THE CHARACTERISTIC FEATURES OF THE PROFESSIONAL SPORTS MARKET
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The author takes a look at the professional sports market and identifies its characteristic features. He analyzes literature on the economics of sports and the sports industry and describes the conditions underlying the operations of sports organizations, the features of sports goods, competition on the sports market, the functioning of sports clubs, and the behavior of buyers on this market. This allows him to determine the characteristic features of the sports business and the professional sports market. The author notes that sports have become a major industry today and that the sports market is increasingly global in nature. Sports clubs are transforming themselves from nonprofit associations into commercial companies that seek to be profitable and economical. Governments are changing their approach toward sports, and the systems for financing sports are being modified. The sports market is dual in nature because sports companies these days must do business according to both the business-to-consumer (B2C) and business-to-business (B2B) models. These two markets involve different kinds of sports products and different marketing approaches. The sports market shows considerable differences among market entities and their goals. At the same time, sports organizations, which act as suppliers on this market, heavily depend on the behavior of sports fans as customers. All this makes the sports industry a regulated market.
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