Investigating Industry Sectors essay

Today, event industry and special events sub-sector of the industry are booming. In such a situation, many companies consider the possibility to enter the event industry but they should come prepared to the tight competition in the industry. On the other hand, the high demand on services of companies operating in the event industry opens large opportunities in this market. In this regard, special event sub sector seems to be particularly prospective because customers are very concerned with organization of special events of the high quality.

In actuality, such companies as Disney, Radio City Music Hall, Universal Studio, Paramount, and others have become involved in the special event industry (Benfari, 1999). The number of companies operating in the special event industry keeps growing due to the high popularity of special events and, therefore, due to the high demand on special events in the market.

Therefore, the competition in the industry is tight. Companies operating in the industry focus on the customer satisfaction to take a better competitive position. In actuality, there are no evident leaders in the industry. In contrast, a large number of companies, including companies that have renowned brands operate in the industry. The large number of companies operating in the special event industry increases the competition and pressure on new companies that entering the market.

However, the barriers to entry are relatively low. In this regard, the absence of strong leaders is one of the major causes of relatively low barriers to entry. Companies develop their business successfully but they cannot take the dominant position in the market at the moment. As a result, they cannot raise barriers to entry that enhances the competition in the industry. In such a situation, new entrants can succeed and take a strong position in the industry. They can overcome easily barriers to entry and develop their business successfully.

Companies operating in the special even industry focus on corporate market and social market. The size of companies varies from small business to large corporations, such as Disney, Paramount, and others (Viardot, 2001). The revenue of the industry is growing steadily, the average growth in the special event industry comprised 8%, and the trend to the further growth of the revenue in the industry persists. The growth of revenues naturally attracts new companies.

As for the employment in the industry, largest employers are large corporations, including Disney, Radio City Music Hall, Universal Studio and others (Peters, 2002). At the same time, there are many minor company that employ a large number of employees, while many companies conduct their business on the ground of self-employment of owners of the company and they do not employ employees at all or employ a few employees.

Thus, the current situation in the event industry and its special event sub sector is beneficial for launching business in this subsector. In spite of the tight competition, companies still can succeed in the market.

• events industry and special events sub-sector of the industry are booming.
• Disney, Radio City Music Hall, Universal Studio, Paramount, and others have become involved in the special event industry.
• the competition in the industry is tight.
• the barriers to entry are relatively low.
• New entrants can succeed and take a strong position in the industry.
• Companies operating in the special even industry focus on corporate market and social market