STHM 10.5.15 STHM 1113
Popular in THE BUSINESS OF LEISURE
Popular in Recreation and Leisure Studies
This 2 page Class Notes was uploaded by Sara Will on Tuesday October 6, 2015. The Class Notes belongs to STHM 1113 at Temple University taught by Altschuler, Benjamin in Summer 2015. Since its upload, it has received 33 views. For similar materials see THE BUSINESS OF LEISURE in Recreation and Leisure Studies at Temple University.
Reviews for STHM 10.5.15
Report this Material
What is Karma?
Karma is the currency of StudySoup.
Date Created: 10/06/15
BOL 10515 Why leisure industries 91 of money invested Leisure excellent area over 2 trillion spent in US on leisure Only 3 comes from public sector Most is personalprivate Why are the leisure industries different Leisure is a choice No one has to do it Many alternatives Gain an upper hand in the industry not through traditional principles Product may not be in demand but quality and attractive products can create demand lt39s Alive And then it Isn39t Yoga Huge market both nationally and in Philadelphia 42 more likely to do Yoga in Philly ls it a Fad Product Life Cycle lntro growth peak plateau leads to adequate base No product has unlimited growth no lstraight line forecasts About knowing will it lastor just a fad Leisure Markets are Weird The 8020 Rule Not a lot of constant leisure participation Only 2025 consistently 3920 of market provide 80 of participants Specialized and Niche Markets z of 1 Rule Success from a small amount of users highly devoted and specialized Possible growth areas Heuristics A heuristic is an approach to problem solving or learning that is practical but not guarenteed to produce the right results Generally sufficient for immediate goals System 1 heuristic Experience is key to this heuristics Make decisions based on past experience Good for quick decisions System 2 heuristics Better for long term business decisions Takes into account more information Corrective of system 1 Requires a great deal of effort WYSIATI What you see is all there is When making a business decision often what you see is what you get World is multivariate Yet what is obvious is not always correct Domain assumptions Color our decisions though we do not know it Different perspectives l Can Change the Word A great thing to think ln business though the reality is more depressing Hard to change people s behavior What s the moral Past behavior best predicts future behavior There are exceptions but Baseline numbers provide best insight Money Bart httpswwwsimpsonsworldcomvideo275968067882episode263531587720 Bart hit a home run but often the numbers do not lie Do not ignore the numbers Rely on the numbers about potential customers and their multiple types of behavior Type of numbers is essential Small localized numbers are not always good to generalize from Start with potential client based numbers Behavior and preferences often remain as they were Like the video shows sometimes judgment is better then all this though For Friday please read chapter 4 from Kelly on Target Markets