FACULTY OF HEALTH AND WELLBEING

SPORT MANAGEMENT AND CULTURE

MSc Sport Business

Management
The Usefulness of Economic theory in the Sport
Market
Global Economics of Sport Business [66-7907-00S]
Kenneth Fernandes

WORD COUNT: 4717

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Table of Contents

Introduction and Background to the Organisation 3

Demand Theories 3

Response by the Sport Market to Price Increase 8

Strategies to Increase Market Share 10

Role of Globalisation, Sponsorship and Broadcasting 11

Conclusion 13

Bibliography………………………………………………………………………………………………………………………………………….14
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The usefulness of Economic Theory in the Sports Market

Introduction and Background to the organization

On November 29, 1899, Hans Gamper founded Football Club Barcelona, along with
eleven other enthusiasts of 'foot-ball', a game that was still largely unknown in this part
of the world. He could never have imagined the magnitude of what that initiative would
eventually develop into. Over more than one hundred years of history, FC Barcelona
has grown spectacularly in every area and has progressed into something much greater
than a mere sports club, turning FCBarcelona’s ‘more than a club’ slogan into a reality .
(FCBarcelona, 2009)

Barça has it is familiarly known, has become, for millions of people all around the world,
a symbol of their identity, and not just in a sporting sense, but also in terms of society,
politics and culture. Barça has an attitude to shirt sponsorship that is historically
noteworthy. It has continuously refused to advertise corporate sponsors on T-shirt since
its founding. The club currently has an agreement with UNICEF, which includes having
the UNICEF logo on their shirts. The agreement has the club donate almost two million
per year to UNICEF via the FC Barcelona Foundation. “La FCBotiga” is the official club
store where one can find all the merchandising for one's family and house in the club's
colours.More than 3,000 different articles to choose from ranging from replica kits, to
school exercise books, watches, and books. The Store boasts 2.000 m² of retail space
in the Nou Camp Stadium, filled with club merchandise. In addition to official club
products, the store also offers:

- Shirt printing service to put your name and number on your Barca shirt.
- The Museum Corner, where you can buy the centenary shirt. . (FCBarcelona, 2009)

Sport related consumer expenditure can be categorized into two broad aspects, sports
goods and sports services t-shirt sales and merchandising would come under the sports
goods category. Sport is now recognised as an important sector of economic activity
and hence the need to analyse the demand for and supply of sporting goods. There are
various issues involved in the demand for the sports market. The demand to take part in
sport and hence the demand for clothing is an important issue to analyse.

Demand Theories

In order to analyse demand for sports clothing, it’s important to firstly look at the theory
of consumer demand. The demand curve is the graph depicting the relationship
between the price of a certain commodity, and the amount of it that consumers are
willing and able to purchase at that given price.This is known as a neo-classical
approach to consumer behaviour and regards the consumer as having a given set of
tastes and preferences, resulting in the allocation of income so as to maximise
utility.Consumer choice theory gives us a demand function where the quantity
demanded of a Good A(t shirt) by a consumer is a function of the price of the
good(Pa),the price of other goods(P1,P2,….Pn) and the consumer income(Y):
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QDA = f (Pa, P1, P2,. . . .Pn, Y)

What is meant by quantity demanded in the sporting context? The first approach to be
looked at involves a hierarchical modelling of demand for sport, with the actual demand
for sports activity playing the role of the parent demand function, while the demand for
sports facilities, equipment, clothing etc. treated as derived demands. (Gratton and
Taylor 2000).

