Analyzing the Economic Impact on Host Communities: Olympic Games 2012

This report analyzes the economic impact of the London 2012 Olympic Games on the host community. It begins with an abstract summarizing the research's objectives and methodology, which includes quantitative analysis of various economic indicators. The introduction outlines the context of mega-events and their impact on urban development. The report investigates the factors responsible for economic benefits, scrutinizes the economic conditions affecting the Olympics, and explores the challenges faced by the host community. The literature review covers the economic, sociocultural, and image impacts of the Olympics, along with the benefits and limitations of hosting the games. The methodology section details the research approach, design, data collection methods, and ethical considerations. The results and findings section presents the quantitative analysis. The conclusion summarizes the key findings and offers recommendations. The report aims to provide insights into the economic and social consequences of hosting such large-scale events and offers suggestions for future research and improvements. This report is a valuable resource for students studying economics and the impact of mega-events.

Running head: MEGA SPORTING EVENTS
Mega sporting events: Do the host community benefit from the economic impact
Olympic 2012
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Abstract
The Olympic Games Impact (OGI) think about was conceived from the International
Olympic Committee's (IOC) want to build up a target and logical examination of the effect of
every version of the Games. The examination gives a record both of the individual idea of every
Olympiad and its host setting. OGI are compulsory and are done by a free research group. In this
Post-Games Report, the fourth and last report of the OGI investigation of the London 2012
Games, we have refreshed, exhibited and examined information on 67 markers. The
consideration of pointers from the IOC Technical Manual is chosen by the Host City in talk with
the IOC. The decision of OGI pointers relies upon what is esteemed to be applicable for the
specific Host City. The information are generally quantitative auxiliary information (i.e.
information that are as of now gathered by some administration division or association), aside
from a few information particular to the Olympic development and operation which have been
gathered by ODA and LOCOG and gave to us. For all markers we have endeavored to develop a
period arrangement from 2003 to the present. For some pointers the time arrangement is
introduced at Country, Regional and Host City levels where the Region is London and the City is
the six Host Boroughs (London Boroughs of Newham, Hackney, Tower Hamlets, Waltham
Forest, Greenwich, and Barking and Dagenham). It is lucky that so much present and authentic
information about government, neighborhood specialists and people in general circle are made
accessible on the web.

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Acknowledgement
By this research, I have experienced best possible learning of my life. By conducting this
research I have learnt various concepts, models and theories. I first thank to the almighty God.
After that I want to thank to my supervisor ______________ who is my friend, philosopher and
guide. I also thank my parents for being supportive and accommodative for completing this
research. I want to thank my friends for giving me the moral support while conducting this
research.

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Table of Contents
Chapter 1: Introduction........................................................................................................4
1.0 Introduction................................................................................................................4
1.1 Research aims and objectives....................................................................................5
1.2 Research questions.....................................................................................................6
1.3 Impact of the researcher study on future research.....................................................6
1.4 Summary....................................................................................................................8
Chapter 2: Literature review..............................................................................................10
2.1 Preface.....................................................................................................................10
2.2 Overview of the Olympic 2012...............................................................................10
2.3 Economic impact.....................................................................................................12
2.4 Socio cultural impact...............................................................................................13
2.5 Analysis of the impact.............................................................................................14
2.6 Benefits and limitations...........................................................................................17
2.7 Overall analysis.......................................................................................................19
2.8 Summary..................................................................................................................25
Chapter 3: Research Methodology....................................................................................27
3.1 Introduction..............................................................................................................27
3.2 Method Outline........................................................................................................27
3.3 Research Onion........................................................................................................28

