management is the application of project management to
the creation and development of festivals, events and conferences.
Event management involves studying the intricacies
of the brand, identifying the target audience, devising the event concept,
planning the logistics and coordinating the technical aspects before
actually executing the modalities of the proposed event. Post-event
analysis and ensuring a return on investment have become significant
drivers for the event industry.
The recent growth of festivals and events as an industry around the
world means that the management can no longer be ad hoc. Events and
festivals, such as the Asian Games, have a large impact on their communities
and, in some cases, the whole country.
The industry now includes events of all sizes from the Olympics down
to a breakfast meeting for ten business people. Many industries, charitable
organizations, and interest groups will hold events of some size in
order to market themselves, build business relationships, raise money
Event management is considered one of the strategic marketing and communication
tools by companies of all sizes. From product launches to press conferences,
companies create promotional events to help them communicate with clients
and potential clients. They might target their audience by using the
news media, hoping to generate media coverage which will reach thousands
or millions of people. They can also invite their audience to their
events and reach them at the actual event.
Event management companies and organizations service a variety of areas
including corporate events (product launches, press conferences, corporate
meetings and conferences), marketing programs (road shows, grand opening
events), and special corporate hospitality events like concerts, award
ceremonies, film premieres, launch/release parties, fashion shows, commercial
events, private (personal) events such as weddings and bar mitzvahs.
Clients hire event management companies to handle a specific scope of
services for the given event, which at its maximum may include all creative,
technical and logistical elements of the event. (Or just a subset of
these, depending on the client's needs, expertise and budget).
The event manager is the person who plans and executes the event. Event
managers and their teams are often behind-the-scenes running the event.
Event managers may also be involved in more than just the planning and
execution of the event, but also brand building, marketing and communication
strategy. The event manager is an expert at the creative, technical
and logistical elements that help an event succeed. This includes event
design, audio-visual production, scriptwriting, logistics, budgeting,
negotiation and, of course, client service. It is a multi-dimensional
The event manager may become involved at the early initiation stages
of the event. If the event manager has budget responsibilities at this
early stage they may be termed an event or production executive. The
early stages include:
• Site surveying
• Client Service
• Brief clarification
• Budget drafting
• Cash flow management
• Supply chain identification
• Site design
• Technical design
• Health & Safety
An event manager who becomes involved closer to the event will often
have a more limited brief. The key disciplines closer to the event are:
• Health & Safety including crowd management,
• Detailed scheduling
As an industry
Event Management is a multi-million dollar industry, growing rapidly,
with mega shows and events hosted regularly. Surprisingly, there is
no formalized research conducted to assess the growth of this industry.
The industry includes fields such as the MICE (Meetings, Incentives,
Conventions and Exhibitions), conferences and seminars as well as live
music and sporting events.
The logistics side of the industry is paid less than the sales/sponsorship
side, though some may say that these are two different industries.
Event management software companies provide event planners with software
tools to handle many common activities such as delegate registration,
hotel booking, travel booking or allocation of exhibition floorspace.
There are an increasing number of universities which offer courses in
event management, including diplomas and graduate degrees. In addition
to these academic courses, there are many associations and societies
that provide courses on the various aspects of the industry. Study includes
organizational skills, technical knowledge, P.R., marketing, advertising,
catering, logistics, decor, glamor identity, human relations, study
of law and licenses, risk management, budgeting, study of allied industries
like television, other media and several other areas. Certification
can be acquired from various sources to obtain designations such as
Certified Trade Show Marketer (CTSM), Certified Manager of Exhibits
(CME), Certified in Exhibition Management (CEM), Global Certification
in Meeting Management (CMM) and Certified Meeting Professional (CMP).
• Career opportunities are in the following Industries :
1. Event Management
2. Event Management Consultancy
3. Hotel, travel and hospitality Industries
4. Advertising Agencies
5. Public Relations Firms
7. News Media
8. Non-profit organization
9. Integrated Marketing & Communications
10. Event Budgeting and Accounting
Categories of Events
Events can be classified into four broad categories based on their purpose
1. Leisure events e.g. leisure sport, music, recreation.
2. Cultural events e.g. ceremonial, religious, art, heritage, and folklore.
3. Personal events e.g. weddings, birthdays, anniversaries.
4. Organizational events e.g. commercial, political, charitable, sales,
In economics, a recession is a business cycle contraction, a general
slowdown in economic activity over a period of time longer than a few
months. During recessions, many macroeconomic indicators vary in a similar
way. Production, as measured by Gross Domestic Product (GDP), employment,
investment spending, capacity utilization, household incomes, business
profits and inflation all fall during recessions; while bankruptcies
and the unemployment rate rise.
