Conference and Banqueting Management Assignment

Conference and Banqueting Management - Assignment Example This is through catering to the conference and banqueting purposes of corporate entities. Also the same has become inevitable when it comes to weddings and other gatherings in general. Hence, the conference and â€Å"banqueting† (Sales Coordinator/Executive. n.d) business in itself have developed into a profitable and pioneering industry with a whooping scope of advancement. The UK and European economy has overcome certain fragilities in the recent years accountable to the global financial crisis and the government’s austerity measures and has mounted a powerful and sturdy recovery over the recent years. Investments in terms of restoring, i.e, transferring a business to its country of origin, favors the services and manufacturing industries the most in the recent future. Hence, predominantly the hospitality sector, in particular, the conference and banqueting sector forecasts colossal changes in the years to come. Conference and business events are worth â€Å"18.8 billion† (Koss et al, 2012).every year in the UK economy. Being the third largest to provide employment in the UK, the hospitality sector categorizes labor to various provisions as per functionalities namely corporate and individual businesses. Around â€Å"10 percent† (Murphy, n.d). of the UK workforce comprises of those engaged in the hospitality sector as per statistics of 2014. The hospitality industry remains a significant sector of the economy, with an annual turnover of around  £40billion (Trends & Statistics, 2008, British Hospitality Association). The conference and banqueting sector embraces the idea of self-development to flourish as a responsible business by building brand power and customer loyalty. This can be achieved by delivering innovation, value, and quality of the tasks involved. The success of any given event relies on several factors, the role of conference and banquet catering being paramount of them all.