MICE and Event Industry

What is MICE?

Recently, there has been an industry-driven initiative to not use the “MICE Market” label & instead say “The Meetings Industry,” which encompasses meetings, incentives, & conferences.
The MICE and Event Industry generally comprehends the development of a well-planned agenda by the coordinators of the event focused on a specific topic, subject, or purpose.

Meeting

Number of people gather together in one place to confer or to carry out a particular activity.  The MICE and Event Industry is based on meetings and conferences.  Frequency: can be on ad hoc basis or according to set pattern, for instance annual general meetings, committee meetings, etc.

Incentive

meeting event is part of a programme which is offered to its participants to reward a previous performance. this component of MICE is not as easily understood as those of dealing with group events.

Incentive travel is given to employees, dealers, and distributors as a reward. It doesn’t usually have a business or explicit educational component but instead is more of a non-business vacation with the aim of continued motivation for performance.

It might involve the family of the employee or it could be a reward for a work group.

Conference

This type of meeting designed for discussion, fact-finding, problem solving & consultation. It is smaller in scale as compared to the conference. It tends to facilitate the exchange of information. The term “conference” carries no special connotation as to frequency. Though not inherently limited time, conferences are usually of limited duration with specific objectives.

Exhibition

Events at which products & services are displayed.

• Exhibition Travel: at an exhibition, products or services are displayed, and they might be the primary focus of the events. Other conferences & events might also have an exhibition as one of the components. Business court new clients & debut their latest offering at these events.
• Events: It is the process of using business management & organizational skills to envision, plan & execute social & business events. People who specialize in event management are most notable for working with budgets, schedules, & vendors to create the best possible events for their clients.
       
• Business Events: it is another definition for MICE & has been used primarily in Australia to cover a wide array of meanings for this industry.

Key Points about the MICE and Event  Industry

(1) The MICE and Event Industry consists of a wide range of

1. Organisers
2. Suppliers
3. Facilities engaged

in the development & delivery of meetings, conferences, exhibitions & other related events which are held in order to achieve a range of professional, business, cultural or academic objectives.

(2) The MICE and Event Industry is a distinct economic sector with its own

1. unique organizations
2. standards
3. priorities
4. communications vehicles.

(3) It is comprised largely of

small to medium-sized organizations which are not as formally integrated as many other industries.

(4) The industry necessarily interacts with many other sectors in the process of carrying out its activities. It works closely with

• The business
• Academic and
• Professional communities.

The activities of the MICE industry are an increasingly significant element in the future growth of the global economy, an essential part of the spread of knowledge & professional practices, and a key factor in building better understanding & relations amongst different regions & cultures.

• The industry recognises that to be sustainable into the future, it must achieve a greater level of recognition for the benefits. Furthermore, it delivers in relation to global economic & professional development, specifically:
• Providing a stimulus to global economic growth by creating forums for new product development, exchange, & marketing,
• Facilitating academic, technical & professional advancement by encouraging the global development & exchange of research, knowledge, standards, & procedures.
• Supporting communities by facilitating access to global knowledge & expertise & attracting new investment potential.
• Enhancing & supporting transportation, hospitality, and tourism infrastructure by creating an economically important rationale for non-leisure travel.
• Promoting international cooperation & collaboration by encouraging & sustaining business & professional networks. It supports economic transition by facilitating retraining & professional development on a global basis.
• It also acknowledges & promotes the essential importance of face-to-face interactions in developing &maintaining personal & organizational relations, as well as efficiencies achieved by addressing business & professional outcomes through group activities such as conventions & exhibitions rather than individual travel.
• The primary value of the MICE industry is to generate outcomes for organizers & participants from meetings and associated activities. These benefits also transfer to communities & governments in the form of significant advancements in social & economic progress.
• The international meetings market is divided into segments by the size of the meetings, by the kind of people who visit the meetings, by the purpose of the meetings, & many more criteria.

Key Contributors in MICE Industry

1. Convention & Visitors  Promotion Bureaus
2. Associations
3. Corporations
4. Professional Conference Organizers
5. Incentives Houses
6. Destination Management Companies
7. Exhibition Organizers
8. Venues