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Part I
Theoretical foundations
The first part of the book sets out the conceptual foundations of the event portfolio as a multifaceted social, economic, and cultural phenomenon that merits academic attention. This phenomenon as a new area of study needs to be conceptualized and demarcated within the realm of event management and policy. To this end, the theoretical analysis of portfolios in this book draws primarily upon the areas of event leveraging and event tourism moving forward to the conceptualization of the event portfolio as a tool for multipurpose development that can potentially enable a policy change from using single events to leveraging multiple events for multiple purposes
This, however, requires first a shift in the way we think about and study events. For this reason, the analysis in this book provides a holistic theorization of event portfolios grounded upon an integrative scope that synthesizes different disciplinary approaches to synergize disparate events for achieving a variety of purposes. Consequently, a multi- and interdisciplinary approach permeates the core of the undertaken theoretical analysis by reviewing and integrating pertinent literature as it applies on event portfolios.
In short, the holistic theorization of event portfolios seeks to establish a robust ground for building theory on event portfolio planning and management and instigating interdisciplinary research on this neglected area of event studies. The focus rests on the holistic analysis of event portfolios as systems shaped by stakeholder networks that encompass through the array of events an inclusive tapestry of culture capable of revitalizing the fabrics of host communities, thereby contributing to their sustainable development.
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1.1 From singular to multiple
Although there has been a burgeoning literature on events in recent decades, the tradition is that the different disciplinary perspectives study the various event genres predominantly in isolation from each other, as single events that have socioeconomic impacts for host communities. Thus, research on sport events has been mainly marketing- driven, focusing on economic impacts (e.g., Crompton, 1995; Kim & Uysal, 2003; Mules & Faulkner, 1996) or identifications that events provide to fans (e.g., Funk, 2008; Mahony, Madrigal, & Howard, 2000) and host communities (e.g., Brown, Chalip, Jago, & Mules, 2004; Burgan & Mules, 1992). In contrast, cultural celebrations such as festivals and carnivals have been studied through a more multilayered perspective focusing on aspects of community and identity construction as well as cultivation of polysemy (e.g., Azara & Crouch, 2006; Birenbaum- Carmeli, 1997; Cohen, 1998; Ho, 2000; Hughes, 1999; Mathews- Salazar, 2006; Quinn, 2003). In this regard, the problem lies not in the different foci, but in the innate fragmentation of event studies resulting from the division of different disciplinary approaches, which rarely inform each other so that a common perspective on the management of events might be developed.
In this fragmented context of event studies, mega or hallmark events have notably received most of the attention because of the popular expectation that they can bring substantial impacts for host communities (Getz, 2008; Weed, 2009), including regions, cities, and whole countries. Yet, it has become widely evident that large- scale events, especially one- off events, may create negative economic, sociocultural, and environmental impacts (Gibson, 2007; Hall & Hodges, 1996; Olds, 1998; Prasad, 1999; Ritchie, 1999; Searle, 2002; Shapcott, 1998; Whitson & Macintosh, 1996) that are primarily engendered by the imbalance in the resources invested in large- scale events as well as the predominant interests represented by specific community groups (Getz, 2008; Higham, 1999; Hiller, 1998). On the other hand, there is growing evidence of the socioeconomic value of small- scale events (Gibson, Kaplanidou, & Kang, 2012; Gibson, Will-ming, & Holdnak, 2003; Higham, 1999; Higham & Hinch, 2002; Moscardo, 2008a; O'Brien, 2007; Rao, 2001; Wilson, 2006). Consequently, event scholars call for another approach aiming to balance the resources invested in large- scale and small- scale events, as well as to cater for different groups of the host community.
Getz (2005, 2008, 2012a) was among the first scholars who suggested that host communities can adopt a more balanced approach by developing a portfolio of events of different types and scale. This can benefit all stakeholders by ensuring that the potential contributions of all events are considered and by establishing appropriate support mechanisms. Likewise, Chalip (2004, 2006), in advancing the discourse from an ex post (impact) to an ex ante (leverage) focus, envisaged an event portfolio as a leverageable resource suggesting strategies for the economic and social leveraging of events. A host community can thus create a portfolio of events that take place at different times of the year and that appeal to consumers across the range of psychographic profiles to which the destination seeks to appeal (Chalip, 2004; Getz, 2005; Schreiber & Lenson, 1994). The task, then, for event planners and policy- makers is straightforward: rather than capitalizing on single events, each event needs to be cross- leveraged with others in the host community's portfolio in order to maximize intended outcomes. To this end, event planners need to create synergies among different events and associated economic, tourism, leisure, sport, or sociocultural objectives.