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3.4 Research Philosophy................................................................................................29
3.5 Research Approach..................................................................................................30
3.6 Research Design......................................................................................................31
3.6.1 Justification for selecting descriptive research design..........................................31
3.7 Data collection process............................................................................................32
3.7.1 Data Sources: Primary and Secondary.................................................................32
3.7.2 Data Analysis technique.......................................................................................33
3.8 Population and Sample............................................................................................33
3.9 Sampling technique.................................................................................................33
3.10 Sample Size...........................................................................................................34
3.11 Ethical Consideration.............................................................................................34
3.12 Research limitation................................................................................................35
3.13 Timeline.................................................................................................................36
Chapter 4: Results and findings.........................................................................................37
4.1 Preface.....................................................................................................................37
4.2 Quantitative analysis................................................................................................37
4.4 Summary..................................................................................................................44
Chapter 5: Conclusion and recommendations...................................................................45
5.1 Conclusion...............................................................................................................45
5.2 Recommendations....................................................................................................45

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References......................................................................................................................46
Appendix........................................................................................................................48

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Chapter 1: Introduction
1.0 Introduction
Uncertainty is a part of every business. It can be comprehended as an individual's
inability to anticipate something precisely. In the modern business world, administrators need to
manage various types of uncertainty (Yolal et al. 2016). They confront uncertainty in the general
condition such as the macroeconomic, political, social, mechanical as well as ecological structure
in which they work. They additionally confront uncertainty in their particular industry. Another
method for classification is to separate between uncertainty about the real state, uncertainty about
impacts and effects, and uncertainty about reactions or satisfactory measures. Disparaging this
uncertainty can be unsafe. Even under the least favorable conditions, it prompts systems that
can't secure the organization against threats (Clark et al. 2017). The key choices are
unequivocally impacted by sudden changes that influence an organization's individual
circumstance. One case of such firm-level unpredictability is the real moves in the cost of the
crude materials copper, platinum and nickel found as of late. These materials are required by
particular ventures; their cost has turned into a deliberately important parameter. Moreover,
shorter item lifecycles and quickly changing innovation likewise settle on long haul choices
troublesome, frequently prompting costly procedures in view of experimentation. The quick
spread of new technology likewise causes unpredictability. Subsequently, it took radio 38 years
to achieve 50 million individuals, though the interpersonal organization Facebook accomplished
a similar accomplishment in under two years. Hence, portable just Internet (users with no fixed
broadband) numbered only 14 million of every 2010, except they are required to increase 34% a
year to 2030, from under 1% of the total population to around 60%.

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Contemporarily, the hosting of mega‐events (MEs) is one of a few systems utilized by
urban communities and governments to achieve changes in a place's picture and
acknowledgment (Pappalepore and Duignan 2016). While London, host of the 2012 Olympic
Games, is now thought to be a leading global city’, the potential picture advantages to be
accumulated from facilitating the Games may in truth affect more upon inner, residential
recognitions instead of on outside, global observations. Agha and Taks (2015) stated that a key
target, along these lines, for those engaged with the improvement and conveyance of the 2012
Olympic Games is to additionally upgrade the picture of the city (both locally and globally) and
to limit the danger of negative picture arrangement (DCMS, 2008). Be that as it may, picture,
with regards to MEs, isn't a simple segment to control, as past Olympic Games have illustrated.
The primary motivation behind this critical‐realism‐informed venture, supported by theoretical‐
methodological social portrayal hypothesis (SRT), was to assess the local picture effect of
facilitating the 2012 Olympics, pre‐ and post‐ Games, for the city of London (Taks et al. 2015).
Construct then with respect to social portrayal hypothesis, and a mix of adductive and
regenerative research systems, a review was completed among British nationals to recognize
their assessments concerning London as a city, the Olympics as a ME, and the 2012 Games as a
one‐off event. Hence, it becomes important to research and critically analyze the benefits gained
by the host community of Olympic in 2012.
1.1 Research aims and objectives
The research aims to identify the factors responsible for obtaining economic benefits in
Olympic by host community. In addition, the researcher critically analyzes the economic impact
on Olympic 2012 and challenges faced by the host community while hosting the mega event.

