UK sports tourism market within three categories of sporting events
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages
Draft Sections A+B
A. The Problem/Opportunity
Based on preliminary research carried out for the purposes of this study, it has become evident that the sports tourism market currently has a gap pertaining to international travel, and the logistical process attached to group bookings and payments. The opportunity within this domain is extensive. For the purposes of this study, and as a prospective newly established start-up venture, we will be focusing on the UK sports tourism market within three categories of sporting events; football and rugby.
To give an outline of the business model this newly established venture will take, the following summary can be outlined. We will develop a web-based application, in partnership with online travel providers, to specifically tailor advertised accommodation to sports travellers traveling in groups of two or more people. This concept will be tailored to local accommodation within close proximity of sporting events, based on competitive matches within the categories of British teams competing within; football and rugby. Dates will be established annually to offer group travellers a bespoke online service, with highly competitive prices rates available for group bookings with local accommodation providers.
Consecutive increases in consumer demand to attend UK sporting events domestically and internationally, have in recent years been driven by a proliferation in access to follow games through online distribution channels, and an increasingly diverse international fanbase. We believe this presents a pivotal moment in history to utilise the growth in parallel with the UK fintech sector, one of the most vibrant in the world, to establish a fintech start-up that fills the void in relation to the sports tourism industry.
We anticipate several sources of revenue can be generated through the development of this start-up, these will be elaborated upon in later sections of this report. To outline a high-level overview, the following anticipated sources can be referenced; revenue generation through fee transactions allocated on a percentile basis if transactions occur within the domestic currency of the Great British Pound (GBP), or conversely through international transaction charges which will be based on competitive consumer FX rates, additionally, third party organisations in the form of accommodation providers will be required to pay a finders fee to our organisation for signposting customers to conduct a booking.
B. Market Information
1. Customer Persona
Based on preliminary data of attendees present at live UK sporting events, we have identified the following to outline a hypothetical customer of our product. The three areas that of competitive sport we will focus on for this product pertain to; football and rugby. Each sport comprises a diverse fanbase, however, prior market research in relation to the demographics of fans has identified the following:
Football attendees at games are typically male, however, comprise a wide range of ages. Based on the requirements of group travel, we will be targeting buyers over the age of 18. The socio-economic status of football fans are diverse in nature, which can be identified from a wider viewership base.
Similarly to football, rugby attendees are largely male, however, some recent market analysis has highlighted more gender diversity at games. The disparity present in rugby largely pertains to the socio-economic demographic that largely attracts a middle-class, due to British cultural connotations developed between schools and geographic regions.
2. Description of Pain Point
There is a major challenge presented to prospective customers currently in relation to the sports tourism market for group bookings. With the exception of travel operators that charge substantial commission with limited options, there is not currently a tech platform that mitigates the substantial expenses and logistical exercise available for this problem. This pain point creates an opportunity and solution via utilisation of our product to alleviate the challenges associated with this process.
3. Market Potential (e.g. size, trends, supporting evidence)
In looking at the market potential for this product, changes in demand for this type of service are transforming an industry. Based on the changing paradigm in relation to international consumer demand for global travel and live viewing from being physically present at sporting events, we believe that this accessible online product will fill this consumer void. The middle class in Asia, with a specific focus on China, has been evidenced to have altered the strategized marketing activities of the UK sporting industry.
Following the success of the 2012 Olympic Games in London, followed by the Commonwealth Games in Glasgow, these international beacons of the UK sports industry has created a new narrative to cater to international consumers of the 21st Century. International travel is becoming increasingly accessible, with a focus on UK sporting events, this new application will cater to a growing industry for group based sports tourism.
4. Total Accessible Market
The sports tourism market in the UK has been growing steadily in recent years. We believe that focusing efforts in the early stages of this new venture to; football, and rugby, will allow resource capacity and customer engagement to be developed within a strategic 5-year period from company launch. The following market analysis can be referenced in relation to each sport:
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