Prospects of Outsourcing Clinical Research Projects

Prospects of Outsourcing Clinical Research Projects A STUDY OF OUTSOURCING CLINICAL RESEARCH PROJECTS TO ASIAN COUNTRIES (INDIA): ITS GROWTH AND FUTURE PROSPECTS ABSTRACT Outsourcing is increasingly becoming a trend within the clinical research industry. The pharmaceutical and biotechnological spend on outsourcing was estimated to be $48 million in the year 2008 and is expected to increase to $48 million by 2010 [Bloch et al, 2006]. The concept of outsourcing for the development and global studies on new drugs has become widely accepted in the pharmaceutical industry due to its cost and uncertainty. India is going to be the most preferred location for contract pharma research and development due to its huge treatment naà ¯ve population, human resources, technical skills, adoption/amendment/implementation of rules/laws by regulatory authorities, and changing economic environment. But still ‘miles to go to fulfil the pre-requisites to ensure Indias success. In spite of all the pitfalls, the country is ambitious and optimist to attract multinational pharmaceutical companies to conduct their clinical trials in India. The research methodology is done mixing the quantitative and qualitative methods as explained by Creswell (Creswell, J. W., 2003). The questionnaires designed for collecting data had open-and-closed ended questions to obtain both quantitative and qualitative data for the analysis. An extensive literature review of existing trend of outsourcing clinical research project was carried out. Six interviews were conducted; two interviews to gain an understanding of the process and the activities outsourced by the pharmaceutical industry, benefits and risks involve in outsourcing, why Indian CRO are considered better to outsource the clinical research projects and four interviews to evaluate the strategies employed by the CRO in order to improve the relationship with key clients. The primary conclusion from this study is that outsourcing is a necessity within the clinical research industry. The study concluded that the many pharmaceuticals from UK are outsourcing their clinical research mainly to Asian countries for fast, cost effective and quality results. The study concluded that the relationship between the client and the CRO is the key element for the future of outsourcing clinical research projects. Chapter 1- Introduction and Background 1 INTRODUCTION â€Å"Outsourcing allows companies to reduce costs, benefits consumers with lower cost goods and services, and causes economic expansion that reduces unemployment, and increases productivity and job creation.† [Elder, 2009] According to the American heritage dictionary outsourcing is defined as the â€Å"procurement of services or products from an outside supplier or manufacturer in order to cut costs† [Amiti, 2004] This chapter aims to understand the rationale behind this project which is on understanding the process of outsourcing within the clinical research industry. The cost of drug development has been consistently on the rise, which has led to the pharmaceutical industry looking for new methods for conducting clinical research [Jayshree, 2005]. These companies have also been trying to develop strategies in order to identify and focus on their core competencies [McIvor, 2000]. This has now been achieved by the process of outsourcing. Contract research was initially limited to pre-clinical studies and clinical trial services; however it now covers a varied range of activities. [Jayshree, 2005] Outsourcing therefore has become a customary business strategy. [Editors, May 2005]. As time progresses a number of activities are outsourced to service providers such as Contract Research Organisations (CRO). It has been estimated that there are 1200 organisations which are involved in clinical research; these include pharmaceutical and biotechnological in-house clinical management, site management organisations (SMOs), academic and medical centres, private research sites and contract research organisations. These organisations aid in completion of the projects within the stipulated timelines and thereby increase the profit margins of the pharmaceutical companies. In the US, 60% of the clinical research activities were outsourced to CROs, in the year 2001. The CRO market has been growing rapidly ($1 billion in 1992 to $8 billion in 2002). This growth is evident not only in terms of revenue generation; but also in the number of patients being recruited in clinical trials (7 million in 1992 to 20 million in 2001). Therefore there is an increasing demand in the pharmaceutical industry for outsourcing activities to these service providers. [Jayshree, 2005] In order to meet the project requirements and timelines the pharmaceutical companies attempt to select the best service provider from several CROs. There is an intense competition between these organisations. I.1 illustrates the results of a survey conducted by Contract Pharma in 2005 wherein the respondents have graded the various characteristics they expect from a CRO in terms of very important and / or important. 