Event Industry Structure and Management

Study Notes

Event Industry Structure and Management

Event Stakeholders: Event-specific bodies, foundations, and associations; event management companies; national, regional, and local authorities are involved.
Event Purposes: Business (weddings, MICE), entertainment (music, sports, movies), educational (medical, agricultural), and social/cultural (art, charity, disaster relief) events all exist.
MICE Events: Meetings (strategy discussions), incentives (reward programs), conferences (discussion & problem solving), and exhibitions (product displays) are common types of MICE (Meetings, Incentives, Conferences, and Exhibitions) events.
Local Events: Focus on local audiences, community groups, and local infrastructure. Often around sports, culture, music, food, and traditions. Less sophisticated and marketed compared to other event types.
Hallmark Events: Events that are widely recognized and associated with a specific location (e.g., Wimbledon, Carnival of Rio). They enhance the reputation of the venue and destination.
Major Events: Large-scale events with substantial economic impact, attracting a large number of visitors and media attention (e.g., Tour de France).
Mega Events: Events that significantly affect economies and global media, often involving bids and high economic yields for the host location (e.g., Olympic Games).

Event Management Concepts

Stakeholders: Individuals or groups with an interest in a positive event outcome (host organizations, communities, suppliers, sponsors, media, staff, participants, clients, performers, communities, and government bodies).
Internal Communication: Crucial for event success. Methods include face-to-face meetings, presentations, workshops, phone calls, team communication platforms like WhatsApp, virtual conferences, and shared collaborative tools.
The 4 Vs of Service: Volume (number of outputs), variety (number of services), variation (changes in demand), and variability (personalization options) of services are essential in event management.
Order Qualifiers (OQ): Minimum requirements for a product/service (e.g., Wi-Fi, breakfast, free cancellation, parking).
Order Winners (OW): Factors that differentiate a product/service from competitors, leading to purchase decisions (e.g., flexibility, speed of service, dependability).
Capacity: The rate at which an operation transforms inputs into outputs in a given time period (time available / time of task).

Event Capacity Management and Challenges

Event Capacity Constraints: Physical limitations, financial constraints, labor shortages, legal requirements/laws.
Importance of Capacity Management: Ticket sales, crowd management, safety/security, legal requirements, efficient resource use, maximized revenue, scalability, and maintaining brand reputation.
Methods to Match Capacity with Demand: Adjusting staffing, equipment, processes, product design, or adding flexibility/closing facilities.

Porter's 5 Forces and Supply Chain Management

Porter's 5 Forces: Threat of new entrants, threat of substitutes, bargaining power of buyers, bargaining power of suppliers, and degree of rivalry affect the competitive landscape.
Supply Chain: The sequence of processes in producing and distributing a commodity (raw material procurement, transformation to a finished product, and distribution).
Supply Chain Stages: Product development, sourcing, production, logistics.
Supply Chain Functions: Aligning flows, coordinating processes, managing resources, designing complex systems, and integrating functions are essential for efficiency.

Description

This quiz explores the various components of the event industry, including stakeholders and types of events such as MICE, local, and hallmark events. Participants will learn about the different purposes events serve, from business to cultural celebrations. Test your knowledge of event management and its significance in our society.