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The research objectives can be explained as followed.
 To find out the factors responsible for obtaining economic benefits by host
community in Olympic 2012
 To scrutinize the economic condition of the country impact on Olympic 2012
 To critically analyze the challenges faced by the host community while
organizing the Olympic 2012
 To recommend solutions for overcoming the challenges and obtain potential
advantages
1.2 Research questions
The research questions can be listed as followed.
 What are the factors responsible for obtaining economic benefits by host
community in Olympic 2012?
 How the Olympic 2012 is affected by economic condition of the country?
 What are the challenges faced by the host community while organizing the
Olympic 2012
 What are solutions for overcoming the challenges and obtain potential
advantages?
1.3 Impact of the researcher study on future research
The research has contributed to explore future study as setting out in the literature review
has lacked a consistent hypothetical framework and strong conceptual structure previously. This
research at that point is a piece of a developing collection of work went for utilizing social
portrayal hypothesis to quantify place image (Yao and Schwarz 2017). This research has

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likewise planned to address the gap in the literature pertaining to the pre‐ then post‐ estimation of
the picture effect of mega‐events; this is the fourth examination to manage these marvels that has
received such an approach. It is important in any case, that this research was constrained in a few
ways. In the first place, and maybe the huge confinement identifies with the contrast between the
sizes of the pre‐ and post‐event tests (Gibson et al. 2014). The aftereffects of this examination
can be treated with a specific level of alert regarding the unwavering quality of this specimen.
From a branding point of view, since the research recommends that the hosts of mega
events will encounter a specific level of picture and mindfulness rot after the occasion, if steps
are not taken to keep connects between the two elements noticeable, future work ought to be
worried about rehashing the information gathering procedure to decide if the local impression of
London continue as before in maybe a couple years. Besides, since the Olympics and the 2012
Games experienced noteworthy picture increases following the occasion, such an examination
would likewise decide if these substances keep on being held in such high respect, and on
account of the previous, regardless of whether the issues encompassing the 2016 Rio Games had
started to influence its picture (Preuss and Solberg 2015). From a partner viewpoint, such an
examination would likewise correspond with the administration's need for the heritage the
Games to be analyzed further down.
Future research may likewise be based around utilizing the techniques and methodologies
adopted by this research to investigate the domestic views of Rio and Brazil in relation to the
2014 FIFA World Cup as well as the 2016 Olympic Games. The reality the two greatest donning
occasions on the planet are situated in a similar nation, two years separated, offers an open door
for the immediate correlation between the pictures of these two occasions. Since no such work
has ever been embraced and since the generally held conviction is that the Olympic Games

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contains certain highlights that isolates from other wearing occasions, this exploration would
figure out which picture components these are.
Finally, much is frequently made of the heritage that super occasions, and specifically the
Olympic Games, can convey (Müller 2015). In the research, these are frequently depicted either
as being hard or unmistakable advantages, which may allude to increments to business and
grassroots games interest, enhancements to foundation, and tourism picks up or 'delicate' or
elusive advantages which may incorporate the speeding up of extra venture and auxiliary
framework, increments in community pride and wellbeing (Kim et al. 2015). In spite of the fact
that picture is by and large idea of as a delicate heritage advantage of facilitating mega events.
The results of this research recommend are that the utilization of social portrayal hypothesis may
speak to an applicable apparatus to accomplish the acknowledgment of such an improvement.
1.4 Summary
The chapter gives an introduction of the topic. Overall scenario, aims objectives and
research questions are presented in the chapter of the research. In addition, impact of the research
study on future researches is explained in this chapter of the study.
The research includes five chapters followed by introduction, literature review, research
methodology, findings and analysis as well as conclusion and recommendations. In the literature
review chapter, findings analysis related to the topic from different topics is reviewed. On the
other hand, selection of appropriate and suitable research tools in order to conduct the research in
effective way is described in the third chapter of the research. Fourth chapter of the research
includes findings and analysis from collected data for the research. Last chapter provides
conclusion and recommendations for the particular research.

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