From this standpoint, the value of different events should be assessed in order that each event to be included in the portfolio as part of a strategy that seeks to appeal to a range of market segments and that places events at different times of the year according to regional, market, or environmental conditions (Chalip, 2004, 2005; Chalip & Costa, 2005; Getz, 2005). Moreover, an event portfolio strategy can potentially balance different stakeholder interests (Getz, 2008) by achieving multiple purposes pertaining to economic and community development. To do so, we need to envision and identify the means for leveraging an event portfolio by creating synergies among different events in order to maximize their value (Chalip, 2004, 2005). Therefore, to realize and fully exploit the potential of event portfolios to effectively and efficiently harness the host community's resources and serve different community purposes, what is required first and foremost is a change in the way we think about and study events. This makes imperative the shift of focus from singular to multiple: rather than merely focusing on single events or associated purposes, we need to extend our focus to multiple events and associated purposes (Ziakas, 2010a, 2013). Such a paradigm shift can eventually enable a policy change toward embracing event portfolios as versatile tools in the sustainable development of host communities.
In response, the fundamental thesis of this book is that event outcomes can be optimized and sustained if host communities develop a portfolio of events of different type and scale that can reach a wide range of target audiences and serve an array of purposes. In supporting the argument for a paradigm shift in event studies and in building the tenets capable of leading toward a policy change, this book envisions the vital elements of an event portfolio that are based on a holistic approach. A holistic or comprehensive event portfolio approach views all the different event types as resources that can be harnessed according to an integrative event strategy (Ziakas, 2013). Such a strategy may link events with other policy domains and purposes by creating synergies aimed to optimize the benefits of events. Planners thus need to consider how events complement one another, while seeking to develop synergies among them. Also, the interrelationships among different events and their stakeholders should be recognized so that strategies are synchronized to serve a multiplicity of interests.
However, despite the suggested potential of an event portfolio, there is a surprising lack of research exploring this phenomenon. In fact, there has not yet been any comprehensive and systematic academic study of whole populations of events in host communities (Getz, 2012a). This omission can be attributed perhaps to the fragmented realm of different event genres and the tendency to focus on single events and purposes, which in turn limits our capacity to think about events holistically and consider their manifold dimensions by studying whole populations of events. Consequently, there is limited knowledge about how event managers and host communities can synergize sport, cultural, and other planned events in a portfolio in order to attain, magnify, and sustain their outcomes. From this perspective, by examining the phenomenon of event portfolio, this book addresses the need to advance the discourse in event studies and build knowledge toward developing a holistic framework for planning and managing a series of events and contributing thus to the sustainable development of host communities.
1.2 Conceptual issues and emerging questions
Host communities around the world increasingly assemble events of different type and scale in their portfolios, aiming to increase the reach and outcomes of their events. As Foley, McGillivray, and McPherson (2011) noted, the direction of policy globally is toward more explicitly governed and interventionist events that seek to achieve planned externalities such as economic impact, place promotion, social regeneration, national identity, etc. Accordingly, Richards and Palmer (2010), in examining the emergence and development of “eventful cities,” set out the need for an integrated approach that can maximize the benefits of a city's event program as a whole. For example, the Scottish capital Edinburgh explicitly follows a portfolio strategy in managing its calendar of events, which aims to establish the city as one of the most prominent festival destinations in the world. Likewise, the city of Gold Coast in Australia has developed an event portfolio to leverage events of various sizes and types for multiple benefits. On the other hand, Innsbruck in Austria follows a more specialized strategy capitalizing on its infrastructure to host a portfolio of large- scale sport events, while Gainesville in Filorida appears to have an organic/informal but well-supported portfolio of sport and cultural events that contributes to tourism development. These examples illustrate the diversity of approaches taken by cities to manage and leverage their series of events.
This shift in the development and management of events raises the following critical questions: How can host communities develop and harness a series of recurring and/or one- off sport, cultural, and other types of events? What are the conditions and the means by which synergies and collaboration among different events and their stakeholders can be fostered? This book investigates this phenomenon, attempting to set the theoretical foundations for event portfolios as policy tools and draw implications for their planning and management, and thus advancing theory and practice in event studies.
But before we start investigating this phenomenon, a number of fundamental questions emerge relating to how we conceptualize event portfolios: What is an event portfolio and how can it be best conceptualized? Why study event portfolios? What are the benefits and challenges of event portfolios? Why have event portfolios not been widely studied to date? What are the theoretical foundations of event portfolios? This book elaborates the conceptual grounds of a holistic theory on event portfolios viewing them as a multifaceted sociocultural, and economic phenomenon. A sound theoretical framework can drive the effective design, development, and operation of event portfolios. On this basis, the following policy and operational questions are dealt with: What are the best means for the planning, leveraging, and management of event portfolios? How can event portfolios effectively become policy tools for the sustainable development of host communities?
All the above questions constitute the conceptual problematics of the book and set out the core of the issues addressed and analyzed. As noted, a primary concern is that of conceptualizing the phenomenon of event portfolios. Since the hitherto sparse literature on event portfolios is marketing- driven, the term “portfolio,” meaning how companies develop and market an assortment of products, has naturally been borrowed from business/marketing jargon (e.g., Day, 1977; Henderson, 1970; Urban & Hauser, 1993). Fundamentally, this perspective is based on the modern portfolio theory, which was developed by Harry Markowitz through his pioneering work on “portfolio selection” (1952) in the feld of financial economics. In this seminal article, Markowitz developed a normative theory for optimal investment of wealth in assets which differ in regard to their expected return and risk.
