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Finance for Hospitality, Tourism and Events

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Added on  2023-01-18

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This document discusses the finance aspects of the hospitality, tourism, and events industry. It covers topics such as PESTLE analysis, SWOT analysis, and Porter's 5 forces analysis. The document also highlights the importance of managing waste and environmental factors in event management.

Finance for Hospitality, Tourism and Events

   Added on 2023-01-18

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Finance for Hospitality, Tourism and Events
Finance for Hospitality, Tourism and Events_1
Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................4
TASK 1........................................................................................................................................4
TASK 2........................................................................................................................................5
TASK 3........................................................................................................................................6
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9
Finance for Hospitality, Tourism and Events_2
INTRODUCTION
Glastonbury festival is a 5 day festival which is held in Pilton, England which includes
the performance of music, dance, circus, comedy and other arts. These all are performed over
these 5 days. Around 200000 people visit their festival every year and all the performance
depicts the British culture. The event is held regularly every year except for fallow years taken
mostly at 5 year intervals so that they can give the localities and land a break.
Finance for Hospitality, Tourism and Events_3
MAIN BODY
TASK 1
PESTLE analysis
Political factors
These are those factors which affects the long term profitability of the company. Though,
Glastonbury Ltd. is an event organising company the political factors can affect them too. They
have an event of 5 days in England where different contemporary performance takes place, so
there would be a lot of noise pollution at their events, the government may not allow this if the
localities are facing a lot of problems in the happening. Therefore, Glastonbury Ltd must have
strong relation with the government of the country in order for the event to be successful. Also, if
the government is changing rapidly then they might have to deal with this change too.
Economic factors
These are those factors which can affect Glastonbury Ltd at micro as well as macro level.
The event management may face problem with the change in the economy like change in the
interest rates, inflation rates, exchange rates etc., this will affect Glastonbury Ltd in raising funds
to organise their events. When the event happens and the economy is facing recession then this
would cause Glastonbury Ltd a great deal because most people would not want to spend their
money in time of recession.
Social factors
This is one of the most important factor for a company like Glastonbury Ltd because they
have to change according to the preferences. Though, Glastonbury Ltd is managing this factor
very effectively and efficiently as they were trending worldwide for the whole weekend this year
which means that there events are very attracting to the audience. But these are very
unpredictable and the taste and preferences can change anytime.
Technological factors
These factors have helped Glastonbury Ltd to a great extent in promoting and raising
awareness among the people as they have used social media sites like Instagram, Facebook etc.,
so that they can reach to a large audience and they can also take suggestion to the customer by
asking them for feedback on there online sites so that they can improve there event. These were
very difficult before but now with the use of different technology Glastonbury Ltd can do this
easily.
Finance for Hospitality, Tourism and Events_4

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