Global Events Industry: Key Factors, Impacts, Strategies & Analysis

This report provides a comprehensive analysis of the global events industry, focusing on key factors that shape and influence its development. It examines the diversity within the industry, including the roles, structures, and organization of hallmark, major, and mega-events, using examples like the London International Festival of Theatre, Trooping the Colour, and Wimbledon. The report evaluates the legacy of various global events and management strategies for responsible event development, addressing environmental impacts and sustainable practices. Furthermore, it assesses the positive and negative impacts of the macro environment on the global events industry and their influence on decision-making. A SWOT analysis of Wimbledon is included, along with recommendations for improvement and profit maximization. This detailed overview offers valuable insights into the dynamics and strategic considerations within the global events industry.

Global events

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1............................................................................................................................................1
Diversity present in the global events industry including its role, structure and organization1
Explanation of factors which influence development of global events industry....................3
Evaluation of the key factors which influence development, structure, organization and role of
event.......................................................................................................................................4
Critical evaluation of primary factors which have shaped and influenced global events
industry...................................................................................................................................5
TASK 2............................................................................................................................................5
Evaluation of legacy of range of global events......................................................................5
Management strategies which assist is responsible event development................................6
Critical evaluation of specific management strategies which enable responsible development
of events..................................................................................................................................8
Critical assessment of impact of global events on environment and strategies for responsible
development...........................................................................................................................8
TASK 3............................................................................................................................................9
Positive and negative impact of macro environment on global events industry and their
influence on decision making.................................................................................................9
Evaluation of macro environmental factors influencing global events industry..................11
TASK 4..........................................................................................................................................11
SWOT analysis of Wimbledon Championship....................................................................11
Critical evaluation of criteria essential for planning of events.............................................12
Recommendation for improvement and profit maximisation for Wimbledon Tournament 12
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
The global events industry provides various opportunities for development of the tourism
destination by increasing different kinds of events in the region. The popular tourism destination
selected for this report is London, United Kingdom. This report critically evaluates key factors
shaping and influencing global events industry and examines diversity of the global events
industry. Critical assessment of legacy and management strategies for responsible development
of range of events is also included in this report. Macro environmental factors affecting global
events are evaluated in this report and recommendations for maximising profit of the event is
provided in this report. In addition to this SWOT analysis of specific event is conducted in this
report to critically analyse criteria essential for successful planning of event.
MAIN BODY
TASK 1
Diversity present in the global events industry including its role, structure and organization
The different types of events which depicts diversity of the global event industries are mentioned
below:
Hallmark events: These are the events which includes major expositions, fairs and they
are conducted on a regular basis or one off basis (Quach and et. al., 2021). An example of
Hallmark event is London International Festival of Theatre. It is a biennial festive of theatre,
performance and cultural event.
Structure: Most of hallmark events are in the category of non-profit sector and
they collaborate a phase of public powerfulness as there is need of community to felt the
possession of tradition. These type of events follow flat structure. London International Festival
of Theatre is conducted by Lucy Neal and Rose de Wend Fenton.
How the event is organized: London International Festival of Theatre supports year round
activity in London and the festival was started in 1981. The festival took place in 2018 from 22
May TO 22 July.
Place of event in society: These type of events has an important place in the
society because it aids in raising tourism in specific region. London International Festival of
Theatre provide space for first hand theatrical dispatches from artists living (Kim and et. al.,
2019).
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Major events: It is a type of event which has the capability to captivate the attention of
visitors and could also attract large volume of media coverage. Along with this, it could also
have an extraordinary amount of economic advantages. Trooping the Colour is an example of
major event. It is a ceremony which is performed by regiments of the British and Commonwealth
armies.
Structure: These types of events are considered as complicated as it us conducted
on a large scale. The ceremony is broadcast live and shown in Germany, Austria, Belgium,
Canada and US.
How the event is organized: These events are conducted on large scale to having
the maximum return on investment by the stakeholders on huge scale in order to have maximal
return on investment by stakeholders. Trooping the Colour is conducted by regiments of the
British and Commonwealth armies.
Place of event in society: These type of events are rich for the community as they
combine with public on a global scale for annual gathering. Trooping the Colour is the public
celebration of Queen's birthday.
Mega events: Mega events are huge and create affect all countries and these type of event
get much more media coverage. Wimbledon Tournament is an example of mega events.
Structure: The mega events involve a huge investment and they are conducted on
huge scale which has the ability to attract large number of gathering. The mega events are
arranged on the basis of competitive bidding (Rod, Isuster and Chandler, 2021).
How the event is organized: Wimbledon Tournament is the oldest tennis
tournament and it is conducted at the All England Club in Wimbledon.
