Impact of Global Events on Society and Economy

This report discusses the diversity of global event industry, factors influencing its development, role of events in society, and management strategies for responsible event development. It evaluates the value, impact, and legacy of global events in the environment they operate in. The report also covers positive and negative impacts of global events and their influence on decision making.

Global Events

Table of Contents
Introduction......................................................................................................................................3
Diversity of global event industry with structure and how it is organized also discuss place of
various types of events within society.........................................................................................3
Factors influenced development of event industry at global as well as local level.....................5
Evaluate key factors which affect development, structure and organization of event industry
and also evaluate role of different events within society.............................................................6
Devise an evaluation which shows the value along with impact and legacy of several global
events together with the environment in which they are operating.............................................7
Management strategies which are used to facilitate responsible event development across
different range of global events...................................................................................................8
Critically evaluate the used within the events industry to deliver responsible events...............10
Conclusion.....................................................................................................................................11
References......................................................................................................................................12

Introduction
Global events are organized at wide level with huge amount of investment. These events
might conduct in the form of music concert, seminar, conference, sports competition and more. It
provides an opportunity to invite international audience within country which further helps in
enhancement of tour and travel industry of host country. Global event has major impact on
economic growth and success. It crates employment opportunities and also plays a vital role in
increasing the earning source. It formulates the positive image of host country across the world
(Perry and et. al., 2018). Main aim of present report is to examine the impact of global events.
The report is classified in two parts where first part covers diversity of global event industry
along with the structure and different types of events, organized within the society. Further,
factors influenced development of event industry at global as well as local level will also cover
in the following study. Study will discuss value, impacts as well as legacy of different global
events. Additionally, management strategies for development of global events will also include
in the following study. The second part of report will cover positive and negative impacts of
global events and their influence on decision making. Moreover, the report covers different
dynamics of global events and the impact of event over the economy and society at large.
PART 1
Diversity of global event industry with structure and how it is organized also discuss place of
various types of events within society
With the globalization, it is easy for people to travel between the countries. It is
increasing the diversity of global event industry. With the increasing diversity, it is required to
organize large scale global events where people from different countries can easily participate.
The global event industry is really large and it includes various types of events such as
conferences, music concerts, exhibitions and more. Different categories of events are mentioned
below:
Local or community event: These events are organized at small scale by targeting local
audiences for the purpose of entertainment, fun and social values (Lu, Tighe and Xie, 2018).

Major events: These events can easily attract media, significant number of visitors and
economic benefit. Some examples of major events are One Grand prix, TT Races and more.
Hall mark events: Hallmark events are known due to sprit and ethos of town, region or
city. These events further help in enhancing the reputation of particular city. Certain examples of
these events are The Edinburgh international festival, Scotland and more.
Structure of global events:
Generally, events are conducted by event organizations as they are specialized in this
work. These might be specific event bodies like Glastonbury festival, Harrogate international
festival and more. Event management organizations are the group of professionals who work
together for organizing an event for clients. Here, corporate events are often conducted by in-
house event management or project teams.
Organization of global events:
Global events are organized with the help of vendors, venue management and
international associations.
Event industry suppliers: Suppliers are the crucial part of industry as they work in areas
like sound production, catering, entertainment and more. These areas are directly link with event
industry and help in organizing professional events (Van Dijk, 2019).
Venue management: Venues are selected as per type of event. For organizing a
successful event, it is imperative to select suitable venue.
Industry associations: The industry revolution facilitates the formation of professional
associations in order to provide services of networking communication, training to members.
Due to increasing diversity of industry the professional association has become a necessary
requirement to grow within the industry.
Place of different events in society
Community events and society: These events generate opportunities for local clubs and
societies to hire new people and play a crucial role in their survival. The festivals organized by

