DIGMA PAULINE P. BSHM 3-1 1. Explain the importance of funding Mice Management? Tourism is related to the travel for business purposes. A business person has to travel outside the city, state or country for business related purposes. Although, travel sector can be broadly classified into different types, but MICE tourism has gained its importance in recent years. The MICE (meetings, incentives, conferences and exhibitions) industry is considered a big part of business tourism sector. However, there were only 18% of the total number of tourists constituted meeting participants only, but the annual tourism revenue that they contributed is 32%. That is why, hosting any business event is considered to be highly effective way to augment the country’s tourism income. 2. Describe some fundraising activities? Peer-to-Peer Fundraising Peer-to-peer fundraising is perfect for all types of event fundraising! Common ideas include walkathons, bikeathons, or fun runs. P2P fundraising encourages donors to reach out to their friends and family to engage a larger community in their fundraising effort. Charity Auctions Auctions are some of the most profitable fundraising events around. With so many amazing prizes on the line, donors won't be able to resist contributing to your cause. Plan ahead to get the best auction items and start planning your next charity event today! Create Custom T-Shirts Adding unique gear like t-shirts can be a great addition to your next fundraising event. T-Shirts can pair with your existing fundraising efforts or be an add-on item provided to volunteers or teams. The nice part about custom gear is that it gives participants something to keep as a memento after the event is over.. Explain some practical tips when looking for sponsorships? Selling sponsorship is a highly individual game. There is no one-size-fits- all. Every potential sponsor will have their own needs and preferences and requires individual solutions. Event and trade show managers, on the other hand, love to work by standards. Otherwise, it would be difficult to efficiently market and organize large events. While it is common practice in companies to organize an exhibition stand, the mechanics of sponsorship are quite different. At the end of the day, it is very time-consuming for a company to execute a sponsorship engagement with high publicity impact Sponsorships and advertising offers are typically in need of explanation While most companies will know how to evaluate a stand position at a show in terms of visitor flow, frequency and the surrounding companies, this is not so easy with advertising offers and sponsorships. Your sales team will have to do a lot of explanation work . Discuss the meaning and importance of budgeting? Budgeting creates a spending plan for your money and can help ensure there is always enough money to pay for food, bills, and other expenses. Having a budget is a good tool to avoid credit card debt and promotes saving. Credit card spending can make it difficult to understand how much you are spending and could cause you to come up short when the credit card bill s due Making a budget and strictly following the plan will keep you on track and allow you to fully understand where your money is being spent. Spending on credit cards can easily allow for purchases that are not necessary and that could derail your planning Part of your budget should be allocated to saving for retirement and extinguishing debt. Typically, debt is more important to pay off since it will free money in your budget that can be allocated elsewhere like saving. Set your saving goal realistically and celebrate milestones along the way to encourage commitment.