Marketing and finance management

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Reference no: EM132358927

Marketing

1. Sports popularity is continuously growing. The career that I choose is athletics. More people are paying to watch different games. Some of the marketing strategies that are currently being used include ticket sales. Smart marketers give ticket incentives to their firm since ticket for sports are bought very first. For example, buy one bottle of beer scratch the bottle top and win a ticket to watch the game. Merchandise sales is also a marketing strategy whereby the sporting industry is selling games kits and attires, (Smith, 2018). Team sponsorship, whereby companies sponsor the game by including their names such as Qatar airways on the jerseys and the gaming kit. Numerous betting sites have come up in the last decade. They include Sportpesa and bet-in. Marketing is done to make a lot of people aware of the product. Sports marketing has reached millions of people.

2. Advancement of technology has led to various marketing practices in the sports industry. I believe that including mobile technology in the sports industry will increase the number of audiences. Mobile apps have improved how society views the sports industry. Today, people can purchase tickets online and watch the game online, (Shilbury, et al., 2017). I believe that the use of mobile technologies will improve sports sponsorship programs.

3. Athletic is used to promote talent management in the sports industry. The financial management of a company is likely to attract new investors to support sporting activities. Social responsibility principles and policies are likely to attract more investors, (Stotlar, 2018).

Finance

1. Financial management is essential for the success of sports programs. Some of the financial principles include budgeting, planning and forecasting. When budgeting, it is important to include donations and fundraising. It is also important to set money aside for expenses such as travelling. In the sport industry tickets are purchase using the dynamic pricing strategy. It is a system of pegging price to demand and supply to maximize revenue and fill stadiums. This strategy enables the team to engage with fans, (Mullin, et al., 2017). The ticket price fluctuates based on market value. In the sports industry salaries are paid based on the previous year merchandise profit, ticket sales profit and television contracts. A good example of companies that have acquired naming rights includes the American Airline Center that is located in Texas is home for hockey Dallas Stars.

Naming rights are financial transactions and a form of advertisement that an entity uses to purchase the right to name a facility for a particular amount of time. Naming rights are used by companies to boost sales and add more customers. Some of the factors that affect naming rights decisions include the year that the facility was built, whether the facility is privately or publicly owned, construction cost for the facility, number of regular-season games that are played by the team, average game attendance for the stadium, and whether the facility is an indoor or outdoor facility, (Beech, et al., 2015). There are several variables that have an effect on the price they include the year when the sponsor acquired the naming right has a positive impact on the price that sponsors are willing to pay per year.

2. Profitability depends on management values and practices. The sports industry increase profits by selling merchandise and tickets.

3. I believe that the sports industry should include moral as well as ethical values. It should also include legal values. Sports enables one to nurture his or her talent. It also improves cooperation among people.

Attachment:- MARKETING AND FINANCES.rar

Reference no: EM132358927

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