communities help in facilitating the sense of belongingness, community within the individuals.
Thus, they also get support from local authorities and government (Whaley, 2021).
Major events and society: Major events attract number of visitors. It generates the new
source of income from local people. In addition to this, community members look forward to
enjoy the event. Local people start to consider the wider impact of events that will create a sense
of pride within economy and also create job opportunities.
Factors influenced development of event industry at global as well as local level
Event industry is enlarging with the change perspective of people. Now, people are more
inclined towards entertainment, fun in order to reduce down the stress. For this purpose, they
become a part of event which further helps in growth of industry. However, there are several
factors which affect the development of the respective industry which are outlined below:
Socio culture factors: These factors are concern with feelings, thoughts, behavior of
individuals within society. It also includes cultural identity, change and cultural deprivation.
Culture has a major impact over events as it becomes a reason of difference in tradition, value
and norms. In addition to this, culture has a major impact over behavior, thought process which
also affects the choices and preferences of people. Events have some social benefits such as
community integration, personal development opportunities to volunteers, creation of educations
as well as recreational opportunities, increase sense of local pride, entertainment in friendly
atmosphere and more ( Evans and et. al., 2020). Events can create foundation of cultural
development. However, different cultures have different norms, traditions that has a direct link
with the thought process of people. Hence, the social cultural factors profoundly affect the event
industry at local as well as global level.
Market demand: According to the change in trends, event industry has also need to
amend its existing practices. Now, people are adopting modern life style which has also brought
significant change in their demand, preferences and more. It will affect the structure as well as
working practices of event industry.
Technological trends: Technology has become a crucial part of every industry. With
increasing use of techniques, it has become important for event industry to imply advance

techniques for further enhancement. In this context, certain recent technological trends are
mentioned below:
Transformed check-ins: This process allows event managers and organizers to eliminate
the time of physical registration. In addition to this, online check-in is also crucial in order to
organize effective events at local as well as global level (Amina, 2018).
Event planning apps: These apps have been made the whole process from event
planning to organize smoother and simpler. Additionally, these apps have ample of feature such
as navigation, resolving the queries of attendees in real time and more.
Live streaming: With the use of digital techniques, it is possible to conduct live events
that help in enhancing the image of brand and provides opportunity to connect with audiences in
better way. Apart from this, live streaming also plays a vital role in improving the engagement of
audiences in an efficient manner.
Real time analytics: This type of analytics provides real time information so that event
organizers can face the situation in best possible way (Holland, 2018).
The above mentioned factors profoundly influence the event industry at local and global
level. Socio culture, market demand and technological trends are some effective elements which
need to consider while making plans for development and growth of respective industry.
Evaluate key factors which affect development, structure and organization of event industry and
also evaluate role of different events within society
Factors affect development of event industry
It is analyzed that there are ample of factors which have direct influence over
enlargement and development of event industry. Here, socio culture factors are related with
behavior, thoughts, and actions of individuals that affect their preferences within the industry.
Further, market demand and constantly changing technology has also a major impact over event
industry at local as well as global level.
Factors affect structure and organization of event industry

In event industry, structure an organization is also important as it is directly related with
the success of industry. The types of event influence its structure in a profound manner.
Commercial events planners follow the guidelines of clients and organize events accordingly. In
addition to this, suppliers, venue management, industry associations are some major aspects
which are associated with organization of event sector (Thomsen and et. al., 2019). If suppliers,
venue are easily available, it helps in organizing an effective event.
Role of different events in society
Local events: These events are organized at small level which helps in creating sense of
belongingness, community among the local people.
Major events: Major events are conducted at wide level where people of different
countries take part in such events. These events help in facilitating employment opportunities
within the society.
Community events: Main aim of organizing community events is to spread feeling of
belongings, pride, and inclusion among the people of society. It helps in growth and
development of community in an efficient manner.
Devise an evaluation which shows the value along with impact and legacy of several global
events together with the environment in which they are operating
Events touch each and every aspect of lives such as social, economical, environmental
and political & more. The recent development of event industry with increased involvement of
government and business has brought several growth opportunities within the industry. The
assistance of government is really crucial and will help in enlargement of event sector in future
period of time. Additionally, it is not a recent industry rather great history of growth &
development is associated with the respective sector. There are several events such as FIFA
world cup, Olympics and more which are being organized from several years at global level.
Regulated authorities still have positive approach in terms of maintaining the legacy of such
events in future.
Value of global events: Global events are really valuable from the perspective of
general public. It gives opportunity to people to earn more through increasing number of tourist.