Consequently, the first mentions and analyses of event portfolios have employed an economic or business approach by focusing on tourism and destination branding (Chalip, 2004, 2005; Chalip & Costa, 2005; Getz, 2005, 2008; Jago, Chalip, Brown, Mules, & Ali, 2003; O'Brien, 2007; Schreiber & Lenson, 1994). The problem with such a conceptualization of event portfolios is that (whether) the treatment of event portfolios purely as a grouping of commercial assets or products serves the interests of all event stakeholders. The issue, in this regard, is not one of semantics or disciplinary hegemony of the economics/business felds, but of an imbalance that overlooks the social and cultural objectives that can derive from events (Ziakas, 2010b). Indeed, what is often overlooked is that events are complex and polysemic phenomena bearing a multiplicity of meanings and roles (Geertz, 1973; Handelman, 1990; Turner, 1974) and so they cannot be seen merely as commercial products. As Ziakas (2010b) emphasized, that would leave unexploited the opportunity to use different events for sustainable development purposes. For this reason, a broader conceptualization of event portfolios is needed; one that captures the multifaceted social and economic value of event portfolios for host communities. As such, it should be stressed that the potential advantage of strategically assorting multiple events in a portfolio is that they can serve multiple purposes. This can happen only if we adopt a holistic, strategic, and coordinated approach (Ziakas, 2010b).
This approach was first delineated by Ziakas and Costa (2011a) in their conceptualization of event portfolios as multipurpose developmental tools. According to this conceptualization, the potential of an event portfolio to be used as a policy tool that integrates economic, social, and/or other purposes depends on the employment of a holistic approach. The rationale for event portfolio implementation is to use multiple events for multiple purposes. In other words, the incorporation of different events into a portfolio requires an integrative way of viewing the different community purposes that events serve in unison. This line of thinking can foster synergies between different events and facilitate efforts for leverage. From this perspective, a series of interrelated events can be synergized and cross- leveraged to derive outcomes through a holistic planning approach that places together the different policy purposes of events (Ziakas, 2013).
The book elaborates this holistic approach by developing an integrative theoretical framework for conceptualizing event portfolios, and examining the challenges and prospects of event portfolios as well as their potential as tools for sustainable development. On this basis, more specific issues are discussed, including the development of a set of conceptual frameworks that analyze the foundations of event portfolio planning and leveraging, the assessment of patterns of interorganizational relationships within collaborative events networks that foster the conditions for community capacity- building in event portfolio management, and the requirements for the design and development of event portfolios.
Overall, given that the literature on event portfolios is sparse, this book is intended to fill a gap by suggesting a new multi/interdisciplinary and holistic approach about this underexamined area. Thus, the fundamental purpose of the book is to generate new knowledge and build theory, which can serve as hypotheses for further investigation that can then be generalized analytically (back to theory), hence ultimately advancing the event management body of knowledge. To this end, the book highlights the need for interdisciplinary research in the study of event portfolios if it is to adopt a holistic approach and realize their potential. This pressing need for interdisciplinarity has already been pointed out in the general event studies literature (e.g., Getz, 2012a, 2012b; Getz, Anders-son, & Carlsen, 2010; Page & Connell, 2012; Quinn, 2009; Shipway & Fyall, 2012; Weed, 2012), and it is necessary in order to fully capture and explain the multifaceted role of events in contemporary societies and improve their management practices. This book, therefore, is intended to infuse interdisciplinarity in the lifeblood of event portfolio planning and management.
1.3 Structure of the book
The book is divided in two parts, providing first an analysis that conceptualizes the event portfolio phenomenon and, second, proposing a set of frameworks for effective portfolio planning and management. Specifically, in the first part of the book, following this introductory chapter, Chapter 2 presents the conceptual grounds of a holistic event portfolio theorization and demarcates its basic terms. It then presents a conceptual framework that establishes the context for viewing event portfolios as a leverageable resource and policy tool for multipurpose sustainable development, and derives a comprehensive interdisciplinary research agenda for studying event portfolios.
Chapter 3 reviews and synthesizes literature from a range of general disciplines that have implications for the study of event portfolios in order to integrate them with the event management/policy literature and thus build an integrative framework that can establish the holistic and multidisciplinary approach to event portfolio planning and management. Chapter 4 examines the substantive contexts of emerging event portfolios in regions and cities. It then identifies and analyzes the enduring problems facing the development and management of event portfolios and discusses how these problems can be tackled as well as what realistic benefits can be derived from the effective management of event portfolios. Chapter 5 concludes the first part of the book, discussing the extent to which event portfolios can be integrated with the sustainable development agenda of host communities and thus become an integral part of sustainable policies. In doing so, it is highlighted that the contribution of an event portfolio to sustainable development requires that mechanisms be established to balance the sociocultural, economic, and environmental impacts of portfolios and distribute event benefits equally to all stakeholders.
In the second part of the book, Chapter 6 provides an analysis of the fundamentals for event portfolio planni...