Place of event in society: The mega events are the large scale event and has a
huge place society. These type of event enormously bring growth and development of the
country by taking different culture together.
Critical Evaluation
The Global events industry contains diverse range of events which are highly feasible.
The feasibility of Hallmark events is high because these events have distinctive cultural
significant. In case of major events the feasibility of the event is high because these events are
viewed by large number of individuals. The feasibility of mega events is high because these
events affect national economy of the host country.
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Explanation of factors which influence development of global events industry
Hallmark events: It is type of event which are small and are conducted in regular basis. The
factors which have created influence on the development of event industry on local and global
level are mentioned below:
Low budget: Almost all hallmark events are held on the name of charity and
knowledge programme and it has limited budget. These type of events are small resource of
funds which do not let them to expand locally (Randolph, 2021). London Internation Festival of
Theatre has restricted budget and this does not let them to conduct internationally.
Low popularity: These type of events are not much popular a national or
international level. London Internation Festival of Theatre is not much popular which could
captivate the eyes of visitors. Along with this, it would cost much high for organisers to conduct
and expand the festival at international level.
Major events: Major events are able to attract large number of both national and
international visitors. Also there is large number of media coverage. The factors that has
influence on the development of event industry mentioned below:
Culture: These type of event is able to produce strong emotional appeal. Trooping
the Colour is the public celebration of Queen's birthday performed which is performed by
regiments of the British and Commonwealth armies.
Audience of the event: The audience of these events are from both national and
international (An and et. al., 2021). The audience of Trooping the Colour includes the Royal
family, invited guests, ticket holders and general public.
Mega events: These type of events captivates the attention of significant number of
visitors from national and international. Along with this, there is large number of international
media coverage and international profile. Factors which creates influence on the development of
event industry mentioned below:
Security of the event: Security is one of the most importance factor in mega event
as there would be large crowd for attending the event. Wimbledon Tournament is attended by
lacks of people which required safety as large crowd and media attraction could allure target for
terrorists.
Sponsorship of the event: It is one of the most popular forms of marketing as it
provides opportunities for organisations to advertise in such big events which could attract large
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number of customers (Gordeeva, Sheldon and Sychev, 2020). These events are capable for
transmitting promotional message to billion number of individuals through television and so on.
Wimbledon Tournament has 19 sponsors and makes $55 million each year.
Critical Evaluation
Hallmark events such have low popularity and invite loyal audience which increases the
feasibility of such events as loyal audience will always attend such events. Major events hold
cultural significance and because of that they are feasible. The high feasibility of mega events is
depicted by the fact that they attract sponsorships easily.
Evaluation of the key factors which influence development, structure, organization and role of
event
The low income gained by hallmark events such as London International theatre festival
because of limited appeal of theatre affects the organization structure and place of event in
society. The positive impact is that such events are able to attract loyalist spectators while the
negative impact is the they do not gain grand popularity because of low budget in comparison to
major and mega events (Becerril, 2017). Major events such as the Trooping the colours are
influenced by the audience attracted to such events. The audience which are in support of the
Royal family of Britain attend such event along with high profile individuals from the royal
family. This affects the structure and organization of such events so that the audience gains
satisfaction and feels proud from such events. The positive impact of this factor is that it creates
harmonious environment as every member present at such event is in support of the objective of
the event while the negative impact is that trooping the colour which are associated with
imperialism also attract audience with anti-imperial sentiments. This can lead to conflicts and
violence at such events. Mega events are influenced by the factor of security as they are attended
by millions of individuals. These events are organized and structured in a way which maximises
security of every individual involved in the event. The positive impact of this is that the event is
carried out peacefully and any negative element is identified and eliminated as proactive
measures. On the other hand the negative impact of high security is that is increases complexity
of the event as every variable associated and present at the event need to checked to minimize
danger.
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Critical evaluation of primary factors which have shaped and influenced global events industry
Factors such as low budget, low popularity, audience culture security and sponsorship
influence the organization structure and place of various global events in the society. These
factors both have positive and negative influence on the everts. Low income reduces scope of the
event while also increasing loyal audience of the hallmark event (Black, 2017). On the other
hand culture of region affects the major event and its structure positively by promoting the local
culture while the negative impact is related to alienation of audience from other cultures. This
can be seen in tropping the colours which is major London event as it primarily attracts royalists
and alienates individuals from other culture who do not support the British Royal family.
Sponsorship is the primary factor affecting mega events such as Wimbledon as organization of
event and structure of event is taken to satisfy the official sponsors. The positive impact of this is
that the event gains sponsors easily while the negative impact is that it increases risk of undue
influence by sponsers.
