Economic Impacts on Event Management Literature review

Economic Impacts on Event Management - Literature review Example Damster & et. al. (2006: 11) observed, â€Å"Events can be described as transient, and every event is a unique blending of its duration, setting, management and people†. Events can be of various types on the basis of the invested amount as well as on the basis of its purpose. However, the management process in organising any event is almost similar taking into account a broad process of analysing, planning, directing, organising and controlling. It is in this context that market analysis and the economic trends are currently being considered as vital aspects to be considered while planning for event management (Getz, 2008; O'Toole, 2000). Although, the concern has been noticed very recently in the context of event management, the significance of economic impacts has gained considerable attention in the field of research. From a similar perspective, this paper will also intend to critical review a few literatures which are focused on the economic impacts observed during event m anagement. 2.0. The Dimensions of Event Management Events have always been an inseparable part of the social culture of different countries. But in the current era, the impact of events on the social setting and the rapidly growing influence of event management profession as a profitable career option have increased to a large extent. Along with the growing attention towards the concept of event management as a newly developed extension to managerial paradigm, the conception has also developed to be more complex and multi-dimensional. As noted by Damster & et. al. (2006), in the current scenario, events can be classified into various categories on the basis of purpose and also based on its size. Stating precisely, Gertz (2008) noted the classification of events on the basis of their purpose as cultural events, political events, corporate events, private events, recreational as well as sports events can be documented as a few of the classified categories of events. Where cultural eve nts can be recognised as the festivals and carnivals as well as commemorations, the political events include summits, VIP visits and royal occasions. Similarly, meetings and trade shows are included in the corporate events classification, while private events can be illustrated in terms of weddings, birthday parties and such other occasions. Further elaborating on the concept of event management, Damster & et. al. (2006) classified events into three broad categories, i.e. special events, hallmark events, and mega events. As embarked in the study of Jago (1997), researchers have provided intense significance to the aspect of special events. These events are mostly termed as the programmes organised exclusively on days which are excluded in the mentioned holiday lists for special reasons. Even though, a wide range of researches have been developed focusing on the concept of special events, there is a substantial lacuna witnessed in literatures which can provide with a comprehensive an d just definition to the concept (Jago, 1997). A major feature of the special events can be attributed as its intention to attract large crowds and media attentions being unique and fundamentally emphasised on retaining tourists. Thus,