Report on Global Events: Industry Diversity, Factors, and Management

This report provides a comprehensive overview of the global events industry, examining its diverse structure, including the role and organization of various event types like sports and cultural events, with a focus on the London Excel Exhibition Centre. It explores the factors influencing the industry's global development, such as technological advancements, budget constraints, and legal regulations. The report evaluates the value, impacts, and legacy of events on their environment, considering economic, physical, and environmental aspects. It also delves into management strategies, like the Balanced Scorecard, crucial for the development of the event industry at a global level. The report further analyzes the positive and negative impacts of the macro environment on the event industry, along with a SWOT analysis to assess criteria essential for successful event planning.

GLOBAL EVENTS

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explore diversity of global events industry including its structure, role and organisation of
various types of events................................................................................................................1
P2 Explain factors which influences global developments of events industry...........................3
TASK 2............................................................................................................................................4
P3 Evaluation of value, impacts and legacy of events on environment in which it is operating 4
P4 Management strategies which are responsible for development of event industry at global
level.............................................................................................................................................6
TASK 3 and TASK 4 are covered in PPT.......................................................................................7
CONCLUSION................................................................................................................................7
REFERENCES ...............................................................................................................................8

INTRODUCTION
Events are application of creating and developing conferences, events and occasion which
includes different aspects of these events which are identified. Event industry is one of those
industries which is growing at fastest speed all over the world. It includes corporate, cultural,
religious or personal events which comprises of identifying audience, planning, coordinating
technical aspects and executing whole activity successfully. Global events industry is estimated
to be approx £1,100 billion in 2018 and expected to grow by £2,330 billion in 2026 (Events
Industry by Type, 2019). London's Excel Exhibition Centre is one of company in events industry
which operates globally and has already hosted many events successfully. In this report there
will be examination about diversity present in global events industry which will include
structure, organisation and role of various events in society. This assignment will include
different factors that influence the global development of events industry. There will be
evaluation of value, legacy and impact on environment of range of global events in which the
industry operates. This report will review management strategies that supports and are
responsible for development of global events. This will also determine positive and negative
impacts that macro environment has on event industry globally and its influence on decision
making and behaviour of organisation with the help of specific examples. This report will
conduct SWOT Analysis for events to examine and assess criteria which is essential for
successful planning.
TASK 1
P1 Explore diversity of global events industry including its structure, role and organisation of
various types of events
In the present scenario there is high level of competition in events industry worldwide
which impacts ability of different organisation's for decision making. In order to enhance
productivity and increase performance managing global events successfully plays an important
role. In relation to London Excel Exhibition Centre, they conducts various types of events
globally to improve its brand image (Bowman and et. al., 2017). Diversity is combinations of
various languages, culture, policies, economies and ideas which are identified by organisation to
portray positive image and to maintain relations with society so that overall performance can be
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improved. Due to constant up-gradation in technological factors and innovation in field of events
are creating threats for companies for survival and take appropriate decisions to stay in industry.
These changes are also creating opportunities for companies to host music, games, Olympic and
culture related events so that there is development for organisation and society as well
(Diffenbaugh and et. al., 2017). These events creates grounds for diversity in events industry and
hence it is important for companies to study and understand these diversities, explained below:
ON THE BASIS OF SIZE
Major Events: These are those types of events which are hosted at international level and
can contribute in society by inviting visitors from different countries. Examples are cultural,
sports, religious events, etc. which attracts individuals worldwide and contribute in region
economy in which it is hosted.
Local Events: These types of events have gathering of 50 or more individuals and does
not open premises for general public. Some of examples of these events are weddings, parades,
occasion and personal events which engage guests on emotional grounds. This helps in
maintaining relations with society.
ON THE BASIS OF FORM
Sports Events: This comprises of different types of activities in which various athletes
participate with physical skills they have. Such events are governed by national or international
bodies which regulates happening of such events (Horne, 2017).
Cultural Events: Theses types of events are music, art, culture, poetry which helps in
increasing social, economic and culture status of society. Some of the examples are charitable
functions, local festival, exhibitions, etc.
On the basis of above differentiation there are many opportunities for London Excel Exhibition
Centre to enhance its productivity and profits margins so that it can compete in competitive
environment of events industry (Westerhold and et. al., 2018). There are different innovative
solutions by which companies can successfully host global events and gain better position in
industry. Some of those techniques are as follows:
Event Industry Suppliers: In this techniques, London Excel Exhibition Centre will take
help from specialised suppliers which provides assistance to host events successfully and
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generate revenue. They help in catering, decoration, production related activities so that clients
requirements are achieved.
Event Management Companies: In this there are group of professional who plan, organise
and execute activities related to events in innovate and creative manner so that it can enhance
performance of London Excel Exhibition Centre (Hudson and Hudson, 2017).
