The sport industryal Assignment Example | Topics and Well Written Essays - 2500 words

The sport industryal - Assignment Example The sports business means different things to different people , most importantly the athletes who require the use of the sporting goods to achieve fame and personal fulfillment, secondly the business people where in sports provides a continually growing market place worthy of investing, for the developers and the local government where in revenue is built from tourists and local fans. In the U.S, the ‘Big 4’ leagues bring in about $17 billion in annual revenue, the sporting good sales at retail stores roughly contribute about $ 41 billion yearly. On an annual basis around $400- $425 billion is contributed by the U.S sports market alone. The industry is so vast and complex that it makes it difficult to put an all encompassing figure to the yearly revenue. Many of the workforces in nations like U.S, Europe, Australia and Japan rely on the sports industry for their livelihoods, with figures increasing constantly for professional athletes, coaches, scouts, umpires, referees, and other officials etc. The global meltdown in 2008-09 had a big impact on the sports industry. Manufacture of sports equipment dropped, even the sale of tickets were difficult, since tickets for professional games were very expensive. Golf courses suffered revenue declines and some of them even closed. Most affected were the sale of high end sports and recreation items. The sports industry faced significant challenges in controlling expenses while pricing products and services such that they would still retain and attract new customers. (Introduction to Sports Industry, n.d) Like in any industry politics play a very important role, this comes into play when sports completions cross borders, for example in another country, city or even locally. In countries like China it is the national policy that drives decision making at higher levels. Following of national policies closely can help predict