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Introduction
This essay explains the impact of marketing strategies and financial principles utilized in the sports industry and how the coaching career can impact sports success through marketing and practicing financial principles. Sports marketing is crucial in promoting sporting events and popularity among sports fans. Marketing increases loyalty to a sport as more people become aware of the sporting activities, garnering more fans. Sports marketing increases ticket sales, enhancing profitability (Karg et al., 2022). Consequently, marketing sponsors and promoting brands can get good sales returns on investments through sports marketing, encouraging more prominent brands to promote the sports industry.
Promotion Approaches
The sports industry has various marketing approaches, including digital marketing, brand partnerships, and social media, building sponsorships, and targeting specific audiences. As a coach, social media is the most appropriate marketing strategy I can be involved in. Social media ensures a broader coverage of the target audience and keeps tabs on trending issues in sports, which guarantees success (Karg et al., 2022). I will use social media to market athletes’ skills and qualifications to promote their professionalism, enhancing sports activities. At the same time, marketing the athletes will provide a platform for marketing the particular sport, ensuring the popularity and fans’ loyalty. I will use social media marketing to obtain sponsorships and brands willing to support sports.
Coaching supports social media marketing in navigating industry trends through digital marketing and content creation, enhancing technology trends. For instance, a coach can create virtual teams representing players from a particular sport, which social media users can imitate while playing online and video games. Through virtual players, the sport and athletes can become famous, leading to fan loyalty and an increase in ticket sales during sporting events. Consequently, it will support the trend toward mobile technologies since fans will require a digital gadget to access virtual players, news, and updates on sporting activities. Coaching plays a significant role in attracting spectators, talent, and investors through advertising coaching skills and achievements. A coach can demonstrate their expertise by giving athletes appropriate training, ensuring personal growth, professionalism, and success in sporting events. Thus, spectators, investors, and talented individuals can be attracted to the coach and team, enhancing fans’ loyalty, sponsorships, and fresh talent.
Financial Principles and Business Practices in the Sports Industry
Sound financial principles and business practices are critical to successful sports activities and programs. Financial principles in the sporting world include budgeting, forecasting, planning, reporting and analyzing, and expenditure control (Hoye et al., 2018). Business practices involve building profitable partnerships, looking for opportunities that stream in revenue, and cutting down unnecessary expenditures. According to Roewe and Abebe (2019), the sports industry has adopted the dynamic pricing method, where ticket pricing is unrelated to players’ salaries. Instead, sports teams utilize ticket prices to generate revenue by adjusting prices according to the value of the event or sporting activity. Another method of making profits includes acquiring naming rights and sponsors. The industry allows the highest bidder to name rights that last long periods (Hoye et al., 2018). The industry acquires sponsors through naming rights, which promote various brands during sporting events.
Conclusion
Finally, the financial and business practices impact the industry’s profitability as they determine income revenue. The dynamic pricing of tickets ensures profits are made regardless of the players’ salaries, which ensures marginal profit is established before expenditure (Roewe and Abebe, 2019). Likewise, naming rights to promote brands locally and internationally, which attract fans in the community and worldwide, benefitting the industry through ticket purchases and live streaming of sporting events. Business practices and financial principles relevant to my career are planning and acquiring sponsorships and naming rights. I will provide proper and thorough training to ensure the athletes have a high value, which can determine ticket pricing during sports events. Similarly, successful athletes attract the attention of potential sponsors, which will help in acquiring excellent sponsorships and naming brands.
References
Hoye, R., Smith, A., Nicholson, M., & Stewart, B. (2018). Sport management: Principles and applications. Routledge.
Karg, A., Shilbury, D., & Westerbeek, H. (2022). Strategic sport marketing. Routledge.
Roewe, R., & Abebe, T. (2019). The impact of player salaries on NFL ticket prices—further evidence. International Journal of Social Science and Economic Research, 4(3), 2343–2445. Web.
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