Assignment Building Relationships in Sport Business
Added on 2019-10-18
10 Pages2818 Words240 Views
Trent McClenahan 9690SPB2201Building Relationships in Sport BusinessResearch Report
Table of ContentsWhat is the nature of this megatrend?..................................................................................................3Why is it the most significant of the six?...............................................................................................4To what other megatrends is it related?...............................................................................................4What does recent research and analysis literature say about this megatrend?....................................4What are the implications and business opportunities that arise from this megatrend?......................4References.............................................................................................................................................4
What is the nature of this megatrend?There is a shifting of power occurring in the world with population and economic growth throughout Asia giving rise to the influence of these countries. Countries such as China and India are now major players in the world due to their rising economies. India alone now has the ninth largest economy in the world and the third largest in Asia (World Bank, 2011). With ever increasing population and income growth Asian countries are now investing heavily into sport. In addition to China and India other countries including South Korea, Japan, Singapore, Malaysia and Thailand have all joined in on the movement. This major investment by these Asian countries has been implemented both for the improvement of itselite athlete performances on the world stage and with the view of increasing sport participation for its citizens. In the case of China, they have rapidly increased their elite athlete performances and in particular their gold medal count achieved in the Olympic Games which has dramatically risen over recent decades by over 50% (International OlympicCommittee, 2015). In conjunction with this strategic investment the Chinese government created in 1995 the Outline of Nationwide Physical Exercise Plan to help raise regular physical exercise and sports participation amongst its citizens (Hajkowicz, Cook, Wilhelmseder, Boughen. 2013). This has been common theme amongst the Asian countries and their newly created strategies in Sport.While countries in Asia have financially invested in sport both for improved sporting results and participation rates this investment has also created new business opportunities and markets that are now far more valuable and continuing to rise in revenue. Markets includingsports media rights, sports equipment, sport services and sports events are all now on the increase. This is due to the economic growth in Asia which has in turn lifted the disposable income of Asian citizens and attracted them to participate in sport (Hajkowicz, Cook, Wilhelmseder, Boughen. 2013). If we analyse the data from only two markets, sports equipment and viewership of sporting events this will demonstrate the increase and size of both of these markets which are now lucrative to businesses. Data shows that the sports equipment market in China increased by 5.9% between 2005 and 2009 and has total revenue of $6,049million, while in Australia the same market also rose by 4.5% (Datamonitor, 2010). In 2008, the Beijing Olympics attracted 1.102billion viewers watching
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