Capital Investments for Event Management

Planning is crucial in terms of achieving positive outcomes. Exposing strategic approach helps in systematizing the tasks according to the requirements of the clients and the customers. In terms of events, planning is necessary for catering to the entertainment needs of the audience. Application of effective management techniques is necessary for ensuring that the events take place in an efficient and effective manner (Crouch & Ritchie, 1999). Focus on community development results in their upliftment, which is the main theme of this assignment. Discussions of the capital investments gain a prominent position in the assignment inorder to assess the prospect of the events. Within this, cultural capital is also crucial for examining the cultural background of the community people.

Tourism is one of the main sources for ensuring community development. Events are the agents, through which the wellbeing of the community people can be ensured. Planning before organizing the events is beneficial for systematizing the events. Application of effective management techniques in the planning process enables the tourism industry personnel to acquire trust, dependence and loyalty of the community members (Moscardo et al., 2013).This trust is necessary for planning events, which would ensure their development. Fairs and exhibitions are effective means for providing the opportunity to the community members to firmly establish their identity.

Capitals for the events indicates the land resources available for making the events a successful one. This assessment is an important component within the planning process, which needs to be executed consistently. Maintaining consistency is crucial for gaining an insight into the drawbacks within the events. This consistency, in turn, enables the staffs to plan lucrative events for entertainment of the community members (Marzuki & Hay, 2013). Organizing meetings for the planning the events is one of an effective means in terms of gaining an insight into the approaches of the clients and the customers.  

For catering to the community wellbeing, the event planners need to be conscious about the parameters of human capital, built capital, social capital and cultural capital.

The pre-existing information or planned information conducted for fulfilling the needs of the community people is the built capital. It is also known as the capital, which is created by the human resources. In other words, the environment created by the human resources for the human resources for the community people is the built in capital (Mason, 2015). For creating this capital, intelligence and judgment is needed, which reflects the attempt towards uplifting the status of the community people. Here, the main focus is on the needs of the audience for whom the events are organized.

For creating the environment, planning is needed. This planning indicates the need for applying effective management techniques, for ensuring the efficient execution of the events. Education about the aspects is needed in terms of building the required capital. The event planners need to expose leadership skills in terms of assisting the team members in planning events for the community welfare (Volgger & Pechlaner, 2014). Rationality in the leadership skills, competencies and abilities is assistance towards exerting control over the needs, demands and requirements of the community members. Financial flexibility enables the events planners to build huge capital for community people. Introduction of efficient schemes, offers and discounts is the addition of value to the investments made towards building the capital.

Role of Planning in Systematizing Events

Human capital relates to the stock of knowledge, habits, social and personal attributes possessed by the human resources. In this aspect, creativity is the main skill, which is needed for planning the events. The embodied creativity assesses the capability of the staffs towards creating such events, which possesses economic value (Dredge & Jamal, 2015). Along with this, emphasis is placed on intelligence and judgment of the human resources to plan the events rationally. The human resources are the part for the whole population, possessing the flexibility to fulfil the nation’s goals. Human resources within the economies make attempts to complexities for completing the transactions. The critics connect human capital with that of education, as it enhances the awareness towards development productivity and growth.

In terms of events, human resources play an important role. This is in terms of assessment of the capability towards proposing innovative methods for organizing the events. Rationality and judgement in planning the events creates values in the event management (Beritelli, Bieger & Laesser, 2014). Herein lays the thought process of the human resources, which is essential in terms of planning the events in an organized manner. Consideration of the audience for whom the events are being planned is a typical example of matured imagination. Thinking about the community people and their grasping capability is assistance in terms of planning the events for their development.

Social capital refers to the functionalities performed by the social groups for gaining trust, loyalty and dependence from the community members. If there is a shared understanding between the event planners, they would be able to work well towards the upliftment of the community. The aspect of “sharing” relates to the teamwork or community participation. Involving the community members in the decision making process, proves beneficial in ensuring their development (Niekerk, 2017). This involvement empowers the community people, making them a part of the mainstream society. Communication here is both sides, as the community members speak out their issues to the event planners, who make plans for their upliftment. Involving the stakeholders in the planning process broadens the scope and arena of the event planners.  Here, the stakeholders are the managers of the destination communities, seeking development strategies.

