Introduction Of The MICE Industry: Assessment Guidelines Assignment Help
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In terms of the MICE Industry, the events organised are considered international magnets and measured to be the foremost economic drivers. Due to the impact global pandemic, the industry has to face a major financial downturn. Yet, it has managed to recover its financial circumstances through organising virtual events quite effectively (Rwigema and Celestin, 2020). The global statistics of the MICE industry have shown that the industry size was valued at $805.0 billion in 2017 and is expected to propagate to approximately $1,337.4 billion by the end of 2028. It has been measured that this industry provides suitable and convenient methods through which a successful event can be possible within the accurate destination.
It has been measured that traditionally this industry incorporates generally business events. Due to changing perceptions of the viewers, multiple organisers now add leisure elements for larger events to create an engagement among the attendees quite effectively (Aburumman, 2020). In this way, the viewers might have a memorable experience and a large amount audience can be attracted. Over the past few years, the perspective of these event organisers has been altered as the trend of moving reduced gatherings towards virtual spaces has become the ultimate focus. Therefore, promotional activities also play a major role in these kinds of events.
This essay will discuss a particular event organised by MICE Industry as well as define its brief explanation. It will also explain the understanding of good planning, management, promotion as well as execution and how it will link to the industry.
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MICE is basically considered an acronym which stands for meetings, incentives, conferences and exhibitions. Over the past few years, the term "event industry" and "meeting industry" have been gaining popularity as replacements for MICE. Several businesses are attracted to the market of MICE due to having an increasing rate of revenue margin, knowledge and as well as enhancing increasing employee efficiency (Kim and Ko, 2020). It has been measured that MICE tourism is also considered to be very accommodating for the enhancement of local as well as the national economy. It has been observed due to the extensive increase in business activities, MICE has become one of the major event organisers and expanded its business all over the world. Moreover, with the rise in government initiatives and other significant drivers, this has become one of the leading industries (Mishra, 2020). Therefore, a number of additional aspects are also considered responsible factors which facilitate the expansion of the MICE industry quite effectively.
In fact, travel and leisure programs are also considered to be a huge part of this industry. For this reason, the company is focusing on worldwide expansion and increasing its market potential. In fact, infrastructural improvement as well as constant technological advancements have been considered responsible for enhancing the market potential and expanding the business worldwide (Triši? and Arsenov-Bojovi?, 2018,). Yet, the extensive rate cost associated with the MICE events and ambiguous international geo-political situations can hamper the market growth of this industry. It is indeed true that the increasing rate of technological advancements, as well as infrastructural development, is considered to be really facilitating the industry as it can deliver lucrative prospects. However, the impact of the COVID-19 outbreak is considered a responsible factor hampering business activities and the organisers of the major event have to face a major economic downturn quite effectively (Disanayake, Ranasinghe and Nawarathna, 2020). Considering this fact, MICE is focusing on organising virtual events which is indeed beneficial for recovering from their financial downturn.
The international golf travel market which has been organised or hosted by MICE in October 2020. The B2B golf travel market events have been held for the first time in Wales, UK. International Golf Travel Market (IGTM) has taken a range of initiatives for fulfilling the event quite in an extensive manner. Hosting an event like this is definitely challenging and an uncertain move to make (ICC Wales, 2019). For this reason, a number of initials have been taken to accomplish the events quite successfully. The venue was decoded considering several prospects which are possible in Wales, UK. Reportedly, it has been measured that thousands of golf tourism venues, destinations, buyers as well as suppliers have met and endured their business activities in these three days. The event has been accomplished successfully and it was possible due to different factors (VisitBritain, 2020). In a relation to that, the Event Manager of IGTM, David Todd has also mentioned some of the key facts about the event. He said, “We are delighted that our new host for IGTM 2020 is going to be Wales and our venue is Celtic Manor Resort. Their partnership proposal to us was both inspiring and creative giving the event a new state-of-the-art venue in the ICC Wales and committing to offering all participants the world-class golf courses for the pre and post-event matches."
