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Key Topics
Requirement
Task Descrip[tion:-
The ASC and CSIRO future of Australian sports report identifies 6 megatrends that will affect the future of Australian sport:-
1) individualized sports and fitness activities.
2) Rise of lifestyle;e, adventure, and alternative sports, especially among the young.
3) Broader social and health benefits recognized by governments, companies, and communities.
4) sport for the aged.
5) developing market in Asia.
6) Salary increases in some sports.
Solution
Introduction
In this present paper, we will discuss the research report on building the relationship in sports business in which the nature of megatrend, a significance of a megatrend, a relationship of a megatrend with other megatrends, the literature review on megatrend and implications and business opportunities arises from the megatrends. The six megatrends are, namely, a perfect fit, from extreme to mainstream, tracksuits to business suits, new wealth, new talent, more than sport and everybody’s game.
The selected megatrend is a new wealth, new talent: in which economic growth and sports development in Asia. The tougher competition is created throughout Asia by a population and income growth which creates new opportunities and higher competition among the competitors and new opportunities in the sports business environment and fields in Australia. The heavy investments are made by the Asian countries in the capabilities of sports and especially in China where the outcome of the gold medal is improved by the country at Olympics over the recent decades (Hajkowicz et al., 2013). The increase in the disposable income of Asian countries leads to an increase the interest of sports among the citizens. It develops the new market of sports tourism, sports television, sports equipment, sports events, and services.
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Nature of Megatrend
The economic growth and population have shifted the power throughout Asia which influences the other countries, for example, India and China. The rise in the economies leads India and China to become the major players across the world. India stands third largest in Asia and the ninth-largest economy in the world. The movement is joined by other countries as well such as Malaysia, Singapore, Japan, and Thailand. The investment is mainly made to improve the elite performance of athletes at the world level and to increase the participants of citizens in sports. The government of China has done strategic invested which is developed in 1995, and national physical exercise plan was outlined which help to increase the practice of regular exercise and sports participants among the Chinese (Nijkamp et al., 2013). The common theme was developed among Asian countries and strategies are also the same in sports.
The new business opportunities and the market emerge to improve the results of sports and increment in the rate of participation which helps to increase the revenue. The markets comprise sports media, sports services, sports equipment, sports events and others which are rapidly increasing their trends. It leads to an increase the economic growth in Asia which enables to increment of the disposable income of citizens which attracts the citizens to participate in sports. The analysis of two markets, namely sports events, and sports equipment's in two countries, namely, Australia and china shows an increase in the size of markets which is profitable for the business. According to the reports, the market for sports equipment is increased by 5.9% from 2005-2009 and total revenue is $6,049 Million whereas Australia in a similar market is increased by 4.5%. The viewers of the Beijing Olympics were 1.102 Billion which equates eighty-four percent of the population of China (Hajkowicz et al., 2013). The sports business industry has shown the figures which are not isolated, and the increment is shown in sports events and services.
Significance of megatrend
The New Wealth New Talent: economic growth and development of sports in Asia is the most significant trend to investigate for Australia. The two key briefings are that the trend is currently happening and Australia is near to Asia, so the performance of Asia impacts Australia.
Asia development is an area of economic value and power which is happening for decades. Countries like China, Japan, and India, has made the major on the stage of the world especially China with the highest population into the high economies and overtaking the powers of Russia and the USA for influence. The increment in the country’s financial power is transferred to the sporting world which helps the Asian countries to win more models at the Olympic Games, and satisfactory performance of Asian Games has attracted a large number of viewers and participants. According to the researchers, the sports market in Asian countries is doing well which shows that the megatrend is currently happening (Hoontrakul et al., 2014). It makes the trend significant for the industry of sports in Australia, and it suggests that it needs to be fixed up rather than ignoring it. For example, the football sport in Australia has taken advantage of the country which is already noticed (Football Federation Australia et al., 2015). It is recommended that the country should look towards the megatrends which help to take benefits from the megatrends. The megatrend is significant as Australia is close proximity to Asia and it is considered the neighbor of Asia. Sports is considered as the favorite pastime of the citizens, and we are aware of happening in the world of sports in Asia and its development which helps to make a profit from on the field and off the field.
Relation with other megatrends
The megatrend of New Wealth New Talent: economic development and development of sports in Asia which is related to the financial investment which is increasingly made in the developing countries of Asia. The good financial condition and wealthy nations can develop the quality athletes by investing in the training and development of athletes and coaches, and it relates to the megatrends of tracksuits to business suits.
The analysis of two sports, namely, cricket and football shows that the markets are growing in Asia in recent years which improves the salary structure of athletes and coaches. The advantage of Asian sports appears from Australian football history by relocating into the Asian football confederation in 2005, and the success is enjoyed by the citizens (Pitts et al., 2014). The success has impacted the recruitment of Australian players by the teams of Asian football in recent years. To encourage the players for achieving in Asia as compared to Australia is done through increasing the salary of players.
