Event Planning

In: Business and Management

Submitted By trini408
Words 1818
Pages 8
Event Planning – Industry Analysis
Endra Newell

Overall Summary
Event planning is the organization, preplanning and preparation of countless details required for an event as well as the management of these details during the time the event actually occurs. It is the event planner’s responsibility to ensure all details of the event are being managed from selecting the appropriate venue to ensuring all invitations are printed and sent. They are accountable for the event running smoothly and effortlessly on the host’s behalf.

History and Evolvement
About 30 years ago, event planning was a service that the average person did themselves without seeking assistance from a third party. Event planning was indeed a service utilized more so by the wealthy and/or successful corporations. Fast forward to present day and an event planner has become more of a necessity than that of a housekeeper or nanny. The demand for such a service has increased due to time constraints of an individual, recognition of the industry amongst the middle class and the lowering cost associated with the use of such a service. This service is looked upon as one that eliminates the hassles and headaches of putting a tremendous amount of effort into planning and executing such events without enjoying yourself in the long run. According to the Bureau of Labor and Statistic, employment of event planners is expected to grow 20% from 2006 to 2016.

Threat of New Entrance
The event planning industry is one that sustains low risk when entering due to start up costs being low as most event planners start their businesses out of their homes initially and have “helpers” as opposed to “workers”. This industry can easily be entered however it is one that has also grown tremendously in the past decade. According to research conducted by Dr. Joe Goldblatt, CSEP (Certified Special Events…...