Unit 5 The Business of Sports

5.1. Introduction to the Business of Sport

If sport were only about winning and losing, there would be no stadiums, and weekend TV would be incredibly dull. Thankfully, sport is a business—a global business, into which passionate fans and smart corporations pour hundreds of billions of dollars. The business of sport ranges from the field to executives suites to televisions worldwide.

Source: https://qz.com/on/business-of-sport/

5.2. Case Studies and SWOT Analysis

A SWOT analysis is an incredibly simple, yet powerful tool to help you develop your business strategy, whether you’re building a startup or guiding an existing company.

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.

Strengths and weaknesses are internal to your company—things that you have some control over and can change. Examples include who is on your team, your patents and intellectual property, and your location.

Opportunities and threats are external—things that are going on outside your company, in the larger market. You can take advantage of opportunities and protect against threats, but you can’t change them. Examples include competitors, prices of raw materials, and customer shopping trends.

A SWOT analysis organises your top strengths, weaknesses, opportunities, and threats into an organised list and is usually presented in a simple two-by-two grid.

5.3. Market Research

What is Market Research?

The process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business's target market, the industry as a whole, and the particular competitors you face.

https://www.entrepreneur.com/encyclopedia/market-research

5.4. Formative Assessment

5.5. Marketing Strategies

What are marketing strategies?

A marketing strategy is a business's overall game plan for reaching people and turning them into customers of the product or service that the business provides. The marketing strategy of a company contains the company’s value proposition, key marketing messages, information on the target customer and other high-level elements.

The marketing strategy informs the marketing plan, which is a document that lays out the types and timing of marketing activities. A company’s marketing strategy should have a longer lifespan than any individual marketing plan as the strategy is where the value proposition and the key elements of a company’s brand reside. These things ideally do not shift very much over time.

Source: https://www.investopedia.com/terms/m/marketing-strategy.asp

5.6. Summative assessment