In recent years, cricket has taken by storm by the Indian premier league (Doley et al., 2009). Cricket is the favorite pastime of Indians, and India is having one of the largest populations in the world. In 2008 the recruitment for the best players across the world was done by the Indian premier league and brought them India for playing the match (Curley et al., 2013). The team was made, and it was owned by the wealthy people through the bidding system for signing the players in their respective teams. The huge amount of financial investment attracts the best players across the world. It develops a new avenue for the Australian players by playing in India and maximizes the number of their respective salaries. The development of Asian markets in cricket and football benefits the players and coaches by maximizing their salaries. It shows that other sports such as Rugby in Japan are also managed in such a manner that attracts the best players in Australia (Datamonitor et al., 2010).
Literature review
According to Commonwealth Scientific and Industrial Research Organization (CSIRO), the extensive research on new wealth, new talent megatrend shows that the megatrends reshaped the sector of sports over the future decades (Australian Bureau of Statistics et al., 2012). The report identifies that the sports industry of Australia is shaped and affected by megatrends. The developing markets in Asia are the trend that is developing, and it is supported by the string data. According to the research, the income growth and population are the key elements which expand the influence towards sporting the world among the Asian countries. The success of Asian countries is shown from the improvement in athletic performance on the world stage which is done by the increment in sports participation by the citizens of the country. The data shows that China is leading among the Asian countries in the performance of sports (Dixon et al., 2015). China is selected from the large group of athletes which consists of 3,222 Olympic athletes in which approximately 60,000 were professional athletes and 372,000 athletes who were young in the school of sports. In the physical education system, China has to employ 153,000 people which are increased by 9,000 in the last four years (Beijing Organising Committee et al., 2008). Other countries are also increasing their participation such as South Korea who has increased their performance in sports. According to (Hajkowicz et al., 2013), the Asian games are the second largest games in the world which major impacts on the development of the sporting performance of regions.
According to the research, there are various business opportunities that are developed from the megatrends. The new markets include sports events, broadcasting, import and export of sports equipment. The estimated viewers of Asian games on television are 847 Million which supports the suggestions, and the importing market of China has imported sports equipment in Australia is increased by 63 percent from 2004-05 to 2010-11and the total amount is $742 Million (Collett et al., 2005). The emergence of the Asian sporting region is supported by the research data from the Commonwealth Scientific and Industrial Research Organization (CSIRO) report. Thus the region is improving their participation in sports which helps to develop new business opportunities from the sporting industry of Australia.
Implications and opportunity
The rise of Asia in the world of sporting impacts is twofold for Australia. The improvement in sporting performance is one, and new business opportunities are second. The increment in the financial investment by Asian countries in sporting teams leads to an increase in the competition among the athletes of Australia. The training and development of Australian athletes improve their performance which helps to win against Asian players in the competition. It benefits Australia by pressurizing the players, team, and coach to improve their performance by setting the higher standard for success. The pressure will be only within the sporting activities. The governments will also push to support various athletes plays at the national and state levels by providing additional funding and resources which help to improve the performance of players. For example, the request for funding is made by Rugby league and football for upgrading the Parramatta Stadium and Allianz Stadium which helps to improve the performance of players, and it also helps to generate revenue from the stadium.
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The megatrend of New Wealth New Talent: economic development and development of sports in Asia are one of the most important megatrends among the six. The rapid growth of sports in Asian countries helps to generate new business opportunities such as Sports service, Sports expertise; Sports equipment can aid the performance of Asian players through importing sports equipment, services, and others. The avenues are created by the sporting clubs by the leverage of the popularity of watching sports in Asia which attracts the viewers and it enables to increase in the revenue of media rights. The Australian business can also explore various opportunities such as sports services, sports tourism, and events. The significance of megatrends is that the trend is currently happening and the performance of Asian countries impacts on Australia because it is near to Asia. The megatrend of New Wealth New Talent relates to the megatrends of tracksuits to business suits because it is related to the financial investment which is rapidly made in the developing countries of Asia.
References
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Hajkowicz, S. A., Cook, H., Wilhelmseder, L., & Boughen, N. (2013). The Future of Australian Sport: Megatrends shaping the sports sector over coming decades. A Consultancy Report for the Australian Sports Commission.
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Nijkamp, P., & Kourtit, K. (2013). The “new urban Europe”: global challenges and local responses in the urban century. European Planning Studies, 21(3), 291-315.
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Hoontrakul, P. (2014). Asia’s Transformation for an Asian Century: Choices and Challenges. In The Global Rise of Asian Transformation (pp. 1-24). Palgrave Macmillan US.
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Pitts, C. (2014). The Future of Wealth Management. In CFA Institute Conference Proceedings Quarterly (Vol. 31, No. 2, pp. 24-31). CFA Institute.
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Curley, M., & Salmelin, B. (2013). Open Innovation 2. O: A New Paradigm.
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Australian Bureau of Statistics. (2012) Children's Participation in Sports and Physical Recreation. Retrieved September 10, 2015, from http://www.abs.gov.au/AUSSTATS/abs@.nsf/Previousproducts/60775EC29432013DCA25722100181618?opendocument
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Beijing Organising Committee. (2008). Olympic TV audience on the rise in China. Retrieved September 10, 2015, from http://en.beijing2008.cn/news/official/noc/oca/n214569915.shtml
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Collett, M. (2005). Australia completes moving from Oceania to Asia. Retrieved September 10, 2015, from http://www.theage.com.au/news/soccer/australia-completes-move-from-oceania-to-asia/2005/06/30/1119724743902.html
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Datamonitor. (2010). Sports Equipment in Australia. London: Datamonitor.
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