The various determinants of Demand in relation to Barca T shirts. The quantity of

football t-shirts demanded depends on four major things: the price of t-shirts, the prices
of other related goods, incomes of the consumers and their tastes and preferences. The
first important determinant is the price of the good. Demand is what consumers have
decided they are willing to buy at the price available. . (Gratton and Taylor 2000)The
sports market side revolves around the relative perceived value of a product and the
consumer’s willingness and, indeed, ability to buy that product. The perceived value will
lead to the level of consumer price threshold, i.e. how much the consumer values the
product and therefore how much they are willing to pay, subject to the law of diminishing
marginal utility, or the value placed on each individual unit consumed. (Una McMahon-
Beattie and Ian Yeoman 2004) In the sporting industry especially the consumer will only
purchase a commodity if the value of satisfaction gained from consuming the
commodity is greater than the asking price. For most sporting activities like football in
this case, the cost of participation is a composite item which includes both fixed and
variable costs. Variable costs are costs which are incurred every time the individual
participates in sport. Hence with regard to football in this case, cost of participation-
related food and drink, cost of travel to a football ground, entrance charges to a football
ground. Shirts or football jerseys like other clothing most often are one time purchases
that is they do not occur regularly; hence they come under the category of fixed costs.
The other costs that would come under fixed costs are membership fees to football
clubs, cost of a football, goal posts and football boots or studs.

Most sport businesses serve a wide variety of client groups, although some are clearly
niche players. It is feasible that operations could have different mixes of consumer,
even those operating under the same brand name or company. It is important to
acknowledge that the same consumer can fall into different target market categories.
Different occasions find the same consumer having different expectations and needs
(Buttle 1986); this causes the demand curve to change in different ways. Such a
concept is called the elasticity of demand.

Elasticity of demand has three commonly adopted measures: Price elasticity; Income
elasticity and Cross –elasticity, representing the relationship between the elasticity
measures on quantity demanded. The relationship between quantity demanded of a
commodity and its price is normally measured by the price elasticity of demand. This
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expresses how responsive the quantity demanded is to price changes. (Gratton and
Taylor 2000).

The willingness and ability to pay the price asked for a commodity is what distinguishes
want from effective demand. Although consumers may be willing to pay the asking price
of an FCBarcelona t-shirt, due to a lack of income they will not be able to do so. The
other variable within the demand function which is often used is income of the
consumer. The relationship between changes in income and changes in the quantity
demanded of a specific commodity is referred to as the income elasticity of demand. .
(Gratton and Taylor 2000)The basic income elasticity of demand equation is:

Percentage c h ange ∈quantity demanded

Income elasticity =
Percentage c h ange∈income

Income elasticity represents the relationship between a change in consumer income

and quantity demanded of a commodity. (McMahon-Beattie and Yeoman 2004) In terms
of the income elasticity equation, the percentage change in quantity demanded may
increase or decrease after an income change depending upon whether the commodity
in question is viewed as being normal or inferior. This means that it is possible to derive
a positive or negative figure from an income elasticity of demand calculation. (Cooke
1994)The numerical value of the income elasticity shows the percentage change in the
quantity demanded of a good for a 1 per cent change in income. Since consumers
reduce demand as incomes rise and they change to better, normally higher quality
substitutes, negative income elasticities indicate inferior goods. Positive income
elasticities indicate normal goods and positive income elasticities above 1 indicate
luxury goods. Sports goods like football t-shirts are normal or luxury goods, since it is
believed that participation rates for nearly all sports rise when levels of income rise. .
(Gratton and Taylor 2000)When consumers are making comparisons between
alternative bundles of commodities, one of the most constraints upon their behavior is
the amount of money they have available to spend. . (Cooke 1994, pg38)

Goods and services whose demand is negatively correlated with income are known as
inferior goods. Examples of inferior goods tend to be associated with low quality. For
example as income rises, individuals are likely to buy fewer bottles of inferior wines and
fewer items of inexpensive clothing or in the case being discussed fewer items of low
quality ,inexpensive Barcelona football jerseys. Thus, the degree to which a specific
commodity is inferior will often depend upon the number of higher price/quality
substitutes which are available. . (Cooke 1994)
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There is an argument whether football t-shirts are normal or inferior goods because
while one can purchase an original licensed product, the fact of the matter is that there
are much cheaper options in terms of fake or imitations readily available. These
imitations are not only cheaper, but most often appear to look like the original product.
According to an article first published back in 2006 on the open2.net BBC website, it is
believed that 12% of all sports goods are counterfeit. Dozens of unscrupulous suppliers
are replicating designs and products. Consumers queuing to exchange their cash for
cheap and cheerful imitations have one question on their lips. Why pay 40 quid for a
genuine football team strip when a tenner buys a pretty good rip-off? (Dibb 2006). Since
the degree to which a specific commodity is inferior will often depend upon the number
of higher price/quality substitutes which are available. Most consumers tend to go for
the higher quality more expensive goods if they can afford it.

