Michael J Wolf, in his book "The Entertainment Economy" says, "Entertainment not autos, steel or financial services is fast becoming the engine of growth of the new economy". Digitalization, broadband and internet make this among the fastest growing businesses worldwide.
Entertainment Industry is comprised of smaller business areas like films, music, television and events to name a few. Each one of these sub-units is big enough to match any other Industry in the world, whatever be the criteria. The amount of money being circulated in any of these areas is huge enough to provide all of them a separate industry status. The impulse and response created among general public is overwhelming, which could not be achieved by any other industry anywhere in the world. The common man considers film stars and singers as idols or role models. The high rate of growth of Entertainment Industry is a clear indicator of the immense involvement of the common man in this industry. We have now reached a stage where man cannot even think of a world without entertainment.
Event Management can be considered as a baby among the various sub units of Entertainment Industry. Still, it is the most daring and risky business among the lot.
[...] This will create a feeling among clients that the firm is worth doing business with Proper Vision Event Management firms should also possess a proper vision on where they want to be after a particular point of time and how they want to reach there. They should be very clear on what they are doing. Otherwise, they will end up making a mess out of whatever they do Daring Event Management firms should also possess the daringness to venture into unexplored areas and try out new ideas. [...]
[...] Marketing Strategy of Advertising Agencies with separate Event Management wing Advertising agencies, which run a separate Event Management wing mainly focus on their clients in advertising. The advantage they have, in such cases is that, they know their clients very well. There is no need to find extra time to build a relationship with them. Even the clients who prefer to assign their events to specialist Event Management firms would like to consider the views of their advertisement agency also. [...]
[...] So, on the eagerness to make a name in the industry and to earn fast money, if he offers something without analyzing his capabilities, it will definitely turn out to be a disaster Lack of creativity The survival of Event Management firms is strongly based on their innovative skills. New ideas on conducting events should pour in. These ideas need not be so big as to influence the whole nature of the event. There are instances where even a design of the podium has attracted public attention. [...]
[...] Though Event Management firms do not have much control over these things, a malfunctioning of any of these systems will automatically carry blame on the firm, which organized the show Socio-Cultural factors Cultural differences of various areas will play a major role in the success of an event. So, if the firm, which organizes events, does not have enough knowledge about the cultural specificities of that area, results may become miserable Lack of Planning Lack of planning will also fetch fatal results Rise in Prices Prices of various items are a major threat to Event Management firms. [...]
[...] They forgot the basic lesson of Event Management, which explains that events are basically meant for the customers and not for the agencies who organize them Repetition Exhibitions are a separate class by itself, which targets on particular segments of the market. There are more chances of repetition in this area. Agencies have to show great care to avoid this and to explore new areas. They should constantly add more values and features every time so that they could target on a different segment of the market. [...]
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