The Importance Of Events Impact And Events Stakeholder Management

This essay utilises a variety of academic research and industry examples, to determine how Events Impact and Events Stakeholder Management are integrated into Events Management Process (EMP) and will analyse how changes in society and the business environment have encouraged interest in events management industry. It will look at current level of understanding between academics and practitioners in the working environment and draw on relevant past information in attempt to answer the above question.

‘Event’ is a term that has a broad definition: it can be an unplanned event or an occurrence, like that of the London 2011 riots or the 2004 Tsunami, these are often spontaneous and unpredictable and have no management system in place only a certain

If social impacts are correctly managed these impacts could benefit the event in attaining the correct sponsorship for example, if you could put a price tag on the social benefits of your event, this could help with ensuring a good return on investment for sponsors. CSR practices and policies in the business community has impacted the events industry because businesses want their brand to be linked with good images in the public, whether it be for well publicised donations for charities or good images of protecting the environment (Brewis et al., 2012, p. 574), this will enable managers to offer a good return on investment to their investors. This is one of the many benefits of effectively managing

This is why it is essential to have efficient event stakeholder management to ensure the success and sustainability of the event and to reduce conflict by ensuring that no stakeholder is overlooked. Once the ‘key players’ governing bodies and sponsor for example are identified, which is also known as stakeholder mapping and is an effective tool in the EMP to manage which stakeholders have the power and which are dependent on your event for resources (Getz, 1949). Seeing that there are so many stakeholders, who have different roles at different stages in the EMP these have to be categorised into two types of stakeholders. Internal stakeholders include group of people that ensure the dynamic of the event for example staff and volunteers (Carroll, 1993). Whereas, external stakeholders for example governing bodies and local communities could have the capability to influence the proceedings of the event, these groups can become allies and others can be affected by the event (Savage, Nix, Whitehead, & Blair 1991). Giver the extreme difference of these two groups they therefore have to be managed differently. The stakeholder mapping tool will then illustrate which stakeholders are of significant importance which will then help the practitioner to formulate a strategies for effective stakeholder management (Getz, 1949). Freeman (1984) argues that it is not only the