Emergence of Event Management Business in Bangladesh PDF

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Analysis of the industry is the important part of starting a new business. We need to analyze its related industry in order to start a new business. We need to analyze its industry, trends, participant and prospect of this business in Bangladesh as we want to do business as an event management company. Bangladesh's event management business is not yet fully settled. There are few recognized organizations in the country for event management. Jetset PR, Antar Showbiz and Wizard are the only three recognized event management organizations. These companies are dedicated to show business events exclusively. But the corporate market was largely unexplored for event management. Although there is a demand for specialized organizations for event management, there are few such organizations that meet this demand alone. The advertising firms have made the most of this as they have taken up event management as a very profitable side business. Asian ad agency launched the initiative to handle the events of their client and soon followed by most advertising organizations. Asiatic was so interested in seeing the turnover in this sector that they opened a separate subsidiary called Asiatic EML for the sole purpose of dealing with the events of their customers. But other than that, there were no significant moves taken to create a service firm for the purpose of professionally managing the events of the client. Unitrend, Andes and Asian EML can be recognized as key players in the event management industry. Event management is a new business model in Bangladesh. But most people in this sector are encouraging people to embrace this business with some experience. In this industry, people are encouraging to come with a passion for this business industry, especially young people. In Bangladesh, event management has a bright outlook. As the economy of Bangladesh grows, more large events will be organized by corporate house and individuals willing and willing to make their events more lucrative. As a result, demand for these business services will increase and more event management company will join forces to boom this industry. Good management and handling of pressure situation with strong commitment is to achieve success in this business. And most importantly, through quality services, satisfy your customer. Each of us will be responsible for pushing ourselves in three areas to a higher level of professionalism: Consistent, accurate satisfaction of the wishes of the client. Competitive pricing of the service quality offered. Significant revenue for each planned event.

Most participants in this industry are willing to serve corporate clients and corporate events rather than individual events and individual clients. Although most of them provide individual and corporate customer services. Our goal as we embrace this business is to satisfy both individual and corporate customers through our quality services.

Factors Triggered to Emerge Event Management Business in Bangladesh from the Perspective of Change Management

At the present time, Event Management is considered as a booming industry in the service sector. The term ‘Event’ can be defined with the various ‘experiences’ in the commercial and noncommercial world. Events can be classified as- Social events which include wedding planning, birthday parties, anniversaries, get together, social gathering, fund raising for large clubs, charitable trusts etc. Corporate events which include meetings, seminars, conferences, training programs, annual picnics, and award functions. Entertainment events which include movie promotions, celebrity nights, music /video release, award nights etc. Educational events which include conferences, education fairs, college events, picnics & holidays and annual sports (Rane, 2015). Moreover, exhibition, fairs and special events for important clients are emerging occasions now in Bangladesh due to the determination to meet the demand of the customers. In recent days, we always looked for hassle free movement and due to the technological advancement our dependency on the event manager is increasing day by day.

Notable Changes in Bangladesh The events industry has grown exponentially in size and profile over the last decade and as it is growing faster so it become an industry in its own right. Differentiating from the related fields of tourism, hospitality and sports, event management industry evolved with new areas of knowledge and innovation (Jago and Deery, 2010). Considering the last 10 (ten) years, we are witnessed a significant growth in the size of ‘Event Management Industry’. As this industry is growing quickly so most of the professionals in the industry predict that this is just the beginning of a new era in our country. Previously, for arranging a program, one need to maintain all the activities by their own people but now the scenario has been changed. In Bangladesh, the number of nuclear family is increasing as well as time is a huge constraint so people cannot engage themselves in these events like before. Because of doing the proper management practices, the availability of equipment, innovation and most importantly urgency of the hassle-free effort, the Reactive Change happened in the industry. Then again, to improve upon the current ways of operating the overall activities and initiated to achieve a certain desirable productivity, the emergence of event management business introduced in the market to be more responsive to demands. Thus, it can be considered as a Planned Change in the Event Management Industry.

Factors Triggered to Introduce Event Management Business in Bangladesh Changing Consumer Requirements, Expectations or Taste: Our generation loves hassle-free service and loves to get everything in an easier way. With the help of event management, people can arrange their desired programs without any difficulty. The needs & preferences are always changing but this business offered attractive packages to their customers.

Utilization of Event Experts: In an event management organization, there are professional project managers who are extremely knowledgeable about the recent trends and they are highly organized to meet deadlines and know how to manage a budget of their clients. Time and Cost Savings: As they have direct links to venues and its suppliers so the companies get preferential rates. Moreover, they can negotiate the best prices based on these relationships and experience. Event managers know the most suitable locations, facilities and support services to meet any clients’ needs which may not be possible for a customer alone. Alternative options are offered with the necessary information regarding any event so that time can be saved. Resourcefulness and Creativeness: An event management company has their own resources and knows what will create the attractive factors for a weeding or conference or how to encourage participants at a training workshop. They can cope up with the latest trends in event technology and their vast experience bring creative outline to a program.

