This sample will let you know about:
- What is hospitality?
- What is Venue Management?
- Explain GDPR compliance rule 2.
Hospitality management is defined as application of structured leadership as well as management concepts in areas of dining, general guest services, accommodation (Ahipasaoglu, Erkip and Karasan, 2019). On other hand, venue management is defined as duties, activities which are related to operation of building like concept halls, conference, hotel, performance theatre and other. Both should be managed and decided in advance so that goal and objectives can be attained in effective and efficient manner. The given report is based upon ExCeL London which is international as well as exhibitions convention centre in Custom House area of East London. It is located on 100 acre with an 100,000sq m of multi-purpose space. The main aim of report is to highlight about current external environment impact faced by organisation along with recommendation. It also determine about solution to particular barrier that is faced by organisation at marketplace.
Current external environment which impacts exceL London and one recommendation of how venue can develop its sales and marketing strategies
It is very important for ExCeL London to identify external environment which can impact their business activities and operations in appropriate manner. Here, external environment is defined as collection of outside factors which impact business operations. ExCeL London has to consider all factors in proper manner so that they can manage and operate their business for attainment of positive outcomes. They are described below:
Political Factors- This includes those factors which are governed by government of country such as Brexit, GDPR and others. In context of event destination, UK is regarded as top destination for business. The event industry has contributed to £42.3billion to UK economy. There are two segments such as business conferences and meetings which contribute approx £19.9million of total value (How will Brexit affect the events industry?, 2019). It is difficult to predict future of ExCeL London due to Brexit. The respective business has lose their allure for European Companies who looks for large events. Brexit has put potential risk to current relationship underpinning such sector. It is important for ExCeL London to be innovative and remain competitive at marketplace to resolve issues of Brexit which they have faced. European Union assist business to do innovation and exploring new opportunities for positive outcomes. Ask for assignment help from our experts!
Economic Factors- This includes different elements such as unemployment, interest rates, exchange rates. According to report, there is decline in unemployment rate which means economy is getting better as rise in demand for people or labour (ECONOMIC: 3 WAYS THE ECONOMY CAN IMPACT THE EVENTS INDUSTRY, 2018). The fall in unemployment provide benefits on event industry. For instance, ExCeL London hire new employees and provide them with training and development programs in order to conduct business activities and operations. This is beneficial for respective organisation as large number of training events are required which means more money will be going into industry. UK is regarded as 16th largest employer that has more than 530,000 number of people employed which is more that other sector (Events industry helps power UK economy, 2019). There is great opportunity for UK as well as organisation to enhance their profit margin by conducting events at different places.
Social Factors- It is the factor that impact business through social aspects such as population demographics, change in consumer trends and others (Gursoy, 2018). It is very important for ExCeL London to know about change in trends of consumers at marketplace so that they can provides service according to them in best manner. Millennial generations are part of majority of event attendees which is important for respective organisation to know their thinking and attraction points. It is also seen that large number of consumers are more health conscious at events. There are different aspects which has made people to change themselves and become conscious about each and every factors to live healthy and happy life. At time of conducting events, respective organisation has to consider about food which they are going to serve to their people. When ExCeL London conduct event and focus on health conscious then there is rise in prices for those events and conference conducted by them. It is important factors which should be considered by event industry for positive outcomes.
Technological Factors- This includes innovation, new idea, research and development, media technology and others. Due to technological advancement, event industry is facing long way impact for running their business at marketplace. The rise in new trends in terms of technology and innovation, industry is changed. This leads to rise in need and expectation of their consumers regarding services and products. Most emerging trends is use of mobile ticketing and media technology (How Technology Is Changing the Events Industry, 2018). ExCeL London has to sell out their tickets of events through online mode which leads them to follow mobile technology. They can make payment with help of applications such as Google pay, Apple Pay and others. This assist consumer to buy ticket from any sources and can show their copy at event and enter premises. This has made easy for consumers to buy tickets and save their time. Respective organisation is using media technology such as social media, Facebook in order to create awareness about upcoming events and programs for users which leads to rise in opportunities for them to grow and sustain at ma