1.2 RESEARCH TITLE A study of outsourcing clinical research project to Asian countries (India), its growth future prospects 1.3 RESEARCH BACKGROUND As time progresses a number of activities are outsourced to service providers such as Contract Research Organisations (CRO). It has been estimated that there are 1200 organisations which are involved in clinical research; these include pharmaceutical and biotechnological in-house clinical management, site management organisations (SMOs), academic and medical centres, private research sites and contract research organisations. These organisations aid in completion of the projects within the stipulated timelines and thereby increase the profit margins of the pharmaceutical companies. In the US, 60% of the clinical research activities were outsourced to CROs, in the year 2001. The CRO market has been growing rapidly ($1 billion in 1992 to $8 billion in 2002). This growth is evident not only in terms of revenue generation; but also in the number of patients being recruited in clinical trials (7 million in 1992 to 20 million in 2001). Therefore there is an increasing demand in the pharmaceutical industry for outsourcing activities to these service providers. [Jayshree, 2005] Clinical trials are designed to help us find out how to give a new treatment safely and effectively to people. With escalating pressure on research and development (RD) cost-containment across the global pharmaceutical industry, there is increased focus on reducing the cost of clinical development. The additional problem of delayed development is also affecting new drug introductions, losing incremental revenues. This dual challenge of accelerating clinical development and reducing costs has forced major pharma companies to look at alternative destinations for sourcing patients for their global studies. Exploration on these lines guides pharma industry to take interest in the countries like Latin America, Eastern Europe and Asia. Amongst Asian countries, India stands out prominently due to its huge treatment-naà ¯ve patients population, English speaking doctors and a large pharmaceutical presence that has dominated the world market due to cheap generics. As the multinational drug co mpanies in the United States and Western Europe look east to outsource research and clinical trial activities, countries such as India will gain proficiency and expertise, assisting its move from generic and speciality contract manufacturing to innovative drug discovery and development in its own right, setting the stage for increased global competition. [Unknown, website:http://www.cyfuture.com/history-ofoutsourcing.htm]. India has emerged as a strong base for clinical trials in recent times. Due to the multitude of benefits it offers, the country is fast growing as a centre of conducting clinical trials for many international companies. India, with its huge patient base, low cost advantage, completion of cilia trial on time, improving infrastructure, and with a strong government support is witnessing a double digit growth in its clinical trial market. All major pharmaceutical companies and Clinical Research Organisation (CROs) have already started conducting their clinical trials in India, and with improving infrastructure, industry friendly regulations and trained workforce, the growth is only likely to increase in future. 1.4 RATIONALE FOR CHOSEN TOPIC I decided to do my research on outsourcing because my personal interest and also clinical research outsourcing became the most important factor in the economic growth of many developing countries. I strongly believe that this paper provide some good literature along with some organizational evidences which will be beneficial to other pharmaceutical industry to outsource their clinical trials to India. Further as I have chosen my area as a clinical research outsourcing from European countries to many developing Asian countries along with the risk involvement in it so I will be collecting theories and information from pharmaceutical companies which will provide some evidence to the topic. In addition to the theories, I will be interviewing the mangers of pharmaceutical companies to find out their opinion and on that basis I will further review my topic. Also my personal interest in this topic is that I have worked in the clinical research industry for around 3.5 years. I know many of the processes and whole flow of the study completion. I have worked in CRO for top pharma companies like Pfizer and GlaxoSmithKline so I know all the insights of clinical research its importance, criticality and confidentiality. Also by working on this thesis I will get to know UK pharmaceutical market and how they carry out their clinical research. It will definitely help me in my job search as I want to work in clinical data management field in UK pharma or CRO. 1.5 RESEARCH QUESTIONS: They are a means to structure, focus and direct the dissertation and to reconcile the objectives with the primary research. (I need your inputs regarding how to reference this portion of work as I have taken it from your notes) Research is an organised and systematic way of finding answers to questions. Questions are central to research. If there is no question, then the answer is of no use. Research is focused on relevant, useful, and important questions. Without a question, research has no focus, drive, or purpose. Research questions:- 1) To understand the UK pharmaceutical/clinical research Industry. 2) To define the nature and characteristics of outsourcing 3) What is the importance of Clinical Research industry? 4) What is the relationship between pharmaceutical industry and CR industry? 5) Why outsource clinical research? 6) Why outsource clinical research mainly to Asian countries? 7) What are the effects of outsourcing clinical research on a pharmaceutical industry? 8) How to improve relationship between pharma and CRO in the process of outsourcing? 9) Which elements are most important for relationship between pharma and CRO both now and in future? 10) How to manage performance throughout the outsourcing process to improve its future? 1.6 RESEARCH AIMS AND OBJECTIVES Outsourcing is a fascinating field which now forms a core component of business within the clinical research industry. This chapter aims to understand the aims and objectives which are intend to be completed during the course of this project. 