Inside the Events Industry - Case Study Example

Events Management Table of Contents Table of Contents 3 Task A: 4 Research Aim 4 Introduction of the topic 4 Findings 6 Recommendations 8 Conclusion 9 Task B: 10 Self-Reflective Summary 10 References 13 Task A: Research Aim The aim of this research would be to study about the overall events industry and its market position in today’s fast moving world. An inside look in the Events Industry will be established for identifying the major issues pertaining in the events industry and its management. The budding trends of the overall events industry will be studied along with determining its scope in future. In order to complete this research successfully, a greater emphasis would be laid upon assessing the management of events by taking into concern a renowned event i.e. London Olympics. This particular event is regarded as a mega event and its management may prove to be very challenging. A deep study about the existing challenges in the events industry will also be identified. Apart from this, challenges that may arise in the future will also be identified and strategies would be made in order to address and solve those issues. For the completion of this report, proper recommendations about the future plans of the events industry will be made after analyzing the particular issues or challenges that are affecting the current events industry. The recommendations would be made keeping in view the upliftment and development of the overall events industry (Burbank & et. al., 2001). Introduction of the topic The topic of the research would be based on the overall events industry. The major stress for the completion of the report would include the event management of London Olympics which is considered to be one the biggest mega events in the world (Matheson, 2006). All the issues which may result in arising conflicts relating to an event like management, operations and advertisement among others would be addressed along with other issues that may persist. The area of the topic would be covered by addressing the major aspects that have been described hereunder. Existing challenges in the events industry, Future challenges that may arise in the industry, Analysis of the issues, Effects of those issues in the overall events industry, Present market position of the overall events industry and Rising trends of the events industry along with its scope. All the above points shall be addressed in the context of events industry. As indicated, the overall management of London Olympics will be highlighted and discussed upon with the reference of the overall event management industry. For the completion of the research, the topic of London Olympics has been chosen as this event is duly considered as a ‘larger than life’ event and studying about its event management functions and the criticalities involved in it would be quite exciting as well as a challenging task. Findings As per the studies obtained from different sources about the overall events industry, it can be observed that there lay certain vital factors that need to be considered before organising any sort of event. From a theoretical perspective, these factors have been described below. Cost: Cost can be regarded as one of the vital factors that need to be considered seriously. This is owing to the reason organising any sort of event involves various activities which require high supply of monetary funds for serving the major elements in events (Girginov & Mazumdar, 2012). These elements comprise catering, music, technology, entertainment and many other elements which involve high costs and are meant to cater to the needs of the audiences. For successful organisation of events, the above elements need to be organised without any kind of budget constraints. Therefore, the money factor plays an imperative part while organising events. If the event management companies do not have sufficient funds, then it may prove to be a lacking factor disrupting the overall event (Goldblatt, 1997). Economic Impacts: Event management at times may greatly affect the overall economic performance of the event management industries at the time of when the demand is not met with the projected expectations. For example, events are organized and a lot of audiences are expected, but ultimately the companies end up having very low amount of audiences, which in turn affect the economic structure of the companies by a greater level (Events Beyond, 2000). Environmental Impacts: In order to organize large events i.e. sports events, film events and governmental events among others, a lot of space and capacity is needed. In this similar context, it has been apparently observed that the happening of events impose considerable impact upon environment in terms of generating wastes and wastage of electricity along with water at large (Shipway & Fyall, 2013). Media Impacts: Advertisements especially of sports events through media can prove to be much influential for the young generations with regard to the adaptation of latest fashion trends instead of developing love for sports. This factor can be considered as a negative impact relating to any sport event (Parent & Swan, 2013). London Olympics was initially appeared in London in the year 1908 and is considered to be one of the greatest sporting events where all the countries throughout the globe perform in different sports. This grand sporting occasion has attracted substantial spectators across the entire planet over the years (The Indian Express Limited, 2012). However, certain critical issues have been recognised relating to the event of London Olympics. In this similar concern, one of the major problems faced while organizing the last three London Olympics was the factor concerning cost which affected the overall event management process at large. It has been viewed in this circumstance that excess capital has