Conference and exhibition industry is a young industry that has a lot f benefits to a country’s economy. It involves organized business events in which training, display and marketing of certain goods and services are done. In this industry, distinct consumers get an opportunity to interact with their service providers and learn about the available products and services in the market. This industry has certain social, economic and political benefits to a country’s economy.
Since the industry is very important, some countries have established certain conferences and exhibitions so as to improve their economy. In fact, in Australia, there is an association that oversees any conference and exhibition activity in the country. This association is influential in organizing business events, incentives and meetings and inviting delegates to conferences and exhibition. Moreover, many countries have put a lot of emphasis on conferences and exhibitions since they want to reap its full benefits.
Given that it brings together many people from distinct parts of the world, a conference enhances social skills of the attendance. One of the social advantages of a conference is that people’s interpersonal skills are improved. In marketing, interpersonal skills are important in convincing the potential consumers to focus on the marketer’s products; hence increasing the amount of sales done (Ozok 76). Another important social benefit acquired through conferences is that it allows the attendants to make as many business associates as they can. This is because it creates a friendly environment where people freely interact and make choices on a variety of products.
In addition, conferences and exhibitions provide the attendees with an opportunity and share information and ideas on their businesses (Pike 78). This way, companies get practical solutions to their challenges and strategies that they may apply in order to improve their business. Moreover, the mingling of a company’s employees facilitates a lot of learning of new business skills that, in turn, improves a business’ performance. Consequently, a country’s economy grows due to the improved business productivity.
The conference and exhibition industry also has social benefits to the economy since it has organized forums. Through these forums, experts showcase their business skills as the audience respond and ask for clarifications. This improves the attendees’ social skills that are then transferred into their respective businesses (Pike 87). Therefore, the issues discussed in these forums are instrumental in boosting a country’s economy because businesses improve their performance.
Another social advantage that the industry has on the economy is that it fosters international peace and unity. Attendees from different countries create business relationships that, in turn, improve their business operations (Rogerson 84). Since these relationships are vital in the formation of international partnerships, companies widen their markets globally. This results in the boost in a country’s economy due to successful business in its business.
Through interaction, conference and exhibition industry enables the attendees to learn other people’s cultures, traditions, languages, beliefs, values and customs. This is very important in business, for it enhances effective market since the marketers already know their potential clients culture (Ozok 78). Knowledge on the other people’s culture guides one on the appropriate way of approaching them. It also provides one with many business ideas basing on the people’s desires and needs. Therefore, this creates a platform on which a country’s economy prospers following the establishment of many businesses.
Economically, there are so many benefits that the conference and exhibition industry creates in a country’s economy. Firstly, the industry increases the number and strengthens business links of a company (Shone 57). This is because it gives the attendees a chance to meet other businesses people with whom they can form partnerships. Consequently, many businesses come up in a country due to strong local and international connections. This can also open up new markets for certain goods and services in foreign countries; hence improving a country’s economy.
Additionally, business conventions and exhibitions boost a country’s economy through the exchange of ideas and information. In such events, attendees meet experts in various business fields that are more experienced in the business (Death 68). These experts are also influential in suggesting certain strategies that are highly essential for any successful business. These new skills are instrumental in improving the business productivity of the represented companies; hence the general economy of the country improves.
Another economic benefit that the conference and exhibition is that it increases the employment in a given country. Many people get employed through such business events since there is a lot of interaction taking place. Moreover, during the exhibitions, many people get employment opportunities even in foreign countries (Shone 60). Such increased employment opportunities, in turn, raise the level of revenue in the country due to taxation. As the amount of revenue improves in a country, the economy also grows steadily.
As a result of strengthened business connections, a country can realize an increase in the number of investments. This is because the business connections aid in identifying other viable business in a certain area, especially in the place where the conference is held. Business partnerships also open up other business opportunities since they serve as an eye-opener to the business world (O’Toole 65). Moreover, investments increase in the country due to the widened market facilitated by the conference and exhibition industry. For example, through business events, the tourism industry in the country improves because of the visitors. Tourists’ hotels and other facilities also come up due to a high demand of accommodation.
The conference and exhibition industry also improves the country’s economy in that it raises the level of foreign exchange. This happens through the many opened business links in both in local and international levels. Given that a lot of marketing is conducted in these business events, the global markets for certain products and services widen (135). As a result, companies begin to export and import various services; hence earning their countries a lot of foreign exchange. Moreover, the products displayed in an exhibition are likely to raise demand among international consumers; hence, encouraging importation and exportation of the products and services.
Business events and meetings organized by the conference and exhibition also enhance the economic growth in a country. This is because the conventions allow the experts to meet and discuss various ideas that could improve their firms’ operations (Death 78). Consequently, the forums, connections created, and marketing strategies put in place motivate the attendees to work hard. Also, the sharing of ideas and information helps many businesses to improve their activities through the application of the learned skills. Conferences and exhibitions also stimulate businesses by creating markets and investments in foreign countries.
In addition, the conference and exhibition industry has certain political advantages on the economy of a given country. To start with, the organization of such business events improves international relationships, which are instrumental in promoting peace and understating among the partnering countries (Clark 140). Also, the availability of peace and understanding in the country also enhance successful business transactions; hence, improving the economic prosperity in the country.
Moreover, conference and exhibition industry improves a country’s economic since it brings together many delegates from different countries with different political ideologies (Rogerson 85). This way, the represented countries in the conferences get access to varied ideas and policies from different countries. These policies are then employed by respective countries hence improving their operations. Through the learnt ideas, these countries can readjust their ideas, strategies and policies in order to improve their business operations.
Furthermore, political status of the countries also improves as a result of conferences and exhibition. In order to organize conferences and exhibitions in a country, there should be a lot of political stability in the country (Clark 145). Moreover, countries that partner in business ought to have their political issues right so as to create a conducive environment for viable business. Therefore, this requirement is highly instrumental in improving the country’s economy due to improved business partnerships.
Additionally, conferences and exhibitions have positive political benefits in the country’s economy (O’Toole 67). Because of the international business links, there are certain benefits that a country can enjoy as one of the partners. In case of political conflicts like wars in a certain country, other business partners can come up in bringing peace. Therefore, the political issues can be solved through the intervention of other political countries’ delegates (Rogerson 97).
Another political benefit resulting from conferences and exhibitions is an improved country’s image. This implies that any country that hosts or is represented in conferences and exhibitions have higher reputations than others. This is because the countries are expected to have clear political issues and minimal conflicts (Burns 134). Because of excellent relationships with other countries, business connections also improve; hence, hence a steady economic growth.
In conclusion, though the conference and exhibition is still young, it is very influential in contributing to the economy of a country. Given that it facilitates the exchange of business ideas, strengthens business links, increases the number of business investments in the country, increases the foreign exchange, improves the international relationships and the political stability of a certain country, the statement that the industry has political, social, and economic benefits for a country’s economy is true.