Institutionalization of Exhibition and Convention Activity in Innovation-Based Economy

Abstract

The meaning of exhibition and convention activity is currently undergoing serious changes. Contemporary forums and exhibitions promote goods and services, as well as create new social, economic, and political relation standards. The contemporary crisis has revealed some regulatory gaps. However, innovative marketing approach to exhibition and convention events can help industry to recover and grow. Exhibition and convention events produce not only economics effects: they also promote institutional, public, and innovative development. The present research featured cooperation and coordination of stakeholders in exhibition and convention activities, as well as related legal, marketing, and theoretical factors. The research objective was to develop the economy of events – a new methodological approach to assessment of non-material effects of exhibition and convention activity. The research was based on the methods of institutional economics; the paper offers an analysis of existing legal frameworks and standards. The author believes that exhibition and convention sphere needs institutional background based on the interaction of existing norms and methods within event system. This theoretical aspect made it possible to consider the role of events in the context of building sustainable interrelationships between institutes and society, as well as to reinterpret the role of exhibition and convention activity in the modern agenda.