1.6.1 Aim: To understand the growth and future prospects in outsourcing of clinical research projects from UK Pharma to Clinical Research Organisation in Asian countries. This research was conducted in order to understand the process of outsourcing within the clinical research industry. This research is mainly based on pharmaceutical companies in UK and Europe who outsources their most of the clinical trial work to overseas companies mainly in Asian countries .The actual aim of this research is to find out why there is an increase in outsourcing of clinical trials to Asian countries and what are the future prospects for both pharma companies and CRO where the projects are getting outsourced. This research also talks about what benefits the companies have due to outsourcing its clinical trials to developing countries. 1.6.2 Objectives: The following are the objectives of the research 1. To understand the current scenario of outsourcing within the clinical research industry. 2. Analysis of UKs Pharmaceutical industries where companies are going for outsourcing 3. What are the various reasons behind outsourcing? 4. Analysis of Clinical Research Organisations in Asian countries were outsourced jobs get done. 5. Overlook on the procedure of outsourcing and the basis on which selection outsource company is being done. 6. To identify the risks and benefits involved in outsourcing from the perspective of a client and service provider. 7. To develop a questionnaire in order to establish the internal views of a leading Pharmaceutical (Client) and CRO (service provider) on outsourcing. 1.7 THE STRUCTURE OF DISSERTATION This paper consists of following chapters which are, Dissertation document structure: Chapter 1: Introduction In chapter 1, an introduction to outsourcing and clinical research industry was given in order to provide the reader a good background of outsourcing and clinical research industry. The Chapter also addresses why UK Pharma companies choose CRO in Asian countries (India) for outsourcing and the relationship between them. Chapter 2: Literature review This chapter provides background information on the processes of outsourcing as well as gives an overview of outsourcing within the clinical research industry. Chapter 3: A structured research methodology A background on the research methodologies, knowledge claims, research strategies, and data collection was given as the first part of this chapter. The implemented research process and methodology for this research study was explained subsequently. The last part of the chapter addressed the validation process and the objectives achieved through the research study. The author of this thesis selected a research methodology mixing the quantitative and qualitative methods as explained by Creswell (Creswell, J. W., 2003). The questionnaires designed for collecting data had open-and-closed ended questions to obtain both quantitative and qualitative data for the analysis. An extensive literature review of existing trend of outsourcing clinical research project was carried out. Chapter 4: Company Case Chapter 5: Data Collection and Analysis of the project Six interview were conducted from the UK Pharma and CRO in India to gain an understanding of the process and the activities outsourced by the pharmaceutical industry, benefits and risks involve in outsourcing, why Indian CRO are considered better to outsource the clinical research projects and what is the future prospects of outsourcing clinical research by developing good relationship between client and CRO. Chapter 6: Conclusions and Recommendations The primary conclusion from this study is that outsourcing is a necessity within in the clinical research industry. The study concluded that the many pharmaceuticals from UK are outsourcing their clinical research to Asian countries for fast, cost effective and quality results. The study also concluded that the relationship between the client and the CRO is the key element for the future of outsourcing clinical research. CHAPTER 3 RESEARCH METHODOLOGY 3.1 INTRODUCTION In the previous chapters I have presented the overall background to the topic and also supportive literature to the outsourcing of clinical research along with relationship building in between CRO and pharma. The main aim of this chapter is to outline the research methodology used for this topic. In this chapter we will provide and discuss the content of the research approach towards the topic and designing of it used throughout the study of it. 3.2 RESEARCH PROCESS This is traditional and highly structured view of research process. This model also provides research as neat and orderly process, with one stage leading logically on to the other. As provided in step 1 research topic can be identified as a result of your course, work, job, interest area or general experience. On the basis of research topic in order to narrow down the research area, research problem is defined which focuses on particular research problem with small enough of investigation. Next step is to tell how exactly the research is to be conducted which is followed by the collection of the data which includes primary and secondary data. After analyzing and interpreting this collected data final report is being written. 3.3 NATURE OF RESEARCH PROBLEM Conducting research in the real world was a challenge for dissertation due to the lack of a central body/authority to provide information related to pharmaceutical and CRO confidential data regarding outsourcing of clinical research. The followings are some of the key challenges faced during the research process: 3.3.1 Lack of transparency An effort was made to address some questions through the questionnaires related to the outsourcing of clinical research and its benefits, the risks you face when you outsource processes to the CRO, the key issues that lead to a loss of business from the clients, and the competencies that differentiate the CRO from its competitors. These questions were either not answered or answered with uncertainties by some respondents. The author has to take out the information through indirect ways of addressing the questions over the interviews conducted with some of the Operational managers and employees in person or through phone interviews. This indeed increased the time and effort in the data collection phase in the research process but was overcome with certain limitations. 