Global events develop the host country as a tourist destination and also significantly help in
development of industry. During major events such as FIFA, Olympics, ample of people visit to
the host country and stay for specific period of time. It generates opportunities for local
industries such hospitality, handicraft, tour and travel and so on. Hence, global events are
important as it has tremendous positive impact over people living within the host nation
(Sheridan and Lee, 2018).
Impact of global events: Events have positive impact over economies as it play a vital
role in growth of economy by enhancing the income sources. Hosting global events like
Olympics, FIFA, World cups are seen as the crucial opportunities which stimulate growth &
development of host nation specifically the host country. These events are organized with an aim
to leverage long-term infrastructure, boost tourism, and create jobs, community development and
investment. During the global events, host nations are likely to develop the infrastructure which
will help the citizen of country in future. It will bring a rise in overall GDP of host nation that
will further lead the country towards economic growth. Large events are vital in development of
strong relationships between two countries. As a result, it facilitates imports, exports and cross
border transactions. Hence, global events have a positive impact over economic growth of
country.
Legacy of global events: Legacy of event shows the positive impact of respective event
over the host nation. Olympic games is the most suitable example of legacy in global events.
Olympic is the world’s largest mega sports event which has substantial social, economical as
well as political benefits. The legacy of Olympic is associated with the long term benefits that it
creates for the people of host nation. The most recent legacy of Olympic games 2020 was to
increase the participation in sports, stronger engagement and initiatives towards creating a more
sustainable city. FIFA world cup has a great legacy of social, economical as well as regional
development. The upcoming FIFA world cup in Qatar will provide a platform of academic
engagement with tournament (Building a Legacy: Qatar FIFA World Cup 2022). It will enhance
the global reputation of country and will help in its future development.
The above discussion demonstrates that global events are highly valuable and have a
positive impact over economy. It plays a crucial role in boosting the tourism and trade,
generating employment opportunities, enhancing community engagement and more. The legacy

of different global events such as Olympics and FIFA world cup will also stimulate the growth of
host nation in an efficient manner.
Management strategies which are used to facilitate responsible event development across
different range of global events
Government provides funding for events before that they are likely to analyze the cost as
well as anticipated return on events. For this purpose, they do the study of economic impact of
events in order to identify all the necessary expenditure involved in organizing the event. The
impact of an event drives from three major sources that are outlined below:
 Expenditure done by the visitors who are residing outside the country. It is the major
source of revenue for a country that also helps in economic growth.
 Capital expenditure which is required to organize the events, it is the crucial aspect which
is considered by government while providing funds for event.
 The third crucial aspect is the expenditure done by organizers and sponsors so that they
can organize event successfully.
The study of expenditure is helpful in identifying the benefit of organizing an event. It helps
to know whether organizing the event will be beneficial for country or not. This study further
assists government and other supportive associations to determine suitable management
strategies accordingly. In this context, management strategies are mentioned below:
Set goals and objective: Setting objectives is the fundamental requirement of a successful
event. It is important to make the outline of event and conduct the event successfully. In addition
to this, it also provides clarity to each and every member, part of event planning process.
Create a budget: In this, a budget needs to prepare after analyzing the expenditure and
source of income during event. Here, it is also required to consult with the client in order to
know the budget specifications (Erenler, Gillman and Ollerton, 2020).
Understanding resources: While organizing event, it is required to gather knowledge about
different resources. During event, numerous resources such as equipments, tools, manpower and
more are required. It is imperative to prepare a list of resources so that event organizer does not
miss any required resource.

