The Big Event Management Business within the Crisis
With the beginning of 2007 the big event management business was one of the main business groups on the planet, occasions were the popularity. Phone event management companies in that time will disclose interesting details for example ridicules prices for occasions, although pricing is very little affected, and also the working companies in the industry have 3 levels large, medium and businesses.
With the beginning of the planet financial crisis, companies have began applying cost cutting strategies. Event management like a business was impacted by such strategies, business possibilities are under before, less fish within the pond.
This latest situation has forced the big event management companies into applying tricks of reducing costs themselves, simply reducing the prices of the services. It was an excellent step in the first glimpse, but searching completely it’d its negative effects which has began to occur and can still continue for the following 6 several weeks. Large companies reducing the prices to compensate for the loses running a business by growing the amount of jobs in hands, many of them required this decision with no proper study so a number of them began to determine loses now, the lower prices, although not costs, or reduced prices by reduction of costs affecting the caliber of the job. Businesses, the greatest loser within the situation, once the large companies reduced the prices, this had an effect around the businesses, resulting into lots of closure of many of them within the Uae along with other countries on the planet, they lost their bargaining power, cost. For that medium-size companies, those are the only champion in the industry, their chances all of a sudden grew to become better, they’ve the knowledge on price-effective occasions with high quality service.
Among the additional factors within the above situation too, the truth that clients from the business are themselves searching for additional competitors to pitch for his or her business. Which was due to two factors, the first is improving cost and saving cash, second factor is searching for brand new minds, new suggestions to run their occasions for much better results. For clients, cash is important but new fresh ideas were of the identical importance for them. And also the lucky champion was too the medium size companies.
It was time from the rise from the medium-sized companies, for that smart ones whom possess the intelligence to determine with the dark curtain from the crisis and find out the advantages of it.