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How important is price in determining demand for travel

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Reference no: EM132285475

Read Article: Travel Advisories

1. Travel Advisories

After reviewing the US State Department travel advisories, what are your thoughts on this site? Is this a useful place to help you determine where and how to travel? What impact could a travel advisory have on a nation? How would a nation manage or fix the travel advisory?

2. Price

How important is price in determining demand for travel? Explain price elasticity of demand. What are the three (3) situations in price elasticity? How do these relate to pleasure travel demand?

3. Income Elasticity

Discussion Question - Income Elasticity

What is meant by income elasticity of demand? How is the new demand calculated if we know what change occurred in income? How would a tour company utilize such data in making the price decision?

4. Income Multiplier

Discussion Question - Income Multiplier

Describe the income multiplier. How does leakage affect it? Why? Describe methods by which a resort community could increase its tourism income multiplier. Its employment multiplier. How is the income multiplier calculated? What are some of the problems of obtaining data needed to make the calculation?

5. Tourism Policy

Discussion Question - Tourism Policy

What is "Tourism Policy?" Why is Tourism Policy important? What are the likely consequences of failing to develop a tourism policy for a given destination? How might Tourism Policy differ from different types and level of destinations?

6. Interfaces

Discussion Question - Interfaces

What other sectors of the economy/society provide particularly significant "interfaces" that must be effectively managed for successful tourism?

Reference no: EM132285475

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