This sample will let you know about:
- Discuss the importance of global events.
- What are the different types of global events?
Report will evaluate the value, impacts and legacy of a range of global events on the environment in which events are operate and describe management strategies that is used to support event development for the range of global events. Moreover, report will describe the positive and negative impact of macro economic factor by using PESTLE analysis and then describe internal factor by using SWOT analysis with an example.
Examine the diversity of global event industry
The global event industry in growing industry and as per the size and content, event industry is divided into our types such as:
- Business Event: This type of event are occur in the context of business scenario and some times, internal company meeting are also consider under the business events. On the other side, conference and seminar are consider one of the most common example in the business event where company provide helpful information to their stakeholders, shareholders (Asada and et.al., 2019). This type of event are come under minor event where a range of people (related to business) are invited.
- Sporting events: It is refers to the contest in which animals, people and machine compete individually or with a team with a motive of winning. There are range of sports event held at national and international level and that is why, it comes under hallmark event. For example, Cricket world cup, while on the other side, FIFA Women's World cup are major event.
- Social Events: The main characteristics of this type of event is such that it involves a public performance or entertainment and it is held at given place and time. Its main purpose is to bring people together in a group so that they can be socialize. For example, Housewarming party which is consider under minor events (Finkel, Sharp and Sweeney, 2019).
- Music Festival: It is the community event oriented where live performance of signing and instrument playing with a theme such as classical music, folk, jazz. This type of event is held at local and national level where people may come and enjoy. When this event held at national level then it is consider under major event. For example, Woodstock Music & Art Fair which attracted 5 lac people.
Structure of selected event
London Olympics, 2012: This international multi- sport event was held from 27 July to 12 August, 2012 with a motive to benefit London and United Kingdom. The overall cost of this event is 14.8 billion dollar and the worth of an event is around 15 billion (London Olympics, 2012, 2019). As compared to other event, it is consider the most expensive Olympics in history. Thus, government also spends lot of money, so hosting Olympics in London will assist to boost the travel and tourism during Olympics and hopefully after that. On the other hand it also boost prestige of a country and enhance GDP of country as well.
Football World Cup 2019: This event is also held at international level in which 24 women national team represents member association of FIFA. The cost of this event is 4 million Euro and the event also earned around 10 percent more from its spending. Moreover, this event is actually introduce or organized with an aim to regulate and promote sport at global level. The event also creates positive impact upon the economy of the country because It also attract range of tourist and further, encourage sports in UK (Eginli and Narin, 2017). Also, this event also make UK better fitness standards and less obese by reducing the demand for healthy care, this also creates direct impact upon economy by lower down the rate of unhealthy people.
On the other side, from the statistics it is analyzed that London Olympics 2012, boost the UK economy by £9.9 billion at national level. While on the other side, at local level, London Olympics, 2012 end up the costing with a huge tax payer but £1 billion is less than 0.1% of total GDP. Thus it is consider one of the long time opportunity in order to host the most important sporting event. As UK also spend £80 billion in health care every year but did nit spend £1 billion on promoting this event (London Olympics, 2012, 2019). While both event also generate thousands of job in Great Britain and contribute to raise GDP of the country. On the other hand it is also predicted that due to such global events, the GBP could reach 41 billion by 2020 with a positive impact the Games had on new business contracts and good foreign investment as well. Need example assignments, Talk to our experts!
In the context of Football World Cup, 2019 make contribution of £11.8 billion to the UK economy and also 6239 people were employed, while indirect activities also generated £620 billion that also support to enhance GBP of UK (Football World cup, 2019, 2019). Overall, global event creates positive impact upon economy at local, national and international level and also enhance tourism as well.
Critically evaluating the key factors that shape the event industry
Global event are held for two reason i.e. these event helps to bring cultures together and this in turn also assist to make other understand about each other culture. On the other side, this global event are actually based on historical event through which it attract range of public towards it. Moreover, global events are also assist to raise the economy and tourism through which cross cultural people mix and understand each other norms and ideas.