3.3.2 Inadequate references: The author had struggled to find good references or documents related to outsourcing clinical research, its future and all the other relevant data was offered either through the common portal or the business departments sites. The lack of academic case studies on information security, publications, or white papers was a challenge for the extraction of information in the literature review and data analysis. Despite the above challenges, the objectives of the research as mentioned in Section 1.4 were the pillars of the research methodology and the research process was implemented to achieve them. 3.4 RESEARCH METHOD Research method tells about the methodologies used for the research topic. The main aim of this method is to discuss and select the appropriate method to achieve the research objectives which also provide the structured and systematic way throughout the process to perform the research. A Research Method is nothing but a way in which the data is arranged to get desired output. It can also be defines as a systematic and orderly approach to the collection and analysis of data. In any research collected or gathered is always called as samples or data, which is raw, specific, untreated, undigested and therefore largely meaningless. The analysis arranges the data in a meaningful manner and resolves research questions. So it is very important to select a correct analysis method on the correct set of data to get accurate results and outputs for the research problem. There are several different analytical methods, which are commonly used in business and management research works. These methods vary according to the nature and scope of the topic and thesis, the sources of data to be used, the purposes of gathering data, the amount of control in obtaining the data, and assumptions to be made in analyzing the data. 3.5 RESEARCH DESIGN Research design is a ‘Science of planning procedures for conducting studies so as to get the most valid findings (Vogt, 1993, P.196). Research design will give you detailed plan and guide about focus of your research. Research design is a strategic research approach which is adopted to answer the research questions. The research approaches are classified as exploratory, descriptive or analytical research. Exploratory research is generally conducted for the topics where hardly any few or nothing to refer for the researcher in terms of work done by previous researcher. Researcher conducts the exploratory research for three main purposes a) diagnosing a situation, b) Screening alternatives, C) Discovering new ideas.(Zikmund,200). In general exploratory research is meaningful in any kind of situation where there is not a exact understanding in order to proceed with research (malhotra, 2004). Research conducted for this project was largely exploratory, which involved brand equity research; a research wherein the researcher determines the favorability of a particular brand among its customers [Trochim, W.M.K, 2006]. In order to fulfill the aims and objectives set for this project a schedule of tasks to be completed was drawn up: 1. A comprehensive study of article and reports which dealt with basic outsourcing as a concept. 2. A study of articles and reports related to outsourcing within the clinical research industry to provide an insight into the functioning of pharmaceutical companies. 3. Evaluation of the information gathered so as to compile a literature review. 4. Preparation of questionnaires as tools to obtain the generic information about outsourcing within a leading pharmaceutical company. 5. Selecting relevant interviewees for conducting the interview. 6. Preparation of questionnaires in order to interview key people within the organisation who were responsible for ensuring that deliverables are met in a timely manner. 7. Conducting the interviews 8. Transcription of the responses obtained during the interviews 9. Analysing the responses obtained and generating the results. 10. Conclusions and recommendations from the results obtained. These tasks required a comprehensive collection of information from various sources. The collection of data for analysis and interpretation was done in two phases: 1. Desk Research 2. Field Research 3.5.1 Desk Research The desk research comprised a comprehensive and extensive literature review in order to gain a thorough understanding of the industry, outsourcing. This took place during the first four weeks of the project. The reading material covered a range of internet articles and industrial reports. The majority of the articles were found by using internet research. This method of research involved the extensive use of the Internet especially the World Wide Web [Berry, D. M. (2004)]. The search engines used to look for information included Google, Yahoo, MSN, Google Scholar and the UWIC library search hub. Some reports were also provided by the Industry Supervisor. The articles were read and the information which was relevant to the project aims was reviewed and included in the literature review which forms the second chapter of the thesis. Some of the well known reports such as the Tufts reports and a report by Alison Sahoo, (2006) on Pharmaceutical Outsourcing Strategies did not only provide very good