Involving the community people in the planning process enhances their individualism. Herein lays the role of the government in terms of protecting and preserving the basic rights of the community people. Informing them about the rights and the latest revisions in the rights is crucial in terms of making the community members feel that their opinions also counts (Mariani, Felice & Mura, 2016).

Cultural capital is the assets, through which social mobility is promoted. The systems of exchange results in the transfer of knowledge from one person to other. This transfer of knowledge enhances the cultural diversity, as it intermingles the thoughts, ideas and concepts of the people from different socio-cultural background. For planning the events for community development, conscious approach needs to be attached towards preserving their culture, customs and traditions. There are three types of cultural capital- embodied, objectified and institutionalized (Moscardo et al., 2017). Embodied cultural capital is the knowledge, which is gained through passive inheritance of the culture and traditions. Objective cultural capital is the utilization of the commercialization of the property for gaining economic benefits. This reduces the intensity of the cultural values. However, if paintings by the community people are commercialized, it preserves the cultural heritage of the community. Moreover, it empowers the community people.

Types of Capital for Community Development

Institutionalized cultural capital is the situation when the institutions or the event planners take the initiative towards building the capital for the communities. Theoretical consideration in the aspect results in the exploration of the hidden realms of culture (Zee& Vanneste, 2015). External influences adversely affects the mentality of the community people. Herein lays the effectiveness of integrated and structured framework, which helps in planning effective events for community development.

The capital formed from the natural resources is the natural capital. The major components of this capital are the living beings. Ecosystem can be considered as an effective example of the natural capital. In terms of tourism, natural capital would means organizing events, which preserve the ecological biodiversity. Typical example of this is the introduction of eco-friendly products, competition on planting trees. Exhibitions on the eco-friendly materials, prepared by the community people, is an effective means of empowering them. Indulging in alliance with the members of Green Forum is advantageous in terms of planning these events in an efficient and effective manner (Oppewal et al., 2015).

Rational approach of the events planners in using the lands is beneficial in terms of adding to the environmental preservation. Lackadaisical approach towards using the natural resources, leads to exploitation, depriving the community members of the basic natural resources. This deprivation is snatching away their basic individual existence. Beautification of the lands for organizing the events is commercialization, however, the community members are benefitted as their existence gets enhanced. Assessment of the natural assets and resources is assistance for the events planners in organizing the events accordingly (Bryson, 2018). Consideration of the monetary aspect of executing the events promotes shared values and understanding among the community members.

Tourism Industry caters to the entertainment needs of the individuals. Planning is crucial in terms of luring the customers towards the brand image. The focus of this planning is the community wellbeing, which results in the betterment of the society. The events planners need to think about beautification of the destination in such a way, which would help them to achieve competitive advantage over the contemporary brands. Within the planning process, rationality relates with execution of the marketing mix for identifying the prospective customers. All these components are effective in terms of enhancing the competitiveness of the destinations (Kirá?ová & Pavlí?eka, 2015).

Consideration of the distribution channels, is important in terms of providing quality services. Market research enables the events planners in upgrading the parameter of customer relationship management. Community members usually lack the access to the mainstream business, which deprive them of the prospective sources of development. Therefore, planning for providing access to the community members helps in creating strong and flexible capitals, which yields greater values. Herein lays the effectiveness of policies and frameworks, which helps in achieving sustainable development. Typical example of this can be Public Participation Framework, which proves effective in exposing collaborative attempts towards increasing the sales revenue and profit margin of the tourism industry (Buning & Gibson, 2016).

Conscious approach towards satisfying the needs of the future generation helps in sustaining the natural resources. In order to preserve the ecological biodiversity, natural capital plays a crucial role. Within this preservation, compliance to the environmental directives is essential for mitigating the pollution levels. Non-compliance with these directives would exploit the resources, depriving the people to suffer from inadequate resources. This exploitation compels the businesspersons to encounter illegal instances, degrading the reputation. This degradation, in turn, adds to the difficulties of planning prospective events for the community members. Specially, it makes the process of building the cultural capital difficult, as the illegal scandals results in customer turnover.

