Industry research paper - Essay Example

These are often regarded as exclusive moments of time that differ from regular occurrences. Every event necessitates the aspects like funding, managing employees, undertaking marketing along with public relation activities, arranging security and organizing decorations among others. The way organizations deal with managing events is said to be event management. It comprises various important elements like organizational objectives, allocated roles along with duties, ownership of resources as well as procedures, crucial success factors and event management mechanisms.

Notably, event management has arisen as a vibrant segment in tourism and leisure industry. The range and admiration of events have also grown significantly in this present day context in the similar industry. Since the number of events grows extensively in every year, there eventually lays ongoing requirement of developing the overall performance of event management experts who are capable of forming, arranging and managing events. Irrespective of size, events necessitate high level of planning, variety of skills and numerous deliberate efforts (Kose et al, 2010).

Special events are phenomenal aspects arising from non-routine occasions that entail vocational, cultural, individual and organizational objectives. The objectives of special events are to enlighten, celebrate, amuse or experiment the involvement of any group of individuals. This industry is viewed to be highly fragmented and provides discretionary services. However, the recent economic recession has hit the special event industry quite hard, with several organizations holding fewer and smaller events.

Nevertheless, it is expected that the special event industry will retrieve from this adverse situation with the improvement in economy (IBISWorld, 2014). In the UK, the market of special event is likely to be worth £18.8 billion, which stood in the year 2009, comprising spending at venues and broader destinations by event