There are many factor that shape the event industry and some of them are as mention below:
The growth and emergence of event industry: One of the key factor that assist to shape event industry in positive way. Such that majority of the public are actually depend upon the new trends that are used by the company i.e. artificial intelligence which provide much needed event assistance. Moreover, as per new trend, social media is also consider one of the massive impact upon the event industry and this also support to shape it (Farid, 2019). For instance, whenever new event is held, event organizer company may post enough information related to event, so that range of public attracts and after completing the event, company may also take feedback for the same. Moreover, in this digital era, technology also creates massive change in an event industry such that application are designed so that people may come to know about the specific event . Hence, the impact of media also allow the marketers in order to promote the services at global level.
Demand and motivation for different events: As compared to last many years, the demand of different events is increases. Such that people demand for new and unique event which were never happened. Thus, for every event i.e. major and hallmark event, people demand may varies. That is why, the trend in event industry is also changes, for instance, customization creates personalized event experience which allow event participants to introduce their application that is used to sen questions and also giving audience the power to influence what happens next (Gajjar and Okumus, 2018). Therefore, this shows that due to change in demand of customers, event organizer or planner also introduce new things that helps to keep attract range of public. While on the other side, event such as music festivals are also organized at grand level in which people demand or uniqueness. That is why, event industry uses best sound system with 3D effect that helps to grab attention of range of customers. On the other side, as per the new trend, people also increases their demand for every events. Such that in business events, promotion of event is done at digital marketing platform in which company develop an application that helps to let people know about meeting.
Global expansion and opportunities for events: This factor also help to shape up the global event because an event creates range of opportunities for the public such that provide job opportunities, attract new tourist. The same is also occur in London Olympics, 2012 which provide range of job opportunities and decrease unemployment in UK. Thus, it creates various new opportunity for people as well as society. This in turn assist to shape up event industry and provide assistance in its growth as well (Jaimangal-Jones, Fry and Haven-Tang, 2018). Moreover, on the other side, using the best marketing style will helps event industry to draw attention of many customers and also develop further opportunities as well. For example, Cricket world cups are organized at every 4 years at different country and this will help to attract tourist and develop opportunities for the people as well as events. This major event also assist to enhance the economy of the country and attract new tourist towards it that helps to shape event industry in more better manner.
Influence on events and future trends in event industry: As the world is completely depend upon the digital platform where everyone is depend upon new technology which also influence an event industry. People demand to add new techniques within every event and that is why, event industry uses new system such that customized learning opportunities for better event engagement, Collaborating in the virtual world etc. Even it is also analyzed that there is a steady growth in an event industry and it is also predicted that the market is increases from 7% more by 2025 (Getz and Page, 2016). In addition to this, it is further realized that many event focused on sustainability that helps to shape the event industry in which event planner did not uses those things that affect the environment in opposite manner. Industry also uses recycled materials for an event design and this small steps also reduce carbon footprint. Order assignment help from our experts!
Therefore, these are the main four factors that helps to shape up the event industry and also assist in the expansion of an event at global level.
Evaluate the value, impact and legacy of a range of global events
For London Olympics, 2012: The positive and negative impact of London Olympics, 2012 upon London's environment are as mention:
- Physical and environmental: This event creates positive impact upon the London Physical environment such that it deliver the long term physical activity legacy especially to the local population. Further, after the 18 month of London Olympics, 2012 it creates positive impact upon people such that there was a changes in depression and anxiety of adolescents and parents (Moore and et.al., 2016). Overall it creates positive impact upon the physical and mental health of people of London. On contrary, it is critically evaluated that this event may also affect the adults and older adults and sometimes become disable and death as well.
- Social & Cultural: This event increases in volunteerism in which London name volunteers for Olympic games that brings 700000 volunteers together which creates positive impact (Reic, 2016). On the other side, this event also influence tourism activity upon negative manner such that event related construction, improvement in transportation infrastructure cause inconvenience of the resident.
- Environmental: The London Olympics creates positive impact by signing a bid of sustainability policy and plan which are set to not cause any harm to the environment. But unfortunately, This event cause negative impact upon London environment such that the event includes the use of non- renewable resources, pollution of soil, air and water and also generation of large amount of waste that creates negative impact upon the environment and affect tourism as well (Chalip, 2017).
