Hallmark event Essay Example

  • Category:
    Business
  • Document type:
    Essay
  • Level:
    Undergraduate
  • Page:
    2
  • Words:
    1252

Hallmark Events

Question 1: The Authenticity of Rural Festivals

When you think of rural areas, the first thing that comes into your mind is authenticity. On one hand, rural activities are more inclined on the subsistence rather than the economic dimension of life. Although rural activities such as agriculture have economic significance, the degree to which the rural dwellers are aware of this is wanting. As such, the level of authenticity in whatever activity rural people engage in is always high. Festivals and events fall in the category of activities that are carried out with realism in the rural areas. However, it goes without saying that festivals and events play an important role in the development of both rural and urban areas. This is primarily because events and festivals have the potential of bringing members of the society together and promote harmony.

These festivals and events represent significant cultural beliefs passed on from the ancestors of the community and the celebrations are done to honour them community’s heroes and legends. The other reason rural festivals are regarded as authentic is because not only do they serve to preserve the community’s heritage, but also to give members of the society an opportunity to participate in the development of the community. Rural festivals, such as the folk festival, differ from urban-based events in the sense that they involve the members of the community that share similar beliefs and culture. The urban festivals are inclined towards promoting national and international cohesion as well as the harmonious coexistence of nations, which is a prerequisite for trade cooperation.

Folk festivals are community based festivals that take place at a local level hence availing opportunities to the members of the rural society to leverage themselves from the economic constraints brought about by rural-urban migration. The industrial revolution brought about economic imbalances between the rural and the urban areas. Economic constraints followed as the youth and the elderly migrated to the urban centres leaving the rural areas devoid of the active population segment, which is a requirement for economic activities. Rural events are regarded as authentic because of their ability to attract tourists in their natural form without prior awareness creation in the media as is the case with urban-based events.

Question 2: Measuring the Economic Impact of an Event

Events and festivals involve a diverse number of stakeholders and players in the market. They bring together huge crowds of people from different walks of life and regions. Urban-based events and festivals have far-reaching positive effects as compared to the local and rural ones, which are specific in nature in the sense that they involve members of a particular community. Prior to the occasion, festivals and events involve huge injections of funds that serve the purpose of creating awareness and advertising. The practice of awareness creation and dissemination of information regarding the events is carried out by the mainstream public media as well as social media platforms.

A study of the economic impact of events is meant to establish the effects of an event or festival on the economy of the country, state, nation or city in which it has or is about to take place. The study first establishes basic information such as the venue of the event, the number of attendees, the amount to be charge as the entry fee and the date of the event as well as the origin of the attendees. This is very important information as it enables the students of the economic impact of an event to come up with an exclusive report that is can provide reliable information to the stakeholders in the political and the business arena.

After the identification of the basic information about the event, the next step is the study on the stakeholders involved in the organization of the event. They could be suppliers, performers, donors, local authorities, sponsors, participants as well as the taskforce that include both volunteers and those on a payroll. The other thing established in the study is the statistic of the people in attendance. This is done to distinguish between the locals and the foreigners that have attended the event. It is also important to note that the means of transport used by those in attendance to come to the venue is also studied. Additionally, the commodities bought by those in attendance as well as where they buy them from are also an important piece of information used by those who study the economic impact of events.

Finally, the statistics are taken and used for the calculations that will then determine the economic impact of the event. However, it is important to note that the locals are not included in the calculation. This is because the essence of the study is to establish the potential of events to attract foreign visitors. The foreign attendees contribute positively to the economy by bringing foreign exchange to the country hosting the event.

Question 3: Long-Term Legacy Implications of the Olympics

The Olympics is one of the world’s most celebrated events that trace its roots 3500 years ago. The event is one that calls for heavy investments from both the government and other investors in the sports industry. Despite the heavy investments required in the preparations of the Olympics, the government is always more than willing to sponsor the events. This is because of the returns that are realized from the investment especially on the hosting country’s revenue as well as development as a whole. The preparations of the Olympics games take time, hence; the country hosting the events is notified early in advance, five to seven years earlier, so as to be able to have ample time for preparations.

Hosting the Olympics is more of a privilege considering the implications on the economy and development in infrastructure. In 2000, the Olympics were hosted in Sydney, the second time for the Olympics to be held in Australia. The event saw the city grow into an international travel destination as infrastructure was established in preparation for the games. The economy of Australia was boosted by the returns realized from the hosting of the event. The long term legacy implications of the Olympics in Sydney include the establishment of the city as a tourist destination of choice for most of the revellers from all parts of the world.

The hosting of the Olympics games in Barcelona transformed the economy of the whole of the Spain nation. Today, the city of Barcelona is known for the magnificent sandy beaches that were developed during the preparations of the event that was to take place in the year 1992. The city’s tourism industry owes the success to the Olympics that were responsible for a huge turn up in attendance of the event. There was a great investment made on the infrastructure of the city both on the roads and the beaches that were developed prior to the events.

In addition, the whole of the Spain nation boasts of a thriving sports industry with Real Madrid as the most profitable football team in the world. These successes are associated with the heavy investments made in the Olympics games in 1992. The rate of unemployment in the city dropped significantly as a result of the developments made in the city of Barcelona, in preparation for the Olympics games. This is because of the establishment of first class restaurants and accommodation facilities for the foreign visitors. These hallmark achievements in Sydney and Barcelona reveal the impact of events on the economy of the country.