ROLES OF EVENTS IN SOCIETY
Global events have both positive and negative impacts on society and plays important
role in its betterment. In events industry presently sports and major events are growing at rapid
speed within sector which is providing opportunities for companies to grow at international level.
In relation to aspects of society cultural events help organisation to build and maintain relations
with community so that they can have competitive advantage. This also helps companies to
understand about different rituals, customs, values, beliefs and arts that influences its decision
making while hosting events in different culture globally (Sumiala and et. al., 2018). This also
improves economy and living standards of society in which its operates.
P2 Explain factors which influences global developments of events industry
Events industry is considered to be fastest growing sector at global level. There are
different factors which impacts companies positions within marketplace. These factors
challenges organisations and whole event industry, impacts its functioning and operations at
international level, some of them are as follows:
Technological aspects: In last few years this aspects is influencing industries worldwide
and thus posing challenge to the events industry also. This plays an significant role in some
events and its planning, executing related activities. This will be hectic part for events
organisation to understand it fully and then deliver events to meet clients requirements.
Limited budgets: There is increase in events globally but the budgets provided to
organise these events are increasing at slow pace. This is one of huge challenges before events
industry worldwide as they have to limit activities which hinders qualitative aspect in executing
business (Indorkar and et. al., 2019).
Long hours of events: These days events like product launching, seniors meetings,
special events demands long hours as compared to other events. This pose challenge for events
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industry to engage audiences and guests so that events are successful and business objectives are
achieved.
Growth of event industry: As in present scenario there are different aspects which are
leading to development of events industry at global level. Innovation and creativity are one of
those factor which needs to be considered while planning and executing events so that clients
expectations are met. This is one of major challenges in acquiring such manpower which is
skilled enough to handle every aspects of events and deliver quality services (King, Karoly and
Henley, 2017).
Strict laws: There are different types of laws which are applicable to various industries at
national and global level. In present scenario due to data privacy, threats and security related
concerns leads to appliance of rules and laws that will protect clients and guests information.
There are also rules which ensures that the venue of events are safe and secure for guests and
staff member so that there are less chances of any mishappening. This will create challenges for
events industry to host events at global level and comply with these rules.
All above points discussed that there are different challenges that events industry is facing in
present scenario and thus also impacts on London Excel Exhibition Centre and its operations at
global level (Subramaniyaswamy and et. al., 2017). Hence there is need that organisation put
efforts and take proper course of actions or activities to achieve clients expectations. This will
help company to increase its profits margins and have competitive advantage in events industry
at international level.
TASK 2
P3 Evaluation of value, impacts and legacy of events on environment in which it is operating
To survive in event industry suitable strategies are formed so that companies can have
innovative and creative ways to plan events (Mishev, Poluianov and Usoskin, 2017). There are
different factors like value, legacy and impacts which are of greater concerns for organisation
while executing events so that clients requirements are achieved. In context of London Excel
Exhibition Centre, they have to take into considerations these aspects so that challenges are
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overcome and overall performance of organisation is enhanced. Some of elements of legacy,
impacts and values are given below:
IMPACT
Economic: In this impacts government policies, rules, regulations and procedures are
included which impacts decision making process and capabilities of organisation. There is a need
that London Excel Exhibition Centre identifies current trends and demands and thus take
corrective actions so that clients requirements are met. This will also helps organisation to
increase its sales and profits margins so that it can have competitive advantage within industry.
Physical and Environment: There is need that event company should be sensitive towards
environment in which it is hosting events so that there no harm is done to it. By doing this
organisation can have positive image at global level and will never face negative opposition
against it (Mora and et. al., 2017).
LEGACY
The basic meaning of legacy is long term positive impact of events on culture, economy
and physical aspects in which it is hosted. Legacy is evaluated with reference to tangible factors
which can be measured and impacts can be clearly seen, for example Olympic Games. Physical
evidence is that in which country it is hosted helps in improving infrastructure of that region
which increases living standards of individuals. There are also positive economic impacts which
leads to rise in economical factor of that country and adds to its gross value. There is need that
legacy planning is done properly so that ever changing nature of events industry is managed
properly and clients requirements are achieved. Events legacy focuses more on creating long
lasting impacts on guests and individuals so that they can remember the event for long (Naoum
and et. al., 2017).
VALUE
This refers to combinations of opinions, thoughts, beliefs and norms which assist
company to achieve its organisational goals within specified time period. The basic feature of
event industry is to enhance overall productivity of company so that it can maintain ethics,
provide information and other aspects of business. This attributes will help London Excel
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Exhibition Centre to improve its productivity and be creative while planning events at global
level (Ruffault and et. al., 2018). This can be evaluated by recording guests feedback and
measuring satisfaction level, profits made from events, mention on social platforms, etc. which
give evidence about value of events (Roche, 2017).
