Management

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Table of Content:

1. Discuss the size and scope of the conference and banqueting industry in the UK (Pass 1.1)…………………………………..p.
2. The development of Meetings, Incentives, Conferences and Exhibitions (MICE) is, and will continue to be influenced by socio-economic and other key factors. Please identify what these factors are and analyse how they impact the industry.(Pass1.2) ………………

2.1  Critically assess the key strategic and operational issues involved in the effective management of a given conference or banquet.

• A range of sources of information has been used

2.2  Discuss performance and quality review techniques used by the conference and banqueting industry.

• Complex problem with more than 1 variable have been explored.

1. Discuss the size and scope of the conference and banqueting industry in the UK (Pass 1.1)

The size and scope of the conference and banquet industry is the most important part to attract the investor to invest in the conference and banquet industry. The size and scope of conference and banquet industry basically on the service quality, the location. Conference industry are provided the large meeting, such as seminar facility. And the banquet industry provide meeting space, such as food facility for the guest.

UK is one of the largest economically developed Country. Also, the conference and banquet industry are the one of the largest growing sector in UK. The scope of conference and banquet industry depends on other related industry, like restaurants, being hired by some various food service companies. For the report revealed, the meetings industry is worth £58.4 billion to the UK’s gross domestic product (GDP). It is three times greater than the agricultural sector. It contributes £21.1 billion in taxes and is the UK’s 16th biggest employer with 515,423 people.

The size of the conference and banquet industry is basically defined as the large, medium and small. It also can be classified as the number of guest attending at a time, the square size of the industry, etc. Small size conference will last one day. Medium sized conference will last for at least 2- 3days. And the large size conference sometimes continuing for at least 4- 5 days. After the research by the MPI Foundation, more than 1.3m meetings were held in the UK in 2011, attended by 116m people who spent almost £40bn. The study defined a meeting as more than fours.The average length of a meeting was two days and 10,127 venues were used across the UK. The bookings mostly came mostly for corporate events (81%) and associations accounted for 6.3%.

1. The development of Meetings, Incentives, Conferences and Exhibitions (MICE) is, and will continue to be influenced by socio-economic and other key factors. Please identify what these factors are and analyse how they impact the industry.(Pass1.2)

The conference & banqueting (C&B) industry include different factors. There have other key factors that can be influence and impact the industry.

One of the important factor is (MICE), Meeting, Incentives, Conferences and Exhibitions. “M” refer to Meeting (Corporate). It can bring people together in one place for the information exchange, discussing, sharing and solve the problem together as the purpose. For a meeting, there will usually be food and beverage served. Moreover, there are also have different types of meeting that companies will use. For example, Board meetings, Management Meetings, Shareholder Meetings, etc. “I” is Incentive is a part of a programme, provide to its participants to reward a previous performance. “C” is Conference (Association) is similar to meeting but conference is bigger on scale though it is also a type of meeting between different people who get together to discuss a particular subject. Exhibition can also means events. The products and services are displayed.

MICE events are events and that involve attendees who can share a common interest and gather in a place. Travellers attending MICE activities have a purpose beyond leisure tourism, and also are the business travelers. These group of the travelers are connected to different sectors of the tourism and hospitality industry through their MICE activities. When they come to have a business trip, there are not just attend the meeting or conference. They are travel to a city to attend an exhibition. It include food, drinks, shopping, entertainment, transport, accommodation and more. So we know that MICE how to impact the industry. It affect many part of it.

Therefore, another factors (PEST), it is a macro environmental framework used to understand the impact of the external factors in the organization and is use as the strategic analytical. PEST is stand for “Political, Economic, Social, Technological”.

“P” is Political. It is about the degree of government intervention in the economy. The political & legal factors include tax policy, employment laws, environmental regulations, trade restrictions, tariffs and political stability. The foreign policy of a country can be a important part and play an important role. Also, the government enacted industry-specific regulations can impact the company and it is why political as a important part in the PEST analysis.

“E” is Economical. It include economic growth, interest rates, inflation rate, exchange rate, unemployment rate and others. The factors faced by an organization have a significant impact on how a business in the future. Also, the exchange rate can be affect the organization by affecting the cost of imported and exported goods.

“S” is Social. It include many levels. It can be include growth rate, health consciousness, age distribution, safety awareness. These factors is important to understand what is PEST. Furthermore, it can help the organization to know the dynamics of existing and emerging potential markets and future customer needs.

“T” is Technological. Technologic have growing up everyday. Customers are the same. When the new technologic come, the old technologic will be eliminated. It include technological changes, R&D activity, obsolescence rate, automation and innovation. If an organization not to update their technologic, they may be eliminated by other company or organization.

If the organization understanding of what is PEST analysis, they can have a better position. In PEST, Political is the important part. It can affect other factors. If government change the policy, the economic, social, technologic may also need to change. (Pass 1.2)