- Political: London Olympics creates positive impact upon the political condition of London such that Mayor of London also exhibits some of the typical hallmarks of political use of economic impact assessment, that also leads to put the positive spin on the economy legacy of this event. Thus, this event also creates positive impact upon economy of country and also encourage people to take part in sports (Attwell, Morgan and Parker, 2019). While on the other side, it is critically evaluated that this type of major event increases the overall tax rate upon and this further discourage tourism and public.
For Football World Cup, 2019
- Physical and environmental: This event creates positive impact upon women by encouraging them to take participation in the sports activity and this in turn helps to stay them physically fit. On contrary, it is critically evaluated that these major events may also leads to disable person and negative impact upon their health.
- Social & Cultural: The mega event definitely helps to creates positive impact upon social and cultural environment of London such that when tourist visit London they were influence form local people and their behavior. This in turn also assist to increased appreciation for the quality of life in the society visited (Taloumtzi and et.al., 2019). Further, meeting with new people and share their ideas with local people helps to creates respect of each other's culture and creates positive perception for country. On the other side, it is critically evaluated that people visited form different culture and due to language barrier, this may creates negative impact upon the cultural environment of London.
- Environmental: The Football World cup, 2019 creates positive impact upon the environment of London such that team efforts immediately clean the entire ground whatever left behind every game. Event also uses recyclable material such that plastic, paper, cardboard, cans and glass that do not affect environment. This leads to reduce the amount of pollution and also used recyclable clothing bags for carrying garbage. On the other side, as the event was held at international level that attract range of public and this in turn increase public transport and traffic jam in city that leads to create negative impact upon environment as well.
- Political: Football world cup, 2019 creates positive impact upon political stability of London such that it creates a positive perception for the country because there is a vast international exposure through media (Rojas-Torrijos, 2020). As a result, it helps to enhance the overall economy of the country because it provides job opportunities to the people and different economic benefits that leads to enhance political stability. On the other side, due to terrorist attack on 2001, most of the tourism got affected in negative manner and as a result, event creates negative political impact upon London.
Reviewing management strategies used to support responsible event development
London Olympics, 2012 is the leading event where thousand of athletes show their strength and also take participate in range of activities. The same way, it is held in London, from July 27 to August 12 in 2012 where thousands of people took participates and also win prizes and medals. Another event is Football World Cup, 2019 where thousands of fan were come and this is consider one of the busiest night of year (Martínez and González-García, 2019). This is introduced for encouraging women to take participation in the football to show their caliber and win medals and prizes.
Thus, in order to introduce the same, there are different management strategies are used that helps to attract range of public and support responsible event development. These are as mention below:
Corporate Environmental Model: It is the foremost requirement of every event planner in which management should focus on the environment protection. For that, management strategies must include Corporate environment as a model that helps to improve the quality of attendees, experience. Such that when London Olympics, 2012 were introduced, there was a bid signed that the event did not cause any negative impact upon the environment but unfortunately it was not happen (Karadakis, Bopp and Gassman, 2019). That is why, there must be growing emphasis on the principles of sustainable development that helps to develop event successfully. Moreover, the sustainability of the event needs to be viewed at different dimension such that political, social, economic and environmental. Therefore, in order to address all the different aspect, host country make sure that they develop a strategies by considering all the element.
On the other side, there must be proper involvement of all the stakeholders and they may also share their views that helps to mitigate the risk and leads an event towards a success way. Thus, Corporate Environment model helps to enhance relationship with the customers and stakeholders that will further assist to manage local communities and environment as well.
Balance Score card method: This is an another important method which is a strategic management performance metric that is used to identify and improve internal business functions and provide the best outcomes (Thomson and et.al., 2019). This method is also used by the event industry in order to determine the actual performance and development of event. This method is majorly focused on the strategic agenda and also assist event industry to choose right things to measure so that they may reach to the goals. On the other side, This tool is mainly used in financial, customers, internal business process and learning and growth that helps in the success of an event.
In addition to this, it is also analyzed that This method assist to communicate what vent industry try to accomplish and also helps to align day to day work by establishing strategy. Thus, this management strategy also helps to measure and monitor progress towards strategic target that helps to track success of the event (Schulenkorf, Sherry and Rowe, 2016). This tool and technique also assist events to give a way in order to connect the dots between the various component of the strategic planning and management that assist to support the event development.
