Entertainment and Venue Management



Entertainment and Venue Management




Student: Svetlana Coropat
Tutor: Mihaela Dariescu



Table of Contents







Introduction

In the business world there are many different sectors of the economy that come up every day and the work that they do is responsible for the image that their country holds up in the eyes of the world. in this assignment we will study the various aspects that are related with the working of the entertainment industry with regard to the many famous destinations of the country like The Royal Ballet, The royal Opera, Covent Garden and the Wembley Stadium which have not only managed to have a good and strong financial status in the market but also in the world (Cengage, 2010).















Task 1

LO1. Understand the contribution of the entertainment industry to the economy.

1.1 analyse the contribution of the entertainment industry and the development and distribution of different activities to the UK economy.

The world economy has reached such a height that there are some countries in the world that have attained a position in the world which is difficult to be challenged by the other countries. They have set examples and boundaries for the countries that are still developing and trying to make a place for themselves in the economy of the world. The success and the position that has been earned by the various countries is only because of the work that has been done by the various organization. In the business world since the profit that that they earn directly contributes towards the development of the country along with the fact that it extends employment to the people of the country and help them earn a good livelihood and enjoy a higher standard of living. (Kaser, and Brooks Jr., 2009).
United Kingdom is one of the many countries in the world that have attained a position in the market that is difficult to challenge and there are many different reasons for the success that the country has earned in the world. One of the many reasons of the development that the country has gained is because of the business market of the country and the many different sectors that operate in the market and earn the success which is responsible for the funds that are available at the disposal of the country. Considering the many sectors of the economy, I would like say that there are some sectors that contribute more compared to the others and one of them happens to be that of entertainment industry. This sector has not been in the market for many years but it has gained popularity in a few years and the wide scope that it offers to the people that work in this sector is so wide that the sector has managed to gain the success that it hold in the current times. A great portion of the GDP of United Kingdom is contributed by the entertainment industry and it has even managed to help the country to make a reputation in the eyes of the world. In the entire UK, there are around 1.2 million people that are in one or the other working with the entertainment industry and the number is increasing with each passing day. The profit that is earned in the entertainment industry is earned by the means of the monuments and the history that the country holds and in the future the entertainment industry will be responsible for the livelihood of many people and it has the potential to become very independent and successful industry. There are destinations like The Royal Ballet, The royal Opera, Covent Garden and the Wembley Stadium which have not only contributed to the growth of the country in terms of the financial matters but have also helped the country to gain popularity in different parts of the world. The main reason that the entertainment industry has been one of the major contributors to the GDP is because it is responsible for attracting people from different parts of the world which bring in foreign exchange(Acquisition, 2014).

1.2 compare local, regional and national funding agencies and their impact on the entertainment and venue industry in UK.

United Kingdom is one of the many countries in the world that has been known to be promoting the business that the market does and it is not just the promotion that they do for the businesses but they also make sure that the businesses do not lack in any aspect. In the last so many parts of the questions we have deeply discussed the role that is played by the entertainment industry in the success that the economy of United Kingdom has attained in the past so many years. Considering the success that the entertainment industry provides the government of United Kingdom has put in many forces that are responsible for the maintenance of the various destinations like The Royal Ballet, The royal Opera, Covent Garden and the Wembley Stadium. A major source of funding in the entertainment industry happens to be the companies and brands that are already there and in order to promote their product they tie with the many functions and rewards and make it possible for the entertainment industry to keep going. As for the entertainment industry, it means that they are able to attain the funds that they are lacking currently and yet be associated with big names of the market. There are three different authorities that are there to make sure that any need is arisen in this industry is met immediately and there are no hurdles in their offerings and their operations. The local authorities make sure that the mundane needs of the destinations like The Royal Ballet, The royal Opera, Covent Garden and the Wembley Stadium are met. They include the need for promotion of the special events that they host and also to provide any statistics that they might need to plan the future strategies. The regional authorities ensure that they help the destinations like The Royal Ballet, The royal Opera, Covent Garden and the Wembley Stadium to meet the accommodation needs that they might have like providing for the food and residence arrangements for the guests that they come to hold up the events that are conducted. The national authorities on the other provide these places the additional security measures that may be needed to ensure that the places are safe and secure for the people that are present (Kioskea, 2014).



















Task 2

LO2. Understand types of activities offered by the entertainment industry.

2.1 compare the scope of the entertainment and the venue industry and the range of activities offered. For this point you refer to different London venues and entertainment events, including those mentioned in the scenario.

