Event Management Case Study

Event Management

Introduction

Event management is a constant process which develops from project management practices. It deals with the planning of an event like seminars, business exhibitions, wedding party and festivals etc. Event management includes forecasting, monitoring and regulating of activities. It essential to know that event management remain to continue even after the accomplishment of the event. The post-event study is important to determine the achievement or failure of the event (Jones, 2017). This essay will determine the importance of innovation, creativity and entrepreneurship in the globally competitive business of event management.

In event management, innovation plays a crucial role. Innovation means establishing a new idea or thinking with future outlook. In the competitive world, innovation has become a part of success. The new business trend is emPacing innovation. Many organizations are maintaining the environment to grow innovation as a planned priority. Now the organization are changing their outlook and becoming an active innovator. Nurturing the innovation within the business and applying it into the system confirm the success and durability in the industry. To achieve a competitive advantage in the industry the organization should focus on developing new products which give benefit to the consumer. Innovation can be used in developing products like improving the existing product or use the current trend in the product. The new and innovative product consists of profit-making strengths. To sustain in the event industry innovation is required. In the present situation the standard event tactics are decreasing and highlighting the innovative ideas (Jensen, Johnson, Lorenz, Lundvall amp Lundvall, 2016). The event business is using a few standard approaches and renewing them with a modern touch. For making the event business innovative the organization should focus on the audience feedback as their feedback helps to understand the requirement. It can use the current trend of technology and culture. The business should utilize all resources like using the venue with an innovative style.

Innovation is extensive attitude or continues commitment to freshness. It believes in future vision which converts that vision into reality. The innovation cultivates the mindset that penetrates every feature of the business. The innovation includes comprehensive creative process, fresh idea generation. In general, it is referred to as changing procedure or developing effective processes, ideas and product. In business, innovation can help to change the business model and adopt the new changes from surrounding to generate better services and products. Innovation is an inbuilt part of a business strategy which leads to creative problem solving and pioneering thinking (Li, Wood amp Thomas, 2017). There four our key dimensions of innovation which is mentioned below

Product The product innovation means new products or services are offered by the organization. In the event business the event is the product. Looking for the activities that occur during the event. The event product can include food beverages, gift bags and spectator activities and post-event parties.

Process The process innovation means modification in the manufacturing procedure and tools. In event business it is a process includes planning, offer, register, execution, convert and analyzing. The event business first plans and address the opportunities and Challenges of the event. Then the event coordinator sends the invitation through outbound and an inbound mode like email, website etc. The registration process tracks the registration data of the invitees. Execution and convert is the step where the event action converted into success. The analyzing step observes the efficiency of event planning and performance. Analyzing the event generate leads and opportunity for the future.

Position The position innovation means changing the framework of the product or services. The innovation in products takes place by repositioning the insight of the launched product. In event management business positioning used as a strategy where the event coordinator determines and evaluate the need of the customer. The positioning of event business is done on the basis of location, the attention span of customer and the competitive costs.

Paradigm The paradigm innovation means to modify the mental models like changing the cost of airlines, facility of online insurance etc. This innovation is used in all business. In the event industry, the organization should shift the trends and tendency according to the changing environment and with the customer need.

Considering the four key dimension of innovation organization can use two innovative methods that are incremental and radical. Incremental innovation is a sequence of small developments or improves the existing products and services of the company. The modification is applied by incremental innovation which focused on refining the existing products competence. Many organization practices incremental innovation to sustain or develop a product position. The reverse of incremental innovation is a radical innovation. The radical innovation takes place when the new product, service or process is announced in the market. This innovation needs a major investment in resources and time and creating incremental innovation less connected with risk (Souto, 2015). Though, incremental innovation is more used by the organization. Radical innovation is established when the product is new in the market and if the product is effective then the organization can use the incremental innovation to develop the product. The great example of incremental innovation is Coca-Cola, it has introduced the line extension of products like cherry coke, coke with lime etc. And from the past 130 years Coca Cola Pand is evolving with new trends and fetching new ideas for its customers. The best example of radical innovation is Amazons dash button. The company has launched the dash button and small Wi-Fi linked devices which permit to reorder households needs like washing powder, toilet paper etc. (Coccia, 2017).The technology and business model are very new to the customers.

Along with radical and incremental innovation, there is continuous and discontinuous innovation. The continuous innovation is constant and ongoing progress in the process of operation and creation. The major innovation takes place at an incremental level and when it is done purposely then it pushes the organization idea. The continuous innovation includes the ongoing improvement, operational excellence and innovative thinking. It recognizes the opportunities and restructured the tasks. It supports the organizational resources in the direction of sustainable improvement (OShea, amp Hurriyet, 2018). Keep event special is the best example of the continuous innovation in terms of event business. Like tickets and passes are free for the event but the organization should make people fight over it that will create a buzz in the market. The company can create a Facebook page for the upcoming event or release a promo code, clips etc. Then the company can open the registration for the customer. The customers have the opportunity to take a limited number of entry passes. The discontinuous innovation is a modification in the structure of the business. In this innovation products are entirely new to the world. This innovation needs the best deal of knowledge for the organization and its value system. Discontinuous innovation requires a very diverse set of abilities and fresh behaviour designs. Radical and discontinuous innovations are equivalent. The unplanned event is the example of discontinues innovation with respect to event business. It is an interesting idea of an unplanned event like there is a conference without any pre-decided program (Kishna, Negro, Alkemade amp Hekkert, 2017). Here the planner has slackly planned the structure of the event but the concrete content and the data are identified by the participants.