Another important determinant of demand is the price of other goods. It is known as the
cross price elasticity of demand or cross elasticity of demand. It is the measure of
responsiveness of demand for one product to a change in the price of another (either a
substitute or a complement). It enables us to predict how much the demand curve for
the first product will shift when the price of the second product changes. The formula for
cross price elasticity of demand is:

Percentage∨Proportionate c h ange ∈demand for Good A

Cross price elasticity=
Percentage∨Proportionate c h ange∈price of Good B

If Good B is a substitute for Good A, A’s demand will rise as B’s price rises. In this case
cross elasticity will be a positive figure. (Sloman and Smith 2006)

The quantity demanded is affected by a change in the price of closely related goods,
which may be either complements or substitutes. An increase in the price of one good is
encouraging people to demand more of the other. In contrast the sign for
complementary goods will be negative. Thus, an increase in one product’s price will not
only bring about a reduction in its own demand but also in the demand for any good
which is consumed at the same time. . (Cooke 1994)Substitute goods: when an
increase in the price of one good results in the increased demand for another. This
could include sports clothing or footwear. If one brand increases its price, then
consumers may buy the same item but switch to a different brand. . (Gratton and Taylor
2000)When it comes to purchasing FCBarcelona t-shirts there could be different kinds
of consumers, football fans, FCBarcelona fans etc.For a football fan who wants to
purchase a football jersey to just play football, there could be many substitutes, however
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for a FCBarcelona fan there probably would be less or no substitutes if the price
increases.

Complementary goods: Is when an increase in the price of one good results in reduced
demand for another. An example is a tennis racket. When prices of rackets increase,
demand for tennis balls may also decline. Generally with complements, the price of one
good increasing tends to reduce the demand for both products. .( Gratton and Taylor
2000)Here it might be interesting to note that if there is a price increase in t-shirts, the
demand for the other items like the home and away kit, soccer shorts etc.may also
decrease.

To understand this next important determinant of demand we have to understand the

reasons why some consumers will choose to buy a particular product at a certain price
or level of income while others will not. The basic reason for this if one looks at
everyday experiences is the fact that we are all different. We each have different tastes
and preferences, so one person will enjoy consuming a particular good, while others
may not. What we choose to wear is one way in which this can be seen. Therefore quite
possibly we will only buy a good or service if its price is less than or equal to the value
we attach to it. There is no point in purchasing it if the price exceeds our own valuation
of it. .(Cooke 1994)The key socio-economic variables according to some early studies
of participation patterns that were important in determining people’s preferences for
active recreation or sport, were age ,sex,educational background, and occupation.
Rodgers (1977) offers an interesting hypothesis concerning the relationship between
age and sports participation. He suggests that many people in the older age categories
were never participants, even when young. The most significant relationship is between
participation and age and sex.There has been a consistent negative correlation
between age and participation in virtually every sporting activity. The most important
variable in explaining variation in those sports that require physical contact and strength
is age. However if we relate this phenomenon to FCBarcelona t-shirts the concept of
age will come in when a child or teenager will probably want to purchase a FCBarcelona
t-shirt when they want to play football. The demand for FCBarcelona t-shirts will
probably be there among the elderly and middle aged too. The elderly would look at it
as a gift for a fellow family member or for himself or herself to go watch a match if they
are fans of the club. The majority of consumers who would purchase the product would
probably be the younger generation.

