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Critically Assess the Usefulness of Economic Theory in Analysing the Demand for the Products / Services of a Sports Organisation

In: Business and Management

Submitted By Chrisash100
Words 3986
Pages 16
Introduction

The chosen organisation for the purpose of this assignment is the England and Wales Cricket Board (hereafter ECB). The ECB is the governing body of cricket in both England and Wales and was created on the 1st January 1997, replacing the National Cricket Association and the Test and County Cricket Board. It has increasingly turned to commercial revenue generation to support its activities and raises revenue from the proceeds of broadcasting, sponsorship, the sale of merchandise and through the sale of tickets for International cricket fixtures hosted at venues throughout England and Wales.

Hoult (2014) comments that as a result of new broadcasting deals and increasing profits, the ECB has faced increased pressure from County Clubs and the associated Test Match venues to alter its previous ticketing and test match venue selection policy. From 2017 ticketing costs and revenue will no longer be the sole responsibility of the Test venue and instead the venue and the ECB will share ticket revenue.

The remainder of this essay will therefore focus on commercial revenue, notably the sale of England Team Test match tickets. It will introduce economic theories relevant to the sports market and will attempt to assess the usefulness of economic theory in analysing demand for these products. It will discuss the response made by the sport market to an increase in the price of these products and will examine strategies the ECB can use to increase its market share.

Critically assess the usefulness of economic theory in analysing the demand for the products / services offered by your chosen organisation

Before examining economic demand theory it is important to establish several key characteristics of sport as a commodity. It is possible to classify sport under three headings.

First, sport can be described as a non-durable consumption good....

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