Determining the Positive and Negative Impacts of Macro Environment on Global Events
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Added on 2023/01/19
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This presentation discusses the positive and negative impacts of macro environment on global events. It explores the political, economic, social, technological, environmental, and legal factors that influence events. The presentation also provides recommendations for minimizing adverse impacts and improving specific events.
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Determining the positive and negative impacts of macro environment on global events In order to determine the positive and negative impact of macro environment on global event, here is select PESTLE framework which are as follows: Political factor: Political factors refers with different aspects which are tax policy, government policy, environmental law, labour law, trade policies and so on. This gives negative and positive impact on the event. In order to organise Olympics event planner and manager have understand and collect information about tax policies for positive impact. Otherwise, it gives negative impact on event. Economical factor: Economic factors have the significant impact on organisation and profitability. This includes economic growth, interest rate, exchange rate, inflation and disposable income of customers and business. For organizing Olympic, the event organizer is have to understand economic growth of country for successful event.
CONT.. Social factor: Social factor is involves the shared belief and attitudes of customers. This factor is highly impact to event because changes in customer taste and preference. New trends are influence taste and preference of customers in negative manner which can affect to event organizer for successful event. Technological factor: Technological factors refers with new and advanced technology at marketplace. In order to organize successful Olympic event organizer have to understand the uses of new technologies in order to satisfy needs of customers for positive impact. In the absence of this, customers are faced various problems.
CONT.. Environmental factor: Environmental factors refers a some changes in weather and climate. That can gives negative impact on event. In order to same event organizer have take information about weather through weather forecast for handle that at the time of event for positive impact. Legal factor: There are different laws and regulations which can impact to event. For organize Olympics event planner have know about those laws which can affect to event success for positive impact. Otherwise that may gives negative impact on business.
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Macro environment factors influence on global events industry The macro environment factors influence on global event industry in both ways negative and positive impacts. This help to Olympic organiser for sustainability of event in proper manner. Therearedifferentfactorsthosegivesimpactlikedemographic,politicaland sustainability For example: as per the employee compensation law employer have to take care and provide safe equipments to their employees at the work place, if employee is injured in that case employer have to provide compensation against of their injuries for positive impact. Otherwise that gives negative impact on global event at workplace because employees are not able to give hard contribution for success of event.
Recommendations for improvements and solutions for a specific event ensuring that these will minimise adverse impacts Every business has to face risks and these risks lead to barrier in the success of the business. To minimize to adverse impacts on macro events risk has to be defined. Risk management is basically management of risks through tools, method and processes. To increase the global events business profitability there are four key area where the organization has to focus on increasing efficiency, production and turnover and reducing costs Cost can be reduced in several ways such as by negotiating with the supplier for the various goods required in Olympic games, using a finance/loan benefits, by making maximum use of the available premises and by minimizing the production cost of the event such as by hiring the labour on hourly basis.
Using a SWOT analysis tool Good vision and realistic are the main characteristics of successful event organizer. They must behaving the knowledge to find out the various strengths, weaknesses, opportunitiesandtreatsassociatedwiththeirbusiness.TheSWOTanalysisfor successful planning of Olympic events is as follows.
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CONT.. Strengthfor events strength could be the idea that this type of event has never taken place that means this arrangement of event is unique in its own. Having a self- motivated and experienced team of management could also serve as a strength for the global events. Usage of social media as a marketing platform and proper financial planning of the complete Olympic event would result in the success of the event. Weaknessesthere are various weaknesses that are generally associated with event organization that results in the un-success of the business such as lack of funds. Fund is the essential need of an successful business. Due to higher expenditure on sports equipments, setup and venue rentals, shortage of fund could also occur. The event team must be self enthusiastic, well-trained, self disciplined and experienced to eliminate the weaknesses associated with the event organization. Lack of technology could also lead to slower growth.
CONT.. Opportunities The various opportunities associated with the successful event planning are creating external factors such as severing new customers with the change in the market trends to make greater profits. Event company may conduct training programs in order to gain extra income. The event company could conduct other events such as various cultural and social events. Threats Threatsarethebarriersassociatedwithsuccessofanybusiness.Foranevent organisation firm the various threats are man made and natural disasters for example such as terrorist attacks at the place where the event is happening or either some natural disasters such as flood, tsunami, earthquakes.
Criteria that are essential for the successful planning of events Once the organisation has gained enough knowledge about the various problems and risks associated with the event business. They could take various considerable steps for successful growth of the company. As most of the time government policies affects the events so the event company must develop its business framework in way that is flexible and adaptive in environmental terms. Use of technology could also serve the event organization to grow at the faster pace.
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CONCLUSION From presentation it can be concluded that factors that influence the development of events on global as well as local level are growth and emergence of event industry, demand and motivation for different types of events, events history and socio cultural development, global expansion opportunity, etc.
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