Operational Role Of Security Information - MyAssignmenthelp.com

Question: Discuss about the Operational Role Of Security Information. Answer: Introduction Event management is one of the industries that involves multiple of activities, which ranges from wedding to festival events. This is the reason behind the growth of this industry in the global sphere. Every event differs in some way or the other. With a change in lifestyle, people like to arrange an event for every reason. This increases the demand for such events with successful people involvement. Event can be small consisting of local region or it can be a big event covering a bigger prospect. However, it is seen even with fast growth of such events on every ground, be it for festivals or exhibition, the industry still lacks behind due to various reasons (Ibisworld 2018). The paper discusses the competitive nature and growth prospect of the industry by carrying out a micro level as well as macro level analysis. Micro Industry Analysis Micro industry analysis explains the competitive nature of the industry and demand of people for the industry. Micro level analysis visualizes the threat that the company is facing and the reason behind it being laid behind even after rising demand. Competitors Analysis The industry faces huge competition due to existence and emergence of many small and big events in local or global level (Grant 2016). There are several diversified industries that emerged rapidly in local as well as international level. This was the main reason behind the fragmented nature of the industry. There has been keen competition for different types of events such as travel, meetings, exhibition and others. These events are known as MICE events and companies are entering into these events largely. Reed Exhibition is the similar kind of company entering the industry. The company arrange exhibition and faces huge competition from other event management company. People Analysis Exhibition sector is one of the growing sectors in the event management industry. This is because the rising demand for exhibition has made it grow drastically in 2012. Exhibition is also oneof the most attractive types of events compared to others. This is because the event is the most profitable of all the other events of the industry. The event saw a huge customer traffic since it has started. This has also led to huge customers for Reed Exhibition and made them one of the largest event organizers of the world (Porter and Heppelmann 2014). Macro Industry Analysis Macro environmental analysis will analyze the threat and opportunity the business is facing by analyzing its buyers, supplier and other competitors. Threat from new entrant Event management industry faces huge threat of new entrant in the industry. This is because; event can be organized by anyone at a small level and later increases by investing very little. Thus, new companies find it easy to enter the industry and start their own business. Moreover, compared to cost, profit is quite high in this industry (Jones 2014). Thus, demand for entering the business increases. Threat from rivalry Industry faces huge threat from rivalry within the industry due to existence of high competition. The industry faces huge competition from various typesof events. Even in the exhibition event, the industry has seen many new companies entering and organizing exhibition. Competitors not only come from exhibition organizers, it also comes from wedding, meeting and other types of meeting organizers (Mallen and Adams 2017). Similar threat is experienced by Reed Exhibition organizer due to an increase in similar type of organizers in the industry. Threat of substitutes The industry faces huge threat from substitutes because even though the demand for such events has increased in recent time, yet there are people that arrange their own family events. Moreover, many companies arrange for their own events from time to time, instead of giving it to the event organizers (Bhatt, Manadhata and Zomlot 2014). These substitute event Organizers Company face increases the substitute threat to the industry. Bargaining power of suppliers Bargaining power of the suppliers is low in the industry because the supplies that the industry needs are common and are available easily everywhere. Thus, an increase in price by one will force the company to shift to other suppliers. Thus, this reduces the power in the hand of the suppliers (Bhatt, Manadhata and Zomlot 2014). Moreover, there is no switching cost for the companies to move from one supplier to the other. Suppliers have to go according to the event management company in some factors in order to keep getting business for themselves. Bargaining power of buyers Bargaining power of the buyers are high in this industry as there are large number of companies that the customers can choose according to their own preference. Moreover, the consumers also face no switching cost for switching from one company to the other (Fleisher and Bensoussan 2015). Thus, it is necessary for the companies to go according to the consumer preference in order to gain the trust of the consumer. SWOT Analysis SWOT analysis helps in defining the strength and weakness that the industry is facing based on the operation and competitive environment (Bull et al. 2016). Strength Huge growth in the past years Huge range of increasing demand Various type of event management categories Face to face business activities Weakness Large bargaining power of the customers Rising competition lead to reduction in price Large number of substitute to industry Opportunities Extensive growth prospect Better target audience Winning trust of the customers and increase loyal customers Threat Threat from competitors Threat from new entrant to the industry Threat from technology improvement Topic: SWOT Analysis Source: Authors creation Conclusion From the above analysis, it can be deduced that event management industry is one of the competitive industry. This is because of the increasing competitors in the industry, both small and large scale. Moreover, the company also faces huge threat from substitute, which increases the competition even further. However, due to high growth prospect the industry is considered as one of the fragmented industry. This is because of huge varieties of event that the industry organizes. The industry is experiencing increasing types of event organizers due to increasing demand from the public. References Bhatt, S., Manadhata, P.K. and Zomlot, L., 2014. The operational role of security information and event management systems.IEEE Security Privacy,12(5), pp.35-41. Bull, J.W., Jobstvogt, N., Bhnke-Henrichs, A., Mascarenhas, A., Sitas, N., Baulcomb, C., Lambini, C.K., Rawlins, M., Baral, H., Zhringer, J. and Carter-Silk, E., 2016. Strengths, weaknesses, opportunities and threats: A SWOT analysis of the ecosystem services framework.Ecosystem services,17, pp.99-111. Fleisher, C.S. and Bensoussan, B.E., 2015.Business and competitive analysis: effective application of new and classic methods. FT Press. Grant, R.M., 2016.Contemporary strategy analysis: Text and cases edition. John Wiley Sons. Ibisworld.com.au. (2018).Event Promotion and Management Services in Australia Market Research | IBISWorld. [online] Available at: https://www.ibisworld.com.au/industry-trends/market-research-reports/administrative-support-services/event-promotion-management-services.html [Accessed 12 Jan. 2018]. Jones, M., 2014.Sustainable event management: A practical guide. Routledge. Mallen, C. and Adams, L.J. eds., 2017.Event management in sport, recreation and tourism: theoretical and practical dimensions. Taylor Francis. Porter, M.E. and Heppelmann, J.E., 2014. How smart, connected products are transforming competition.Harvard Business Review,92(11), pp.64-88.