Human Capital and Creativity in Event Planning

Policies and frameworks are needed for practicing community participation. This relates with the social capital. In the process of developing policies and frameworks, meetings and discussions with the higher authorities proves beneficial. The opinion of the community people matters most in terms of planning the events for their betterment. This inclusion counts the community within the mainstream society resulting in the introduction of lucrative offers, discounts and schemes in the tourism packages. These offers are an agent in terms of promoting the cultural heritage of the community, empowering them towards enhancement of their individualism.

The role of the management is crucial in terms of assessing whether the community people are getting the access to raise voice against the issues they are facing. This assessment would be one of the direct ways to ensure their wellbeing. Destination management relates with the aspect of “place” in the marketing mix. Innovation in the popular destinations attracts the customers, enhancing the cultural diversity and preserving the economic value. Evaluation needs to be done in terms of gaining an insight into the drawbacks within the proposed plans. Maintaining consistency in the execution of evaluation is productive in terms of upgrading the standards and quality of performance. Alliance with the local agencies would help in averting the illegal instances, enhancing the thought process towards organizing the events.

References:

Beritelli, P., Bieger, T., & Laesser, C. (2014). The new frontiers of destination management: Applying variable geometry as a function-based approach. Journal of Travel Research, 53(4), 403-417.

Bryson, J. M. (2018). Strategic planning for public and nonprofit organizations: A guide to strengthening and sustaining organizational achievement. John Wiley & Sons.

Buning, R. J., & Gibson, H. J. (2016). The role of travel conditions in cycling tourism: Implications for destination and event management. Journal of Sport & Tourism, 20(3-4), 175-193.

Crouch, G. I., & Ritchie, J. B. (1999). Tourism, competitiveness, and societal prosperity. Journal of business research, 44(3), 137-152.

Dredge, D., & Jamal, T. (2015). Progress in tourism planning and policy: A post-structural perspective on knowledge production. Tourism Management, 51, 285-297.

Kirá?ová, A., & Pavlí?eka, A. (2015). Development of social media strategies in tourism destination. Procedia-Social and Behavioral Sciences, 175, 358-366.

Mariani, M. M., Di Felice, M., & Mura, M. (2016). Facebook as a destination marketing tool: Evidence from Italian regional Destination Management Organizations. Tourism Management, 54, 321-343.

Marzuki, A., & Hay, I. (2013). Towards a public participation framework in tourism planning. Tourism Planning & Development, 10(4), 494-512.

Mason, P. (2015). Tourism impacts, planning and management. Routledge.

Moscardo, G., Konovalov, E., Murphy, L., & McGehee, N. (2013). Mobilities, community well-being and sustainable tourism. Journal of Sustainable Tourism, 21(4), 532-556.

Moscardo, G., Konovalov, E., Murphy, L., McGehee, N. G., & Schurmann, A. (2017). Linking tourism to social capital in destination communities. Journal of Destination Marketing & Management, 6(4), 286-295.

Oppewal, H., Huybers, T., & Crouch, G. I. (2015). Tourist destination and experience choice: A choice experimental analysis of decision sequence effects. Tourism Management, 48, 467-476.

Pechlaner, H., Kozak, M., & Volgger, M. (2014). Destination leadership: a new paradigm for tourist destinations?. Tourism Review, 69(1), 1-9.

van der Zee, E., & Vanneste, D. (2015). Tourism networks unravelled; a review of the literature on networks in tourism management studies. Tourism Management Perspectives, 15, 46-56.

Van Niekerk, M. (2017). Contemporary issues in events, festivals and destination management. International Journal of Contemporary Hospitality Management, 29(3), 842-847.

Volgger, M., & Pechlaner, H. (2014). Requirements for destination management organizations in destination governance: Understanding DMO success. Tourism Management, 41, 64-75.