Anticipation The scope of event management business has been widening day by day. In earlier stage of this industry, there are few companies in the market but as the government does not impose entry barrier so there is a rapid growth happened into the industry. To continue their business in future, there are some companies who provide event planners with software tools to handle many common activities such as delegate registration, hotel booking, travel booking, or allocation of exhibition floor space and reorient themselves to meet future demands. From the clients’ perspective, as these well managed companies offer reasonable packages with recent trends and innovation so they can meet their expectations. The market players always focus not only their responsibilities but also on their value adding services to respond the requirement and preferences. To attain the goals or present a successful event the manager of the event leads the team. Thus, the term ‘trinity’ concepts worked for this event management business.

Event Management Business is Well Managed in Bangladesh As the business process is dynamic and individual expectations can be met so with changing times and the revision of organizational goals and objectives, some of the existing rules, procedures & regulations could be at a variance with the demands of reality Ultimately, an event management company’s success is based on customer satisfaction. Anyone can be able to measure through feedback mechanisms most suited to audience. Budget management, cost savings, leads generated, audience interaction – anyone can define what he or she wants to measure and will have definitive cost-benefit results.

Event planners often face a challenge in organizing events that meet all their clients’ demands. For instance, a company can contract an event planner on short notice to organize a conference and expect a perfectly organized event. The planner has to mobilize his staff, at times hiring more workers to beat the deadline, and work overtime to handle other logistical operations. Some clients also demand costly last-minute changes, which can be stressful to implement. Event planners have to meet high minimum employment requirements for entry-level positions. They typically need to earn at least a bachelor’s degree in event planning or a closely related field and secure an industry certification. With work responsibilities becoming more complex, employers are developing a preference for individuals with additional backgrounds in marketing or public relations and industry experience. Unlike other occupations that hire individuals with diplomas or associate degrees for entry-level jobs, event plan

Benefitted Groups of Customers Both the commercial and non-commercial (mostly in town) people are benefited from this business process. All ages of people can avail the services of event management. The prime benefits they offer such as   

Knowledge and experience of best locations and venues for your event Experience in managing logistically challenging situations Creative ideas for social and partner program Purchasing power ability to negotiate favorable rates and payment terms on behalf of clients  Multiple supplier management  Language and cultural understanding of event destinations Lastly, Risk assessment of all elements of the event will be coordinated by an Event Manager, giving a customer complete peace of mind that all the correct documentation is provided, and that you are covered, should any incidents occur. Learning Reflection Technological revolution, increasing global competition and economic changes has tremendous impact in daily life. Business structure has been changed due to these factors and opportunity of new business is coming. Sustainability in event management incorporates socially and environmentally responsible decision making into the planning, organization, implementation and participation in an event. It involves including sustainable development principles and practices in all levels of event organization. Moreover, it aims to ensure that an event is hosted responsibly and represents the total package of interventions at an event, and needs to be done in an integrated manner. However, event greening should start at the inception of the project and involve all the key role players, such as clients, organizers, venues, sub-contractors, and suppliers. There are an increasing number of universities which offer courses in event management, including diplomas and graduate degrees. From this case, I have learned that I need to upgrade myself to move with the world. If I work in any organization, I should always try to be creative or innovative and also open to any kind of change, so that I can take me and my organization to the top of success. I should always try to think about the potential and future development that change can bring.

For this research the population is people who work in event management firms in Bangladesh. • Sample: For this research sample is the people who work in the operation part of the event firms. And this sample selection is based on selective methods, because topic itself specified the particular target group. • Sample size: For this research sample size is 15. Data collection: For this research primary and secondary both methods are being used, 1.Primary: Interviews in person and through mail. 2.Secondary: Articles, book chapters, journal papers from the online database.

Data analysis: This research is an exploratory research and therefore no MCQ questions used to conduct the survey. Survey was descriptive question answer. This is a qualitative research because there was no empirical data so that we had to focused on that collected data should be qualitative not quantitative. There for so statistical tool has been used to analysis the data. 6. Findings and discussion: Commitment, leadership and mental & physical devotion are the core factors needed to manage any type of event” (.A.Ghunkikar, 2008-2009). Throughout the study of this report we tried to found what actually Bangladeshi people are thinking and what actually going on in this tremendous sector as a business venture. As A. Ghunkikar from India has mention above that thoes qualities are core factor but our people from bangladesh thinks that the biggest challenge for event firm is, financial affordability, Client perception, competition is high in the market, working link and channel, tradition, Time, profitable corporate or non-corporate, Working season, Unique idea, unique design, comparatively low price, target oriented, Patience, proper planning and budgeting, adaptability, national economy, backup plans, training for your employees, technologies, after sales service, clients accountability. 6.1 Financial affordability: People believe that if you want to start an event firm you have to have the affordability to invest the money into the market. Clients will give you the brief but no money and that you have to execute with your own money and client will pay you after the event. 6.2 Client perception: There is a vibe has been created into people’s mind that event firms are only to do the job like organizing an event such as concerts, fair or advertising. But an event firm can do many other jobs such as organizing a wedding or promoting a brand by varies activities or does some unique jobs like organizing a corporate party. These days people’s perception are changing many organization are offering their annual party to be organize by event firms.