Recessions generally occur when there is a widespread drop in spending
often following an adverse supply shock or the bursting of an economic
bubble. Governments usually respond to recessions by adopting expansionary
macroeconomic policies, such as increasing money supply, increasing
government spending and decreasing taxation.
Recession proof business
Recession is a dreaded word in economic parlance. 2008 has proved to
be a watershed year for many large multinationals. Investments banks
are shutting their shops, private banks are getting nationalized, other
financial institutions and companies have to depend upon bailout package
from government to survive this credit onslaught. Worldwide, cash and
credit has become major cause of concern, investments are drying up
and growth in industries and services are witnessing freefall. Many
people are losing their jobs because of cost restructuring plans run
by their companies. Most of the industries are facing serious troubles
in running their operations. But even in this gloom and doom scenario,
there are several industries who have managed to keep recession at bay.
Economists have identified few industries as recession-proof industries.
Economic rationale behind these industries being recession proof is
their low income elasticity of demand. Most of the goods and services
produced by these industries are constantly in demand irrespective of
economic situation. These products and services always find consumers,
completely ignoring the global economy. Goods and services can be segregated
in several parts but those who are always in demand are mostly soft
Even within same industry, demand could vary. Like, many consumers
goods are always purchased by people because they are more of necessity
of daily life like, toothpaste, shaving cream, shampoo, soap etc. But
in case of high priced durable goods like jewelry, demand reduces significantly.
Some of the industries believed to be recession-proof:
Medical Services / Health care
Necessities like food, grocery stores etc.
Vehicle repair & maintenance
Tax preparation / simplification
Career/Job search/Life coaching
Security/Alarm services companies
Emergency Services like Police, Firefighter, Paramedic
These industries are considered as recession proof because of their
relevance in our day to day lives. Even economists suggest investing
in stocks of these sectors because of their low sensitivity to economic
turbulence compared to other aggressive, fast growing sectors.
When a recession hits and people lose income and jobs become uncertain,
they start looking for new ways to make money. A good way to take control
of your finances in an economic slowdown or a recession is to start
a home based business.
Some businesses thrive and do extremely well when the economy starts
to slow. If you want to start a home business, here are some good recession
proof businesses to think about:
The entertainment industry does well during a recession, when people
are looking for temporary relief from their problems. They look toward
music, movies, books and video games to help them escape. If you can
write stories, make music or design games, this would be a good time
to try your hand at getting into the entertainment industry.
People also are willing to spend money on food and sweet treats. Some
of America's favorite candies, like Snickers, Tootsie Pops and Three
Musketeers bars came out of the depression. Low cost candies and treats
can provide a needed escape from all of the bad news. The fast food
industry, with its cheap and quick dining, also does well when time
get tough. Or start a fruit and vegetable stand for those who can garden
and are healthier minded.
Cosmetics, beauty and nail-care businesses are considered recession
proof. Women look for low cost ways to pamper themselves during a bad
economy. Even in a recession women still want to look younger and more
beautiful and will make spending money on cosmetics a financial priority.
You usually can't go wrong selling the right kind of services. Many
services will always be needed, and some are especially important in
a recession. There are many options such as: business outsourcing, cleaning
services, home security, resume writing services, accounting, hair styling,
plumbing, repair services, event management and wedding services.
The used item and resale market does well when time get tough. Thrift
Stores, pawn shops, consignment shops, as well as selling used books,
used games, and used dvd's and cd's, are all recession proof businesses.
People who need income will sell some of their unwanted possessions
to get a little extra spending money. And in times like these more people
are willing to buy used items at bargain prices in order to save some
cash, so the used and resale market will continue to thrive in periods
Of course, financial consulting, debt management, repossession, real
estate cleanup and junk removal, and other bankruptcy related services
thrive in times of economic crisis.
The health and wellness industry is one of the most recession-proof
businesses out there. People still get ill during a recession. And if
you think about it, since stress levels are much higher in bad times,
sicknesses caused by stress will go up. Plus often the diets of people
under stress get worse. So, sad as it may be, the health industry is
a good one to be in during a recession.
The massive population baby boomers are getting older and will need
care and ways to live more comfortably as they get older. One health
related business you might consider starting is a home health care service.
