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Using Analytics to Maximize Revenue Stream in Sports

2021-07-07 来源: 51Due教员组 类别: Essay范文

51Due教员组今天给各位留学生带来一篇纯原创代写范文,讲的是如何实现体育产业收益最大化,希望这篇可以帮助到各位留学生,同时需要代写也可以直接联系我们51Due客服vx(vx:Jenny_dynh)进行咨询。

Using Analytics to Maximize Revenue Stream in Sports

Introduction

In the past 30 years, sports have become more and more popular, and it is now a part of people’s life. Also, the sport industry has become an independent component in the social and economic life. In the United States, sports industry is one of the main sectors to contribute to economic benefits.  Every team have their own fans that make up sport communities. This result could show that sports could be a part of people’s life, which can be improving people’s life quality. Sport industry more and more businesslike, and sport consumption is the major source of benefit for the whole industry.

 

Senior managers usually think about the question: “How to maximum their revenue with unique strategies?”  For any business, they need to figure out their strategies to implement their plans to reach customers and maximum revenue. For example, Nike uses celebrities to delivery advertisements to audience, so that they can reach more customers. This is one example showing how sport businesses can use strategies to maximum their revenue. The right strategy could be the milestone for a business, since they could benefit from the strategies in the long term. In addition, every strategy should be flexible under different situations, such as the weather, lifestyle and audience age. In this essay, a business and marketing perspective will be taken in analyzing the sports industry. The ultimate goal is not only to maximize revenue, but also to increase the sustainability and positive social impact of the sports industry. Special emphasis will be given in the quantitative and analytical tools, which are increasingly important nowadays. Tools and strategies of big data, sponsor value, service quality and dynamic pricing are found to be effective tools to maximize revenue for the sports industry.

 

Discussion

The 5 concepts of “defining revenue, determining willingness-to-pay, mining data, analyzing regressions, and monetizing audiences (Rein, Shields, & Grossman, 2015)” are the essence of revenue maximization. When a business wants to set up a strategy to maximize their revenue or promote brand images, data analytics could be the critical part to understand what is going on and predict the future performance based on historical data. The main content of big data concern is not the background and reason of an incident, but the search for relevance in the required result. Taking the relevant data of the World Cup as an example. Suppose there is a country that wants to run for the World Cup but does not know what kind of economic results and impact it will bring after becoming the host. What method should be used for analysis? According to the traditional analysis, a sample survey method will be used to collect statistics to find out what factors will affect income and expenditure, and what risks exist. However, according to the analysis method of big data, the factors and data that do not seem to be directly related to revenue are considered important as well. After finishing the analysis of all the data, the conclusion of whether to run for the World Cup is reached.

 

In data collection, people can make full use of the Internet, especially the large amount of data generated and stored in the mobile Internet in recent years. Of course, whether in the past or in the future, the government often has a lot of practical and effective data. With respect to data collation and analysis, stakeholders related to the event, such as the contractor, can conduct marketing and forecasting by owning an analytical team, or they can employ specialized third-party outsourcing companies responsible for data analysis to solve the problem in a cooperative manner (Rein, Shields, & Grossman, 2015). In addition to the data collection, collation and analysis mentioned above, it is also very important to have big data in the perspective of big data marketing. Google has successfully predicted bird flu by observing people’s search records on the Internet; Amazon can recommend possible products to customers based on their browsing, search, and purchase records, and what other people browsed when they purchased the product (Marr, 2015). Without big data thinking and perspective, there is no point in having more data. This applies to sports as well.

 

The analytics on sponsorship and increasing sponsorship value are also important for sports industries. Sponsorship value is an idea similar to customer value (Rein, Shields, & Grossman, 2015), which is the degree of return and satisfaction that sponsors get. Sponsorship has an investment nature. Investment and output take place in different stages of operations, and the mode of return is quite unique. For sponsors, this is the space for risk and opportunities to coexist. From the organizer's point of view, it will focus on its own resource development, enhance its attractiveness to sponsors, and resolve competition pressure from different project sponsors. From the sponsor's point of view, it will focus on becoming a sponsor of a project. Because there is also competition among different sponsors. The results of the two competitions will form a new thrust for the development of the sports industry. In order to increase revenue, the sports industry must seek sponsorship opportunities by expanding their search into wider ranges.

 

Meanwhile, it is important for the sports industry to improve on the different aspects of sponsorship value. The economic value of sports products generally has three aspects. The value of sports itself is a core part of the value of sports products. It focuses on the content and results (such as performance rankings, etc.). The market realization of this value is mainly caused by direct consumption, such as tickets, consumer goods, souvenirs, and related gambling activities. The secondary value is driven or contributed by the rate of attention. According to the theory of communication effects, the rate of public attention is directly proportional to the value, which is what sponsors hope to obtain (Walsh, 2006). The social evaluation value of sports products is also important. This includes public welfare indicators such as the social reputation, social image, and public opinion of a service or product. However, it is complementary to the first two values. The realization of this value is mainly transformed into the intangible assets of sports products. It often also become an important attraction for sponsors. Sports businesses should incorporate these values into their development and sponsorship strategies in quantitative terms, to maximize revenue in the long term.

 

According to the analysis of microeconomics, a single pricing strategy will not only result in the waste of venue resources, but also affect sports consumers' sports needs and damage normal social welfare. The dynamic pricing strategy developed by using dynamic game theory can not only increase the profit of the sports events, but also effectively guarantee the increase and smoothness of the total number of consumers through price adjustment, thereby increasing the social and economic value of the business (Paul, & Weinbach, 2013). In the United States Major League Baseball, professional sports, and the entertainment industry, it is not just about putting the best players on the court. A lot of them are related to pricing. Over the years, all these various companies have put forward arbitrary prices and rely on the secondary market to achieve the right balance. Part of this refers to dynamic pricing, and some of it refers to adjusting prices over time, charging different people different prices, depending on the nature of the game and so on. Many clubs are already trying to implement this practice, but not many clubs think thoroughly why they are doing so. People either regard dynamic pricing as a devil or as a panacea. The real dynamic pricing is in between. Implementation of the same solution can go very wrong if one uses the information in the wrong way (Paul, & Weinbach, 2013).

 

Finally, the quality of research and surveys is essential for quantitative analysis. Research is an important marketing step. Marketing is science. It needs to rely on accurate data. The more detailed, truthful, and timely the market information, the more accurate the judgment of the market. The more successful the marketing plan and implementation process, the greater the benefits obtained (Rein, Shields, & Grossman, 2015). Research should be integrated into all aspects of the event process. In the consumer market, the attraction of a particular event is to satisfy consumer needs and distinguish it from other events and recreational activities. In the operation and marketing, people must pay attention to the personality of the event and seek differentiation. In the event of the competition, corresponding research should also be carried out. For example, the events to be held will give the public an impression, which will help to select the event sponsors and collaborators in a targeted manner. It will fully investigate the income level of the host city or the radiating area of the event, and the target consumer group expenditure for recreation and leisure, comprehensively setting reasonable prices. Survey of satisfaction of various services during the course of the sports events, and evaluation after the match, can quickly and effectively improve the service quality of the current competition.


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