Prelim Exam Flashcards
It is a time of special importance marked by adherents to the religion. Origin of Events.
Religious Festivities
Key focus for community and celebrations
Traditional Festivals & National Festivals
It is one of the factor that triggers event celebration wherein modern western society events such as anniversaries and achievements are the focus.
Individual Milestone
a gathering of a community or an event which is centered on some theme and held annually or less frequently for a limited period of time.
Festival
is the capability and control of the process of purpose, people and place.
Event Management
A term coined for Happenings with objectives. The prime objective for an event can be strictly defined.
Events
An element of events wherein it pertains to the attendees of the event.
People
An element of events wherein tackles the objective and reason of executing an event.
Purpose
An element of events wherein it focus to the location that will best fit the events.
Place
is an acronym for meetings, incentives, conferences, and exhibitions. These are the different types of events that MICE covers. By nature, MICE is tourism.
MICE
A type of events wherein enormous gatherings of people that share the objective components of faith and feelings, culture, community, ceremony and contact.
Religious Events
A type of events wherein the primary purpose of such events is the celebration or confirmation of culture.
Cultural Events
A type of events wherein often commercial in purpose but they are also about culture and fashion.
Musical Events
A type of events wherein the purpose is contest, challenge and competition but they also involve companionship, camaraderie and colleagues. It can often take the form of a championship, where there are displays of differing skills or prowess depending on the sport.
Sporting Events
A type of events wherein celebrations of special occasions with friends and family are emphasized.
Personal or Private Events
A type of events wherein from annual party political conferences and trade union conferences to events held by specific government departments, these events may be commercial in that they can be costly to organize; but the profit they seek is not financial currency but political change.
Political or Governmental Events
A type of events wherein often involves a whole section of the industry or business. Exhibitions tend to be the most complex type of event within this category since each stand can be regarded as a sub-event, particularly where new products or services are being presented.
Commercial and Business Events
A type of events wherein it involves just one single business, company, corporation or organization. They may include annual conferences, product launches, staff motivation events or awards ceremonies.
Corporate Events
A type of events wherein it is a major provider of employment for event professionals. The alignment of a celebrity and a media channel orchestrated around a worthwhile or for a cause activity can bring forward consumer support, revenue and media attention.
Charity Events
Events Destination Management
Event Tourism and Cultural Tourism
A phenomenon wherein originated in the 1980s; a brand to attract consumers and reassure tourists the promised benefit from the chosen destination.
Event Tourism
It describes tourists who take part in cultural activities while away from their home cities. Wherein it aids travelers to discover heritage sites and cultural monuments on their visits.
Cultural Tourism
Events Event Entrepreneurship
Entrepreneurship and Entrepreneur
is an activity which leads to the creation and management of a new organization designed to pursue a unique and innovative opportunity in the marketplace. Entrepreneurship is what an entrepreneur does.
Entrepreneurship
it is a term wherein someone who undertakes a venture, particularly starting a new business.
Entrepreneur
The trend of buying an existing business and making it more profitable is growing among entrepreneurs. This is particularly popular among displaced workers who are ambitious to become entrepreneurs, and among large corporations which are seeking out specialist small businesses to provide them with innovative products in new markets.Although the advantages of buying a new event business outweigh starting one from scratch, the disadvantages should not be ignored.
Risks associated are lower
Advantages of Buying Existing Event Business
Lower asset costs
Advantages of Buying Existing Event Business
Seller may finance whole/part of the business
Advantages of Buying Existing Event Business
Buyer has clearer idea of the operations
Advantages of Buying Existing Event Business
The business may have established markets
Advantages of Buying Existing Event Business
There is a history of the business
Advantages of Buying Existing Event Business
Established suppliers
Advantages of Buying Existing Event Business
Established customer base
Advantages of Buying Existing Event Business
Seller may provide management trainint to run the business
Advantages of Buying Existing Event Business
Market is saturated and there is intense competition
Disadvantages of Buying Existing Event Business
Hidden costs associated with the business
Disadvantages of Buying Existing Event Business
Seller is dishonest and may back out
Disadvantages of Buying Existing Event Business
Inadequate market potential
Disadvantages of Buying Existing Event Business
The business is not worth much
Disadvantages of Buying Existing Event Business
Project Management
Project Management and Concept Planning
The concept of planning and coordinating the event is usually referred to as event planning and which can include budgeting, scheduling, site selection, acquiring necessary permits, coordinating transportation and parking, arranging for speakers or entertainers, arranging décor, event security, catering, coordinating with third party vendors, and emergency plans.
Project Management
It is essential when organizing a new event, it is also important when evaluating the event’s strategic direct that elements of the process are considered annually.
Concept Planning
Well-organized committees have the following characteristics:
Strong Leadership
Effective meetings
The chairperson has clear visibility of the committee’s work and leads in planning how and when their responsibilities will be carried out
Strong Leadership
Meetings are well-planned with advance papers, a clear agenda and agreed guidelines for how time, contributions and decisions are managed. Minutes are taken with note of agreed actions to be taken forward
Effective meetings
The committee delegates responsibilities to honorary officers, sub-committees and working groups, as appropriate, to make efficient use of time and skills.
