Analyzing the Global Events Industry: A Comprehensive Report

This report provides a detailed analysis of the global events industry, focusing on the impact of the macro-environment. It begins with an introduction to the industry and then delves into the positive and negative effects of various macro-environmental factors. A PESTLE analysis is conducted to asses...Read More

Global Events

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

Events refers to gathering of people at one place in large scale and global event
industry means those organisation which conducts event at international levels. It
is very diversified industry that conducts various events such as formal parties,
business events, socio-culture events, sports events and many other events in
order to promote or attract people for their service. In which global events are
organises at international levels in order to under different culture and behaviour
of audience.
Introduction

Macro environments refers to those factors which affects the function and
performance of business unit for that it is important to analyse all external factor
for smoothing running of operation. These factors cannot be controlled by any
firm, and they have to considered all these factors in order to carry out all
function or performance of company in effective way. In context of given event,
PESTLE analysis is carry out along with their positive and negative aspects
which is discussed below:
The positive and negative impacts the macro
environment has on the global events industry
and their influence on decision-making

Political factor: It is important for event industry to consider all rules and
regulation that are introduce by government in order to carry out smoothing
running of business function . It includes change in government policies that may
put impacts of event industry, create conflicts and many more. For this event
industry need to flexible in nature so that they will be able to accept all changes.
Positive impact- It being political stability and aids company to run their
operation smoothly.
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Economical factor: It includes all these factors that are related with the economy
such as economic growth, interest rate, inflation, income of customer taxation
policies etc. The economy condition of UK is good in comparison to other
country which gives benefits to event industry in term of organising events
successful.
Positive- Event industry helps nation in increasing the economic growth by
generating more revenue.
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Social factor- It refers to those factors which involves geographic, demographics,
ethics, cultures, values, lifestyle issues or end users pattern. It puts a huge impact
on event industry as it the preferences and trends of consumer is changing
continuously for this owners of events need set strategies or plan according to
demands of consumers.
Positive- It puts positive impact as it establish positive relation with
community peoples.
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Technological factor- This permits one individual industry to see how new
technologies can affects their function or activities at competitive marketplace.
As UK posses a good access towards technology so in context of given event
they have good opportunity to adopt new technologies such as quality
innovative skill in order to get success.
Positive: Adoption of new technologies aids firm to introduce new unique
and creative service which attracts huge number of people.
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SWOT analysis is a scientific approach for identifying strength , weakness,
opportunities and threat of any organisation or events. In which strength and
weakness comes under internal factors on the other hand both opportunity &
threat comes under external factor. It is important to promote strategic plan, as it
helps in decision making process as well as as helps in understanding the positive
and negative aspects of business. In which a SWOT analysis is implemented in
context of major event London 2012 Olympic games:
SWOT Analysis

Strengths:
 Wide rage of geographical
presence in various areas acts as
strength of Olympic games as it
helps in determining the target
market along with consumers.
 Strong online existence on various
social media sites aids organiser in
developing strong relationship
with consumers.

Weaknesses:
 Due to poor waste management systems, company criticises with the
environmentalists.
 Liquidity position and overall business performance is affected sometime
because of cash shortage or inadequate availability of current assets.
 Decision making process consume too much time which affects introducing
process of new product in market.
 Organisation culture is an other big internal weakness factor when it does not
align with the strategies of business.

Opportunities:
 The rapid change in growth of population is act as a great opportunity for
Olympic games organisers.
 Developing of new innovative technologies can decreases the cost with
improving efficiency and quality will leads to enhancement of profit.
 The emergence of social media as a trend acts as a great opportunity for
London Olympic games.

Threats:
 Entrance of competitive rivalries is the biggest threat of any kind of firm or
event as it affects the sustainability of consumers base.
 Introduction of new strict instruction from government is an another big threat
for London Olympic games as it raise the risk of expensive law suits.
 Changes of inflation rate affects the cost of production along with profit.

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From above SWOT analysis it has been analysed that every events required a proper
strategy in order to achieve success and growth in which hosting an events is not
an easy task so for event organiser it is important to devise effective strategies and
plans to achieve objective of event. For this there are various factors that helps
them in attaining goal of event in which some of the factors are discussed below :
Aim of objective: There is a purpose behind conducing or organising any events in
which the main aim is to gain success and earn money for this it is important to
make effective and appropriate strategies as well as proper allocation of resources
is required.

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Understand audience: This factor refers to identification of target consumers or
audience along with their demands, this will aids company to introduce effective
and trendy product or service. Once they identified the potential consumer then
their next step is to approach them for this there are various steps to reach
prospective audience such as social media, Search engine option, etc.
Selection of right venue: It is the most important factor as it influence consumers
so that it is important for organiser to select appropriate venue which depends on
size, type and number of audience.

From above report its has been analysed that, PESTLE analysis and SWOT
analysis aids events industry to identify external and internal factors that affects
the function of events for attaining the goal of company. In addition to this
various techniques and tool is used for devising and creating effective business
strategies which helps company to accomplish organisational goal in a small
period of time.
Conclusion

 Valaskivi, K., and et.al., 2019. Traces of Fukushima: Global Events,
Networked Media and Circulating Emotions. Springer.
 Hao, Z. and Singh, V. P., 2020. Compound Events under Global Warming:
A Dependence Perspective. Journal of Hydrologic Engineering. 25(9).
p.03120001.
 Hudson, S. and Hudson, L., 2017. Marketing for tourism, hospitality &
events: a global & digital approach. Sage.
References

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