The innovation includes one more type that is social innovation. The social innovation is the method of creating and installing effective resolutions for environmental and social issue towards maintaining social growth. The social innovation drivers discuss the idea and values. They also shift their roles and relationship. Effective social innovation is described by its equality, well-being, and values of empowerment. The reason behind social innovation is to make world unbiased and equal. This innovation helps to identify national and international challenges (Moulaert, 2016). Climate change, mass migration, poverty etc. are challenges at national and international level. In the event business, the Fuse Event is an example of social innovation. They have created the world social marketing event chain to support individuals who are working to solve the social issue. They use social marketing to develop the programs which generate an optimistic behaviour change. These events Ping individuals together to contribute their knowledge and interchange new ideas.

Though, the concept of innovation and creativity are frequently used correspondently in the business. The creativity differs from one organization to another and it changes after a period of time. Estimating creativity considered the standard of organization or industry. The creativity means generating fresh ideas for services, products and process by the organization. Innovation means applying the ideas for reformation, developing communication, and new technology in the organization. The basic factor of an organization like behavior, beliefs, etc. create an impact on the innovation and creativity (Sarooghi, Libaers amp Burkemper, 2015). The organizational culture supports creativity and encourages innovation for expressing the problems and their solution. The organization promotes the innovation and creativity that permit employees to think experimentally and creatively. The example of event business that is using innovation and creativity is Wonderland Agency. They are very creative and experimental event agency. The company produces a combined experience that develops a human connection between the event and their target customer.

Entrepreneurship and innovation go hand in hand. Innovation is the core essence and aesthetic of entrepreneurship. Without being innovative in the approach and methodology no business is said to have the existence. However, this is most prevalent in dynamic industries like Event management. In order to garner the attention of more clients and flourish business well, the event organizers need to assimilate contemporary and creative ideas (Audretsch, Kuratko amp Link, 2016).

Moreover, the business venture that aspires to hold long term creditability and achieve customer satisfaction necessarily needs to follow a distinguished approach. Few of Great Pitain's Pands such as Wedgwood pottery, Dyson vacuum cleaners, and the Just Park that started from meager resources have been able to achieve strong customer base in the short span due to their exemplary creativity. They have been quite notable for exhibiting exceptional innovation in their business activities.

Moreover, any business that thrives to do something extraordinary and takes a shift from the conventional prototypes is proposed to witness more growth and customer retention for the longer term. Thus there exists a very strong relationship between innovation and entrepreneurship. To achieve consistent growth while retaining the market position the event organizers need to incorporate the innovative tactics in their activities. To adapt to the ever-changing market demands the event managers need to integrate creative management strategies and propose contemporary solutions to the existing problems. Thus the innovation needs to be deeply rooted in the organization's regular plans in order to establish a niche in the competitive market segment.

However, even after realizing the need for innovation many companies fail to implement it. There are a number of internal and external factors responsible for hindering the growth of innovation. Overall, these factors may also be attributed to associated risks involved in the process of innovation. The organizational culture, entrepreneurs personal traits, attitude, knowledge, and skills may significantly impact the creative process of an organization. (Edwards-Schachter, Garca-Granero, Snchez-Barrioluengo, Quesada-Pineda, amp Amara, 2015). Even the lack of proper management skills to cope up with the after-effects of introducing innovation may lead the organization to resist away from the path of being creative.

Creativity and innovation are two complementary terms that are sometimes also used interchangeably, follow a positive relationship. However, the relationship between the two takes a more significant form in creative industries. Abiding by with them and following a systematic approach help the organizations to mitigate the impact of risks involved. Most commonly, the business ventures that are involved in the entrepreneurship and innovation are likely to encounter the implementation problems. Nevertheless, this is predominantly encountered while achieving corporate innovations when organizations need to remodel accordingly to emPace technological innovations. Due to these technological innovations organizations come across the problems of understaffing. During such situations, the organizations find it difficult to recruit and train the new staff. Additionally, they fail to persuade their existing staff to emPace creative solutions (Coulson-Thomas, 2017). Thereby for adopting the innovative entrepreneurial business ventures necessarily need to employ the proper managerial skills.

