Event management entails the application of management in the creation and development of large-scale events (Emmers & Wolff, 2008). The process of coordinating and planning events is usually regarded to as event planning, and it includes a variety of things discussed in the paper (Martin-Flatin, Jakobson, & Lewis, 2007). In regards to the above information, I work as an event manager at an event planning company. The company serves as a one-stop shop that offers everything for its customers such as wedding cakes, fresh flowers, wedding flavors, tables, chairs, draping, lighting, linens among other items. In achieving its objectives, the company has incorporated an array of stakeholders such as wedding coordinators, photographers, catering personnel, entertainment person among others. The company offers a gamut of event planning services in an effort of providing every event the full attention that it deserves and gives the best services to its customers (Corrado, 2011).
However, the company is faced with is increased competition from other similar industries. The event planning industry has grown enormously over the last decade, and it is thus, important for the company to develop strategies for reducing the associated competition (Constantinides, 2006). According to Allen & Gale (2004) direct competition that the many companies face such as my company exists in cases where companies produce similar goods and products meant to target similar customers or market segment. Enterprises and businesses are strongly affected by completion. The nature and range of services and goods that they sell as well as the prices that they charge on the commodities is greatly influenced by the level of completion in the particular industry (Tjosvold, Johnson, Johnson, & Sun, 2006). For an enterprise to be successful, it is thus, paramount for it to recognize the need to adapt to the ever-changing global business environment to be able to get the competitive edge over its rivals (Allon & Federgruen, 2007). In this regards, the paper presents a literature review addressing the issue of increased competition currently confronted by the organization.
References
Allen, F., & Gale, D. (2004). Competition and Financial Stability. Journal of Money, Credit and Banking, 36, 453–480. doi:10.2307/3838946
Allon, G., & Federgruen, A. (2007). Competition in Service Industries. Operations Research. doi:10.1287/opre.1060.0337
Constantinides, E. (2006). The Marketing Mix Revisited: Towards the 21st Century Marketing. Journal of Marketing Management.
Corrado, C. J. (2011). Event studies: A methodology review. Accounting and Finance. doi:10.1111/j.1467-629X.2010.00375.x
Emmers, R. V. A. C., & Wolff, C. (2008). Event-Driven Business Process Management. Source, 223.
Gentzkow, M., & Shapiro, J. M. (2008). Competition and Truth in the Market for News. Journal of Economic Perspectives. doi:10.1257/jep.22.2.133
Grönroos, C. (2007). Service Management and Marketing. Customer Management in Service Competition. European Journal of Marketing (Vol. 15). doi:10.1108/EUM0000000004874
Martin-Flatin, J. P., Jakobson, G., & Lewis, L. (2007). Event correlation in integrated management: Lessons learned and outlook. Journal of Network and Systems Management, 15, 481–502.
Tjosvold, D., Johnson, D. W., Johnson, R. T., & Sun, H. (2006). Competitive Motives and Strategies: Understanding Constructive Competition. Group Dynamics: Theory, Research, and Practice.
Steiner, R. (2008). ertical competition, horizontal competition, and market power. The Antitrust Bulletin, 53, 251–271.
Sterritt, R. (2002). Towards autonomic computing: effective event management. 27th Annual NASA Goddard/IEEE Software Engineering Workshop, 2002. Proceedings. doi:10.1109/SEW.2002.1199448
