We continuously assess the market in our day to day life. We tend to analyze the market scenario before every step that we take. For example, if someone is planning to study MBA in future, the person will have to assess information about the industry requirement of managers. The person will have to take note of the colleges offering the course at best possible prices along with great pay package.
Market can be defined as an actual or nominal place where forces of demand and supply operate, and where buyers and sellers interact (directly or through intermediaries) to trade goods, services, or contracts or instruments, for money or barter.
Markets include mechanisms or means for
(1) determining price of the traded item,
(2) communicating the price information,
(3) facilitating deals and transactions, and
(4) effecting distribution.
The market for a particular item is made up of existing and potential customers who need it and have the ability and willingness to pay for it. The above mentioned factors explain why It’s very important to continuously assess the market through research?
Market research involves understanding of consumer’s needs and preferences through gathering of information. Information gathering further needs arrangement of data collected via gathering of information in order to make the collected data more relevant to the research design. The next step includes analyzing the data so that it enhances the relevancy of the collected information. The Analyzed data obtained then pops up questions those have never been answered before and thus sets up an important research question before.
Market research holds relevance in each and every sector. It is a continuous process in order to keep hold of the changing market situation. Market research plays a very important role in evolution of product or service based on needs and wants of consumer.
Sports has two marketing angle to its credit, the first one is marketing of sport and the second one is marketing of other goods and services through sport. Both the angles rely on market research to flourish and to find the do’s and don’t.
The first angle of marketing sports involves connecting people with the sport and generating fans for the sport. Extensive amount of research is made every year in order to understand the behavior of the fans, increase television viewership and to provide added motive to the fans to connect with the sport.the For example, NFL has worked to make the game statistics (that television provides) available to fans through the WiFi systems at the stadium, especially to fans at the high priced seats (replays, statistics and other stuff that television provides). Products such as fantasy league are result of extensive market research to understand fan behavior.
Rapid evolution in technology has enhanced the marketing reach of sports and has put forth newer research questions.With the enhancing number of mediums due to technology, it has become necessary to tap all the areas to engage more and more fans for the sport. At the same time sports can also lead to technological innovation as it driven by increasing demand for performance enhancement, injury prevention, personalized design and mass communication.
Market research also plays a very important role in making the products or services aware of the sports to chose in order to market themselves, the players or the teams to sponsor, evaluating the cost of marketing etc. Sport sponsorship no longer means simply attaching a corporate name to a stadium. Rather, it has become a triangle of association between the team, the sponsor, and the passionate fan.
Author – Saurav Arora – MBA Sports Management – Symbiosis School of Sports Science (Pune)
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The whole idea is to grow sports culture where sports are not only about playing but also about those heroes working off field to develop country through sports, bringing change to the society through it and making India a better place for sports lovers.