Many people today are looking towards natural medicine and nutrition
to help them avoid sickness. You could make a substantial income if
you have excellent natural health care and nutritional products to sell.
Even though these businesses are considered recession proof, it is
still necessary to invest time and energy into researching and planing
your business well. And even a recession proof business won't be successful
without good hard work done by a motivated owner.
Recession-hit IT industry to recover by mid-2010
The recession hit IT industry would show positive signs of recovery
by mid-2010 and Infosys will diversify into new markets then, a top
company official said here on Tuesday.
On economic slowdown Infosys Chief Executive and Managing Director
Kris Gopalakrishnan told reporters, "It is better to wait and
understand that the recovery is real and will sustain. The developed
countries have higher GDPs, so they will have a significant impact on
Infosys is looking at new markets like China, Middle East, South America
and Latin America with a host of new services.
"We have launched various new services like software as a
service platform for BPO industry. The opportunities which we are looking
into are in health care, utility services, government and public sector.
There are opportunities in each one of them", he said.
Gopalakrishnan was here to participate in the sixth edition of HR-summit
2009, organised by NASSCOM.
On RBI's review projecting a 6.5 economic growth, he said, "I
believe especially for India, growth (is) coming back. India has not
been much affected (due to the meltdown)".
He said despite the country's growth rate coming down from 8-9 per
cent to 5-6 per cent now, it (growth) was starting to pick up, which
is a good sign for India. "This will also be a signal to other
countries to start seeing some recovery."
He said Infosys was also ready for acquisition across various geographies.
"We are open for geographical acquisitions as well as service
based acquisitions. The key is, it should happen at the right place
at right time."
Causes of economic recession
1. Dollar collapse - there is a growing concern for
the United States ability to attract foreign capital to finance both
private and public investments. The reason for this is that the effect
of high budget deficit subtracts from domestic savings, which means
investing in general. Not to mention that the huge trade deficit also
adds to financing needs. Something else to keep in mind with the dollar
collapse is that the dependence on foreign financing is actually reducing
the confidence in the United States economy. In fact between the years
of 1985 to 1987 the United States dollar fell 49% against major currencies,
Tresury bonds increased 2% and stock prices fell 30%. But in general
a falling dollar would greatly affect the United States corporate bonds
and 50% of those bonds are actually held by foreign investors.
2. Oil rise - if the price of crude oil were to rise
that would be harmful to the economy because of the fact that other
prices would rise as well. Crude oil actually affects a lot more industries
than just gasoline because of the fact that you need to have gas to
run most machinery, but crude oil is also used in making other products
such as asphalt. But if these prices were to rise it would actually
slow consumer demand. And because of the slowing consumer demand it
would undermine business and consumer confidence.
3. Inflation - this can happen if both the dollar starts
to fall and oil prices start to rise. The reason that this happens and
is connected to oil prices and the falling dollar is that these factors
make it to where consumer goods are more expensive, producers have to
increase the prices of their products to make up for the increase in
oil prices and to make the same profit that they were making before
the dollar fell. But if the United States was dealing with inflation
what you need to know is that China would then revaluate their currency
at a higher rate, dollar value decreases yen increases in value, which
would make the inflation even worse.
4. Housing bubble - if the interest rates on mortgages
raised by 2% this could actually stop people from buying houses, which
would in turn bust the housing bubble. But on the other hand if the
prices of houses dropped or deflating prices, this would deflate household
wealth, meaning people would have less equity in their homes.
5. Global economy - this is where you are going to
need to look at other economies other than your own to see if they are
showing signs of a recession because in some cases other countries recessions
can greatly impact the other countries depending on how much they rely
on imports. A great example of this is that Euro is weighed done by
currency appreciation, and both Europe and Japan are experiencing a
slowdown of economic growth. Not to mention the fact that increasing
Arab violence can erode business and consumer confidence.
How to start an event management business?
From personal experience I know how planning even the smallest events
and get togethers can be very time consuming. There are the tasks of
checking out venues, finding quality entertainment, planning of dates
and times, getting the guest list together, food preparation shopping
for event necessities, decorations, etc. Think about starting an event
management business so that you can offer your clients the benefit of
hosting a great event with the convenience of one stop shopping for
all their event planning needs.
Skills you need when you start an event management business
Having an eye for detail, good time management and organizational skills
are necessary when planning great events. Being on time and keeping
invoices, orders, client information, vendor lists, venue information
and any inventory you choose to carry such as party supplies organized
is a must for your business to succeed. Having a fun personality and
enjoying working with people are helpful as well.
