Sports Industry
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The sports industry involves many complex aspects of business that interweaves sports-as-entertainment, the media, consumers, intermediaries and suppliers, and owners and organizations into the value chain path. Modern sporting events are akin to spectacle in the days of Ancient Rome when the Coliseum was filled with eager spectators drinking wine to watch lions against brawny Christian slaves. In other words, all societies routinely use sports as spectacle and entertainment. As Matthew D. Shank argues in Sports Marketing, “Regardless of whether we are watching a new movie, listening to a concert, or attending an equally stirring performance by Shaquille O’Neal, we are being entertained” (3). The sports industry has been experiencing tremendous growth over the past two decades. This growth has been driven by sports marketing and the increasing media coverage of sporting events based on sports popularity among viewers. Satellite TV, Sports Networks like ESPN, ESPN2 and ESPN Classic and the traditional Networks’ efforts to compete with them provides consumers with hundreds of thousands of hours of sports coverage annually. Shank estimates that the sports industry generates $213-$350 billion per year in revenues (6). The Washington Redskins NFL franchise alone posts more than $220 million in annual revenues (Fisher 29). Sports Marketing is the “specific application of marketing principles and processes to sports produ
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ors who watch sporting events. The second kind is individuals who participate in sporting events. The third kind is of sports consumer is sponsors that exchange money or products/services for a guaranteed of association with a sporting event (typically corporations). The nature of the sports product is unique. Basically a sports product is “a good, service, or any combination of the two that is designed to provide benefits to a sports spectator, participant, or sponsor” (Shank 16). The main sports product is the actual sports event itself. Sponsor and spectators consume this sports product. Examples of this kind of sport product would be Alan Iverson and the First Union Center venue. Other categories of sports products include sporting goods, equipment, licensed merchandise, collectibles and memorabilia, fitness centers and health services, sports camps and instruction, and sports information (Shank 20-24).
The third element of the consumer-supplier relationship is producers and intermediaries. Producers and intermediaries include those who manufacture sports products and the companies that carry out some function in the marketing of sports products. Organizations or individuals can be producers or intermediaries and in
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Some common words found in the essay are:
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Approximate Word count = 1553
Approximate Pages = 6 (250 words per page)
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