Pestel Analysis of Conference and Banqueting Industry

The conference and banqueting industry plays a vital role in the economy's growth and success. The industry is divided into small, medium, and large corporate associations. Various factors such as political, economic, social, technological, environmental, and legal factors can affect the industry's growth. This report aims to provide a comprehensive PESTEL analysis of the conference and banqueting industry in the UK, highlighting key factors that impact its success.

Conference and
Banqueting
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Scope and size of conference and banqueting industry........................................................1
1.2 Factors that impact on the development of conferencing and banqueting...........................2
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Conference and Banquet industry is one of largest growing industry in UK. People get
various opportunities in this sector. Along with this, conference industry provides large meeting
and seminar space to people whereas banquet is liable for providing food facility to people
(Benitez, 2011). Apart from this, the present report is based upon identifying various factors
which will put an impact on growth and success of this industry. The assignment will be
mentioned size and scope of conference and boutique industry. Readers will also come to know
different influences which are responsible for growth and success of the this sector.
TASK 1
1.1 Scope and size of conference and banqueting industry
The size and scope of conference and banqueting industry is very wide. It is an essential
component which attract customers as well as investors in order to invest in this sector. Its size
and scope is rely upon different factors which can affect its ownership and the level of service
which is provided by them. Along with this, conference and banqueting industry also organises
various conference, meetings and they also provide food facility and further entertainment
facilities to people who are attending seminars and workshops (Carson, 2013). Along with this,
United Kingdom is one of the developing countries, as it is financially strong.
Organisation of Meetings and Conferences:-
The country organises different conferences for national and international meetings in order to
improve its relationship with other countries. The growth of this industry is also helpful in
growth and development of other industries, such as – hospitality, bars etc. As per the research
on conference and banqueting industry there are 45000 hotels and 730,258 hotel rooms
presently exits in UK. In addition, the sector has been covered 150000 properties and involved
1.5 million people by providing them job opportunities (No. of hotel rooms in UK, 2017).
Therefore, it can be said that, conference and banqueting industry has wide scope and size in this
modern era.
Size of Conference and Banqueting industry
Now these days, many business organisations are organised several conferences and
banquets for its corporate meetings. It aids them to making their meetings more effective and
innovative. Furthermore, conference and banqueting industry is divided in three parts:-
 Small Sized
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 Medium Sized
 Large Sized
Segmentation on the basis of no. of people:-
Its size is also segmented on the basis of number of people attending in a time. In this
perspective:-
Small size conferences - It involves at least 600 to 1000 number of individuals in the last 2 to 3
days.
large size conferences - It encompasses with 3000 to 4000 people continuously 4 to 5 days.
The conference and banqueting is an emerging industry that is still facing many issues in
its career path, it is developing industry with major economical influences (Hurrell and
Scholarios, 2011). Below mentioned the list of amount generated through conference and
banqueting industry in UK: -
Events Amount generated
Conferences and meeting 19.9
Exhibition and trade fairs 11.0
Travel and tourism 1.2
Corporate hospitality and events 1.5
Outdoors and sporting events 4.3
Music events 1.2
Cultural and festival events 1.1
1.2 Factors that impact on the development of conferencing and banqueting
In this competitive era, there are so many factors which can affect growth and
development of conference and banqueting industry. These external components can also
influence market share and sales revenue of the firm in an effective manner. Therefore it is
essential for these business organization to make certain strategies and policies in order to gain
high competitive advantage (Jaafar, 2011). There are different types of external factors, such as-
political, economical, social, technological, legal and environmental. Below mentioned are the
brief description of these factors is stated as under: -
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 Socio-cultural factors – Needs and demand of people is an intrinsic part of UK's cultural.
The country is known for organize various historical events and programmers in order to
attain and retain customers. Along with this, conferences and banqueting is one of the
growing and the customers desires are changed day by day. Therefore, in order to fulfill
customers demands, conferences and banqueting industries are also trying to use new and
effective production process. It will help them in gaining high competitive advantage. Economical factors – The growth and development of an economy is also affect on the
success of its business industries. Regardless in this matter, UK is one of the most
growing sector in all over the world. As UK is the growing country, the income level of
people is high. In order to celebrate their achievements, people prefer to organize certain
conferences halls. Beside this, inflation rate of the country also affect the market position
of this industry as well as the demand of people (Jones, 2010). These achievements are
related with personal and professionals. Political factors – The political condition of the country is also put a huge impact on
growth and success of conference and banqueting industry. Politics related with core
competencies and power of the country. In UK, there can be seen political instability
between decision making process of political parties. Apart from this, political factors
also involves certain laws and regulations which can affect working activities of
conference and banqueting industry. It will affect the conference and banqueting industry
very much because if the government will come up with new policies because of which
rates of products or the property will increase or if government will introduce new tax
policies then also it will affect the functioning of companies . Technological factors – In this modern era, business organizations are using different
tools and techniques in order to gain high competitive advantage. It also helps countries
to make an effective production process (Martín, 2013). In order to reach large number of
customers, managers are using imperative communication channels and digital media.
 Legal factors – UK government has developed its laws and regulations regularly for the
growth and betterment of corporate industries. If all companies will followed these laws
and legislation in an effective manner then they can easily achieve growth and success.
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CONCLUSION
From the above mentioned report, it has been summarised that conference and
banqueting industry plays a vital role in growth and success of an economy. The size and scope
of the industry is divided small, medium and large corporate associations. There are different
factors which can affect growth of this sector, such as- political, economical, social,
technological etc.
REFERENCES
Books and Journal
Benitez, E., 2011. Papers Presented at the Conference.Literature & Aesthetics.15(1).
Carson, C., 2013. Banqueting houses and the “need of society” among slave-owning planters in
the Chesapeake colonies.William & Mary Quarterly.70(4). pp.725-780.
Hurrell, S.A. and Scholarios, D., 2011. Recruitment and selection practices, person-brand fit
and soft skills gaps in service organizations: The benefits of institutionalized
informality (pp. 108-127). Cheltenham: Edward Elgar.
Jaafar, M., 2011. Critical success factors (CSFs): A comparison between Coastal and Island
Chalets. International Journal of Business and Society. 12(2). p.55.
Jones, T.A., 2010. 9 Identifying managers'. Accounting and finance for the international
hospitality industry, p.163.
Martín, S.R., 2013. Banqueting Gods in Valerius Flaccus Arg. 5.690-5. Mnemosyne. 66(4-5).
pp.666-681.
Muchenje, B., 2011. The Significance of Hotel Grading in Service Delivery in
Zimbabwe. International Journal of Hospitality & Tourism Systems. 4(1).
Online
Scanning the Environment: PESTEL Analysis, 2016. [Online]. Available through:
<http://www.business-to-you.com/scanning-the-environment-pestel-analysis/>.
[Accessed on 16th November 2017].
No. of hotel rooms in UK.2017.[Online].Available
through:<http://www.hotel-industry.co.uk/data/hotel-data-industry-size/>.
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