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Economics and business strategies - Research Paper Example

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Essay Question: 1. Using not more than 2500 words, explain the contributions of key authors in TWO (out of three) of the precise topic areas noted below. In each case demonstrate a critical appreciation of the author’s analysis. • Kirzner’s (1997) conception of entrepreneurship in the conduct of new strategies • Zimbalist’s (2003) explanation of different owner motivations of sports teams…
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Economics and business strategies
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Download file to see previous pages Practically, the objective of the team owners differs depending on the nation, league and the team. Further, the objective of the team members is significantly affected by the relation of the team to additional assets of the team owner. Consequently, Zimbalist presents that there is no league, which has all the members with equal motivations as well as objectives; therefore, the generalization that leagues can have members with similar motivations and objectives is inconsistent and imperfect.i On the other hand, a corporate-guided market is a form of a dominant market through which abundance is achieved. Through corporate guided markets, aggregate spending is also conducted. In order to understand how this market works, it is crucial to put into consideration how corporations succeed at providing a new market for a branded product. Discussion Zimbalist’s Explanation of Different Owner Motivations of Sports Teams Concept of Competitive Balance and Different Owner Motivations Zimbalist illustrates various concepts that motivate team owners in their business. First, he states that the team owners are not primarily motivated by the quest to make profits. Certain team owners are motivated by the social prestige so that they seek to be associated and identified with well-liked and successful sports team. Media publicity accounts for the reasons the team owners are motivated to invest in sport teams.ii Even though profit making is part of the business objectives, it does not count as the leading motivation behind such kind of businesses. The push for power, aspiration for prestige, predisposition to team identification and associated feeling of team loyalty drive and motivate the team owners to invest in league business. In addition, the other motivational reasons for team owners that equate to social prestige include personal fulfillment and enjoyment, commitment to professional sports and satisfaction found in sports.iii Second, a part of the team owners is motivated by the pursuit of profits in sports business. Team owners may be motivated to invest in teams for nonprofit making reasons, making such team owners to be perceived as philanthropists. In contrast, some team owners are primarily motivated to achieve profits out of their investments in the teams. The behaviors revealed by the team owners in pricing regulations and the player salaries demonstrate that profit maximization also accounts for team owner motivations in sport teams. Nevertheless, the ownership motivation involving profit maximization has various inconclusive dimensions to support the hypothesis.iv Third, team ownership is motivated by the need for successful business tycoons to advertise the business products and seek approval of the community in the business they operate. The sports teams are used by these businesspersons to commercialize their ventures in sports sphere.v Furthermore, Zimbalist asserts that team ownership is motivated by the need to publicize business ventures and seek refuge in the federal tax legislation’s development.vi The ownership of teams offers business tycoons tax sheltering opportunities unavailable to other types of ventures. Generally, the ...Download file to see next pagesRead More
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