVENTS MANAGEMENT - Essay Example

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EVENTS MANAGEMENT

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.
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Therefore it becomes important that event is conducted skillfully so that it becomes valuable to all the stakeholders. One of the most cited reasons for the failure of any event is the lack of resources. Lack of resources can be identified by the inability of the event management to attract more sponsors and donors. Thus the success of the events depends largely on the support from stakeholders. This adds to the proposition that the event managers should manage the relationship with the stakeholders more efficiently. The literature on event management has established the relationships between the management of events and the stakeholders (e.g. Getz, 1997; Watt 1998; Long, 2000; Lvendahl, 2000) However it needs to be mentioned that there are no documented evidence of the application of the stakeholder theory in the event management contexts (Reid & Acordia 2002)




Event Stakeholders

There are different stakeholders whose interests are to be taken care of while managing any event. These shareholders include:
Visitors to the event
Musicians and artists performing in the event
Public authorities like the local authorities and public organizations
Sponsors covering the organizations using the event as one of their marketing tools
Volunteers helping the different stakeholders of the events
Associations and clubs involved in the event
Eatery owners and their salesmen
Local trade and industry and
The Media
Visitors to the Events

Visitors who pay the entrance fees and participate in the events like ice skating are the important class of shareholders for 'dancing in a winter wonderland' event (shortly called as 'event' in the rest of this paper). A large number of ...Show more

Summary

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…
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EVENTS MANAGEMENT Essay essay example
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