Like we have discussed in the past so many questions that the economy of the United Kingdom is one of the most developed economies of the world and the biggest reason behind the success of this economy is the success that the business market of the country has earned during the past so many years. We have also discussed the fact that one of the many sectors that have contributed towards the growth of the economy happens to be the entertainment industry which is responsible for the entertainment that is to be given to the people of the country and also the people that travel to the various cities of the country to experience the culture and the tradition of the country. Therefore it is even more important for the entertainment industry to be able to provide the people with the means that are responsible to make sure that the people are entertained and at the same time they learn what the country has experienced in the past and how it has influenced the present of the country (Kaser, and Brooks Jr., 2009). There are many different destinations that solve this purpose for the authorities of the country and of them happen to be The Royal Ballet, The royal Opera, Covent Garden and the Wimbley Stadium which are located in the heart of the city of London and are one of the most attractive tourist places in the country. They are the ones that are also responsible for creating the image that the country enjoys in the eyes of the world. They are also the ones that are there in the country that attracts the maximum amount of people from the country itself and also from different parts of the world to experience what the country has to offer. This is one of the angles from which we can analyze the scope of the entertainment industry and how far it has gone in the economy and made a place for itself in the country. It is an industry that has been involving in the country since some years now it is solely responsible for attracting people from different parts of the world to the city to experience what it has to offer. It is also one of the sectors that is responsible for the foreign exchange that the country earns by the means of the money that they earn (SRA, 2009).

2.2 classify entertainment activities using audience profiles and venues. Refer to London venues and events.

London is one of the most known destinations in the travel and tourism industry and since past so many years people are constantly travelling to the city to experience all that the city has to offer to the people who are either the residents of the city or are travelling to the city as a part of the travelling plan. The best of the entertainment industry of the city of London happens to the fact the organizations that operate in the industry are ready to change according to the trends of the market and also the change in the demands of the people. Even though the city of London has been in the market for decades now but everything that the city offers to the people appears to something that is new and unique (Kaser, and Brooks Jr., 2009). The authorities that exist in the city are very responsible and attentive and they make sure that the resources that are available to the authorities are used at all points and they make the most of it in order to make sure all the people irrespective of their status in the society are able to enjoy something or the other that the city offers. There are destinations like The Royal Ballet, The royal Opera, Covent Garden and the Wembley Stadium which are the star destinations in the city and they are there to entertain the people of all sections of the society. The Royal Ballet and The royal Opera are there to handle the needs and the demands of the people who prefer to have luxury and style in their entertainment and at every point. Covent Garden and the Wembley Stadium, on the other hand, are there to entertain the common people of the city who prefer to have more tough and execrating things (Edmunds, 2008).





Task 3

LO3. Understand the management and the operation of different types of venues.

3.1 compare management and operational strategies for the selected venues and context, commenting on their revenue generation and procedures.

The current state of the world is so complex that the people that are involved in the working of the various sectors of the business market need to be on their toes at every given point to be able to keep up with the trends. This can be both a blessing and a curse that enables the people to have a better understanding of the market and then work accordingly in order to attain the position that they want to have in the market but of they do not succeed in having a good understanding and firm plans in place then the failure of the company some years don the line is inevitable. (Rogers, and Davidson, 2015).
The madame tussauds wax museum in london is again one of the most frequently visited destinations in the world along with the London zoo and the management of both these places is far different that that of the royal opera, the covent garden and the wembley stadum. They are more organized and prepared to handle a large crowd on everyday basis and they also make sure that the object of display that is statues ans animals are safe at all times.
Revenue generation is also a major concern of the management of The Royal Ballet, The royal Opera, Covent Garden and the Wembley Stadium. The one thing that we all need to understand is that the revenue that is generated by these places differs from one another and there are many different reasons for it. These places belong to the entertainment industry and there are there in the market to provide for the entertainment of the people of the country and also the travelers. The revenue that is generated by The Royal Ballet and The royal Opera is going to higher in terms of the market since these are places that are there for the entertainment of the higher section of the society. The plays and the shows that are offered in these two place are one of the best that are available in the world and the popularity of these shows are known the world and the people from different parts of the world come in at these places to enjoy the entertainment that is provided in these places and the revenue that they generated is one of the highest in the market of the entertainment industry. Covent Garden and the Wembley Stadium are also two places in the city of London that are known for their popularity in all parts of the world but the revenue that they generate is not very high since they are publically open places. The main source of revenue of these places happens to be the occasional shows and games that they host and the expenses that they have to incur in order to maintain these places relatively leaves very little to be counted as revenue.  But that being said they are still one of the best places that the city has to offer to the people (Irish Rugby, 2012).

