This subject focuses on how markets for tourism, hospitality and leisure services operate. Businesses in these sectors operate in competitive environments and managers are required to make decisions about investment in capital, people and marketing activities that require understanding of how market forces will impact their business. Topics include domestic and international market structure, principles of demand and supply for leisure services, impacts of government policy, impacts of exchange rates and trade agreements on tourism, tourism and regional economic development in advanced and developing countries, environmental economics and tourism.
|Academic unit:||Bond Business School|
|Subject title:||Tourism and Hospitality Economics|
Delivery & attendance
|Attendance and learning activities:||Students are expected to attend all sessions (Lectures and Tutorials). Most sessions build on the work covered in the previous week and it is difficult to recover if you miss a session. To ensure successful learning in this subject it is a requirement that students come to class having completed any required readings; preparation for discussion or other activities as advised.|
|Prescribed resources:|| |
|[email protected] & Email:||[email protected] is the online learning environment at Bond University and is used to provide access to subject materials, lecture recordings and detailed subject information regarding the subject curriculum, assessment and timing. Both iLearn and the Student Email facility are used to provide important subject notifications. Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student.|
To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au
Assurance of learning
Assurance of Learning means that universities take responsibility for creating, monitoring and updating curriculum, teaching and assessment so that students graduate with the knowledge, skills and attributes they need for employability and/or further study.
At Bond University, we carefully develop subject and program outcomes to ensure that student learning in each subject contributes to the whole student experience. Students are encouraged to carefully read and consider subject and program outcomes as combined elements.
Program Learning Outcomes (PLOs)
Program Learning Outcomes provide a broad and measurable set of standards that incorporate a range of knowledge and skills that will be achieved on completion of the program. If you are undertaking this subject as part of a degree program, you should refer to the relevant degree program outcomes and graduate attributes as they relate to this subject.
Subject Learning Outcomes (SLOs)
On successful completion of this subject the learner will be able to:
- Describe the nature of tourism and hospitality organisations and the characteristics of the markets in which they operate. [This learning outcome relates to Bond Graduate Attribute 1 and 2]
- Analyse the factors that affect demand for, and supply of, tourism and hospitality services. [This learning outcome relates to Bond Graduate Attributes 1 and 2]
- Evaluate the objectives of government policy in relation to tourism and hospitality and describe the nature of the policy instruments used. [This learning outcome relates to Bond Graduate Attributes 1 and 2 above]
- Describe the economic impacts of tourism and hospitality at national and regional levels and the role of the tourism and hospitality industries in the global economy. [This learning outcome relates to Bond Graduate Attributes 1 and 2 above]
- Evaluate the impact of globalisation on the tourism and hospitality industries. [This learning outcome relates to Bond Graduate Attributes 2 and 3 above]
- Describe the role of environmental resources in the leisure and tourism and industries and the nature of market failure in relation to these resources. [This learning outcome relates to Bond Graduate Attributes 2 and 3 above]
|*In-Class Quiz - Individual||Mid Semester Test||20%||Week 6||1, 2.|
|Essay||Written Report||30%||Week 10||4, 5.|
|*Showcase Portfolio||Portfolio of Readings and Exercises||10%||Week 12||1, 2, 3, 4, 5, 6.|
|Paper-based Examination (Open)||Final Examination||40%||Final Examination Period||1, 2, 3, 4, 5, 6.|
- * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
|High Distinction||85-100||Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking.|
|Distinction||75-84||Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas.|
|Credit||65-74||Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above.|
|Pass||50-64||Usually awarded to students whose performance meets the requirements set for work provided for assessment.|
|Fail||0-49||Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines.|
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
Students must check the [email protected] subject site for detailed assessment information and submission procedures.
Policy on late submission and extensions
A late penalty will be applied to all overdue assessment tasks unless an extension is granted by the subject coordinator. The standard penalty will be 10% of marks awarded to that assessment per day late with no assessment to be accepted seven days after the due date. Where a student is granted an extension, the penalty of 10% per day late starts from the new due date.
Policy on plagiarism
University’s Academic Integrity Policy defines plagiarism as the act of misrepresenting as one’s own original work: another’s ideas, interpretations, words, or creative works; and/or one’s own previous ideas, interpretations, words, or creative work without acknowledging that it was used previously (i.e., self-plagiarism). The University considers the act of plagiarising to be a breach of the Student Conduct Code and, therefore, subject to the Discipline Regulations which provide for a range of penalties including the reduction of marks or grades, fines and suspension from the University.
Feedback on assessment
Feedback on assessment will be provided to students within two weeks of the assessment submission due date, as per the Assessment Policy.
Accessibility and Inclusion Support
If you have a disability, illness, injury or health condition that impacts your capacity to complete studies, exams or assessment tasks, it is important you let us know your special requirements, early in the semester. Students will need to make an application for support and submit it with recent, comprehensive documentation at an appointment with a Disability Officer. Students with a disability are encouraged to contact the Disability Office at the earliest possible time, to meet staff and learn about the services available to meet your specific needs. Please note that late notification or failure to disclose your disability can be to your disadvantage as the University cannot guarantee support under such circumstances.
Introduces students to the topics and issues that will be covered in this subject. Tutorial: No tutorial this week. Reading: Tribe (2016), Chapter 1.
Introduces the basic concepts of demand and supply in the context of tourism and hospitality markets. Required Reading: Tribe (2016), Chapter 2 & 3.
Introduces the concept of elasticity of demand in the context of tourism and hospitality services. Required Reading: Tribe (2016), Chapter 4
Introduces the concept of elasticity of supply and describes the impact of fixed and variable costs on the firms decision to supply services. Required Reading: Tribe (2016), Chapter 5
Considers the effects of market structure on pricing strategies in the private sector and the issues related to pricing in the public sector. Required Reading: Tribe (2016), Chapter 6.
Describes the principles of the 'free market' approach and examples of government intervention to correct market failure in tourism and leisure. Required Reading: Tribe (2016), Chapter 7.
Describes the elements of the macroeconomic environment which impact the tourism and hospitality industries. Required Reading: Tribe (2016), Chapter 8 & 9
Describes the methods of measuring and expressing the impacts of tourism at a macroeconomic level. Required Reading: Tribe (2016), Chapter 12.
Describes the role that tourism plays in regional economic development and regeneration in both urban and rural areas. Required Reading: Tribe (2016), Chapter 13.
Describes the role that tourism plays in trade between nations and the effects of trade liberalisation on tourism. Require Reading: Tribe (2016), Chapter 14 & 15.
Considers the role that natural environments play as inputs to tourism and the techniques used to value and manage environmental services. Required Reading: Tribe (2016), Chapter 16
Considers the nature of investment in tourism, hospitality and leisure. Required Reading: Tribe (2016), Chapter 10 & 11.
Revision exercises and preparation for the final exam.