Scitovsky (1976) suggests that to understand demand, one has to understand the
motivational force behind behavior, i.e. one needs to investigate how preferences are
formed. Psychologists argue that there exists an optimum level of total stimulation and
arousal which, when reached, gives rise to a sense of comfort and well-being. (Gratton
and Taylor 2000). Scitovsky (1976) theory of demand states that competitive sports and
games are popular because the pleasantness of exercise is maximized by the full
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exertion of our strength and skills called forth by competition. Therefore the more people
are aroused to participate in sport the more will be the demand for sport clothing.

Another very important aspect to the demand for Sport is the Uncertainty of Outcome.
The outcome uncertainty hypothesis states that people are more likely to attend games
where the outcome is uncertain. The match-level uncertainty is purely about the
uncertainty surrounding the outcome of a particular fixture. (Andreff and Szymanski
2006)

Response by the sport market to price increase

The quantity demanded by consumers for football T shirts and the price of the T shirt is
most often determined by the price elasticity of demand. The most relevant elasticity
measure for the purposes of inventory and revenue management is price elasticity of
demand. (Una McMahon-Beattie and Ian Yeoman 2004) The basic price elasticity of
demand equation is:

Percentage c h ange∈quantity demanded

Price elasticity=
Percentage c h ange ∈price

(Souce:http://wps.prenh
all.com/wps/media/objects/1782/1825440/WPS_linear_demand.gif)
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The numerical value of the price elasticity shows the percentage change in the quantity
demanded of a good for a 1 per cent change in price. Price elasticities are normally
negative since quantity demanded falls as price rises and vice versa. (Gratton and
Taylor 2000)

To analyze the response made by the sport market to either an increase or decrease in
the price of FCBarcelona t-shirts, it is important to find out what rate the different range
of t-shirts being offered. The FCBarcelona official online store has three different
options in terms of world regions. These regions are Europe and other countries, United
States and Canada and Japan. The range of t-shirts available are: Barcelona Home
Shirt 2009/10 – MENS, Barcelona Home Shirt 2009/10 - MENS - Long Sleeved,
Barcelona Home Shirt 2009/10 - WOMENS - Red/Blue, Barcelona Home Shirt 2009/10
– KIDS. The one which is being talked about in this report is the Barcelona Home Shirt
2009/10 – MENS.

The demand for a product can be said to be very inelastic if consumers will pay almost
any price for the product, and very elastic if consumers will only pay a certain price, or a
narrow range of prices, for the product. Inelastic demand means a producer can raise
prices without much hurting demand for its product, and elastic demand means that
consumers are sensitive to the price at which a product is sold and will not buy it if the
price rises by what they consider too much. The price for a Barcelona Home Shirt
2009/10 – MENS presently is about 40 pounds. (FCBarcelona,2009).If there is a price
increase this year it is quite possible that the demand will still be there due to the
success of the club winning three major championships this year. However if the price
increase is more than what people can afford than the demand will decrease.
Considering the price elasticity of demand mentioned earlier the elasticities will normally
be negative, since quantity demanded falls as price rises and vice versa; elasticities
numerically below 1 indicate inelastic or unresponsive demand and elasticities
numerically above 1 indicate elastic or responsive demand. Considering that people will
pay almost any price for a Barcelona t-shirt because of the fact that they won the three
major championships in Europe and in Spain and also the fact that they have a lot of
star players in their team, who are adored worldwide for their skill and simplicity, the
product would be considered inelastic. Therefore if the club feels their popularity has
increased because of their achievements in the last year and they increase their price
marginally, people will still purchase the t-shirts. ). In May 2009, with the achievement of
the triplet the FCBotiga mega store at the Camp Nou achieved record sales, with a
record inflow of 20,000 people in one day. The network official outlets FCBotiga
consists of seven stores in Barcelona (CampNou, Sagrada Family, Ronda Universidad,
Station Sants, C / Jaume I, Maremàgnum and Airport. The club carried out a series of
actions that involve putting more cash registers to provide better service and more
customization points T-shirts to also give a better service. To celebrate this historic
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season, the shirt was launched commemorative Nike "LEAGUE CUP CHAMPIONS
"was a great success, and developed a special product line "Three-time champion" with
the major licensees. (FCBarcelona, 2009)