Capital Investments for Event Management

Planning is crucial in terms of achieving positive outcomes. Exposing strategic approach helps in systematizing the tasks according to the requirements of the clients and the customers. In terms of events, planning is necessary for catering to the entertainment needs of the audience. Application of effective management techniques is necessary for ensuring that the events take place in an efficient and effective manner (Crouch & Ritchie, 1999). Focus on community development results in their upliftment, which is the main theme of this assignment. Discussions of the capital investments gain a prominent position in the assignment inorder to assess the prospect of the events. Within this, cultural capital is also crucial for examining the cultural background of the community people.

Tourism is one of the main sources for ensuring community development. Events are the agents, through which the wellbeing of the community people can be ensured. Planning before organizing the events is beneficial for systematizing the events. Application of effective management techniques in the planning process enables the tourism industry personnel to acquire trust, dependence and loyalty of the community members (Moscardo et al., 2013).This trust is necessary for planning events, which would ensure their development. Fairs and exhibitions are effective means for providing the opportunity to the community members to firmly establish their identity.

Capitals for the events indicates the land resources available for making the events a successful one. This assessment is an important component within the planning process, which needs to be executed consistently. Maintaining consistency is crucial for gaining an insight into the drawbacks within the events. This consistency, in turn, enables the staffs to plan lucrative events for entertainment of the community members (Marzuki & Hay, 2013). Organizing meetings for the planning the events is one of an effective means in terms of gaining an insight into the approaches of the clients and the customers.  

For catering to the community wellbeing, the event planners need to be conscious about the parameters of human capital, built capital, social capital and cultural capital.

The pre-existing information or planned information conducted for fulfilling the needs of the community people is the built capital. It is also known as the capital, which is created by the human resources. In other words, the environment created by the human resources for the human resources for the community people is the built in capital (Mason, 2015). For creating this capital, intelligence and judgment is needed, which reflects the attempt towards uplifting the status of the community people. Here, the main focus is on the needs of the audience for whom the events are organized.

For creating the environment, planning is needed. This planning indicates the need for applying effective management techniques, for ensuring the efficient execution of the events. Education about the aspects is needed in terms of building the required capital. The event planners need to expose leadership skills in terms of assisting the team members in planning events for the community welfare (Volgger & Pechlaner, 2014). Rationality in the leadership skills, competencies and abilities is assistance towards exerting control over the needs, demands and requirements of the community members. Financial flexibility enables the events planners to build huge capital for community people. Introduction of efficient schemes, offers and discounts is the addition of value to the investments made towards building the capital.

Role of Planning in Systematizing Events

Human capital relates to the stock of knowledge, habits, social and personal attributes possessed by the human resources. In this aspect, creativity is the main skill, which is needed for planning the events. The embodied creativity assesses the capability of the staffs towards creating such events, which possesses economic value (Dredge & Jamal, 2015). Along with this, emphasis is placed on intelligence and judgment of the human resources to plan the events rationally. The human resources are the part for the whole population, possessing the flexibility to fulfil the nation’s goals. Human resources within the economies make attempts to complexities for completing the transactions. The critics connect human capital with that of education, as it enhances the awareness towards development productivity and growth.

In terms of events, human resources play an important role. This is in terms of assessment of the capability towards proposing innovative methods for organizing the events. Rationality and judgement in planning the events creates values in the event management (Beritelli, Bieger & Laesser, 2014). Herein lays the thought process of the human resources, which is essential in terms of planning the events in an organized manner. Consideration of the audience for whom the events are being planned is a typical example of matured imagination. Thinking about the community people and their grasping capability is assistance in terms of planning the events for their development.

Social capital refers to the functionalities performed by the social groups for gaining trust, loyalty and dependence from the community members. If there is a shared understanding between the event planners, they would be able to work well towards the upliftment of the community. The aspect of “sharing” relates to the teamwork or community participation. Involving the community members in the decision making process, proves beneficial in ensuring their development (Niekerk, 2017). This involvement empowers the community people, making them a part of the mainstream society. Communication here is both sides, as the community members speak out their issues to the event planners, who make plans for their upliftment. Involving the stakeholders in the planning process broadens the scope and arena of the event planners.  Here, the stakeholders are the managers of the destination communities, seeking development strategies.