Apart from this, the potential risk involvement associated with innovation is another factor that inhibits the development of innovation in an organization. Many corporate leaders may speak about being innovative but eventually end up sticking to the same traditional norms. This is because they fear due to the amount of risk being involved in it. The high-cost risks involved in innovation leading to the uncertain returns restrain the CEO from resorting to the path of innovation. This uncertainty can be more prevalent in creative industries like event management. The after-effects emerging from the adaptation of an innovative approach may result in the propagation of undesirable results (Reason, 2016). The process of innovation is spontaneous which essentially needs time to time resurrections, especially for the event organizing companies. From product pitching to the closure of events, the managers need to work on creative ideas that synchronize with the current fashion trends in the market. In fact, the entrepreneur needs to analyze the changing market demands then proceed accordingly to acquire the desired market segment. It can be either through debuting the newer products and services or the resurgence of the existing ones.

Innovation in organizations can thrive irrespective of their sizes. While some believe that introducing newer means and ideas is always easier in business models that are less complex in structure. Establishing communication and introducing changes in smaller organizations is less complicated as compared to the bigger ones. No matter what sector the entrepreneurship aims to introduce the changes, innovation will always stay fundamental. It's neither concerned about just generating ideas nor introducing products. Instead, the innovation is the state of mind that drives the person towards doing something new and different. It is an ever-growing commitment to perceive beyond the available resources and devise something new that is probably far better than the existing options. However, in the current market scenario, there are a lot of misinterpretations regarding innovation (Kapoor, Dwivedi, amp Williams, 2015). Examining the role of three sets of innovation attributes for determining the adoption of the interbank mobile payment service. Information Systems Frontiers,17(5), 1039-1056.

Many managers either perceive it as debuting new products involving a series of creative processes or simply Pinging the ideas to the public. Thus due to these misconceptions, many organizations fail to accomplish and utilize their resources to achieve successful innovation. Developing and following an innovative approach bolsters the organizations to achieve unprecedented growth. Although, nurturing a creative mindset is not that difficult as it may seem. Staying optimistic and resilient along with following a balanced approach may help the organizations achieve exemplary growth while emPacing the innovation.

Conclusion

This essay concludes that in event management business innovation plays a significant role in order to achieve success. Innovation is a key competence of the business. It has four key dimensions that are product, process, position, and paradigm. There are five types of innovation that are incremental, radical, continuous, and discontinuous innovation which is used in the event business to develop new ideas and products to fulfill a customer need. In the event management, the concept of creativity and innovation are linked. The combination of innovation and creativity is used to exchange the idea and promote the business with an experimental view. Moreover, in order to compete and stand still in the dynamic market segment of the creative industry of event management the organization need to pay heed to incorporate innovative solutions. Along with this the entrepreneur also needs to possess proper skill sets to introduce the changes for better implantation of the innovation.

References

Audretsch, D. B., Kuratko, D. F., amp Link, A. N. (2016). Dynamic entrepreneurship and technology-based innovation.Journal of evolutionary economics,26(3), 603-620.

Coccia, M. (2017). Sources of technological innovation Radical and incremental innovation problem-driven to support the competitive advantage of firms. Technology Analysis amp Strategic Management,29(9), 1048-1061.

Coulson-Thomas, C. (2017). Stimulating creativity, enabling innovation, and supporting entrepreneurship. Management Services,2017(Summer), 26-29.

Edwards-Schachter, M., Garcia-Granero, A., Sanchez-Barrioluengo, M., Quesada-Pineda, H., amp Amara, N. (2015). Disentangling competences Interrelationships on creativity, innovation, and entrepreneurship.Thinking Skills and Creativity,16, 27-39.

Jensen, M. B., Johnson, B., Lorenz, E., Lundvall, B. ., amp Lundvall, B. A. (2016). Forms of knowledge and modes of innovation.The Learning Economy and the Economics of Hope Anthem Press London, UK,155, 155-182.

Jones, M. L. (2017).Sustainable event management A practical guide. London Routledge.

Kapoor, K. K., Dwivedi, Y. K., amp Williams, M. D. (2015). Examining the role of three sets of innovation attributes for determining the adoption of the interbank mobile payment service.Information Systems Frontiers,17(5), 1039-1056.

Kishna, M., Negro, S., Alkemade, F., amp Hekkert, M. (2017). Innovation at the end of the life cycle discontinuous innovation strategies by incumbents.Industry and Innovation,24(3), 263-279.

Li, Y., Wood, E. H., amp Thomas, R. (2017). Innovation implementation Harmony and conflict in Chinese modern music festivals.Tourism Management,63, 87-99.

Moulaert, F. (2016). Social innovation Institutionally embedded, territorially (re) produced. InSocial innovation and territorial development. (27-40). London Routledge.

OShea, M., amp Hurriyet, H. (2018). Continuous innovation interrogating the intersections and gaps between theory and practice for enhanced undergraduate learning and teaching in operations management.International Journal of Information and Operations Management Education,6(3-4), 272-289.

Reason, J. (2016).Managing the risks of organizational accidents. London Routledge.

Sarooghi, H., Libaers, D., amp Burkemper, A. (2015). Examining the relationship between creativity and innovation A meta-analysis of organizational, cultural, and environmental factors.Journal of business venturing,30(5), 714-731.

Souto, J. E. (2015). Business model innovation and business concept innovation as the context of incremental innovation and radical innovation.Tourism Management,51, 142-155.

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