IntroductionInternational event management is a discipline that involves project management to the conception and development of events such as festivals and meetings among others. In general, event organization involves studying the workings on a certain mega event concerning branding techniques, identification of its target audience, and coordinating the technological aspects of the planned event. Events and festivals such as mega sport and soccer cup have many benefits realized by the hosting cities and countries. Therefore, management of international mega events is a concern to any hosting nation and governments with the target of ensuring that the hosts reap the best economic benefits out of the event (Masterman, 2009).
Since clients attend to an event management without any clear idea in their minds, it is totally up to the event manager to work on the strategies and modalities needed to make the event’s goals and objectives realizable. In this case, the event manager strives to satisfy both the event stakeholders and its audience. The management of international mega events is amongthe most important economic planning that a company and governments can engage themselves in.
many different events considered international and need careful planning and management include international symposiums, cinema festivals, The Cheltenham Food and Drink festival, and events such as the world cup of soccer. It throughsuch international mega events that most international organizations seek to market their brands and products in countries where they may not have ventured before. These events are also useful in strengthening the socio cultural factors between people of different cultural backgrounds as well as promoting peace and social cohesion. The Cheltenham Food and Drink festival is without a doubt one of the most popular global event that many companies in the food industry would wish to get involved in for them to market their food products and win more recognition. Justification for Investment of Public Funds in a Mega EventThere are so many advantages of investing public funds in a mega event.
As discussed below, economic, socio, political, and environmental benefits are among the best reasons to justify investment of public funds in an international event. Economic RealizationsBecause of hosting a mega event, a hosting state or city can benefit from affordable housing rates.
This will rely mostly from better transport and communication connections making housing the full realization of this benefit needs government regulation between private market and the affordable housing to ensure proper coordination. The housing economics and the impact on market forces need critical economic analysis to avoid inflation in case real estate executives raise the prices of housing. It is also possible that rise in value of houses and rent will force low-income households out of the mega event area. Furthermore, the government needs to coordinate proper housing procedures to ensure proper realization of this advantage According to Allen, et al.
(2011), international mega events have positive economic realizations on a hosting nation. These realizations arise from increased expenditures during the entire period of the event. Employment opportunities come in handy starting from the planning of the events to the actual hosting. Contractors also get projects in improving infrastructure and servicing venues of the events. According to some models proposed, investments and expenditure flow, sourced from different sources into the host country result in a noticeable income generation and employment creation (Masterman, 2009).
Most authors come out clearly on the long-term positive realization that a mega s event bring to a hosting state concerning its tourism industry. They argue that visitors to a certain nation attending the mega s event have the tendency to visit the country even after the event.