The Global Events Industry: Macro Environment Impact and SWOT Analysis

This report delves into the global events industry, defining it as short-term, globally impactful occurrences influenced by public investments. It segments the industry into various sub-sections like festivals, concerts, and corporate events. The report analyzes the macro environment's positive and negative impacts, including political, physical, tourism, economic, and legal factors, and their influence on decision-making. It also incorporates a SWOT analysis of the event industry, highlighting strengths, weaknesses, opportunities, and threats. The report concludes by summarizing the macro-environmental influences on the event industry's performance, emphasizing its multifaceted nature.

Global Events

Introduction
Determine the positive and negative impacts the macro environment has on the
global events industry and their influence on decision-making and
organizational, behaviour, supported by specific examples
a SWOT analysis for a specific event to examine and assess the criteria
essential for the successful planning of events
Conclusion
References
Table of content

Based on the information given by OECD, (2020), global events can be
defined as physical phenomenon which takes place for a short period of time
where consideration that takes place is of global reach. These events takes
place based on the investments done by public and they also carries a huge
impact over population through developing a favourable environment. In
present time, it has been found that global events industry is segmented based
on revenue source, type, age group, organizer, region and so on. Also this
industry is carrying a range of sub-sections and these are: festivals, music
concerts, exhibitions and conferences, sports, corporate events and seminar &
many more. This report will be considering diversity of the global events
industry. Also, it will put light on impacts, values, along with legacy of a range
of global events and including this assignment will also cover positive and
negative impacts the macro environment that has over global events.
Introduction

Macro environment refers to external factors such as political, technological,
legal, environmental and many more that affect organizational functions and
performance. Global events are the situations that may occur in future and
significantly affect the sales, profits and revenue of a business entity. Macro
environment influences the conditions as well as events occur at market place
in the following manner:
the positive and negative impacts the macro
environment has on the global events industry and
their influence on decision-making

Physical and environmental impact: It refers resources such as raw material,
equipments, tools that are essential to undertake several business activities. It is
essential to acquire necessary resources in order to meet with the demand occur
at market place. Managers should asses the impact of environmental policies
formulated by higher authorities of government. These factor put positive as
well as negative impact on global events. For instance, while organizing
different events such as sports, marketing, promotion and many more, it is
essential to follow the guidelines formulated by government to protect
environment. Due to current pandemic conditions various events such as
IPL,commonwealth are pospond for a further date and restriction has imposed
by higher authorities to conduct any event at public places.
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Political impact: Political condition of a country affect the events industry in
various ways by imposing various taxes, guidelines that are required to be
follow. It helps the mangers to organize the whole event in an effective way as
political parties give donations, charity to promote them. On the another side it
has an adverse impact also as guidelines are change as per the change in
current government. Event managers need to modify their strategies, functions
as per these modifications.
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Tourism and economic impact: Events helps in promotion and advertisement
of a particular destination. It is one of the best way to promote the tourism
industry of a respective country. Apart from economic factors such as cost,
revenue , profitability, economic condition of country also put a significant
impact on overall event industry. As the managers are required to prepare the
budget in order to make profit from an event. Current situation of recession put
an negative impact on event industry specially. Now, clients are avoiding
socializations and public gathering due to this the whole hospitality industry is
going through with high recession. Their cost is increasing rapidly and they are
not able to earn potential profit.
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Legal Impact: Legal factors refers various laws such as employment law,
business law, regulations related to safety and protection of work force. These
factors influences the global event industry as they need to follow rules and
regulation formulated by government. These factors helps in enhancement of
overall business performance. It helps to ensure employees safety and security
at work place. Sometimes due to these factors event managers also need to face
various restriction in performing organizational task
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SWOT analysis: It refers the analysis that helps a company in order to
formulate strategies and policies for further enhancement. There is various
positive as well as negative aspects of event industry. Along with this, there is
also opportunities for the future growth within the industry. A detailed analysis
has been carried on the situation of respective industry that has been elaborated
as follows:
SWOT analysis

• Event industry are able to organize better programmes that are profitable for them as they are able to get
proper returns out of the investments.
• The mangers of industry are efficient in prospecting new clients in order to enhance their business and
productivity.
• Event industry is able to make potential profits by controlling over the cost through minimizing
unnecessary activities.
• They are able to get maximum number of consumers by effective advertisement, promotion and media
coverages.
• It has very less competition as there is not much players present at market place.
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• There is huge expenses incurs in conducting an event due to this they incurred huge losses.
• Overhead cost such as starters, compliments, maintenance expenses are higher in this
industry.
• There is lack of proper management, systematic planning and appropriate execution in
this industry.
• Goodwill of company in the market sometimes become a reason of conflicts among
employees working together at work place.

Opportunities
• They can undertake various other events such as charity,donation,economic, political
programs to target different segments.
• They can get assistance from local government, authorities for business
enhancement.
• They can undertake automations and digital techniques in order to enhance their
productivity as well as work efficiency
• Event industry can get sponsorship for different programs in order to enhance
profitability.
• They have opportunities to get new and potential clients from external environment
that will enhance their among various stakeholders of business
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