been invested for staging London Olympics than required. Apart from cost, the other critical issue concerning London Olympics has been viewed to be the probability of happening terrorist attacks. A continuous threat that bothers the whole nation during the time of London Olympics is the risk factor that are associated with the chances of attacks taking place by the terrorists during the event . It is to be stated that there always prevail a sort of risk relating to this particular issue especially during the happening of any attractive sporting event. In order to organize any sort of mega-event like London Olympics, a lot of advertisements and promotions are required in order to attract maximum audiences. In this regard, it has been apparently observed that in the previous year of the event i.e. London Olympics, there were not many sponsors for promoting the event that eventually led the event organizers to conduct marketing as well as promotion of the event quite ineffectively resulting in acquiring low profits (Richards & et. al., 2010). Recommendations On the basis of the above discussion, it is highly recommended that the overall event management industry should consider all those factors that prove to be much challenging for the organizations while organizing any sort of event. In order to conduct as well as to complete especially a sporting event successfully, the following suggestions need to be considered by a greater degree. The local authorities should make commitment to invest substantially for further development of organising any sort of sporting event. Moreover, re-introducing sports and its components in schools and colleges, developing grass root programmes for sports in the nation and commitment should be made by the Department of Health to foster organising sporting event. Relating to the event concerning London Olympics, the aforementioned suggestions would eventually support the nation to increase the scope of this event in future. Apart from the aforesaid suggestions, it can also be recommended that the media should strive to send positive messages linked with delivering love towards sports rather than emphasising upon fashion standpoint (Coalter, 2012). Conclusion From the overall discussion, it can be concluded in accordance with theoretical perspective that there lay certain factors that require to be considered before organizing any sort of event like London Olympics which is considered to be one the biggest mega events throughout the globe. It has been apparently observed that different issues concerning management, operations and advertisements among others generally raise conflicts resulting in disrupting the conduct of event by a considerable level. The aforementioned issues have been identified and also proper recommendations are made for mitigating the issues in future. It is to be stated from a broader perspective that the event mechanisms of London Olympics and its scopes are intended to broaden in future by the way of adopting along with executing various sports and development initiatives. On the basis of the above discussion, it can also be concluded that London Olympics as well as the whole of the event management industry will be actively involved in making more expenditures in future years owing to the reason that more and more sports professionals are appearing every year with their respective talents that would result in organising events more successfully. It is also to be affirmed that if the above identified issues relating to the overall event industry and London Olympics are not addressed properly, then there could be certain problems pertaining to the attainment of overall productivity as well as profitability. Task B: Self-Reflective Summary Name Course Module Events Studies Assignment Title Self-reflective summary Action Plan for improving your own performance: Action How Sensible Measurable Achievable Realistic Timed 1) Accessing recent reports or academic journals relating to research Through internet medium Easily as well as timely accessible It can be measured by seeking the quality information acquired from the selected sources With the help of the authors presenting their valuable viewpoints in the academic journals or reports It will help in the development of performance Within 1 week 2) Performing fieldwork in order to gather relevant information about the subject matter of the research With the help of the market researchers Better interaction with the respondents Through figures along with facts gathered from the respondents By emphasising upon the viewpoints delivered by the respondents It will enhance in performance development Within 10 days References Burbank, M. J. & et. al., 2001. Olympic Dreams: Lynne Rienner Publishers. Coalter, F., 2012. A Sustainable Sporting Legacy. Introduction. [Online] Available at: http://www.pgedf.ufpr.br/Coalter%20DORA%201.pdf [Accessed May 17, 2013]. Events Beyond, 2000. Setting The Agenda. Proceedings. [Online] Available at: http://epress.lib.uts.edu.au/research/bitstream/handle/2100/430/Proceedings%202000%20Conference.pdf?sequence=1#page=8 [Accessed May 17, 2013]. Girginov, V. & Mazumdar, B., 2012. Handbook of the London 2012 Olympic Games and Paralympic Games. Routledge. Goldblatt, J, J. 1997. Abstract. Best Practices in Modern Event Management, pp.1-382. Matheson, V. A., 2006. Mega-Events. Introduction. [Online] Available at: http://casgroup.fiu.edu/pages/docs/2744/1277904942_matheson_events.pdf [Accessed May 17, 2013]. Parent, M, M. & Swan, S, S., 2013. Managing Major Sports Events. Routledge. Richards, A. & et. al., 2010. Terrorism and the Olympics. Taylor & Francis. Shipway, R. & Fyall, A., 2013. International Sports Events. Taylor & Francis. The Indian Express Limited, 2012. The Indian Express. Schedule. [Online] Available at: http://www.indianexpress.com/olympics/competingnation/ [Accessed May 17, 2013]. Read More