As a successful event organiser, MICE has been able to expand its business based on four pillars which assist the industry to stay competitive over a longer period of time (Lekgau and Tichaawa, 2021). One of the first pillars is Meetings, which are frequently considered a single-day event apprehended in hotel conference rooms. They can fluctuate in size depending on the group of people they have and how effective this is to accomplish the business objectives.? The ultimate purpose of this stage is to make efficient plans, discuss the potential challenges and focus on setting goals. Incentives are undoubtedly the most fun part of the MICE segment (Tola and Gebremedihen, 2020). The ultimate goal of an incentive is to acknowledge people for their countless performances, increasing their morale and upsurging employee loyalty. Encouraging the staff might take different forms as each and every employee consist of different perspectives.
In terms of conferences, it basically varies in size and consist of a number of attendees. In this, there has been an effective discussion of major business aspects, growing concerns and how to manage time. Workshops, presentations, panels and discussions are considered the major parts of the conference (Disanayake, Ranasinghe and Nawarathna, 2020). The exhibition is undoubtedly the foremost yet crucial aspect of an event. As the exhibitions are measured to be substantial events, they will definitely draw the attention of thousands sometimes millions of viewers within it. It has been measured that Exhibitions are habitually very industry-specific and consist of a well-developed target market. For this reason, promotional activities play a major role in attracting large audiences and gathering human traffic (Kim and Ko, 2020). For the exhibitors, endorsing their events is considered a foremost part of increasing revenue margin. It is the only way through which the event organisers can endorse their campaign internationally and can expand their business activities quite effectively.
Considering the various pillars of the MICE events, it has been applied and executed quite efficiently during the time of accomplishing the International Golf Travel event in Wales, UK on 19-22 October 2020. Before the completion of the event, it needs to be planned, and assessed and confronting issues are discovered (Rwigema and Celestin, 2020). Market research is considered a major part of organising an event and analysing its prospects otherwise the event's organiser might have to encounter major difficulties in accomplishing their event (ICC Wales, 2019). It has been measured that the MICE industry is considered the major contributor to tourism as well as additional sectors. In 2017, The worth accounted for $805 billion. Taking decisions and doing huge market research also included planning and discussion. Therefore, the UK region is definitely a prospective region for organising the events due to the reason of growth of international business travel.
On the other hand, in the UK region, there are already several growth undertakings by the MICE industry that can be seen quite effectively. Moreover, aggregating investments in the enlargement of infrastructure as well as technological developments are considered responsible for seeing this potential in the marketplace of the UK. It is indeed true that the COVID-19 outbreak has hit hard for the event organisers and pressurises them to virtually organise their business (Aburumman, 2020). In relation to that, the increased adoption of smart devices as well as the enhancement in internet penetration makes it easier for MICE to successfully incorporate their arrangement regarding International Golf Travel Market. selection of such an area like Wales for this event is definitely the right decision to make. Considering these facts, managing the service quality is indeed obligatory in order to provide the best quality content and make it worthy for the audience to take view.
Stakeholder Theory is an interpretation of capitalism which strains the interrelated relationships between a business as well as its consumers, suppliers, employees, communities, investors, and additional members who encompasses a stake in the organisation (Nguyen, Mohamed and Panuwatwanich, 2018). Considering the facts, the suppliers and buyers here play an important role as they are the ultimate provider of the raw materials. It has been reported that there are a number of suppliers and buyers who have come to the event at the Celtic Manor Resort and the brand new International Convention Centre Wales. For this reason, stakeholder analysis is indeed necessary for understanding the business operations and ways to increase the revenue margin (Nguyen, Mohamed and Panuwatwanich, 2018). Strategic Marketing is basically considered as the way an organisation effectively distinguishes itself from its major challengers by focusing on its strengths (both current and potential) to provide consistently better value to customers than its competitors.