background information but also provided a plethora of information on outsourcing. Name of report Kind of information provided McKinsey Reports These reports provide comprehensive information on issues such as consolidation, licensing, biotechnology pipeline, outsourcing within the industry etc [McKinsey company website, accessed on 12 Dec 2009] Tufts Reports Strategic information for drug developers, regulator and academic researchers to help improve the quality of pharmaceutical development, review and utilisation [Tufts website, accessed on 15 Dec 2009] International Biopharmaceutical Association Publications The publications give information on product updates, news and industry trends, these journals have articles on the current issues related to the industry [IBPA website, accessed on 20 Dec 2009] William Blair Company reports These reports provide information on research providers and high quality growth companies. [William Blair and Company website, accessed on 22 Dec 2009] International Monetary Fund reports These reports provide information on high quality research and publish articles by a variety of guests on a number of topics [IMF Staff Papers, accessed on 27 Dec 2009] 3.5.2 Field Research The research on the subject of outsourcing included the construction of questionnaires and interviewing internal members of a leading CRO in order to fulfil the aim of the project. There are two types of research classified on the basis of type of questioning: 1. Quantitative research 2. Qualitative research Quantitative research is research which uses a combination of inferential statistics and descriptive statistics as tools to analyze data and draw conclusions. It involves random sampling techniques to enable valid and credible sampling from a particular population. This kind of market research includes surveys and questionnaires which express a statistically significant result. [Bradburn et. Al. 1988] Qualitative research, on the other hand, generally precedes the quantitative research. It aids in understanding a problem, setting up a hypothesis and determining the route to be taken for the quantitative research. This type of research is expensive and does not progress as rapidly as its counterpart. The number of respondents in this type of research is few and therefore the results of such a research cannot be extrapolated to the entire population [Malhotra, 2006]. The essential guide to doing research The research carried out in this study was qualitative in nature and hence did not generate a large amount of statistical information. It was decided, with the consent of the University and the Industry Supervisors, that the aims and objectives of the project could be fulfilled by interviewing relevant people within the CRO itself. There were four interviews, in total, which were conducted. Two interviews were conducted from the members which belong to pharmaceutical company and other two were conducted from CRO, which is service provider for this pharmaceutical company. 3.6 Data collection There are two main types of data collection primary data collection and secondary data collection. Primary data is the one which can be obtained by researcher directly, by observation or measurement of phenomenon in a real world without any disturbance of third party involvement. (walliman,2005). In every case researcher is answerable for his sources and should be able to argue in defense of quality of his sources. In secondary data the information is subjected to the source of reference. The main difference between primary and secondary data is, Primary data is originated by researcher for specific purpose of addressing the problem where as secondary data have been already collected for the purpose of other than problem (Malhotra, 2005). In the data collection process, both questionnaires and interviewing methods were adopted. The interview data were analyzed using the immersion approach (Robson, C., 2002) The questionnaires were designed to include open ended questions and closed ended questions in order to give the participants the flexibility to add more comments and points and not be restricted to the answers provided for any question (Creswell, J. W., 2003). 3.6.1 Review of secondary resources: * Related research papers, journals, industrial white papers, and surveys were researched, collected, indexed, and reviewed by the author. The objective of this step was to have a good repository of all journals and conference proceeds addressing the topic of outsourcing, different methods of outsourcing, clinical research industry, pharmaceutical industry , and increase in the outsourcing of CRO projects to developing countries like India , china etc. * During the course of the research, the author had either read or skimmed through more than 50 journals, whitepapers, conference proceedings, and books. Only 50 references regarded useful to the research were indexed and documented. 3.6.2 Identifying Interviewees: It was of paramount importance to select the right people to interview from a plethora of people, each skilled in their own field. With the intention of obtaining the maximum amount of information from the interviewees about outsourcing within the clinical research industry, people who were crucial to increasing the business opportunities for the leading pharmaceutical were chosen for these interviews. These people form a bridge between the top pharmaceutical companies and the CRO; hence it was decided that they were the best in the field of outsourcing within the CRO and therefore were selected for the interview. The questionnaires for the interviews were prepared accordingly. The field research was carried out in two phases: 1. Phase I: Preparation of questionnaires 2. Phase II: Conducting the interviews Phase I (the preparation of the questionnaire) required the author of this thesis to have an appreciation of the challenges of the industry and the current state of the art with respect to outsourcing in order to be able to target the questions in the most appropriate manner. There were two different questionnaires employed and these were directed at two different business activities that could be outsourced. These were: 1. Questionnaire for members belonging to pharmaceutical company. 