Involving the community people in the planning process enhances their individualism. Herein lays the role of the government in terms of protecting and preserving the basic rights of the community people. Informing them about the rights and the latest revisions in the rights is crucial in terms of making the community members feel that their opinions also counts (Mariani, Felice & Mura, 2016).

Cultural capital is the assets, through which social mobility is promoted. The systems of exchange results in the transfer of knowledge from one person to other. This transfer of knowledge enhances the cultural diversity, as it intermingles the thoughts, ideas and concepts of the people from different socio-cultural background. For planning the events for community development, conscious approach needs to be attached towards preserving their culture, customs and traditions. There are three types of cultural capital- embodied, objectified and institutionalized (Moscardo et al., 2017). Embodied cultural capital is the knowledge, which is gained through passive inheritance of the culture and traditions. Objective cultural capital is the utilization of the commercialization of the property for gaining economic benefits. This reduces the intensity of the cultural values. However, if paintings by the community people are commercialized, it preserves the cultural heritage of the community. Moreover, it empowers the community people.

Types of Capital for Community Development

Institutionalized cultural capital is the situation when the institutions or the event planners take the initiative towards building the capital for the communities. Theoretical consideration in the aspect results in the exploration of the hidden realms of culture (Zee& Vanneste, 2015). External influences adversely affects the mentality of the community people. Herein lays the effectiveness of integrated and structured framework, which helps in planning effective events for community development.

The capital formed from the natural resources is the natural capital. The major components of this capital are the living beings. Ecosystem can be considered as an effective example of the natural capital. In terms of tourism, natural capital would means organizing events, which preserve the ecological biodiversity. Typical example of this is the introduction of eco-friendly products, competition on planting trees. Exhibitions on the eco-friendly materials, prepared by the community people, is an effective means of empowering them. Indulging in alliance with the members of Green Forum is advantageous in terms of planning these events in an efficient and effective manner (Oppewal et al., 2015).

Rational approach of the events planners in using the lands is beneficial in terms of adding to the environmental preservation. Lackadaisical approach towards using the natural resources, leads to exploitation, depriving the community members of the basic natural resources. This deprivation is snatching away their basic individual existence. Beautification of the lands for organizing the events is commercialization, however, the community members are benefitted as their existence gets enhanced. Assessment of the natural assets and resources is assistance for the events planners in organizing the events accordingly (Bryson, 2018). Consideration of the monetary aspect of executing the events promotes shared values and understanding among the community members.

Tourism Industry caters to the entertainment needs of the individuals. Planning is crucial in terms of luring the customers towards the brand image. The focus of this planning is the community wellbeing, which results in the betterment of the society. The events planners need to think about beautification of the destination in such a way, which would help them to achieve competitive advantage over the contemporary brands. Within the planning process, rationality relates with execution of the marketing mix for identifying the prospective customers. All these components are effective in terms of enhancing the competitiveness of the destinations (Kirá?ová & Pavlí?eka, 2015).

Consideration of the distribution channels, is important in terms of providing quality services. Market research enables the events planners in upgrading the parameter of customer relationship management. Community members usually lack the access to the mainstream business, which deprive them of the prospective sources of development. Therefore, planning for providing access to the community members helps in creating strong and flexible capitals, which yields greater values. Herein lays the effectiveness of policies and frameworks, which helps in achieving sustainable development. Typical example of this can be Public Participation Framework, which proves effective in exposing collaborative attempts towards increasing the sales revenue and profit margin of the tourism industry (Buning & Gibson, 2016).

Conscious approach towards satisfying the needs of the future generation helps in sustaining the natural resources. In order to preserve the ecological biodiversity, natural capital plays a crucial role. Within this preservation, compliance to the environmental directives is essential for mitigating the pollution levels. Non-compliance with these directives would exploit the resources, depriving the people to suffer from inadequate resources. This exploitation compels the businesspersons to encounter illegal instances, degrading the reputation. This degradation, in turn, adds to the difficulties of planning prospective events for the community members. Specially, it makes the process of building the cultural capital difficult, as the illegal scandals results in customer turnover.