In terms of strategic marketing, the MICE industry implements a number of strategic approaches to differentiate itself and create a competitive edge in the marketplace. Regarding this fact, the arrangement of the International Golf Travel Market (IGTM) has to follow a range of footsteps in order to effectively continued (Gyenge et al., 2021). It has been measured that they have put an immense focus on the promotional activities as well as endorsement programs to effectively incorporate the business activities. In fact, with the endorsement of the UK's prominence as a particular golfing destination, Wales has become one of the major global golf tourism venues, suppliers and destinations at the same time (WalesGolf, 2020). As per the declaration by the IGTM, Wales had been able to protect another tourism platform for the upcoming days which has been occurred at Celtic Manor in April. These initiatives make Wales a suitable place for the event’s organisers and attract an extensive amount of traffic.
In terms of the STP analysis, it is basically considered a particular marketing approach in which the business firm has to build a segment of the audience along with setting the target (Bolon et al., 2018). Segmentation refers to the selection of different groups and dividing them into categories which can give clarity to the marketing approach. In terms of targeting, it is basically indicating the selection of the audience which might help in augmenting the revenue margin quite effectively. The positioning strategy was considered really accommodating to gain specific insights from the segmentation as well as targeting (Indrianingsih, Wintolo and Saputri, 2021). In terms of that, selection of the Wales was measured to be an appropriate decision take and in this way, the targeting approach proved to be facilitating as this place is already known for hosting a number of successful golf tournaments. For this reason, it is quite beneficial to draw attention to the audience.
It has been reported that with the utilisation of suitable marketing communication channels, it has become quite easier for IGTM events to be successfully accomplished. In a relation to that, the magnificent implementation of various marketing communication has been responsible for drawing the attention of thousands of viewers (Zephaniah, Ogba and Izogo 2020). Therefore, the Chief Executive of ICC wales has stated several statements regarding this topic. He said, “Being the first UK venue to host IGTM is something I am incredibly proud of. In our first month of opening at ICC Wales, we have already seen the new opportunity that exists for Wales to stage global events and it is great that we will be welcoming another one of the stature of IGTM.” It can be evaluated that the vents were successfully organised and attained by the MICE and quite in an effective manner (R?klaitis and Pilelien?, 2019). Regarding this fact, Wales has been seeing several opportunities for further international sports and business events.
In terms of that, a number of women's golf tournaments have been arranged and these are also considered facilitating and successful (WalesGolf, 2020). The Deputy Minister for Culture of Wales has said that “We are delighted and look forward to the honour of welcoming the AIG Women’s British Open Golf to Wales in 2021." He has also demonstrated that Wales has built its reputation as an outstanding destination for major international events and the AIG Women's British Open event will help to maintain this momentum and highlights our commitment to bringing world-class women's sport to Wales."
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The increasing rate of competitive rivalry is considered a major issue for the industry and its needs to be mitigated. The arrangement of health and safety measurements should be mandatory and required to be efficient. Only by taking this strategic approach, it will be possible to create a competitive edge in the international market quite effectively. The pandemic has made people quite a bit of health concern and it is the concern of the MICE to take initiatives regarding this concern.
Before conducting any type of business operation in any specific area, extensive market research is extremely required. Learning and investigating the core insights is required for the successfully accomplishing of the business event without having any types of confronting the situation. in terms of that, MICE requires taking account of this concern and implementing effective strategies to accomplish the event.
Event management comprises overseeing the overall logistics leading up to as well as during an occurrence, whether it might be a conference, sports event, or any organized meeting. Event managers implement the event strategies by managing, finances, staff, vendor relationships, and more. Inefficient planning might lead to the occurrence of challenging situations and it might be difficult to continue for the event managers. By analysing the overall essay, it can be concluded that the IGTM event in wales has been successfully accomplished and has been able to attract a huge amount of audience within it.
The International Golf Travel Market in Wales has been successfully accomplished. Wales is considered the major place in which a lot of suppliers and buyers can be attracted. Taking this opportunity, IGTM has been able to make major market potentials quite in an effective manner. However, due to the impact of the pandemic, the event organisers have to take several precautions and take account of a number of strategic approaches regarding safety measurements. In this way, they have been able to successfully accomplish the sports events along with lowering the rate of challenging circumstances.
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