Business Event in Global Context

Question: Discuss about theBusiness Event in Global Context. Answer: Introduction Rogers and Davidson (2015) portrays that organization conducts events not only for building brand recognition but also for establishing business connections. This approach ensures the strength of the business in the community along with generating revenue for the organization. The topic that is conducted in this assessment is the topic: 2 economic impacts of business events topics: 3major destinations and the organization that is taken into consideration is the International Convention Centre, Sydney that is established in the year 2016 and is managed by AEG Ogden (Iccsydney.com.au, 2017). ICC Sydney has flexible spaces for accommodating 2,500, 1,000 and 750 people respectively along with the ballroom that has the capacity of accommodating 2000 people (Iccsydney.com.au, 2017). The prime objective of the assignment is to illustrate a reflective evaluation on the two undertaken subjects for presenting prior experience and current learning after the module. In addition to that personal response to experiences, situations, events and new information will also be evaluated along with some evidence to support the detailed analysis in this assessment. Discussion Business Events in Australia Every year over 37 million people attend more than 420,000 business events across Australia (Business Events Council Australia, 2017). Thus, there is a huge opportunity for businesspeople to construct convention centre not only for successfully accomplishing the business events but also for attaining for financial growth. It is also found from the statistics that $28 billion is attained by the convention centre and these centres also create direct job opportunities for more than 180,000 candidates (Business Events Council Australia, 2017). All these aspects signify the economic impacts of the business events. In Australia, the largest number of events hosted in New South Wales and Victoria and regarding meetings and conventions total of 391,000 events were hosted in the year 2015 that had attracted 26.5 million delegates (Business Events Council Australia, 2017). However, in the context of the exhibitions occurred, 2,157 exhibitions staged in Australia that results in attracting over 65,000 exhibitors and 9.3 million visitors (Business Events Council Australia, 2017). In addition to that, ICC, Sydney hosted many events like award events, comedy shows, music concerts, conventions and conferences along with some traditional cultural events and exhibitions. ICC, Sydney also hosts family and kids shows and have the capacity to accommodate 9000 people with 8000 seats (Iccsydney.com.au, 2017). The Darling Harbour Theatre have the capacity of 2500 seats and the Paramount theatre has 1000 seats for hosting events (Iccsydney.com.au, 2017). Kimelberg and Williams (2013) also highlighted that ICC, Sydney provide a complete arrangement for the successful hosting of events like providing exotic food menu collection, trip planning facility and fulfilling all the events with the use of industry leading technology. They have an 180 square meter high definition digital screen in the entrance of their theatre and use ultramodern audio, visual and lighting technology so that clear image of the shows can be seen and enjoyed by the visitors (Iccsydney.com.au, 2017). Overview of the Impacts of Business Events Business events have direct and indirect cultural impacts not only on the organization but also on the nation. Getz and Page (2016) portrays that diverse cultural events like celebration of Chinese Year or Film Award celebration for movies of different languages and genres encourage diversification within the nation. However, events like Olympics and Woodstock impacts indirectly on the culture of the nation. People came to learn about the different events, which provide them with the glimpse of the cultural knowledge regarding the culture followed by the nation and the competency of the convention centre compared to others. Moreover, some of the other impacts from the business events are: Image 1: Business Events Value Pyramid in Australia (Source: Business Events Council Australia, 2017) Visitor Economic Impact I believe that events are organised for attracting international visitors and measuring a number of those international and interstate visitors in the conventional centre allow an organization to assess their profitability. In Australia, a visitor spends $14.5 billion for attending events per year (Business Events Council Australia, 2017). It is also evident that the more the people attend these events, the more the culture and recognition of the organization enhances in the community. In the context of attracting international people from Korea and China, ICC Sydney has organized 2017 KIM BUM SOO live concert in their theatre (Iccsydney.com.au, 2017). Local Economic Impact Local delegates also take participation as well as visit these events for business meetings, entertaining events and hence contribute some financial resources for the same (Tidstrom Hagberg-Andersson, 2012). Dwyer et al. (2014) moreover affirm that the people provide around $4.5 billion of financial resources for the organized events. Taken for instance, the event of The Big Meet 2017 Sydney, which is a free career fair that target all the undergraduate student of Australia (Iccsydney.com.au, 2017). In this fair all the interstate and international students studying in the Australian universities. Non-Delegate Impact The events also have an impact on the non-delegates, who organizes the events for providing accommodations and other facilities like food to the guests and visitors, who intends to come to their organization (Getz, 2012). In Australia, $9.0 billion of benefits by organising business events is attained by the businesspeople (Business Events Council Australia, 2017). They have local event partner participating in The Big Meet 2017 like Legal Vitae and some national event partners like GradConnection, GraduateOpputunities, GradAustralia and Engineers Australia (Iccsydney.com.au, 2017). Personal Experience I belong from Singapore and we have Suntec Singapore Convention Exhibition Centre" for organizing business events, exhibitions and conferences. The concerned convention centre organizes a diverse range of events, trade shows and meetings for local as well as international business people. Suntec Singapore Convention Exhibition Centre have exhibition space of over 22,000 square meters and flexible meeting spaces of over 15,000 square meters (Suntec Singapore Convention Exhibition Centre, 2017). In order to attain competitive advantages the concerned convention centre has incorporated modern technology like telecommunications technology and offer services like free high-speed WiFi that can support up to 6,000 devices to all the visitors (Iccsydney.com.au, 2017). However, the difference that I have felt between the two convention centres is that in Australia, the business people consider all the crucial aspect of travel planning to reach their convention centre while in Singapore, th e visitors only get the direction and they have to travel and find their centre to attend any concert. I have attended the 2016 Sydney International Womens Day Breakfast that ICC Sydney has organized in the