Thus, these both management strategies are used while introducing London Olympics, 2012 and Football World cup, 2019 in order to creates success in an event. Moreover, these methods also assist to observe the loopholes and detect the error that creates negative impact upon the success of an event. Hence, these management strategies become a key component of structured approaches corporate strategic management.
Critically assess the impact of global event on different level of environment and specific management strategies
When global event occurred, they definitely affect different environment upon positive and negative manner such that London Olympics, 2019 creates negative impact while, Football World cup, 2019 creates positive impact. Further, both events helps to improve the physical condition of individual and also encourage them to participate in sports, on contrary, it is analyzed that events are held to meet different people who belongs to diverse culture (Kluger, 2020). That is why, it helps to creates positive impact upon its social and cultural environment of London. It is critically evaluated that there is a need to introduce the management strategies that helps to support the event development in better manner i.e. Corporate environment model and Balance Score card method that assist to make better strategic planning. In addition to this, event industry must use Balance Scorecard method that helps to evaluate the performance of event. Also, help to identify and improve internal business functions as well.
In order to determine the macro environment factor, PESTLE analysis is used that helps to determine the political, economical, social and environment factors which are as mention below:
London Olympics, 2012
Football World Cup, 2019
From September,2001 due to terrorist attacks the security is stepped up in London and that is why, tight security is also used while Olympics held. Such that new departments were introduced for security purpose and there is strict security at Airports (Pestle analysis of London Olympics, 2012, 2019).
Terrorist attack in London creates negative impact upon the major event because it creates fear among people to visit the place. But thousands of visitors attend the event and make it successful. Thus, the event creates positive impact upon its political condition of London.
Sudden fluctuation in the economy cause negative impact upon London Olympics such that due to terrorist attack, the economy of country also got affected and as a result, many investments were also postponed. Further, it also affect tourism industry because they fear in traveling that cause decline in economy. On the other side, due to increase demand for swimming in Olympics also increase the immense employment that cause positive impact upon economy of UK.
Football World Cup creates positive impact upon economy of country because it also attract tourism and this in turn helps to enhance the economy of the country (Wagner, 2019). But on the other side, it is also evaluated that sudden fluctuation in the currency rate of the country also cause negative impact upon the event and this directly affect economy of the country.
Due to London Olympics, 2012 society gets bonded by the sense of belongingness that raise in enriching national pride. Further due to this it helps to attract tourist because of entertainment aspects of Olympics and also learn new culture from London's people (Eckart, McPhee and Bolisetti, 2017).
World cup are actually introduce to remove discrimination and candidate may also participate without considering their age, race and religion. Therefore, it creates positive impact and also helps to learn new rituals and others culture. The vent are also help to attract wide range of tourist and this in turn also enhance cultural environment of a country.
Advance technology is used for the promotion of London Olympics that helps to attract visitors. Such that technology partner were Acer who provide high advance security system to make sure about the proper security at the time of games.
Further,social media is also used as a digital marketing platform to draw attention of people at global level.
UK is known or its new techniques and better infrastructure. So when the major event are introduced, event industry make sure that they use new and advance technologies that helps to attract large range of visitors (Hamm and et.al., 2020). Such that due to introducing such world Cup, people now also access to better technology and also improved transport link and upgrade airports that assist to draw attention of many visitors. Beside this, proper security system is also introduce by complying new and latest technologies.
This event make sure that it comply with all the laws and legislation that helps in the smooth functioning of an event. Such that proper contracts are signed shields are copyright an all legal agreements are followed.
Whenever any event is introduced, ensure that all the laws and legislation are properly comply. Such that during marketing, event industry should make sure that they did not post anything wrong which may mislead the readers or visitors. Moreover, Football World Cup, 2019 also faces issues related to visa policies for visitors that may also affect visitors to enter into a city.
The London Olympics creates negative impact upon environment of London and its near cities such that carbon footprints and gases realized while construction which pollute environment and also contributed towards pollution.
Football World Cup, 2019 creates positive impact upon the environment such that this mega event follows sustainability act in which it make sure that it did not cause any harm to an environment and did not increases carbon emission gas as well (Rojas-Torrijos, 2020). Further, it also use waste management system and different eco- friendly techniques that helps to reduce negative impact upon environment.
