Podcast
Questions and Answers
Which of the following is an example of an elimination plan?
Which of the following is an example of an elimination plan?
- Using warning signs
- Removing dangerous children's equipment (correct)
- Replacing slippery tiles with non-slippery ones
- Isolating noisy equipment
Engineering controls involve replacing hazardous materials with safer alternatives.
Engineering controls involve replacing hazardous materials with safer alternatives.
False (B)
What should be assessed for possible risks in any circumstance?
What should be assessed for possible risks in any circumstance?
the risk.
A ______ agreement is made between a seller and an event manager to supply services or products for an event.
A ______ agreement is made between a seller and an event manager to supply services or products for an event.
Which of the following best describes administrative controls?
Which of the following best describes administrative controls?
Match the risk control measure with its example:
Match the risk control measure with its example:
A sponsorship agreement involves a sponsor providing funds in exchange for marketing services.
A sponsorship agreement involves a sponsor providing funds in exchange for marketing services.
What is one expected outcome for organizers of conventions and events when using technology?
What is one expected outcome for organizers of conventions and events when using technology?
Electronic databases do not allow customization of search criteria.
Electronic databases do not allow customization of search criteria.
When people gather for celebrations, what is a potential risk they face?
When people gather for celebrations, what is a potential risk they face?
What should cities improve to facilitate group business activities?
What should cities improve to facilitate group business activities?
The main advantage of using technology for event organizers is providing a high level of __________.
The main advantage of using technology for event organizers is providing a high level of __________.
Match the following terms with their descriptions:
Match the following terms with their descriptions:
How must the network be designed for users with slow Internet connections?
How must the network be designed for users with slow Internet connections?
The software development market is expected to become less competitive.
The software development market is expected to become less competitive.
What aspect of content management has been enhanced by technology?
What aspect of content management has been enhanced by technology?
What is a suitable food option for hosting many overseas visitors?
What is a suitable food option for hosting many overseas visitors?
The main venue for the parade is typically located in a rural area.
The main venue for the parade is typically located in a rural area.
What role do community groups often serve during sporting events?
What role do community groups often serve during sporting events?
The primary purpose of a parade is to demonstrate pride and ______ of the local tradition.
The primary purpose of a parade is to demonstrate pride and ______ of the local tradition.
Match the following elements of an event with their descriptions:
Match the following elements of an event with their descriptions:
Which of the following reasons for a parade promotes tourism?
Which of the following reasons for a parade promotes tourism?
Management tools for staging events include flow charts and graphs.
Management tools for staging events include flow charts and graphs.
What is typically awarded during a ceremony at the end of sporting events?
What is typically awarded during a ceremony at the end of sporting events?
What does MICE stand for?
What does MICE stand for?
Continuing education opportunities aim to reduce the professionalism of MICE companies.
Continuing education opportunities aim to reduce the professionalism of MICE companies.
Name one type of event discussed in the content that focuses on entertainment.
Name one type of event discussed in the content that focuses on entertainment.
The three key considerations for organizing international events are demographics, objectives, and _____
The three key considerations for organizing international events are demographics, objectives, and _____
Match the following sporting events with their corresponding names:
Match the following sporting events with their corresponding names:
What is the primary aim of certification courses in various professions?
What is the primary aim of certification courses in various professions?
The benefits of attending MICE events do not include learning new industry practices.
The benefits of attending MICE events do not include learning new industry practices.
What is one example of a social life cycle event mentioned?
What is one example of a social life cycle event mentioned?
What is one of the reasons for the current interest in business ethics?
What is one of the reasons for the current interest in business ethics?
The deregulation of industries has no impact on the ethical behavior of individuals in business.
The deregulation of industries has no impact on the ethical behavior of individuals in business.
What are familiarization tours commonly abused for?
What are familiarization tours commonly abused for?
The current business environment pressures individuals to make choices based on _____, promotion, or personal gain.
The current business environment pressures individuals to make choices based on _____, promotion, or personal gain.
Match the unethical practices with their description:
Match the unethical practices with their description:
How can efforts to correct ethical problems in society be best described?
How can efforts to correct ethical problems in society be best described?
Individuals share the same personal values and morals regardless of their backgrounds.
Individuals share the same personal values and morals regardless of their backgrounds.
What drives individuals to acquire wealth or status beyond their real needs?
What drives individuals to acquire wealth or status beyond their real needs?
What should take precedence over all flags of other countries during an international sporting event held in the Philippines?
What should take precedence over all flags of other countries during an international sporting event held in the Philippines?
The two main objectives of a special event are profit for the vendors and a memorable experience for the attendees.
The two main objectives of a special event are profit for the vendors and a memorable experience for the attendees.
What are the elements of the promotional mix mentioned for successful special event management?
What are the elements of the promotional mix mentioned for successful special event management?
The type of media that allows users to perform several functions, like modifying information and making inquiries, is called _____ marketing.
The type of media that allows users to perform several functions, like modifying information and making inquiries, is called _____ marketing.
Match the following forms of marketing with their descriptions:
Match the following forms of marketing with their descriptions:
Which statement is true regarding personal selling for special events?
Which statement is true regarding personal selling for special events?
Group tour sales are an irrelevant aspect of personal selling for special events.
