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On the strategic management of an events portfolio to extend tourists’ length of stay: a LASSO approach

Brian Garrod Orcid Logo, António Almeida

Current Issues in Tourism, Volume: 26, Issue: 3, Pages: 1 - 18

Swansea University Author: Brian Garrod Orcid Logo

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DOI (Published version): 10.1080/13683500.2021.2010673

Abstract

Tourism destinations are increasingly recognising the potential for additional benefits to be captured by managing their events as a strategic portfolio. By identifying and exploiting relatedness between key event variables, otherwise inaccessible benefits can be cross-leveraged from the portfolio a...

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Published in: Current Issues in Tourism
ISSN: 1368-3500 1747-7603
Published: Oxford Informa UK Limited 2021
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URI: https://cronfa.swan.ac.uk/Record/cronfa58700
first_indexed 2021-11-18T12:11:40Z
last_indexed 2024-11-14T12:14:09Z
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spelling 2024-07-10T13:17:14.4978431 v2 58700 2021-11-18 On the strategic management of an events portfolio to extend tourists’ length of stay: a LASSO approach 4f81981d78ed3082b232463da24d1bb9 0000-0002-5468-6816 Brian Garrod Brian Garrod true false 2021-11-18 CBAE Tourism destinations are increasingly recognising the potential for additional benefits to be captured by managing their events as a strategic portfolio. By identifying and exploiting relatedness between key event variables, otherwise inaccessible benefits can be cross-leveraged from the portfolio as a whole. Developing a methodology for putting such a strategy into practice has, however, thus far eluded researchers. Indeed, the empirical research has thus far focused almost entirely on single events, considered in isolation. The purpose of this study is, therefore, to propose and test a parsimonious method for determining relatedness in the determinants of length of stay across a portfolio of events. This involves using sparse regression, based on the LASSO approach, using data from an event portfolio in Madeira. The LASSO method can be considered particularly advantageous because it produces results that are easily interpretable by event managers and are thus able to inform marketing strategies. The results from Madeira illustrate this by identifying four areas of close relatedness that could be cross-leveraged through the co-ordinated strategic marketing of the portfolio at the destination level. The approach uses readily obtainable data and, as such, represents a practical tool for event portfolio management that can readily be applied elsewhere Journal Article Current Issues in Tourism 26 3 1 18 Informa UK Limited Oxford 1368-3500 1747-7603 event; length of stay; portfolio, sparse regression; strategy; synergy 4 12 2021 2021-12-04 10.1080/13683500.2021.2010673 COLLEGE NANME Management School COLLEGE CODE CBAE Swansea University None 2024-07-10T13:17:14.4978431 2021-11-18T12:06:25.1199848 Faculty of Humanities and Social Sciences School of Management - Business Management Brian Garrod 0000-0002-5468-6816 1 António Almeida 2 58700__21823__cfe84eb7acc346cbbf56db4e089345ff.pdf AAM.pdf 2021-12-06T16:30:53.0132601 Output 557215 application/pdf Accepted Manuscript true 2023-06-04T00:00:00.0000000 Released under the terms of a CC BY-NC license. true eng https://creativecommons.org/licenses/by-nc/4.0/
title On the strategic management of an events portfolio to extend tourists’ length of stay: a LASSO approach
spellingShingle On the strategic management of an events portfolio to extend tourists’ length of stay: a LASSO approach
Brian Garrod
title_short On the strategic management of an events portfolio to extend tourists’ length of stay: a LASSO approach
title_full On the strategic management of an events portfolio to extend tourists’ length of stay: a LASSO approach
title_fullStr On the strategic management of an events portfolio to extend tourists’ length of stay: a LASSO approach
title_full_unstemmed On the strategic management of an events portfolio to extend tourists’ length of stay: a LASSO approach
title_sort On the strategic management of an events portfolio to extend tourists’ length of stay: a LASSO approach
author_id_str_mv 4f81981d78ed3082b232463da24d1bb9
author_id_fullname_str_mv 4f81981d78ed3082b232463da24d1bb9_***_Brian Garrod
author Brian Garrod
author2 Brian Garrod
António Almeida
format Journal article
container_title Current Issues in Tourism
container_volume 26
container_issue 3
container_start_page 1
publishDate 2021
institution Swansea University
issn 1368-3500
1747-7603
doi_str_mv 10.1080/13683500.2021.2010673
publisher Informa UK Limited
college_str Faculty of Humanities and Social Sciences
hierarchytype
hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Management - Business Management{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Business Management
document_store_str 1
active_str 0
description Tourism destinations are increasingly recognising the potential for additional benefits to be captured by managing their events as a strategic portfolio. By identifying and exploiting relatedness between key event variables, otherwise inaccessible benefits can be cross-leveraged from the portfolio as a whole. Developing a methodology for putting such a strategy into practice has, however, thus far eluded researchers. Indeed, the empirical research has thus far focused almost entirely on single events, considered in isolation. The purpose of this study is, therefore, to propose and test a parsimonious method for determining relatedness in the determinants of length of stay across a portfolio of events. This involves using sparse regression, based on the LASSO approach, using data from an event portfolio in Madeira. The LASSO method can be considered particularly advantageous because it produces results that are easily interpretable by event managers and are thus able to inform marketing strategies. The results from Madeira illustrate this by identifying four areas of close relatedness that could be cross-leveraged through the co-ordinated strategic marketing of the portfolio at the destination level. The approach uses readily obtainable data and, as such, represents a practical tool for event portfolio management that can readily be applied elsewhere
published_date 2021-12-04T20:07:36Z
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score 11.04748

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