TASK 2
Evaluation of legacy of range of global events
Hallmark event
The legacy of London International Theatre Festival which is hallmark event of the
destination can be seen in the positive result of the work done by festival in celebrating various
theatre art-forms. The festival also acts as a stage for theatre artists living in conflict and
oppression which are not giving space for their artistic expression in their own country. The
positive legacy of this hallmark event is that it creates an environment where theatre artists from
Brazil, Poland, Japan, Malaysia work alongside British Artists to create politically engaged
theatre. This has positive impact on cultural identity of London and plays an important role in
enhancing cultural tourism in the area (Cohen and Watt, 2017). The negative legacy associated
with this event is that as the festival enables theatre artists to put forward their political views
which might alienate audiences with opposing political stance. The negative impact of this
legacy is that it may also create global controversy about theatre performance with political
stance on divisive topics.
Major Event
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The legacy of Trooping of Colour is viable on a global scale as this major London event
is associated with an time honours tradition of Commonwealth. This tradition can be traced back
to the 17th century with the rots of the tradition dating earlier than that. The legacy of this event
can be seen as the live streaming and telecast of this event is seen by millions of viewers across
the globe. This has positive impact on tourism in London as thousand of spectators come to
witness this age old tradition of UK royal family. The negative legacy of this event is that it is
also associated with British Imperialism, colonization and slavery. The negative impact of this is
that it creates unsupportive brand image of the destination and the event in the current society
with egalitarian views (de Nooij and van den Berg, 2018).
Mega Event
The Wimbledon Championship is one of the oldest Tennis tournaments in the world and
has created prestigious legacy in the world of sports. The event has major significance in relation
to Tennis tournaments and gains the highest media attention. This has positive impact on the
destination as it leads to increase in tourism and helps gain quick sponsorship from global brand
such as Rolex and IBM. The negative legacy of the Championship is related to racism faced by
various players during the tournaments from spectators and staff organizing the Championship.
Former Wimbledon finalist Mal Washington reported racially motivated events that occur with
People of colour during the tournament ('I absolutely experienced racism in and out of tennis,'
says former Wimbledon finalist Mal Washington, 2020). This negatively impacts the reputation
of the tournament and may affect the global viewership of tournament if the issued of racism are
not addressed.
Critical Evaluation
Hallmark events are culturally important and leave positive legacy for local community
which makes them feasible. Major events are feasible as they are associated with national culture
and bring financial returns. In addition to this mega events have global legacy which makes them
highly feasible.
Management strategies which assist is responsible event development
Hallmark event: The management strategy used at London International theatre festival
to ensure responsible and sustainable development of event is cultural diversity management.
This involves developing competency in ability to understand, communicate with and effectively
understand, communicant with and effectively interact with people across cultures and work with
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varying cultural beliefs and schedules (Fabian, 2018). This enables responsible development at
London international theatre festival as it creates comfortable environment for individuals from
different cultural backgrounds to present their artistic expression. The merit of this responsible
management strategy is that it reduces conflicts and leads to effective completion of the
international event. The demerit of this management strategy is that discussions related to
diversity may slow down decision making and affect timely completion of various event
activities.
Major event: Trooping the Colours is major event in UK which is attended by large
number of public. High security is an important part of responsible development of this event as
this event is attended by high profile individuals with global media coverage and can be targetted
by protestors, terrorists and other criminal elements. Effective crowd management strategy
adopted at Trooping of the colours event which plays an important role in responsible
development of the event. The merit of this responsible management strategy is that it helps in
smooth completion of the event without any interruptions and ensures safety of thousands of
public spectators an significant individuals present at the event. The demerit of this strategy is
that it increases costs of the event which is completed by taxpayers money as it is royal event
(Ferrone, 2020).
Mega event: Wimbledon has adopted several sustainable management practices as part
of responsible development strategy of Wimbledon. This aims to to lower the negative
environmental impact caused by the event. The focus of sustainable management strategy aims
to create sustainable sports Tournament. This includes replacement of current generators at
Wimbledon with renewable alternatives (Wimbledon to generate renewable energy as part of net
zero carbon ambition, 2020). In addition to this the organizer of Wimbledon, AELTC
collaborated with the UN climate change summit and BBC to highlight climate change and
sports. This strategy provides the merit of reducing negative climate change impact of the sports
tournament and also responsible utilization of global media coverage by highlighting issuers of
climate change. The demerit of sustainable management at Wimbledon is that it delays various
tournament activities and increases the length of the tournament which might reduce satisfaction
of loyal audiences of the tournament.
Critical Evaluation
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Hallmark events help promote a specific community which makes them highly
sustainable and feasible. Major events are conducted responsibly with high security. This reduces
chances of damage at the event and increases their feasibility. The feasibility of mega events is
high as they are completed by following sustainable approaches.
