Event Planning: Venue Selection

Site Selection and Venue Management

• Event organizers seek reassurance of professionalism and competence from the team.
• The goal is to ensure events happen on time and meet/exceed attendee expectations and event objectives.

Destination or Venue Selection Factors

• Accommodation range and availability are important.
• Availability of convention, meeting, and exhibition spaces plays a role.
• Destination convenience and travel cost influence selection.
• The city/destination's image and drawing power are key considerations.
• Availability of recreational and entertainment activities matters.
• Access to transport and infrastructure is a must.

Additional Influencing Factors

• Group size impacts venue choice.
• Organization characteristics play a role.
• Timing, season, and climate affect decisions.
• Awareness of holiday periods is needed.

Important Considerations for MICE Venue Selection

• Sustainability practices, including minimizing waste, must be investigated.
• Accessibility features for attendees with disabilities must be checked.
• Understanding local laws/restrictions is essential.
• Community impact with social and economic factors must be considered.

Venue Evaluation Criteria for Conferences

• Number, size, and quality of meeting rooms are important.
• Food/beverage flexibility and room rates need to be considered.
• Accommodation stock (number, size, and quality) must work.
• Food and beverage service quality is considered

Negotiation and Contracts in MICE

• Binding agreements with vendors (venues, caterers, transport) are finalized in this process.
• Securing optimal terms for planned events is achieved through negotiation.
• All involved parties must understand responsibilities and financial obligations.

Key Aspects of Negotiation and Contracts in MICE

• Event planners negotiate with venues, caterers, AV companies, transport, speakers, and sponsors.
• Pricing is key, focusing on venue rental, catering packages, and services.
• Contract terms define cancellation policies, payment schedules, capacity limits, event dates/times, and penalties.
• Services included in the price versus additional costs have to be clarified.
• Flexibility clauses accommodate event changes or attendee number adjustments.

Contract Structure Elements

• Overview includes event details, parties involved, dates, and location.
• Provided services are listed specifically with deliverables.
• Payment terms outline the deposit schedule and final payments.
• Force majeure clauses cover situations beyond control (e.g., natural disasters).
• Dispute resolution defines the process for handling disagreements/conflicts.

Budgeting and Financing in MICE

• It involves detailed financial planning for MICE events.
• Identifying revenue sources, allocating funds, and cost control are elements of budgeting.

Budgeting Process Steps

• Initial planning involves estimating revenue and identifying cost drivers.
• Detailed breakdown allocates specific amounts to budget categories.
• Cost analysis involves negotiating with vendors and comparing prices.
• Contingency planning allocates a buffer for unexpected expenses.

Budgeting Considerations

• Scalability adjusts the budget based on attendee numbers.
• Flexibility allows for budget adjustments as planning progresses.
• Negotiating favorable payment terms is a consideration.
• Risk mitigation involves identifying financial risks and implementing management strategies.

MICE Revenue Streams

• Primary sources include registration fees, exhibitor booth rentals, and sponsorship packages.
• Networking events, workshops, and ancillary services are examples of revenue streams.
• Sponsorship generates income via brand exposure across event elements.

Key MICE Revenue

• Registration fees are based on attendee tickets for conferences and workshops.
• Exhibitor booth rentals generate revenue from companies showcasing products/services.
• Sponsorship packages offer tiered opportunities for visibility through branding.

Types of MICE Sponsorships

• Keynote speaker sponsorship covers the main speaker at a conference.
• Networking event sponsorship covers social gatherings.
• Refreshment break sponsorship covers food and drinks during breaks.
• Exhibition booth sponsorship sponsors an area or provides features within a booth.
• Award ceremony sponsorship supports an awards program.
• Content sponsorship supports creation of educational workshops or panels.