Assignment on Event Management Industry

Added on - 21 Apr 2020

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Running Head: Event ManagementEvent Management
Event Management1“The best laid plans of mice and men aft go awry” Burns, R (1785): To a mouseThis quote refers to the saying that no matter how carefully a project is developed; there is apossibility that something can still go wrong with it. This quote is taken from the literature of“To a mouse” written by Robert Burns. With context to the industry of event management, itshall be noted that this quote adequately applies to the functions performed by the organization.A company being event organizers bears risk and threats in their course of action whileperforming certain events due to which their activities symbolize to this task. The companies’works in fluctuating business conditions under which there are high uncertainty and risks. Evenafter managing every plan effectively something go wrong. This act does not show theincompetence of the companies to initiate successfully but it is the feature of the eventmanagement industry only that even after actively managing everything, still there is a scope ofproblems to which the organizations shall become competent to resolve efficiently (Conway2014).The below mentioned essay states the failures and risks which an event management canface in the business function and measures sought to compensate the risk and losses.Furtherdetails about the task are discussed below:Further talking about the issues faced by an event management company it shall be noted thatthere are many issues which the organization faces even after taking so many precautions andmeasuring each step. Thus it is recommended to take every step wisely to initiate success of theevent. Further, the initial problem which the organization faces in their management process isthe reduction in budget which many times creates an issue for the company while implementingtheir practices. The event planners need to provide their clients the plan by investing creativeactivities in it so as to decrease the size of the budget. It is the demand present in the market
Event Management2which the event management teams find it their duty to fulfill; it is the emergence of creativityand uniqueness in every action of the company (Wagner, Fälker, and Wenzel 2013). All theclients who approach the companies have their initial wish to hold an event which is full ofuniqueness with less implied cost as well. Thus shrinking budget is major cause of concern forthe companies. the organizers many time agree on the price quoted by the client but at the middleof the event, they realize that the prices quoted and the price invested by the company differs andresults to which they are left with minimum of profits in hand. Thus it can be seen that even afterplanning and processing adequately there is still scope of problems attracting the working of theorganizations (Lee, and Paris 2013).Talking about another problem which acts as a major concern or threat for the organization is theproblem of competition in the industry. It is the characteristics of the organization that manycompanies compete with each other in the aim of getting better and turn out by being bankrupt inthe market. Aggressive market strategy misbalances the whole functioning of the organization.Taking the examples of two firms which are most prominent is a city. Both companies initiatetheir business functions on large scale and hold similar business activities (Case 2013). So, onechange implemented by an organization also affects the working of other organization as well. Ifone of the organization initiates a change, then the other organization is obliged to have suchchange otherwise they lose their competence in the target market. Thus, many times organizationdevelops such changes which are beyond expertise which causes problem for them (Masterman2014).As the quote states that in the business many situations come when the organization facesuncertainty and fluctuating external environment. External environment includes all types ofresources, goods, services present in the market. Thus, all the issues are related to the external
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