How do you get started?
Starting an event management business takes time and research. The best
way to get started in your area is to offer to plan events for your
family and friends. This will give you experience in planning a variety
of events as well as build up your portfolio for future clients to see
your work. Reading books and attending event management workshops will
help you to get started right. Ongoing continuing education will help
you to continue to grow your business. Join the International Special
Events Society (ISES), to stay on top of events and happenings within
the event planning industry. It will also help you to network and learn
from seasoned professionals in your industry.
There are many types of events that you can plan including private parties,
children’s parties, fundraising events, corporate events, weddings,
business launch parties and more. Start off by putting real thought
into what type of events you would be best at planning. Even though
you may be good at planning all types of events to be successful it
is always best to choose one area of expertise and add to that if you
choose to as your business grows.
A major component to event management success is to develop a rolodex
of reliable vendors to work with including venues, caterers, photographers,
musicians, videographers, entertainers, party supply companies, etc.
A good business and marketing plan
Sit down and write out your business and marketing plan. Even if it
is only on a single sheet of paper, writing it down will really help
you to start your business off on the right foot. Who will your clients
be? What services will you offer? What will you charge for services
rendered? How will you market? Are some of the questions to keep in
mind when starting your business.
Starting an event management business is the perfect choice for someone
who is detailed oriented and enjoys working with others. Research your
industry well and learn how to market yourself to prove your credibility.
Be patient and your hard work will eventually pay off.
Recession: a Disaster or a Golden Opportunity for Event Managers
If you have picked up a paper or turned on a TV then you know that journalists,
newscasters and economists alike, are all speculating on the stability
of the global economy and the crises many industries are facing.
Let’s face the facts, ‘Recession has become a reality for developed
countries such as Italy, Ireland, Germany, Japan, Iceland, Denmark,
New Zealand, UK, USA, France and many more. The instability of these
economies has started a domino effect and many more countries are facing
the possibility of recession.
In this turbulent time, organizations across industries are implementing
cost-cutting measures. Many organizations are no longer in a boom or
growth phase rather a maintaining a holding pattern until the economy
starts growing once again. However, this does not mean the organizations
are completely stagnant and all opportunities for events are lost. It
simply indicates that until the economy regains its stability that organizations
will be more cautious in their spending, trips will be taken off the
itinerary and budgets for events will be smaller than ever before. This
situation may spell disaster to some people and there is no denying
that the event management industry will take some hits; experience a
downturn; and few companies might get added to recession’s victim list.
But, for a savvy event organizer the recession can prove to be a golden
Most of us forget that innovation is the key to success. Well-known
brands such as MTV (1981) and iPod (2001) were started during recessions.
In fact, when IPod was launched during the 2001 recession, it was not
marked down to attract customers (quiet expensive). Despite the recession
and the price, the demand for iPods kept on increasing.
Why? Well, IPod might not have achieved skyrocketing sale rates right
from the start but it did managed to establish a reputation for itself
as a fashion statement amongst youth. This gave them an added advantage
once the recession was over and more individuals had disposal income.
Just like international giants like IPod, you too can capitalize on
the economic downturn by laying down a strong foundation, which will
serve you in the future.
When the going gets tough, the tough gets going.
The current state of economy is causing organizations to behave like
shoppers on the lookout for bargains, discounts and value for money
deals. This means that now more than ever before organizations are open
to new ideas from event organizers and are willing to experiment. However,
it is important to remember that the core of the event industry is not
about having a big budget or having elaborate peripherals like stages,
décor or hiring celebrities to dazzle attendees. It is about having
unique ideas and concepts that will make the event memorable months
or years later. You can be assured that, “If you find a good idea, budgets
will magically appear.”
For example: A smart event manager could create a completely new segment
in the market catering to worried senior executives on how to beat the
Like we said, ideas drive the business not state of the economy or budgets
(or the lack of it). And, a savvy event organizer can take advantage
of this opportunity to secure new clients by offering them innovative
and cost effective event management solutions. And, once the economy
stabilizes, you will have a new loyal client base.
Always remember that, ‘Recessions by definition are temporary. Event
Organizers that push aggressively while everyone else remains in an
uncertain, holding pattern have the opportunity to establish a reputation
and gain a share market.’ Moreover, you can perfectly position yourself
to benefit, once the recession ends.