STHM 1113 Study Guide - Fall 2018, Comprehensive Midterm Notes - Time, National Football League, Baby Boomers
12 Oct 2018
School
Course
Professor
STHM 1113
MIDTERM EXAM
STUDY GUIDE
Fall 2018
• How do people spend their disposable income?
◦ 8-10% of income
◦ Includes food, alcohol, entertainment
◦ Philadelphia has to compete with multiple cities to bring large events
▪ Ie: Fighting with Dallas for the NFL draft
• Economics of Leisure
◦ Tourism and Hospitality
▪ Directly contributes $1.3 Trillion in revenue
▪ Indirectly $7 trillion
▪ 266 million jobs
◦ Local Economics
▪ Tourism and Hospitality
▪ $10 billion to the local economy
▪ 90,000 jobs
▪ NFL Draft
▪ Employed over 200 people
▪ Last Eagles playoff game vs the Saints in 2014 added $10 million in
revenue (hotels, shopping, food, travel, eat)
▪ STHM did the economic impact study of the draft
▪ 250,000 people attended between April 27-29
▪ Hotel occupancy was unexpected; numbers were lower than
anticipated
▪ Airbnb, staying with family and friends, public transport made it
easier for surrounding neighborhoods
▪ NFL has publicity issues
▪ Domestic violence and abuse
▪ Player safety (concussions)
▪ Trying to expand viewership
▪ Trying to tap in the European market
▪ Have the hardest image model of the 5 major leagues
• What do we study in sport, tourism, and leisure industries?
◦ Was the NFL draft a success for the city of Philadelphia? How do we know?
◦ How do you establish ticket prices for events?
◦ How do you choose a team mascot for a MLS team?
◦ How do we increase tourism to our city/state/country?
◦ How do we forecast hotel occupancy better?
◦ What is the fan experience at each MLB park?
• Wall Street
◦ Trading happens on the US Stock Exchange
◦ NYSE and NASDAQ
▪ Dow: A price weighted average of 30 significant stocks traded on the NSYE
and NASDAQ
find more resources at oneclass.com
find more resources at oneclass.com
◦ Subsidiaries: The companies under a conglomerate
◦ Bellwether: One company can be an indicator of how the rest of the economy is
doing
▪ Ex: Disney can predict how we’re spending our disposable income
◦ Revenue: The money that people spend that the company makes (income generated
from sales)
▪ What are sales? How much money are we making?
▪ Hasn’t factored in expenses yet
◦ Profit: The difference between what it costs to make and sell a product and what a
customer pays for it
▪ Also, the surplus remaining after costs are deducted from revenue
◦ Bullish: A positive outlook on business activity for a future period of time
▪ Investors believe stock prices will rise
◦ Bearish: Feelings of pessimism; downward trends in stock prices; markets are
hibernate
◦ Value Proposition aka Value Prop
▪ Every successful organization and employee can articulate its value prop
▪ What you do well and how you differentiate yourselves from competitors?
• Applying Concepts in STHM Fields
◦ Quality control: Reducing errors and mistakes in business processes to ensure a high
quality customer experience or product
▪ Sport and Rec: Ticket sales, merchandise, quality and authencity, recruiting,
housekeeping, stadium entry/security
▪ Tourism and Hospitality: Hotel check-in, booking process, room quality
◦ Market Disruptors: Often created by technology advancements
▪ Tourism and Hospitality: Airbnb, online booking for hotels or airlines
▪ Sport and Rec: Secondary ticket markets (Stubhub)
▪ Non-technological disruptors: Hurricane Harvey and Irma (disrupting sporting
contests, hotel bookings, travel); North Korean missile tests (2018
Olympics?); U.S. Immigration policy (hotels and restaurants)
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Philadelphia has to compete with multiple cities to bring large events. Ie: fighting with dallas for the nfl draft. Tourism and hospitality: how do people spend their disposable income, economics of leisure. Last eagles playoff game vs the saints in 2014 added million in revenue (hotels, shopping, food, travel, eat) Sthm did the economic impact study of the draft. Hotel occupancy was unexpected; numbers were lower than anticipated. Airbnb, staying with family and friends, public transport made it easier for surrounding neighborhoods. Have the hardest image model of the 5 major leagues. Player safety (concussions: what do we study in sport, tourism, and leisure industries, wall street. Dow: a price weighted average of 30 significant stocks traded on the nsye and nasdaq. Bellwether: one company can be an indicator of how the rest of the economy is doing. Ex: disney can predict how we"re spending our disposable income.