Critical evaluation of specific management strategies which enable responsible development of
events
It is important to ensure responsible management of different types of events in order to
increase satisfaction of different stakeholders (Gaudette, Roult and Lefebvre, 2017).
Management strategy adopted for responsible development of London International theatre
festival which is a Hallmark event is diversity management. The focus of this management
strategy is to increase cultural diversity at the event and enhance participation from different
cultural communities of the region. This strategy is advantageous for London international
theatre festival as it provides the event multicultural identify which is in alignment with
multicultural identity of London. The disadvantage of this strategy is that presence of different
cultures might affect productivity of theatre activities because of inter-group biases. The
responsible development strategy selected by the major event of trooping the colour is crowd
management which focuses on effective crowd control. The advantage of this strategy is that it
helps in safe completion of the event while the disadvantage is that it may affect satisfaction of
the public at the event because they are not allowed to view the event closely (Graziano and
Vicentini, 2017). In case of the mega event of Wimbledon tournament the responsible
management strategy implement is sustainable segment. The aim of this strategy is to increase
climate friendly environment of the event by increasing renewable energy usage and highlighting
climate change crisis. The advantage of this management strategy is the it increases the
reputation of the tournament affected by allegations of racism while the disadvantage is that it
increases financial investment required for completion of the event.
Critical assessment of impact of global events on environment and strategies for responsible
development
Cultural diversity management is a beneficial responsible development strategy for
Hallmark events such as London International theatre festival because it helps create
collaborative environment where theatre artists from all over the globe can deliver excellent
performances. The drawback of this strategy is that it is time consuming (Gursoy, Milito and
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Nunkoo, 2017). The benefit gained by major event Trooping the colours because of adoption of
responsible development strategy of crowd control is protection from criminal attacks on the
troops or royal members while the drawback is that it increases complexity of the event. The
benefit of sustainable management strategy at Wimbledon is that it leads to environment friendly
completion of the event while the drawback is that it might dissuade sponsors who are invested
in non-renewable energy industry.
TASK 3
Positive and negative impact of macro environment on global events industry and their influence
on decision making
PESTEL analysis of Wimbledon Political factors: The primary political factor which affects Wimbledon are the Royal
traditions associated with British imperialism which are still followed at the tournament.
This affects decision making at the tournament as each player has to follow such
traditions such as bowing to the members of the royal family.
Positive Impact: This positively impact the tournament as it helps maintain traditionalist image
of the tournament associated with the event from its inception (Hahm, Tasci and Terry, 2019).
Negative Impact: This may lead to dissatisfaction of certain players who are against imperialism
in UK. Economic Factors: The official sponsors of the tournament who provide economic
support affect decision making as their products and services are only used at the
tournament. For example, Rolex provides timekeeping technology for the event
(Wimbledon 2019 Sponsors: Here’s who’s backing the tennis tournament. 2019).
Positive Impact: This economic factor helps promote sponsors effectively which increases
satisfaction of primary sponsors of the event.
Negative Impact: The negative impact of this economical factor is that it might affect profit
maximisation because of limited number of sponsors. Social Factors: Racism present in the tournament is the main social factor which also
affects decision making as various steps are taken by the tournament organizers to
reduce racism (Harrison and Hoyler, 2018).
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Positive Impact: The social factor of increase in awareness about reducing racism in sports
positively impacts the decision making process.
Negative Impact: The allegations of racism harm the reputation of this tournament. Technological Factors: The digital live streaming of the event because of increasing
online viewership affects the event. This affects decision making as the event needs to be
structured to ensure effective live streaming.
Positive Impact: The positive impact of this factor is that it increases the global reach of the
event.
Negative Impact: The negative impact is that it might discourage in person attendance. Environmental factors: The environmental factor of rising demand of sustainability
affects the decision making at every level of the Wimbledon tournament (Trendafilova
and et. al., 2021).
Positive Impact: Sustainable initiatives taken by Wimbledon organizers will enhance event
branding.
Negative Impact: The cost of sustainability is high which has negative impact on overall profits
gained from event. Legal factors: Ticket touring is the practice of buying tickets for live event and than
selling it on extortionate rate is prevalent in case of Wimbledon (Hernández-Mogollón,
Duarte and Folgado-Fernández, 2018). This also affects decision making as the
organizers have to take action to lower this illegal practice.
Positive Impact: Compliance with related legislation might help Wimbledon organisers deal with
this issue.
Negative Impact: The rise in ticket touring will negatively affect branding of the event as it
showcases ineffective management by organizers.
Critical Evaluation
Mega event such as the Wimbledon is affected by various external factors. The economic
benefits of such event along with sustainability of the event makes it highly feasible. In addition
to this the global event also has positive social impact in terms of responsible development of
local community. This makes the event feasible as it helps in positively impacting the
environment and society.
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