MICE And The Event Management Industry

The word ‘MICE’ might scare the hell out of some people but it is of great importance for people from the event management industry. For event management industry, MICE is an acronym for Meetings, Incentives, Conferences, and Exhibitions. However, for event management companies to do well in MICE, it is crucial to identify possible barriers to the MICE growth, forecasting estimated future demand for MICE venues, and also highlighting every drawback with current venues.

In order to plan for MICE, event management companies require specific planning to finalise the venue, transportations, accommodations, and support services. Evidently, one of the most vital aspects of planning MICE is the venue. For a venue to do good business, consider the existing capacity of the venue, estimate its future demand, and determining the pros and cons of the venue.

After the venue, 2^nd most important thing to consider is transport which includes ground as well as air transport. The main trouble faced in planning for air transport is insufficient airline timetables. Apart from transport, even accommodation is an essential criterion. It is preferable that accommodations for MICE are close to MICE venues. If it is a mega event, it will require years of planning.

Support services like shopping, entertainment, catering, and others are a constraint for the event management industry and they need to be meticulously planned to get the maximum benefit from MICE. The event management industry must quickly develop corporate event management services which help event management companies to develop as MICE destination.

In conclusion, 2019 is the ideal year for event management companies to develop MICE-specific planning skills in order to gain maximum benefit from the boom estimated in MICE. As far as India is concerned, event management companies are smartly cashing in the booming event management industry. Now, it’s a race to become a specialist in planning MICE.

Planning - The Most Basic Function of Managing an Event

As event companies continue to grow in numbers in India, it becomes all the more important for each one of them to have a detailed understanding of not just the planning function of management but also the other 4 functions. 5 basic functions of management. In order to economically and effectively plan an event, learning about the basic functions of management is imperative for event companies across India. These functions include planning, organising, staffing, directing, and controlling.

Let’s get a brief of the most basic function of event management which is called ‘Planning’.

With planning, event companies try to optimise resource utilisation. Planning also involves finalising the mission statements and overall objectives as per the client’s brief which help in achieving set goals. With a strategy I place now, event companies devise suitable policies which must be in alignment with the strategy. In short, planning ensures brings synergy in the decision making process. Even micro-level coordination like facilitating and arranging for technical specifications, finalising artists, and much more comes under the planning function of management. In addition, deciding on soft issues such as whether the show should be ticketed, non-ticketed, partially or fully sponsored also falls under planning. Also, hospitality quality, hosts’ dress code, deciding the food and beverage menu, etc. is also a part of the planning function.

One cannot deny the impact brand marketing has which is useful in promoting a brand’s products and services uniquely. With brand marketing, event companies can link your values, identity, and personality by communicating to the audience in a particular manner.

In conclusion, for every event company to be successful in its pursuit of achieving excellence, it is important to be good at the planning function of management. Other 4 functions of management gradually follow the planning functions as they are equally crucial to manage an event, party or festival effectively.

What An Event Management Agency Can Expect In The Near Future Of India?

Every Event management agency works on the core principle of combining concepts of conventional project management with modern technological innovation. Only with continuous upgradation and uniqueness will an event management agency be able to achieve great success over time. India is one of the few countries with many new industries coming up, which means a proportional rise in the number of events being organised by corporates. In short, the event management sector is on the rise and only the best event management companies will be able to get to organise the large-scale events. Even public events and private parties are being organised by event management agencies nowadays. The speculation is that the event management industry may cross the 10,000-crore mark in the financial year 2021.

The type of events conducted in India is broadly classified into 5 categories namely exhibitions, entertainment, social, corporate, and educational events. As we all know, the highest revenue is gained from wedding planning. With parents spending their life’s savings into their child’s marriage, it becomes all the more important for more expert wedding planners. It is expected that the wedding industry will soon be reaching new peaks in the near future. Even for corporate events, birthday parties, and business meetings, the expenditures are pretty high as everyone is looking for grand and thematic events.

As far as marketing is concerned, events comprise of either direct or indirect marketing. For example, to launch a product, an event management agency can help with advertising the brand or product and also help indirectly to bridge the gap between consumers and brands.

Long story short, the future seems eventful and bright for the event management industry. By hosting events, every client feels content by achieving reputation from the guests. It is the responsibility of event agencies to constantly deliver personalised and high standard events. Needless to say, more the guest gets involved, better is the success of an event.

5 Common Types of Business Events

Every event management agency aspires to organise big and popular corporate business events to join the league of the top event management agencies of India. It is a matter of great pride for any event management agency to execute a corporate event of a big corporate house. Wondering which types of corporate events are commonly organised in India? Let’s clear this doubt by going through 5 most common types of corporate events which are organised in India.

1.      Leadership conferences and seminars: While seminars are a one-off event which lasts for only a few hours, conferences often have multiple sessions and are usually organised at hotels.

2.      Appreciation events: These events are organised annually by corporates to appreciate the efforts of employees for their dedication, focus, and consistency at work. Sometimes, such events are also organised to appreciate clients for their continuous belief. For such corporate events, the list of possible venues includes suites at hotels, open ground, tickets to a music festival or a cricket match, etc.

3.      Team-building events: One of the most fun-filled corporate event management services is to organise a team-building event. These events are quite instrumental in not only building the camaraderie between employees in the workplace but also boosts employee confidence. Both of these help in achieving overall work satisfaction for employees. Such events are better organised outdoor and there are many event management agencies which specialise in team-building events.

4.      Trade shows: One of the most extensive corporate events which require meticulous planning by event management companies. Event planning involves negotiating for advertising, booth space, promotion, and opportunities to speak for corporate leaders to connect with the audience.

5.      Product Launch events: From internal meetings to big stage launch parties, product launch events can be anything. Such events are organised with the intention of creating a buzz around the release of a product among the media and customers.

While there are many other types of corporate events, these 5 are the most common corporate events which are organised in India.