Analysis of the Global Events Industry: Macro Environment and SWOT

This report examines the global events industry, focusing on the impact of the macro environment and a SWOT analysis of a major event, the London 2012 Olympic Games. The report begins with an introduction defining events and the global event sector, followed by an analysis of the positive and negative impacts of political, economic, and social factors (PESTLE analysis). A SWOT analysis is then presented, evaluating the strengths, weaknesses, opportunities, and threats associated with the Olympic Games. The report concludes by emphasizing the importance of strategic planning and goal setting for successful event management, referencing various sources to support the analysis. The analysis highlights the importance of adapting to external factors and formulating comprehensive strategies to achieve organizational objectives.

Title
Global Events

Table of content
Introduction
Positive and negative impacts the macro environment has on
the global events industry
SWOT Analysis for a specific event
Conclusion
References

INTRODUCTION
Events refer to large-scale meeting of individuals at one location
and the global event sector means certain organizations that
organize events at world stage. In order to encourage or recruit
individuals for their service, it is a very diversification business
that holds numerous activities such as formal celebrations,
corporate events, socio-cultural events, sporting events and several
other events. In which global gatherings are held at global systems
in order to have diverse communities and participant habits.

The positive and negative impacts
on the global events industry
Macro environments refer to those variables that influence the
company unit's role and efficiency, for which it is important to
identify all external forces for smooth operational running. These
variables cannot be managed by any organization, and these
variables must be taken into account in accordance with the
requirements set out all corporations’ duties or output. PESTLE
research is carried out in the sense of a given case, along with its
advantages and disadvantages, which are addressed below:

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Political factor: In required to bring out smooth operation of business activities, it is
necessary for the entertainment industry to accept all rules and regulations by the
government (Ohba, 2019). It entails shifts in government policy that can have an effect on
the event market, cause controversies, and much more. The sector has to be versatile in
design with this case, so that any improvements can be embraced.
Positive effect- It is political security which allows companies to operate their activities
smoothly.
Negative Effect- The activity industry faces too many obstacles since Brexit, including a
high income tax on exporting machinery that will warn them to come to the UK for results.

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Economic factor: This covers all economic considerations such as economic
development, interest rates, inflation, consumer tax revenue policies, etc. In contrast
to other nations, the economic situation of the UK is strong, which brings
advantages to the activity industry when it comes of efficient organization of events.
Positive- The entertainment industry benefits the country by producing more income
to increase economic growth.
Negative: Organizing a neighborhood event generates a good net economic return,
but there are also risks of a high opportunity costs. This kind of expense plays an
important role about how to make the best community investment choices.

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Social factor- This applies to certain variables that include geography, ethnicity,
morals, traditions, beliefs, behavioral problems, or habits of end users (Stouge,
Bagnoli and Rasmussen, 2020). This has an immense influence on the event
management industry as market expectations and patterns are continually evolving
for these event holders need to set plans or schedule according to customer needs.
Positive - This has a positive effect as it creates a constructive interaction for the
members in the city.
Negative: it also leaves poor along with good, since it contradicts the ideals of
people that do not take part in activities.

SWOT Analysis
SWOT analysis is a scientific method to classify some entity or
event's power, vulnerability, possibilities, and danger. In the other
side, in which power and vulnerability are internal variables, both
chance and hazard are external ones (Sreenivash and Datta‐Barua,
2020). Strategic strategy must be encouraged, as it aids in the
judgment process and helps to consider the positives and negatives of
the company. In which a SWOT study is carried out in the sense of a
big London 2012 Olympic Games event:

Strength
 The wide variety of regional reach in multiple regions is the
power of the Olympic Games as it greatly influences the target
region along with buyers.
 Active online existence on numerous social media platforms
allows organisers to establish strong customer connections.
 Venue is another powerful argument for Olympic games as it
aims to achieve competitive edge for the competitive position
of the company.

Weakness
 Business blames environmentalists because of inadequate waste disposal
schemes.
 The status of flexibility and overall market efficiency is often impacted
by cash scarcity or limited current asset supply.
 The judgement process takes too much time that affects the business
launch of new product processes.
 Organizational culture is another significant cause of organisational
weakness because it does not fit with corporate goals.

Opportunity
 The exponential shift in population growth is a tremendous
boost for the organisers of the Olympic Games.
 Creating new, creative technology will minimise cost and
improving performance and quality, leading to profit
growth (Footitt, Hambidge and Finch-Savage, 2020).
 The rise of social media as a movement is a massive
opportunity for the Olympic games in London.

Threat
 Competitive conflicts are the greatest challenge to either form
of business or occurrence when they impact the profitability of
the customer base.
 The implementation of new stringent government instructions is
another huge challenge to the London Olympic Games as it
increases the risk of costly litigation suits.
 Inflation rate adjustments impact the cost of supply along with
benefit.