Abstract
This research attempts to provide guidelines for the management of the Klein Karoo National Arts Festival by determining factors and identifying the determinants of value for money for this unique tourism product. A survey was conducted during the duration of the festival that was held from 31 March 2012 to 7 April 2012. Seven hundred questionnaires were distributed while 600 completed questionnaires were returned. Statistical analysis consisted of three stages: descriptive statistics to analyse the socio-demographic profile of respondents; after which a factor analysis, focusing on factors influencing value for money perceptions, and a regression analysis were performed. Four factors were identified: experience, amenities, quality and price and event attributes. Of these, it was found that event attributes is the premier factor contributing to value for money at a festival. This study could add to the body of knowledge regarding the travel behaviour of visitors as well as pinpointing what festival attendees perceive as value for money. Consequently, this article can be used to assist managers in providing value for money and in obtaining a competitive advantage in the industry by revising management structures and marketing campaigns.
Highlights
Introduction and backgroundGiven the recent global financial crisis, tourists tend to overanalyse the value they derive from purchases
The debate concerning which factors bring the greatest influence to bear on this perception is affected by the complex nature of the concept of value for money, which may differ from person to person, event to event and from industry to industry (Du Plessis & Saayman, 2015)
In terms of socio-demographic variables, the analyses firstly revealed that gender does not exert an influence on the value for money perceptions
Summary
Introduction and backgroundGiven the recent global financial crisis, tourists tend to overanalyse the value they derive from purchases. In the majority of industries the price of a product is explicit, but the value of the product under discussion depends on the personal tastes and priorities of different tourists (Kirkpatrick, 2009:16) It is extremely difficult to measure value, future value, and even when delivered, products or services are intangible, raising the questions of how one quantifies what truly value is, and does this give broad enough consideration to the collective goals of all stakeholders? The dimension of the term value in literature is extremely diverse, but researchers (Chiang & Jang, 2007:53) agree that consumers describe value as a situation where one receives some kind of benefit The definition of this benefit changes when looking at it from the perspective of different disciplines and different industries. Value may be determined using the following formula (Cant 2005:6; Sweetney & Soutar 2001:203): Value=Perceived benefits/Price
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