month of March with the association of UN Women National Committee (NC) Australia. In this event, they have shared the economic, political and social achievements of women and shared some real life stories on their struggle for equality, peace and development. In this conference, UN Women Ambassador of many countries- Pakistan, Fiji, and India were also invited. On the counterpart, in terms of Suntec Singapore Convention Exhibition Centre, majorly programs for trade, fair and business and does not organize any development conferences that are considered in Australian convention centers. However, during my classes, I have learned that in Australian convention centers the organizers divides their budgets into 14%, 56%, 26% and 4% for luxury facilities, deluxe services, standard facilities and budgeting purpose respectively. Critical Reflection In the class session for the "Economic Impact of the Business Events", I have learned about the economic roles of place marketing, tourist attraction, image maker, catalyst and animator for effectively accomplishing the business effectively. One of the most important thing that I have learnt is the positive impact of the business occasions that is the promotion of the events. Effective promotion attracts more people and managing authorities of an organization have to focus on their advertising contents and target audience. Seringhaus and Rosson (2012) also mentioned that is the promotion is effective, that may result in an extended length of stay of the visitors. Business events also create lots of job opportunities and attract sponsors to get associated with their approach. In this way, they can attain more financial resources for accomplishing their business objectives. However, Sa and Lee (2012) also highlights the negative impacts of the business events that are a loss of authenticity, exploitation of the environment and community and the great investment cost for organizing the business events. However, I believe that people will only emphasis on the business outcomes from these events and seek for effective factors on economic benefits. From the academic session, I have also learned that a convention centre has to plan not only for the accommodation facility but also for the dining outs, ground transport, recreational activities and different events for different theatres. Moreover, prior to these activities, hassle free registration for the events so that visitors and delegates can register for the events in a single attempt. Jeston and Nelis (2014) explains that utilising the information technology for the registration system can provide them a competitive advantage and helps them to attract more people to their events. Cornwell (2014) however argues that according to the statistics, for an international conference, the organization spends five times more than local events. These delegates spend on food and beverages, technological equipment, security maintenance and different ways of promotion simultaneously. Raj (2013) on the other hand explains that as people from other cultural and traditional background are the guest of these events, making proper arrangements for these guests needs some extra financial resources. It is also found from the statistics of Australias BECA that the most money per day spends by the government on selecting venues their business procedure is associated with the higher authority of other nations; while they do not have to spend extra wealth for security reasons and administration costs (Bladen et al., 2012). Furthermore, I think that it is beneficial for the convention centre for associating with the organization like hotels and resort properties along with the travel agents. In this way, they can attain some profitability from these organizations and also offer an extra discount to their guest on availing those travel and hotel services with registration. Mair and Whitford (2013) mentioned that this approach ensures the brand recognition and customer satisfaction. I also think that, this expenditure on the food and beverages, travel plan also boosts the visitors to travel to Australia in their near future and Getz (2012) depicts that if these events do not hold, it may be the case they would not have come to experience the beauty of Australia. ICC Sydney also spends some of their annual revenue on the arrangements for pre and post event tours and this ensures the effective business relationship with them. In this scenario, I think that convention centres also have to face some challenges like other competitors and interferences of the foreign government along with the continuous development of the technology by maintaining the environmental sustainability and promotional strategies. Our mentor also made us realised doing business with international government and delegates is a complex business procedure and is comprised of activities like media audits and social surveys for tourism media coverage and accessing environmental and socio-cultural amenities respectively. Kimelberg and Williams (2013) depicts that EPA Ecological Footprint Calculator, Sustainable Event Management System (SEMS) are some tools for measuring the environmental sustainability- carbon footprints, climate change and impact of events. followed by an organization. All these factors affect the profitability of an organization. However, according to my past experience I can say that visitors survey are crucial for getting the knowledge whether the facilities an organization is providing worth future growth. Rogers and Davidson (2015) explains that there are several ways through which feedback can be attained like feedback forms on the availed services in the centres through social media sites like Facebook fanpages, Twitter accounts and e-mail feedback forums. These contemporary techniques of taking feedback can be easily accessible by the visitors on their smart devices and are flexible in use. Conclusion Thus, it is concluded from the assessment that conventional centers are liable for making arrangements for cultural events and concerts, business conferences and career fairs. These centers also develop diverse economy and culture within the same nation. The organization that is considered is International Convention Centre Sydney that organizes events and concerts throughout the year. In order to gain competitive advantages compared to other convention centers, ICC Sydney have extend their business not only in food and beverages but also in planning trips from other nation and places to their location. Adopting technological advances like Wi-Fi, high definition screens and modern audio and stereo systems along with tools for measuring environmental sustainability and effective promotion strategies ensures their business success and enhancement in the economy. Reference List Bladen, C., Kennell, J., Abson, E., Wilde, N. (2012).Events management: An introduction. Routledge. Business Events Council Australia. (2017).businesseventscouncil.org.au. Retrieved 22 February 2017, from https://www.businesseventscouncil.org.au/files/View_Report Cornwell, T. B. (2014).Sponsorship in marketing: Effective communication through sports, arts and events. Routledge. Dwyer, L., Pham, T., Forsyth, P., Spurr, R. (2014). Destination marketing of Australia: Return on investment. 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