Strategies to Increase market share

Applying the criteria of a business to sports clubs is a basic element for their successful
sporting, economic and social operation. The success of the brand of a football team
depends to a huge degree on their sporting results- which of course is perfectly logical,
since the potential customer is motivated by impulses that are mainly emotional. In the
space of a very few days, it is possible to go from absolute defeatism to total
triumphalism. This causes continuous and extreme fluctuations, which are not the norm
in non-sporting businesses. This is why the most important clubs in the world
increasingly require a solid marketing department which is prepared to cope with the
large degree of uncertainty that is the cause of these fluctuations. Barcelona FC is no
exception and for the past few years has been able to count on a very good
professional in the person of Esteve Calzada, who heads the marketing department of
the Catalan club. (Gil-Lafuente 2004)

The marketing department of the club is divided into four units: Brand Management,
Sponsorship, Recruitment and Loyalty and Contents and Media. Brand Management is
where the communications campaigns are carried out. It is precisely in this unit that the
humorous and delightful idea of the ‘Barca Toons’ for the Joan Gamper Trophy arose.
The contents and media department handle television contracts, the selling of television
rights for friendly matches, the subject of the internet and mobile telephones. Some of
the objectives of the club according to Esteve Calzada are that of generating income
through the exploitation of the different assets held by the club (team, players, the
‘Barcelona FC’ brand and its facilities. This includes different lines of business:
sponsorship, media content (internet, mobile phones, television etc.), merchandising (in
corporation with ‘Nike’) and club membership. (Gil-Lafuente 2004)

In the past all teams were only working on their area of influence in order for more
spectators to fill up their stadiums and buy merchandise, the strategies that Barcelona
FC as a top flight club is adopting is that they are looking for their fans on a worldwide
scale, they attempt to get people from every corner of the globe to visit their website,
buy their products through the internet and watch their matches on television. They are
attempting to create certain complicity between the fans and the team. .(Gil-Lafuente
2004).The re-launching of the web page and the fans credentials ‘Gent de Barca’ has
allowed the club to obtain an important database of addresses that are of great interest
to the club. Another important strategy that the club has incorporated to increase its
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market share globally is the organizing of overseas tours, most notably the tour to the
United States and Mexico. Another strategy to increase market share is identifying the
sectors of activity traditionally with the world of football and utilize these to increase
income through sponsorship. The club has another strategy to increase market share
and income and that is to exploit the facilities at the Barcelona FC museum. The
museum according to Esteve Calzada has more than 1000000 visitors per annum.The
club is hoping that as well as the visit to the museum, people gain other experiences
from the club. (Gil-Lafuente 2004)

In this era where the internet has a dominant position in reaching out to people, it is
important for football clubs to consider reviewing their websites from time to time. As a
football club one must have a clear cut strategy to keep fans and prospective fans glued
on your website and coming back frequently. In the same breath the internet should
also get all stakeholders open their purses for the benefit of the club. To this end the
club should offer something beyond football that people will not be able to get easily
somewhere else. Some of the reasons why a football club should gain a strong
presence on the internet are: To offer engaging information about the team, Attract new
fans, Increase loyalty of existing fans, keep them engaged, make the system remember
them and keep emailing out those nuggets of information directly and one can increase
fan loyalty, cut down on printing and postage expenses, get income from
merchandising, get advertisers and sponsors for the site, reach fans that are out of the
catchment area affordably, sell tickets widely and affordably, promote player profiles
and the technical staff, economically exploit these player profiles. With these issues in
mind one can map out an internet strategy for a football club. One must always
remember that they key to success for a football team just like all business is to have
huge satisfied customer (fan) base. An internet strategy should always be guided by
that fact. (Sebbale 2009).