This tool is used to determine the internal environment of the event such that it is used to determine the strength, weakness, opportunities and threats. Thus, SWOT analysis of London Olympics, 2012 is as mention below:
- The geographic presence in different region is consider the major strength of an event and even the event has a strong online presence in different social networking sites that develop strong customer relationship.
- This game majorly focus on the health which allow to make further investment for future.
- The entire event is based upon integrated IT infrastructure that assist to improve the operational efficiency and also increase the knowledge of latest market trends as well (Rostami and Thomson, 2017).
- London Olympics games has a diversified workforce and it also invested extensively in the training of its employees that helps to employing large number of employees.
- It has a largest product portfolio where it provides products in large range which is not provided by its competitors.
- London Olympics, 2012 provide best employment opportunities to the wide range of public and this in turn contribute to the UK economy in positive manner.
- London Olympics, 2019 has a strong financial position with the from the last 5 years along with the profit reserves which will further used to finance capital expenditure. Therefore, it also generate various option for an investment and enhance overall economy of country.
- It pay large amount of rent which in turn adding to its cost. It also draw criticism form the environmentalist for its poor waste management practice that cause environment in negative manner.
- Due to poor market knowledge, it invest less in its research and development activities which weakens the performance. Further, poor customer service also trigger negative word of mouth and creates wrong impact (MilinkoviÄ‡ and et.al., 2017).
- Further, there is a lack of financial planning with regards to cash flows, and this In turn creates liquidity problem in its operations.
- The Olympic games increase the number of internet users all over the world, thus it increase an opportunity for London 2012 Olympics games to increase its online presence through an internet.
- This also generate new trend and growth in sales of e-commerce industry which means that lot of people start selling tickets through online. Therefore, it increases the revenue by opening online stores (Asada and et.al., 2019).
- This also emerge e-commerce and social media marketing as a trend and generate opportunity for other business to use this mode for sell.
- This event also flourish the transport system within London and shows the growth option for near future and it also reduce the cost of transportation for Olympics so that tourist may enjoy an event.
- Increase competition is consider one of the biggest threat for London Olympics, 2012 because this may lead to reduce the revenue if games did nit adjust to the price changes or it may loss market share.
- Fluctuation in exchange rate is another major threat for London Olympics, 2012 that decreases sales.
- Further, political uncertainty of the country is also prove as a barrier that affect the success of an event. Along with this, fluctuating interest rate in a country also do not provide a stable financial and economic environment that is also consider as a threat for London Olympics, 2012 (Farid, 2019).
Recommendations for improvement and solutions for an event to minimize adverse impact
In order to minimize the adverse impact within event industry, it is recommended to use advance techniques for promotion such that they may use social media for reaching large population and also increase overall visitors in London. This in turn enhance the overall tourism and leads to raise economy of the country. Further, for registration, an event industry may also use new management tool that helps to minimize time and save cost as well. Such that Bizzabo which is one of the most important component that helps to customize the visitor flow, integrate registrations within social media and also collect attendee data in one place.
Moreover, it is also recommended to use Artificial Intelligence for an event especially for business events in which it quickly answer the question of client. Or else, they may also used online application that helps to promote the event within international level and this in turn attract large customers as well. Therefore, event industry may also take feedback from their customers in order to analyse whether the event is successful or not. Thus, this will helps to determine the strength and loopholes within the business and also assist to lead an event successful. Get Dissertation Help from our experts!
By summing up above report it has been concluded that global events are actually made for people get together and study concluded four main types of global event such that Business, sporting, social and Music event which have their own importance. The report concluded that both London Olympics and Football World Cup, 2019 creates positive impact upon the economy of the country and this also assist to enhance rate of tourism in UK. Further, report concluded reasons for conducting event within the country and analyse four factors that also influence the development of global event such that Growth and emergence of event industry, new trends adopted by an industry, global expansion and opportunities for event and demand or motivation for different types of events.
Study concluded that both events creates impact upon the environment of London in positive as well as negative manner such that London Olympics, 2019 also creates negative impact upon environment while, Football World Cup, 2019 provide positive impact upon environment with less emission of gases. Moreover, using PESTLE analysis report determine the external environment of an event and also conclude SWOT analysis of London Olympics, 2012 for analysing the event industry.
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