Impact of economic and political policies in event management industry

Abstract

Event management has become a booming industry in recent years. From sports and corporate events to intimate Gatherings there is a constant demand and necessity for efficient event planning and management. Macro environmental factors such as savings rate, inflation rate, interest rate, economic cycle and foreign exchange rate determine the aggregate demand and aggregate investment in this sector, whereas competitive advantage of the firm is determined by micro environmental factors such as competitive norms. The aim of our research paper is to determine the various political and economical factors that affect the event management industry and further identify the recent trends and risks that is faced by this sector due to the economy and political stability. The nature of study is descriptive and the source of data is primary. The data is obtained directly from the subjects and Likert scale was used to answer the questions. Through our study we have found that majority people believe that political and economical factors influence the event management industry and it affects the quality of services provided to consumers. People also believe that COVID 19 negatively impacted this sector. It was found that employment opportunities are created due to the development of this industry, thus having a positive impact on the economy. The results regarding the policies and regulations of the government that have an effect on event management was found that, event management businesses must abide by a variety of government regulations in order to operate legally and successfully. Overall, this topic provides opportunities to study how varying economic and political factors can influence outcomes event management, as numerous real-world examples. Equipped with focused analysis and research highlighting causal relationships between policy implementations versus observed results including insights into secondary impacts will help execute informed recommendations going forward.