Wednesday, July 4, 2012

What is Event Management?

Event Management is a very broad term and involves corporate events, personal events, social and cultural events, national and international events and any other event which involves the application of the principles of planning, organization, co-ordination, project management, interpersonal and intrapersonal communication, marketing, branding, set-design, architecture, lighting, sound and light effects, civil engineering, aesthetics and other related principles.

Event Management is generally used to refer to corporate events aimed at advertising, publicizing launching and branding their products.

Event Management which involves a considerable amount of capital, logistical support, planning, organization and execution is outsourced to a vendor by the corporate.

Event Management, though a form of advertising as it is paid publicity of a product or service, is also known as BTL or below the line advertising as it does not involve the use of conventional media such as print, television and radio.

Corporate Events generally involve the launch of products, publicity, promotion and engaging the consumer one on one.
With the growing clutter in conventional media such as print, television and radio, corporates have taken very well to conducting events to promote, brand, increase awareness and ultimately sales of their products.

A  Price Waterhouse Cooper market estimate pegs the Indian Event Industry to be valued at INR 1800 crores. The event industry is described to be in its nascent stage and is mainly unorganized in nature, comprising of self-employed businessmen and part-time workers working from households.

The market after organizing itself is expected to be lead in the next decade by national level corporate. The industry, with the growing Indian economy, shows a lot of promise and the numbers are expected to grow steadily over the next few years.

Also, with rising per capita income and high disposable income, there are several individuals now who are availing of the professional services of the Events Industry for organizing and conducting personal events such as weddings, New Year parties and other personal functions.

The sector of wedding planning is also seeing a considerable spurt in growth. Indians are known to spend lavishly on weddings and the Indian Wedding is known for its pomp and splendor. Organized players are now entering this market and weddings have become a hot business sector.

Event Management courses are also growing and there are several colleges and universities that are offering courses in professional event management. Being an Event Manager with a good business outfit is a rewarding career both in terms of personal as well as professional growth.

All said, the Event Management Industry is a sunrise industry with the best yet to come.
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