Finding sponsors: After setting the budget and acquiring resource, the other crucial
management strategy is to find the sponsors. These sponsors will provide funds for event.
Without suitable sponsors, it is not possible to organize a large event.
Spread the information with social media: To make the event successful, it is crucial to do
proper marketing. In current time, social media is one of the highly used ways of marketing.
With the use of social media, it is possible to spread awareness of event within short time of
period. There are different mediums such as Face book, Instagram, LinkedIn and more to
promote the event in an efficient manner.
Critically evaluate the used within the events industry to deliver responsible events
As discuss above, there are different management strategies used within the event
industry, such as economic impact, community perceptions, role of government and many more.
These mentioned strategies are helpful for generalizing the statement and developed through the
major events and complete their process at global events (Day, Dong and Gopakumar, 2021).
With the help of these management strategies, a event is able to organise successfully at
international and national level. So, it is very important to gain a sound and effective
understanding for the use of existing events and venue. Another use of these strategies are
helpful for gain a competitive environment and a clear responsibility for maximize the potential
environment at the process of evolvement nature. All of these process are helpful for make
challenging nature and growth to determine the event industry for delivering the responsible
events and make growth in addressing challenge in different manners. After using these
strategies, it can be analysed from the report, that the use of these strategies are helpful for
delivering the responsible events in an effective manners (Venske, 2021).

Conclusion
From the above report, it is concluded that the use of global event and established an
event in an effective manner is helpful for the event industry. As the event industry is very
dynamic and fast-growing challenges for the growth of obvious strategies and challenges It is
concluded that global events have a diversify rang in terms of size scope and more. Effective
structure and organization of events is crucial to ensure success of event. There is a discussion
about impact of different global events on society. It is summarized that there are numerous
factors such as technological trends, market demand and social culture factors which affect the
event industry at local as well as global level. Additionally, the global events are valuable and
put a positive impact on economy and growth of country. Additionally, these events also have a
legacy of development and enhancement of host nation effectively. With the use of appropriate
global management strategies, diversity in the use of event industry, factors which influenced
through the development process are helpful for the growth of the company in an effective
manner. There are different major challenges and supportive activities to make valuable impact
and legacy for the range of global market to work in an effective and together environment in
which the event industry is going to operate.

References
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ПРОФЕССИЯ, ЖИЗНЬ (pp. 70-73).
Day, T.E., Dong, Y. and Gopakumar, B., 2021. How Many of Those Things Do We Really
Need? Discrete Event Simulation. In Comprehensive Healthcare Simulation: Improving
Healthcare Systems (pp. 187-195). Springer, Cham.
Erenler, H.E., Gillman, M.P. and Ollerton, J., 2020. Impact of extreme events on pollinator
assemblages. Current opinion in insect science, 38, pp.34-39.
Evans and et. al., 2020. Early recovery dynamics of turbid coral reefs after recurring bleaching
events. Journal of Environmental Management, 268, p.110666.
Holland, J.H., 2018. The global economy as an adaptive process. In The economy as an evolving
complex system (pp. 117-124). CRC Press.
Lu, D., Tighe, S.L. and Xie, W.C., 2018. Pavement risk assessment for future extreme
precipitation events under climate change. Transportation Research Record, 2672(40),
pp.122-131.
Perry and et. al., 2018. Global longitudinal strain and mechanical dispersion improves risk
stratification of malignant ventricular arrhythmias and major adverse cardiac events over
ejection fraction alone. Journal of the American College of Cardiology, 71(11S),
pp.A1663-A1663.
Sheridan, S.C. and Lee, C.C., 2018. Temporal trends in absolute and relative extreme temperature
events across North America. Journal of Geophysical Research: Atmospheres, 123(21),
pp.11-889.

Thomsen and et. al., 2019. Vaccine safety: description of the adverse events reported to the
surveillance system in Chile, 2014 to 2016. Revista chilena de infectologia: organo
oficial de la Sociedad Chilena de Infectologia, 36(4), pp.461-468.
Van Dijk, T.A., 2019. Macrostructures: An interdisciplinary study of global structures in
discourse, interaction, and cognition. Routledge.
Venske, E., 2021. Quality education: industry contributions to embed sustainability in a meeting
and event management curriculum. International Journal of Event and Festival
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Whaley, J., 2021. The opportunities and challenges of moving to a virtual events programme
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Online
Building a Legacy: Qatar FIFA World Cup 2022. [Online] Available through:<
https://cirs.qatar.georgetown.edu/research/research-initiatives/building-legacy-qatar-fifa-world-
cup-2022/ >