P4 Management strategies which are responsible for development of event industry at global
level
Events are integrated activities which are planning, organising and executing that are
responsible in hosting effective and successful events. Every event is different in terms of
resources, time, budget, size, type, venue, etc. There is need that events are effective so that it
can create positive outcomes for organisation and society (Panitz and Glueckler, 2017). So there
are some management strategies which need to be applied by London Excel Exhibition Centre so
that it can plan and execute successful events. Some of such strategies are mentioned below:
Balance Scorecard: This management strategies are helpful in managing and
implementing strategy for events. This provides a framework which is linked to objectives of
strategies, measurement, targets and initiatives which provides assistance in achieving
organisational objectives. This will help London Excel Exhibition Centre to compare financial
performance and take corrective actions so that it can earns profits and compete at global level.
This also provides scope for companies to be creative and innovative in the ways by which plans
and execute different types of events.
Corporate Environmental Management Model: This model of management strategies
relates with environmental and natural aspects of issues. There is need that event industry with
promoting value of shareholders has to link it with environmental objectives of organisation so
that social demands are fulfilled. By this model companies identify opportunities for growth and
development complying with regulation of environment so that it can have competitive
advantage in events industry. Additionally, this will help London Excel Exhibition Centre to
have appropriate and complete information about environment in which it is operating that helps
companies to improve its brand image in positive manner (Richards and Colombo, 2017).
In comparison from balance scorecard and corporate environment management model,
the former one is more suitable. Application of balance scorecard as management strategy will
help company to achieved higher level of efficiency in conducting events. This will provide
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financial information which is essential for survival in industry and to sustain in competitive
environment.
TASK 3 and TASK 4 are covered in PPT
CONCLUSION
From above assignment it can be concluded that event industry comprises of different
event companies which operates at different level to meet expectations of clients. These
organisations host different types of events on the basis of size or content and adopts strategies
like events industry suppliers and management companies to be effective. These events plays
significant role in betterment of society by providing benefits to individuals. There are different
factors like budgets, long durations of events, growth of event industry, rules and regulations,
etc. which creates challenges for events industry at global level. This report includes evaluation
of value, legacy and impacts of events which helps companies to meet requirements of clients
and achieve organisational objectives. There is two types of management strategies like balance
scorecard and corporate environmental management model which helps companies to improve
ways of managing global events. This will also examine influence of macro environmental
factors on decision making process and organisation behaviour. At last, it studied SWOT
Analysis of events industry at global level so that factors related to internal and external
environment are identified.
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REFERENCES
Books and Journal
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events. Nature Ecology & Evolution. 1(3). p.0058.
Diffenbaugh, N. S. and et. al., 2017. Quantifying the influence of global warming on
unprecedented extreme climate events. Proceedings of the National Academy of
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approach. Sage.
Indorkar, R. and et. al., 2019. Global coronary flow reserve measured during stress cardiac
magnetic resonance imaging is an independent predictor of adverse cardiovascular
events. JACC: Cardiovascular Imaging. 12(8 Part 2). pp.1686-1695.
King, A. D., Karoly, D. J. and Henley, B. J., 2017. Australian climate extremes at 1.5 C and 2 C
of global warming. Nature Climate Change. 7(6). p.412.
Mishev, A., Poluianov, S. and Usoskin, I., 2017. Assessment of spectral and angular
characteristics of sub-GLE events using the global neutron monitor network. Journal of
Space Weather and Space Climate. 7. p.A28.
Mora, C. and et. al., 2017. Global risk of deadly heat. Nature Climate Change. 7(7). p.501.
Naoum, C. and et. al., 2017. Predictive value of age-and sex-specific nomograms of global
plaque burden on coronary computed tomography angiography for major cardiac
events. Circulation: Cardiovascular Imaging. 10(3). p.e004896.
Panitz, R. and Glueckler, J., 2017. Rewiring global networks at local events: Congresses in the
stock photo trade. Global Networks. 17(1). pp.147-168.
Richards, G. and Colombo, A., 2017. Creating network value The Barcelona Sónar Festival as a
global events hub. In The value of events (pp. 73-86). Routledge.
Roche, M., 2017. Mega-events and social change: Spectacle, legacy and public culture.
Ruffault, J. and et. al., 2018. Extreme wildfire events are linked to global-change-type droughts
in the northern Mediterranean.
Subramaniyaswamy, V. and et. al., 2017. Sentiment analysis of tweets for estimating criticality
and security of events. Journal of Organizational and End User Computing (JOEUC).
29(4). pp.51-71.
Sumiala, J. and et. al., 2018. Hybrid media events: The Charlie Hebdo attacks and the global
circulation of terrorist violence. Emerald Publishing Limited.
Westerhold, T. and et. al., 2018. Global extent of early Eocene hyperthermal events: A new
Pacific benthic foraminiferal isotope record from Shatsky Rise (ODP Site 1209).
Paleoceanography and Paleoclimatology. 33(6). pp.626-642.
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