Topic 1&2
What was the title for topic 1?
Assessing the Market
What kind of great potential does festivals have?
Economic
What are Non-residents who bring new money to an area are typically referred to as?
Tourist or visitors
what is step one in creating useful and meaningful information?
Identify the geographic area
Special events have what type of lifespan?
What is the heart of designing on event?
Creating an impact
Are festivals more or less newsworthy than a monthly concert?
They are more newsworthy.
What should be the focal point of the economic analysis?
Expenditures by visitors
What should be tested on individuals prior to the implementation of an event?
the survey
What is a challenging task one must consider when planning on event?
Event activity pricing
What type of cost must be carefully considered when planning an event?
Substitution cost
What is the name of the term for the definitions "the net economic change in a host economy, excluding non-market values, that results from spending attributed to the event"?
Economic Impact
When attempting to measure the economic impact of an event on local economy what should you not consider?
Visitor motivations and the multiplier effect
What is an important component of the initial feasibility study that should be undertaken prior to the commitment of resources to an event?
Cost benefit analysis
What is the title of topic 9?
Maximizing revenue at your event
What type of music venues experience financial difficulties?
Classical
What is the title of topic 4?
What is an Economic Impact
Many event organizers, supporters, and politicians will promote an event based on what?
What are the three types of cost that are considered when planning an event?
opportunity costs, impact costs, and displacement costs
Is special events having a limited lifespan a strength or weakness for planners?
it's a strength
Are the production cost of festivals less or more then other community events?
They are less
what is this equation "number of visitors x average spending per visit x multiplier" known as?
The economic impact equation
There is a tendency for event organizers and supporters to do what?
overstate the economic impact of an event
what is impact costs?
Includes cost of additional equipment, supplies, labor, and time invested in an event.
What's one thing someone must consider when planning an event?
Perceived value of event, Real cost, attendance numbers, competition, competing leisure opportunities, capacity, costs associated with attendance