Delegation
All committee members are encouraged to make active contributions to meetings and are willing and able to take on responsibility for actions, as appropriate to their skills and experience.
Broad Involvement
It helps to determine the local time needed to accomplish a project and to identify critical tasks which might endanger a project’s completion on time.
Critical Path Method
It refers to a project management tool wherein is that it puts all activities in a time-sequenced order. This helps to identify the different tasks and in deciding on how long they should take, that is, when they should be completed.
Gantt Chart
are most used to raise funds for businesses. The savings invested are normally those of the business owner, partner or shareholder and this type of financing is frequently found in small businesses or businesses which are at the early stages of their development.
Personal Savings
It refers to the selling of some of the surplus fixed assets in order to raise fund for current or future projects, to expand the business or to pay off debts.
Sales of Asset
It refers to the money which has been generated by the business in the past through net profit and which has not been spent on any other project or activity.
Retained Profit
It refers to the borrowing of money from the bank is the traditional method used by businesses to raise funds for their current and future projects. Interest must normally be paid on any money borrowed from the bank.
Bank Loans
It is the most common form of debt available to businesses in the short term. It is easy to arrange and does not have a minimum borrowing term. It is a flexible method to use in order to finance a business shortfall over a short period.
Over drafts
It is the most common method of obtaining assets, such as backstage equipment, vehicles or computer equipment, without immediate large-scale capital expenditure by the company. Traditionally, the leasing company buys and owns the assets and claims any capital allowances due against them.
Leasing
are individual investors who provide finance to support either the start-up or further growth of businesses which can demonstrate the opportunity for good future returns. Private investors are usually individuals who are prepared to make a long-term investment in promising businesses which are at a very early stage in their development.
Business Angels
It is another method of finance used by events and festivals. It may take the form of cash donations, goods or services from a large corporation in return for specific opportunities to promote their business. These may include using a corporate logo on promotional materials, displaying a special corporate banner at the event or calling the event by the corporate name.
Corporate sponsorship
It is the most efficient and proven technique used by large corporations to raise finance. Large organizations have a clear advantage over smaller ones since, once their listing has been established on the stock market, shares in the company can be bought and sold readily and thus become more stable and liquid assets.
Formal Stock Market
It is a loan which is given to an organization for a long period of time, by a wealthy investor. Money is lent on a secured basis and with interest rates that may be either fixed or floating.
Debentures
Usually have a number of different conditions attached with regard to interest rates, security and, most importantly, the preferential treatment that holders are given over external shareholders.
Debentures
It is a method that involves a permanent interest-free loan, given in exchange for a part share in the ownership and profits of the business.
Share capital
Both in the form of grants and through provision of expert advice and information
Government Grants
are most used to raise funds for businesses. The savings invested are normally those of the business owner, partner or shareholder and this type of financing is frequently found in small businesses or businesses which are at the early stages of their development.
Personal Savings
It refers to the selling of some of the surplus fixed assets in order to raise fund for current or future projects, to expand the business or to pay off debts.
Sales of Asset
It refers to the money which has been generated by the business in the past through net profit and which has not been spent on any other project or activity.
Retained Profit
It refers to the borrowing of money from the bank is the traditional method used by businesses to raise funds for their current and future projects. Interest must normally be paid on any money borrowed from the bank.
Bank Loans
It is the most common form of debt available to businesses in the short term. It is easy to arrange and does not have a minimum borrowing term. It is a flexible method to use in order to finance a business shortfall over a short period.
Overdrafts
It is the most common method of obtaining assets, such as backstage equipment, vehicles or computer equipment, without immediate large-scale capital expenditure by the company. Traditionally, the ______ company buys and owns the assets and claims any capital allowances due against them.
Leasing
are individual investors who provide finance to support either the start-up or further growth of businesses which can demonstrate the opportunity for good future returns. Private investors are usually individuals who are prepared to make a long-term investment in promising businesses which are at a very early stage in their development.
Business Angels
It is another method of finance used by events and festivals. It may take the form of cash donations, goods or services from a large corporation in return for specific opportunities to promote their business. These may include using a corporate logo on promotional materials, displaying a special corporate banner at the event or calling the event by the corporate name.
Corporate sponsorship
It is the most efficient and proven technique used by large corporations to raise finance. Large organizations have a clear advantage over smaller ones since, once their listing has been established, shares in the company can be bought and sold readily and thus become more stable and liquid assets.
Formal Stock Market
It is a loan which is given to an organization for a long period of time, by a wealthy investor. Money is lent on a secured basis and with interest rates that may be either fixed or floating.
Debenture
Usually have a number of different conditions attached with regard to interest rates, security and, most importantly, the preferential treatment that debenture holders are given over external shareholders.
Debenture
It is a method that involves a permanent interest-free loan, given in exchange for a part share in the ownership and profits of the business.
Share Capital
Both in the form of grants and through provision of expert advice and information
Government Grants