Group tour sales are an irrelevant aspect of personal selling for special events.
What is a critical aspect of scheduling for special events that enhances profitability?
What is a critical aspect of scheduling for special events that enhances profitability?
Flashcards
Risk Management
Risk Management
The process of identifying, assessing, and controlling threats to ensure safety and success of an event.
Elimination Plan
Elimination Plan
A plan to remove potentially dangerous items or situations.
Substitution Plan
Substitution Plan
A plan to replace a risky item or process with a safer one.
Isolation Plan
Isolation Plan
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Engineering Controls
Engineering Controls
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Administrative Controls
Administrative Controls
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Purchase Order
Purchase Order
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Vendor Agreement
Vendor Agreement
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Unethical Behavior in Business
Unethical Behavior in Business
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Materialism and Greed
Materialism and Greed
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Deregulation
Deregulation
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Personal Values and Morals
Personal Values and Morals
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Universal Principles
Universal Principles
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Profit, Promotion, Personal Gain
Profit, Promotion, Personal Gain
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Familiarization Tours (FAM Trips)
Familiarization Tours (FAM Trips)
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Overbooking
Overbooking
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Online Content Updates
Online Content Updates
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Customized Search Criteria
Customized Search Criteria
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Global Database Search
Global Database Search
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Competitive Software Market
Competitive Software Market
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MICE Industry
MICE Industry
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High-Level Service
High-Level Service
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Adapting to Slow Connections
Adapting to Slow Connections
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Accessible Host Cities
Accessible Host Cities
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International Conventions
International Conventions
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Demographics (in events)
Demographics (in events)
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Event Objectives
Event Objectives
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Attendee Benefits
Attendee Benefits
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Professional Development
Professional Development
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Expositions
Expositions
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Social Events
Social Events
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Sporting Event Protocol
Sporting Event Protocol
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Parade 'What'
Parade 'What'
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Parade 'Where'
Parade 'Where'
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Parade 'Why'
Parade 'Why'
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Event Sponsorships
Event Sponsorships
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Community Groups' Role
Community Groups' Role
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Event Management Tools
Event Management Tools
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Flag Flying Rules
Flag Flying Rules
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Special Event Objectives
Special Event Objectives
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Scheduling in Special Events
Scheduling in Special Events
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Philippine Flag Protocol
Philippine Flag Protocol
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Promotional Mix Elements
Promotional Mix Elements
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Interactive Marketing
Interactive Marketing
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Personal Selling (Special Events)
Personal Selling (Special Events)
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Group Tour Sales
Group Tour Sales
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Event Marketing vs. Traditional Marketing
Event Marketing vs. Traditional Marketing
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Study Notes
Financial Management of MICE Events
- Funding is crucial for successful events; inadequate funding leads to event failure.
- Budgeting involves estimating income and expenses to ensure adequate funding.
- Each activity should be analyzed for its specific action, estimated cost, benefits, income, necessity, budget priority, income inflow monitoring.
- Financial structures vary from simple (treasurer controls funds) to complex (committees or staff involved).
Financial Control
- Effective financial control involves restricting expenditure to authorized personnel, keeping accurate records, using appropriate record-keeping methods that are readily available;
- Structuring finances to channel financial commitments via financial record keepers.
- Circulating financial information to those needed, and creating clear systems and information so that everyone understands their role.
Funding Sources
- MICE organizers can approach local authorities (leisure, education, or sports), arts councils, tourist boards, sponsorships, professional institutes, hoteliers, charities, voluntary agencies, or the National Lottery for event funding.
- Organizers can generate income from additional activities such as franchising, ticketing, entry fees, fundraising, donations, programs, raffles, souvenirs, catering, advertising, licensing, exhibiting, participant contributions, or sales.
Sponsorship Seeking
- Event planners could source potential sponsors from yellow pages, local and national newspapers, business groups (Chambers of Commerce), professionals (lawyers/architects), participant contacts/networks, libraries, market research centers, consultants, or previous event partners.
- Seek sponsors who complement the event's image to participants; those who align with the brand and participants.
- Do research, use imagination, and identify unlikely sponsors to ensure diverse sources.
Management Roles and Responsibilities
- Sponsorships and funding are vital aspects of successful event management.
- Event organizers should understand appropriate contracts to protect their interests, comply with ethical practices, and ensure safety and security.
- Thorough legal, ethical, and risk management processes help protect financial investments.
Event Legal Considerations
- Agreements must include provisions for billing, time-is-of-the-essence, assignment of contracts.
- Event managers should identify and clearly define all parties in agreements (names, responsibilities, etc.).
- Legal agreements clarify compensation (fees, payments, conditions, circumstances).
Technological Resources
- Technology (Internet, networks) facilitates better communication and information sharing among event participants, which is particularly useful for overseas partnerships.
- Real-time data processing is valuable as it enables immediate updates of sales data, income, and inventory that enhance control and efficiency.
- Technology's benefits include accessibility, efficiency, reducing human error, and harmonizing processes.
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Description
This quiz tests your knowledge on the financial management principles applicable to Meetings, Incentives, Conferences, and Exhibitions (MICE) events. Topics include funding, budgeting, financial control, and sources of funding. Enhance your understanding of effective financial strategies to ensure successful event execution.