6.3 Tradition: For Bangladeshi peoples tradition is really a big deal. Many people are thinking that event firms those who are organizing big events like BPL are forgetting our tradition and started to flow foreign tradition but on the other hand there are events organized such as “Folk fest” and “Bengal Ucchango Shangeet”. These are the example for event firms to keep up the tradition. 6.4 Time: Time is really an issue for event firms. Throughout the study we found time is relatively challenging for event firms in many ways. First of all the working session is important to understand. Client organizations will not give projects unless they need to organize an event for that in Bangladesh September to March but most specifically winter can be the best session to get jobs and in this season firms have to try their best to get the big events because the rest of the year they will not get any big events. Secondly preparing for an event, so far we found from Ferris State University that generally for a big event at list three months should be there in hand to start the event. When conducting the survey almost every response mentioned that 1 month should be enough some of them are active and said an event can be organized within 3-7 days. 6.5 Adaptability: Adaptability is the key point as a challenge for event firms. Adaptability is needed in every step for event firms. Anything and everything can happen from the beginning of an event till ending. Event firms have to be preparing for any kind of situation and have to adapt the situation for their advantage. 6.6 National Economy: National economy is directly attached to this sector. If the aspect of national economy goes wrong then client’s organization will not be interested to organize any kind of event thus event firms will not get any jobs. And the cost of raw materials for events is a vital issue because if the cost increases then firms will have to increase their budget quote and the client organization may not want to increase the budget thus event firms will lose their profit or might lose the client. 6.7 Backup plans: Almost every person from different organization agrees that there should be at list 2 backup plan. But from my experience what I found that people are used to with the method of “will see what happens”. People are not use to have proper backup plans yet they aims to face an obstacle and then they will solve it rather than having a good proper backup plan and in the time of bad situation execute that. 6.8 Training for your employees: For event firms skillful men are really vital issue. Yet there is no proper training for employees. The respondent who said yes to answer when they asked if they had training or not, the training they got was firsthand experience and just a grooming session from the organization. But there should be seminars for employees to learn how to handle the situation or execute the events. 6.9 Technologies: This era is about technology. These days with updated technology things have become too easy to handle and organize. When the respondents were asked if they are aware of technology or not every one of them are happily answered that they are using Facebook group chat to organize events and Facebook groups to handle everything. Yet these days there are several website which gives you professional service to work out the planning properly. Yet everything will be done digitally even with more organized way.

6.10 Unique idea, unique design, and comparatively low price: these are the points that has come out in the suggestion from the respondent about and organizations quality. An event firm should keep in mind that these days just organizing an event is nothing. Everyone and anyone can organize an event. To become from anyone to some brand unique idea and design is mandatory. But they also have to keep in mind that unique idea may not cost a fortune thus no one will be interested in uniqueness. 6.11 Client’s accountability: Accountability is necessary from the both end of an event. Firm should handle the project on the given time and on the given budget and client should be paying their fees in correct time. Sadly in Bangladesh it has become a tradition that clients will not pay their fees in time and firms will be stuck a huge amount of money on the market. Although there is a way to reduce this bad practice with good and proper paper work but still people are not paying attention to solve this problem. Page 12 of 21 6.12 Multiple Events: Another challenge for event firms is to be capable to handle multiple events at a time. This quality takes lot of manpower and a strong management team. Most of the event firms in Bangladesh are doing it already but they are not doing it properly. They only focus the big clients and other clients will get an ordinary service which is bad for the firm’s reputation. But many owners have the mentality that once we get a big client and if we please them then it will be a matter of show of in the portfolio and they will get many other big clients. But in the long run they are losing the potential small clients. “The industry now includes events of all sizes from the Olympics down to a breakfast meeting for ten business people. And every industry, charity, society and group will hold events of some type/size in order to market themselves raise money or celebrate” (.A.Ghunkikar, 2008-2009). As for the opportunities for this sector what we found is this sector is really blooming up. Firms are getting projects that few years back people would not imagine to give to event firms. Also these days so many young minds are coming into this...