Human Capital and Creativity in Event Planning

Policies and frameworks are needed for practicing community participation. This relates with the social capital. In the process of developing policies and frameworks, meetings and discussions with the higher authorities proves beneficial. The opinion of the community people matters most in terms of planning the events for their betterment. This inclusion counts the community within the mainstream society resulting in the introduction of lucrative offers, discounts and schemes in the tourism packages. These offers are an agent in terms of promoting the cultural heritage of the community, empowering them towards enhancement of their individualism.

The role of the management is crucial in terms of assessing whether the community people are getting the access to raise voice against the issues they are facing. This assessment would be one of the direct ways to ensure their wellbeing. Destination management relates with the aspect of “place” in the marketing mix. Innovation in the popular destinations attracts the customers, enhancing the cultural diversity and preserving the economic value. Evaluation needs to be done in terms of gaining an insight into the drawbacks within the proposed plans. Maintaining consistency in the execution of evaluation is productive in terms of upgrading the standards and quality of performance. Alliance with the local agencies would help in averting the illegal instances, enhancing the thought process towards organizing the events.

References:

Beritelli, P., Bieger, T., & Laesser, C. (2014). The new frontiers of destination management: Applying variable geometry as a function-based approach. Journal of Travel Research, 53(4), 403-417.

Bryson, J. M. (2018). Strategic planning for public and nonprofit organizations: A guide to strengthening and sustaining organizational achievement. John Wiley & Sons.

Buning, R. J., & Gibson, H. J. (2016). The role of travel conditions in cycling tourism: Implications for destination and event management. Journal of Sport & Tourism, 20(3-4), 175-193.

Crouch, G. I., & Ritchie, J. B. (1999). Tourism, competitiveness, and societal prosperity. Journal of business research, 44(3), 137-152.

Dredge, D., & Jamal, T. (2015). Progress in tourism planning and policy: A post-structural perspective on knowledge production. Tourism Management, 51, 285-297.

Kirá?ová, A., & Pavlí?eka, A. (2015). Development of social media strategies in tourism destination. Procedia-Social and Behavioral Sciences, 175, 358-366.

Mariani, M. M., Di Felice, M., & Mura, M. (2016). Facebook as a destination marketing tool: Evidence from Italian regional Destination Management Organizations. Tourism Management, 54, 321-343.

Marzuki, A., & Hay, I. (2013). Towards a public participation framework in tourism planning. Tourism Planning & Development, 10(4), 494-512.

Mason, P. (2015). Tourism impacts, planning and management. Routledge.

Moscardo, G., Konovalov, E., Murphy, L., & McGehee, N. (2013). Mobilities, community well-being and sustainable tourism. Journal of Sustainable Tourism, 21(4), 532-556.

Moscardo, G., Konovalov, E., Murphy, L., McGehee, N. G., & Schurmann, A. (2017). Linking tourism to social capital in destination communities. Journal of Destination Marketing & Management, 6(4), 286-295.

Oppewal, H., Huybers, T., & Crouch, G. I. (2015). Tourist destination and experience choice: A choice experimental analysis of decision sequence effects. Tourism Management, 48, 467-476.

Pechlaner, H., Kozak, M., & Volgger, M. (2014). Destination leadership: a new paradigm for tourist destinations?. Tourism Review, 69(1), 1-9.

van der Zee, E., & Vanneste, D. (2015). Tourism networks unravelled; a review of the literature on networks in tourism management studies. Tourism Management Perspectives, 15, 46-56.

Van Niekerk, M. (2017). Contemporary issues in events, festivals and destination management. International Journal of Contemporary Hospitality Management, 29(3), 842-847.

Volgger, M., & Pechlaner, H. (2014). Requirements for destination management organizations in destination governance: Understanding DMO success. Tourism Management, 41, 64-75.