3.2 evaluate different areas of work and responsibilities for the selected venues and context, commenting on current practices, deployment of staff to ensure a smooth and effective organization.

We are all well aware of the fact the working of the business world is so complex and difficult that is nit possible for a single person to handle all the aspects and then still make the profit that they want to make in the market and under these circumstances the solution that the different organizations came up with was to establish a management in the organization that will constitute a team of professional experts that have a good understanding of the working of the business world and they are held responsible for making all the decisions regarding the future of the organization in the market and they take care of all the aspects that are connected with the working of the business and the future of the employees as well. The role of the management of any organization is not just limited to the decision making process for the company but also to ensure that the employees are able to meet the objectives that are set by the management after a detailed study of the market and a good understanding of the resources that are available at the disposal of the employees of the company. The role of the management also includes motivating the employees to gibe in their best for the interest of the organization and in return it is also their duty to offer appreciation and rewards to the employees that have contributed well towards the success of the company. one of the most important thing that is done by the management of any organisation is understand the needs and demands of the people of the society and then find means to satisfy these demands which will only result as a success point for the company in the future of the profit that they will earn(Rogers, and Davidson, 2015).
In the last part of the assignment we have discussed the revenue that is generated by the places like The Royal Ballet, The royal Opera, Covent Garden and the Wimbley Stadium and one of the many reasons for the success of these places is the efforts that is put in by the management of these places. The Royal Ballet and The royal Opera are the places that cater to the needs the high class of people of the society and as a result that have to be extra careful of their offerings since these places are used to luxury and special treatment. Therefore the only thing that the management of these places need to do is that they need to maintain their standard of services and considering the current state of the world have some more strict security measures. They will also have to ensure that they have something new and unique to offer at all times. Covent Garden and the Wembley Stadium, on the other hand, are two places that are more open to the people and their major concern happens to be the cleanliness and the security measures that they have kept in place at all times. Considering this statement the one way that they can save their expanses is to have teams of their own that will available at all times and this will also reduce the expenses to very high degree. If we decide depending upon the popularity of these two places, I would suggest that the management holds up a nominal entry fee at these places since they will help the management to make a certain profit. Other than that they should increase the possibility of holding up special event in these places since they are the major source of income for these two destinations (Wild Apricot, 2006).



Conclusion

In the end of this assignment we cans ay that the working of the entertainment industry is as complex as the other sectors and it is not easy for any person to understand all of it in one go but through the means of this assignment I have been able to grasp a lot of different aspect and understand how it has played an important role in the success that is attained by the country of United Kingdom in the eyes of the world. To conclude this assignment I will say that that there is a long journey ahead for the entertainment industry.













References

Acquisition, (2014), Best Practices, [Online], Available: http://www.acquisition.gov/bestpractices/bestpcont.html [Accessed 17 July 2015]
Cengage, (2010), Barnes Student Sample, [Online], Available: http://cws.cengage.co.uk/barnes/students/sample_ch/ch2.pdf [Accessed 18 July 2015]
Edmunds, A., (2008), Factors that Affect Decision Making, [Online], Available: http://smallbusiness.chron.com/factors-influencing-decision-making-business-environment-65082.html[Accessed 18 July 2015]
Irish Rugby, (2012), Advisory Handbook, [Online], Available: http://www.irishrugby.ie/downloads/IRFU_Advisory_handbook.pdf [Accessed 18 July 2015]
Kaser, K., and Brooks Jr., J. R., (2009), Entertainment and Venue Management, [Textbook], Cengage Learning, [Accessed 15 July 2015]
Kioskea, (2014), Client Contractor, [Online], Available:http://en.kioskea.net/contents/594-client-contractor [Accessed 17 July 2015]
Rogers, T., and Davidson, R., (2015), Marketing Destinations and Venues for Conferences, Conventions and Business Events (Events Management), [Textbook], Routledge, 1st Edition, [Accessed 12 July 2015]
SRA, (2009), Handbook Content, [Online], Available: http://www.sra.org.uk/solicitors/handbook/code/part2/content.page [Accessed 18 July 2015]
Wild Apricot, (2006), How to Plan an Event, [Online], Available: http://smallbusiness.chron.com/factors-influencing-decision-making-business-environment-65082.html[Accessed 17 July 2015]

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