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Kin 255 > Chapter 4: Developing Leisure Products in the Experience Economy > Flashcards

Chapter 4: Developing Leisure Products in the Experience Economy Flashcards

1
Q

what did leisure services used to be considered and what now

A

conventionally were in services sector but now considered experiences
has implication for how we program

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2
Q

what did humans first economic endeavors revolve around

A

farming and mining (extracting) so there wasn’t a lot of free time for leisure pursuits

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3
Q

what happened when extracting became more efficient

A

fewer people were needed to do the same work freeing up more time for leisure

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4
Q

around 1850, the industrial revolution what happened

A

people moved from rural to city to work in factories producing goods or manufacturing and again adding to people’s leisure time

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5
Q

what happened around 1980

A

another shift occurred and services (including leisure) became 50% of Gross national product

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6
Q

what is happening now in 21st century

A

people believe we are moving into experience economy where commodities, goods, and services are most successfully sold when marketed as contributing to an experience

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7
Q

today

A

experiences are an important economic end

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8
Q

what separates a service from an experience

A

notion of engagement and participation by the participant in creating the experience

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9
Q

what sector of economy are we primarily in

A

experience sector although we also provide services, and some market goods

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10
Q

what are programmers responsible for

A

developing marketable leisure experience products that will attract a participant base and provide adequate revenue streams

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11
Q

what are the 4 sectors economists classify economic value into

A

extracting
manufacturing
delivering
staging

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12
Q

what do each 4 sectors of economic value provide

A

specific economic activity

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13
Q

what are 4 sectors of economic activity

A

extracting - commodities
manufacturing - goods
delivering - services
staging - experiences

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14
Q

commodities

A

things that have little differentiation from the products
ex) wheat is wheat

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15
Q

what happened when fewer people were needed to create same amount of goods and same quality

A

displaced people into service industry

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16
Q

what happened when services became 50% of gross product

A

people in service industry became upset because people in service are paid less then manufacturing industry

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17
Q

where are we today

A

staging - experiences

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18
Q

what are all used to created memorable and lasting experiences

A

commodities, goods, and services

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19
Q

1st implication of us being experiential economy

A

we could potentially have additional competition for our audience

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20
Q

2nd implication of us being experiential economy

A

we think differently about how offering goods and services to people
ensuring we are achieving experiences we aim to create

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21
Q

3rd implication of us being experiential economy

A

attributes of leisure experience that we put forth, describe the ultimate experience developed, leisure is gold standard experience and we know how to stage in

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22
Q

4th implication of us being experiential economy

A

consumers prefer to spend their ressources on services and experiences rather than commodities and good because theyre valued higher

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23
Q

5th implication of us being experiential economy (most important)

A

programs we have produced for years as programmers or leisure experiences are now a category of economic activity
- do not have to justify the production of these experiences

24
Q

what does product identify

A

goods, services, experiences

25
Q

what can be done with product

A

be brought to the market place and sold for use in leisure

26
Q

service

A

a set of intangible activities carried out on the customer’s behalf
ex) organizing trip for someone

27
Q

experiences

A

set of events staged to engage the customer in a memorable way

28
Q

goods=

A

physical entities (tangible)
includes supplies and equipment

29
Q

supplies

A

consumable products used while participating in leisure (golf balls, camera film, art supplies)

30
Q

equipment

A

nonconsumable product used to participate in leisure (rackets, ballet shoes, scuba equipment, golf clubs)

31
Q

how do people prefer to acquire goods

A

at lowest possible price to free up their money to spend on services and experiences

32
Q

what needs to happen with supplies

A

needs to be continually replenished
represent an ongoing source of income for the agency

33
Q

where do many agencies sell supplies

A

on site as they can charge premium prices for them

34
Q

what can supplies include

A

associated merchandise like food, beverages, and souvenirs

35
Q

what will many business savvy programmers do with supplies

A

provide ones needed to facilitate participation at point close to use, and to use these sales as additional revenue stream

36
Q

what can equipment be

A

an important revenue stream

37
Q

what do most commercial operations have for equipment

A

pro shops or other retail outlet to sell equipment associated with activity offered

38
Q

services

A

intangible entity
activity carried out on the customer’s behalf where they do not possess a physical item as result of purchase

39
Q

2 types of service

A

personal services
equipment and venue rentals

40
Q

personal services

A

a helpful function related to leisure participation for which a fee is charged ex) stringing tennis racket, someone who varnishes boat
paying someone to do something you dont want to do yourself

41
Q

equipment and venue rentals

A

the rental of recreation and leisure equipment and venue space
ex) rent goalie equipment

42
Q

experience

A

pleasant memories
a series of staged events that engage a participant and result in pleasant, recallable memories

43
Q

2 types of experiences

A

activities
events

44
Q

activities

A

focused participation in a specific occasion of interaction (single interaction)

45
Q

events

A

a collection of activities organized around a theme or purpose
may become a special event if there is something unique about them

46
Q

what are activities in leisure and recreation

A

the basic unit of participation
therefore the primary unit that may be packaged for sale

47
Q

what do event formats include

A

parades, health fair, clinics, or workshops, softball tournament

48
Q

6 selling activities to create revenue streams

A
  1. selling instruction in activity
  2. renting equipment needed for activity
  3. charging admission to unique space needed for activity
  4. selling equipment needed for activity
  5. charging for organizing and arranging participation in an activity
  6. selling needed ancillary supplies like food, water, and lodging while participating
49
Q

what can expanding product lines do

A

attract infrequent users who already like the activities to do more of the activity
rather then find new participants

50
Q

how can you expand a softball product line for people who already enjoy it

A
  • tournaments
  • weekend getaway
  • fantasy camp
  • equipment pro shop
  • skills improvement clinic
  • diamond rental
51
Q

example of financing of 1 day parade

A

may be no cost to spectators but parade participants pay entry fee

52
Q

what possible revenue streams can events have

A

entrance fees for contestants, spectator admission fees, concession sales, souvenir sales, parking fees

53
Q

why is it important for programmers to plan many free activities during larger events

A

draw crowd and thereby create a critical mass of customers

54
Q

what else must the programmer also provide enough of

A

revenue producing activities to support the non-revenue producing activities

55
Q

what may large events often need

A

additional financial support from corporate sponsors
need to offer sponsor benefits

56
Q

top 1-5 factors corporate sponsors look for in an event

A
  1. total audience
  2. sponsor service/follow-through
  3. sponsorship fee
  4. other sponsors
  5. name in the event title
57
Q

top 6-10 factors corporate sponsors look for in an event

A
  1. event history/success
  2. right of first refusal
  3. signage
  4. media coverage
  5. category exclusivity

Kin 255 (13 decks)

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