With increasing economic impact of the meeting industry, many nations especially in Asia region, have been putting a lot of effort to position their cities as the world's meeting destination. Though, many researchers have conducted studies on this ind...
With increasing economic impact of the meeting industry, many nations especially in Asia region, have been putting a lot of effort to position their cities as the world's meeting destination. Though, many researchers have conducted studies on this industry, most of those studies focused on association or international meeting while neglecting a significant segment: the corporate meeting sector.
This study focuses on the selection criteria for destinations and facilities for corporate meetings, and identifies what the key factors are for corporate meeting planners to choose the venues.
Another focus of this study lies in analyzing the meeting planners' work by timeline of their work process, i.e. "before", "during", and "after" of their meetings. Most of the important decisions are made during the preparation phase such as setting the meeting agenda, selecting the destination, preparing participants' list, etc. This means that those meeting planners who are deeply involve in the preparation phase are the right persons to contact for business deal.
For better understanding of meeting planners work pattern, this study derived 5 hypotheses as follows:
1. The working experience of a meeting planner is related to the person's responsibility in the "before" phase of the meeting planning.
2. The age of a meeting planner is related to the planner's responsibility in the "before" phase of the meeting planning.
3. The number of meetings that a meeting planner organizes in a year is related to the planner's responsibility in "before" phase of the meeting planning.
4. Every meeting planner has high responsibility in "during" phase of the meeting planning.
5. A meeting planner's "before" meeting responsibility is related to "after" his/her meeting responsibility.
To accomplish the study object and to test the hypotheses proposed effectively, the research target was narrowed down to Seoul-based foreign financial firms such as Bank, Consulting/Investment, Insurance, Securities, Accounting, etc. that have grown rapidly in numbers as well as size since IMF (International Monetary Fund) of 1998. And survey questionnaires were sent to meeting planners actively working in those firms.
Even though it was not easy to conduct the survey due to its small size of sampling frame and busy schedule of meeting planners, this study was successful to collect 57 responses which occupied more than 60% respond rate. For data analysis, SAS statistics package was used for frequency analysis, factor analysis, ANOVA and T-test.
By frequency analysis, it was found that more than 50% of Seoul-based foreign financial companies are from US, relatively small in size (size of 100 employees or less) and started their businesses in Seoul only after 1990.
For the meeting planners, majority of them were female who are under 40 years old. By appreciating the working environment in Korea, it was interpreted as that high educated young females are rather pursuing their career in foreign national firms than those of Korea and working actively before reaching they are 40.
However, it was shown that their working experience as a meeting planner was less than 3 years (66.6%) organizing less than 6 meetings a year (70.2%). This means that their roles as meeting planners are yet specialized in meeting organization and the responsibility of meeting organization is scattered among companies. This tendency needs to be improved to organize meetings better in its content and effectiveness.
The most frequently held corporate meetings were training purpose ones, such as workshops, seminars, trainings, and so on. Even when organizing an incentive trip for employees, it tends to cover training parts in the program though they may be very small in portion. And, Seoul and Jeju in Korea and Singapore and Hong Kong outside Korea were the most famous meeting destinations for Seoul-based foreign companies.
As for the selection criteria of meeting destinations and the facilities, "preference" of the managing groups and participants was the most important factor that meeting planners considered regardless of their business types or home countries while a slight difference existed in selecting the facilities.
In selecting the meeting facilities, Insurance and Securities firms considered "image" as the most important factor and others like Bank, Consulting/Investment, and etc. considered "facility" as the most important. This result shows how to set a marketing direction when dealing at least with these business sectors.
The result of testing the 5 hypotheses proposed in meeting planners role were turned out that 'working experience' and 'number of meetings planned a year' of meeting planners are related to the "before"
phase of meeting planning. In other words, more experienced meeting planners who organize many meetings a year have more power in decision making. On the other hand, the age of a meeting planner didn't show any relevance in the decision process.
The hypotheses that every meeting planner would have high responsibility in "during" phase of the work turned out correct. However, the last hypotheses that a meeting planner's "before" meeting responsibility is related to "after" meeting responsibility turned out not true.
What the author has tried to find in this study has many limitations to represent all the corporate meeting market. This attempt, however, can be a foundation for those who would broaden and deepen their studies in this part of the convention industry.