Role of Globalisation, Sponsorship and Broadcasting

As football has become more global, so the number of social actors and their frequency
of interaction have multiplied. Old boundaries between the local, the regional, the
national and the global are routinely penetrated or collapsed. The rising cultural
complexity or hybridity of football further reflects this globalization. Time- space
differences are increasingly compressed. (Harvey 1989).Technology permits football
information to be global rather than national in character. The mobility of players,
reporters, officials, supporters and more importantly football images, collectively
ensures that individuals now bring an immense diversity of information to playing or
watching the sport. (Guilianotti 1999).
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Since the 1960’s, football’s political economy has undergone rapid modernization as its
star players and clubs have been incorporated more deeply within the wider
commodification of popular culture. The football experience became increasingly
synonymous with tract- side advertising, shirt sponsorship, television commercials,
league and cup sponsorship and the merchandising of club paraphernalia. Towards the
end of the 1980’s, most professional clubs in the UK were aiming to earn more money
from their off- field activities than from gate money paid by the average supporter. Club
directors introduced an extra tier of business management, to improve off-field earnings,
by creating ‘marketing departments and appointing chief executives. Except for
Barcelona FC (who refuse any shirt sponsorship), all modern professional clubs have
sought such backing. . (Guilianotti 1999)

Shirt and trackside displays for technological products have multiplied and serve to link
football to a rapid modernity. (Metoudi 1987). Football is a natural area for sponsorship
as it carries very strong images, has a mass international audience, and appeals to all
classes. (Ferrand & Pages 1996). Due to various factors including globalisation, team
performance over the past years, and involvement in society the demand for Barcelona
t-shirts is believed to have increased. The club has a huge fan base in UAE, locally; the
club sells more shirts in the UAE than any other international club. (Business
Intelligence Middle East 2009)

The growth of football merchandising within clubs was a relatively early post-war form of
commodification, but major financial and cultural changes have been inspired by
television, most notably the rise of satellite broadcasting and the potential of pay-per-
view. (Guilianotti 1999). Football and television, the marriage has not always been a
passionate one. Club directors in the UK were long mistrustful of televised live football,
wary that it might adversely affect match attendance figures, especially as fans leisure
options multiplied from the 1960s onwards.(Hargreaves 1986,Pg116, Crisell 1997,pg
155).By the late 1970s the directors had become reassured that regular, controlled
television helped the game’s public appeal. Research from the United States agreed
that televised sport increased gate receipts by enhancing team recognition and loyalty
(Horowitz 1974). Scully (1995) believes that the foundation of any modern sports league
depended upon a broadcasting deal.

The concepts of transnationalism and connectivity have important utility in explicating

the social aspects of football and globalization.Transnationalism reveals the processual
aspects of globalization through exploration of the social interconnections and
interweaving of individuals and groups across diverse geo-political terrains. Football has
also experienced a great volume and diverse transnational media content. Broadband
internet connections and web television platforms point towards the future availability of
almost any professional football league. (Giulianotti and Robertson 2009). Giulianotti
 13

and Robertson (2009) suggest that blackberries, wireless internet facilities, and cheap
global telephone calls allow sport journalists to exchange greater diversities and
volumes of information about players, while players use their own websites to
communicate directly with their worldwide fan base.

To increase their fan base, revenue through the medium of broadcasting operate their
own TV and Radio channels. The TV channel is called Barca TV and is available in
Spanish, Catalan and English. The channel shows all the live FCBarcelona games and
many others programs related to the club. Programs from the channel are also shown
on Fox Soccer channel in the United States of America and ESPN in the United
Kingdom. The radio channel is called Radio Barca and the service provides
commentaries of all first team matches in Catalan, Spanish and English. The
commentary in English is the first of its kind as this service is currently not available
anywhere else on the radio or via Internet. This new service is helping to satisfy the
large and growing demand from Barça fans around the world. (FCBarcelona, 2009)

Conclusion

After examining the concept of consumer demand and analyzing the various demand
theories, we come to the conclusion that economic theory is very important and useful
in understanding the sport market for Barcelona FC t-shirts, and also in analyzing the
response to price increase. This essay also shows some strategies the club uses to
increase its market share, and explore how demand has changed due to globalisation of
the sport market. It also examines how sponsorship and broadcasting play a role in the
globalization of the sport.
 14

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