Events Industry Corporate Hospitality: Investment Recommendations.

1693 words - 7 pages

1. An overview of Corporate Hospitality:"Corporate entertaining and hospitality can be an effective way of creating networking opportunities and cementing business relations.""Corporate Hospitality is always present whenever there is a major sponsorship......corporate entertainment remains a central feature in modern business life"-*(Maximising Value of Hospitality, 2004)Why do businesses spend money on corporate hospitality?According to the National Corporate Hospitality Survey, which was funded by Sodexho Prestige in 2003, the top reason why money is being spent is -to keep clients happy and generate goodwill (30%)- appendix 1.2. PEST-EL analysis of the Events IndustryPOLITICAL- Free movement of EU citizens within the Union.- Taxation Policy- increase in council tax- Debate on the 'smoking ban' 牋牋牋牋ECONOMIC- Interest rates- frozen at 4.5%- Unemployment- can be decreased with help from Olympics 2012- Increase in National Minimum Wage from 85-05SOCIAL- Income distribution- personal disposable income rose up by 35%- Changes in population demographics- more elderly people- Consumer buying patterns- increase in consumer expenditure by 7%TECHNOLOGICAL- Increase in Internet usage-people can make bookings on-line- Use of Mobile phones- people can watch sports using mobile phones- New databases for Computer Aided DesignENVIRONMENTAL- Eco-Services- people value eco-friendly businesses- Waste Disposal-has to controlled in order to comply with regulationsLEGAL- Extended Licensing Laws- Employment Law- Health & Safety at work- Laws & Legislations3. SWOT Analysis of the Events Industry- Strength & WeaknessesStrengths- Large market share- Can strengthen and improve social bonds within a particular community- Can be economically useful- Strong British Currency () 牋牋牋牋Weaknesses- high number of regulations to follow- high staff turnover- poorly skilled staff- competition from independent rivals- high costs of high tech security- expectancy to pay above min. wage to part time staff4. The sponsorship marketOne of the ways to assess the size of the hospitality market is through estimating the value of sponsorship spending."Hospitality is one of the key tools in activating and maximising the value of sponsorship investments" (Maximising Value of Hospitality, 2004)Looking at the Appendix 2, which shows that within 4 years Sports -was the most attractive sector for the sponsorship among the others, and estimated a +9% change, suggesting that it's still growing.According to the Mintel "Football Business" report, sport is a strong and dominant sub sector of the UK industry, with half of the total market value in year 2003. Also the report suggests that sports sector is secure for investment and therefore is most likely to grow and bring profits back.*Football Business (The) - UK - December-Mintel (Accessed on 07/11/05)4.1 Sport sponsorship:The sponsorship of the sport sector is still the largest sector...

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