Research Project of Contingency theory Assignment
Added on 2021-01-01
22 Pages8837 Words51 Views
Business DevelopmentLeadership ManagementProfessional DevelopmentDesign and CreativityPolitical Science
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RESEARCH PROJECT
Executive summaryDocument has showed event management which is needed for every single businessorganisation in hospitality industry. Along with this, the paper has also showed a range of issueswhich impacts regularly upon event management. Kids Imagination a business organisationsituated in London works as event organiser where they are offering a range of services to itscustomers like birthday party for kids and so on. Organisation, basically did investments in orderto resolve all the issues, where event managers do conduct events in much more effective andefficient manner. PESTLE analysis has been done in this document to pull out realisticopportunities and threats that company is having. Management theory consist of different rangeof importance that are covered under the working pattern of manager. Contingency theoryremoves all the uncertainties within event industry in order to pull out favourable outcomes inspecified time frame. Away with this, document has also given recommendations as well toevent manager of Kids Imagination so that it could directly take a range of decisions related toinsurance that are linked to event industry and it also helped in minimising the risks inuncertainties.
Table of ContentsExecutive summary..........................................................................................................................2INTRODUCTION...........................................................................................................................4Managerial issues..................................................................................................................4Managerial Challenges (PESTLE analysis).......................................................................6Management theory..............................................................................................................10Changes in business practice and its impact on business performance................................12Develop, apply and practice a range of professional competencies in development ofmanagement decision making and strategic planning..........................................................15Strategic Management Plan..................................................................................................18CONCLUSION..............................................................................................................................19REFERENCES..............................................................................................................................20
INTRODUCTION Event management refers to the implementation of various management projects whichexecuted with creativity and skills. Events are generally conducted for special occasions likeconferences, festivals, concerts, wedding, conventions, ceremonies and formal parties. With thechanging time, event management is seen as the one among exciting job which influencesinterest of people as they feel entertained while working (Henderson, 2014). Now a days, theparticular filed of event have changed a lot as requirements and expectation of people ischanging every single day. Thus, modern day event planners are upgrading them self in order toconduct completely new and creative event which satisfies customers a lot. The present researchreport is based on Kids Imagination, a London located small scale event company. The eventfirm mainly conducts events for children. In this, specialisation of company revolves aroundbirthday parties, party cakes, decorations on the basis of themes, etc. Event manager of thecompany are well talented as they uses effective tools in order to conduct best event thatprovides maximised satisfaction to each customers in new manner. The present report involves information on different kind of activities that includes inconducting an event. It will further discuss about various causes and effects of managerialchallenges in hospitality sector. Usage of effective management theory in order to evaluateeffective managerial problems and issues. It will further focus on identifying some of thechanges that could help Kids Imagination for improving their business performance. Last but notthe least, it will include recommendation for the same company that will help company inreducing its issues and enhance its profitability level in effective manner.Managerial issuesEvent management refers to the process of coordinating and planning a specific event orprogram. It includes numerous of activities such as scheduling, coordination with other vendors,arrangement of entertainers, security, emergency plans, taking permission from authorities,selection of event site, and arrangement of parking and other transportation facilities (Mackin,2015). With the changing time, requirements and work pressure of this industry is raising day byday. The main reason behind this is developing expectation of customers belong to this industryas they thinks that their event should be completely different and entertaining. For this, theseclients now forces event planners to conduct more innovative programs. It has been analysed that
event industry was initially offering only event facility but with the changing time they havespread their number of services for influencing interest of customers and making them loyaltowards company for longer period of time. In this, now a days event planner have addedcatering, accommodation, entertaining etc. Along with this, these event planners also focuses onproviding value added services to customers that is theme based parties. Further these eventmanager have also shifted their interest towards personalised services (Munteanu and et. al.,2014). This means personalise design, interior, music systems and other related amenities forattracting maximum number of customers. In relation to event management industry, it has been analysed that this industry is facingnumerous of issues related to clients and other related people. The result of these issues hascreated problem for event planners as their work is affected due to these issues. Some mainissues of this industry includes reduced event budgets, advanced technology, low range of moneyfrom sponsors, lack of technological updated skill of event planners, accommodation cost, lowrange of networks, increased governmental norms and laws, security of event. On the basis of above specified different issues in event industry, it can be said that all ofthem influences work of event planner in negative manner. If it is talked about technologicaladvancement, it has been analysed that if technology at market place increases, it also developsdifficult for event manager as they have to develop themselves so that they could adopt similarkind of technology in effectively in their working criteria (Petrakis and et. al., 2018). On theother hand, while looking towards these challenges event managers have groomed themselves upin effective manner which contributes in making their work easier and better in terms of quality.Another issue which is basically being faced by event manager of this industry is that customerrequirements and trend gets changes on a regular basis. These two factors also carries a rapidchanging environment which impacts upon decision taking skills of event manager where earlydeterminations made by them might affect profit ratios of business organisation.With reference to chosen organisation that is Kids Imagination, it has been analysed thatthis company is belonging to core event industry. Event manager of this company is mainlyfacing issues related to clients. This is because, requirements and expectation of these customersare changing day by day. Along with this, these clients are now asking for high innovative eventsin limited budget. The specific situation creates high level of issues for event managers as it isdifficult for them to satisfy expectation of client within provided budget. In addition to this, it has
been further analysed by event managers that clients demanding is raising every day. This is dueto the comparison which is made by clients as they observe innovations used by another eventmanagers and expect from their own event planners to make something new for them. On thebasis of represented issues, it can be said that there are numerous of problems which are raisedby customers for event managers (Sandy Sou and McCartney, 2015). This can be wellunderstood by conducting PESTLE analysis for Kids Imagination. With the help of this analysis,it will easier for managers to understand different challenges which could be further overcomeby them in effective manner.Managerial Challenges (PESTLE analysis)Political: This factor mainly covers various factors that includes changes which arises ingovernmental laws, policies and norms and influences business practices of event industry. Withreference to Kids imagination, it can be said that changes in legal laws of UK government coulddevelop major challenge for event planners as their work is hampered due to frequent changes innorms (Lin and Taylor, 2017). This could be understood with an example, where government haschanged its laws regarding freight transportation where transporting trucks (Lorry) could onlytake a certain amount of load up to 1 imperial ton where previously it was 1.5. This might affectnegatively on profit ratios of Kids Imagination and because of the amendment, it can be said thatcompany would require to pay more money to transporting agencies with whom they have madeconnections so that company's stages, gates and other props could effectively be shifted to theplace where event is going to be organised. On the other hand, if it is thought in a different way,the amendment which was given by governmental authorities of United Kingdom was some howbeneficial for the society as a specified load will not put pressure upon truck and through this,they will not pollute the environment. Along with this, if the same is going to be followed bythem, it is may be possible that initiative taken by Kids Imagination would help them inbecoming a well known brand in front of society as it supports environment rather than focusingon making money.Economical: Economical factor includes many components such as disposable income ofcustomers, economic growth, interest rate, inflation etc. With relation to Kids imagination, it hasbeen analysed that mainly disposable income of its customers are influencing business growth ofKids Imagination (Hopkin, 2018). This means, if people are more active or agree towardspending their earned income parties and other events which are conducted by event company
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