2. Questionnaire for members who are part of CRO Structured interviews: Two questionnaires (A and B) were created and were sent to Pharmaceutical Company (Pharma) and the CRO (Clinical Research organisation) respectively with specific and direct questions related to the areas of research interest. A preliminary interview with the head of Outsourcing Department in the pharmaceutical company was conducted to explain the purpose of the research and seek his opinion on the questionnaires and their objectives. Some of the heads of the departments did not have the chance to fill questionnaire and requested the author to fill them during their interviews. Mailed/Online questionnaire Both questionnaires A B were sent to the appropriate participants. The participants were invited based on their management involvement and based on their strong background on the outsourcing issues. The questionnaires were sent via email to them and the feedbacks were received through email. Both questionnaires A and B were developed as an output of this phase with different sets of questions addressed to the two categories of respondents (pharmaceutical company and Clinical Research Organisation). The questionnaires were sent and assistance offered to clarify the questionnaires questions if needed. The background information was obtained by a comprehensive study of the available literature and that has been reported in Chapter III. This chapter aims to report the results obtained during the interviews which were conducted as part of the research. 3.6.3 Questionnaire for members belonging to pharmaceutical company related to outsourcing This questionnaire was designed to obtain informat

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The Pastry Yard sells delightful products with an affordable price. It aims to satisfy the palate of their target market. Competitors will always around that is why the members are doing their best to make the group’s business successful. The Pastry Yard products has a potential in the pastry industry. I. Company Overview A. Name of Business: THE PASTRY YARD The group decided to choose The Pastry Yard for its business, because YARD means the first letter of the group member’s first name. Y for Yella, A for Alfie, R for Rishvert and D for Dustin and added â€Å"PASTRY† to signify the concept that the business products is all about pastries. B. Description of the Business: The Pastry Yard is a retailing type of business. The business decided to propose a business which is selling butterscotch and tarts since they will always be saleable in any season. Foods come in different varieties and tastes but pastries are all time-favorites so the group makes sure that the products are tasty and delicious. Aside from personal selling and offering, the business reaches its target market through its affordable price that is convenient to the students, teachers, employees and even the guardian and the parents inside the campus of St. Mary’s College of Baliuag. C. Name of the Group:Ka Bert’s The owners agreed to the name Ka Bert’s after the name of Rishvert John Romano who is given a pet name â€Å"Berto† acting as the leader of the group. D. Business Owners: Name Nationality Address Role % of Ownership Maria Mayella T. Malang Filipino Bahay Pare, Candaba, Pampanga General Partner 25% Alfie G. Cajucom Filipino Sulivan, Baliuag, Bulacan General Partner 25% Rishvert John T. Romano Filipino Milflora Homes, Sabang, Baliuag, Bulacan General Partner 25% Dustin Del Rosario Filipino Poblacion, Bustos, Bulacan General Partner 25% E. Business Structure: Type of Business Organization: Partnership The owners decided to form a partnership type of business organization for the following reasons: a. The business is easy to establish and start-up costs are low. b. The liabilities are limited c. With more than one owner, the ability to raise funds may be increased. d. Partnerships provide moral support and will allow for more creative brainstorming F. Business Location: The business is located at St. Mary’s College of Baliuag Campus G. Vision: To build up a small business that will offer a unique and savory pastries. Mission: To provide the customers with the best food experience from beginning to end. Goals: To encourage people on eating healthier foods especially the students. To introduce pastries to the people reach by the business. Objectives: To provide and satisfy people in producing a kind of product that can help in utilizing resources by means of selling and gaining profit. MARKETING ANALYIS A. Market Description The Pastry Yard is a business that offers pastries. The business is an advantage for the students having a hard time during break time going to canteen because the product itself will find their find their way to its customers. Pastries are not sold in the school canteen that is why the group saw this as a business opportunity to sell to the students who are looking for something to eat. B. Target Market The group’s target market are the teachers, employees and even the guardian and the parents of the St. Mary’s College of Baliuag. C. Target Area The group’s target area is at St. Mary’s College of Baliuag Quadrangle, located at Racelis St. Baliuag, Bulacan, D. Market Demographics The business targets both male and female with age ranging from 7 years old and above inside the SMCB Campus. E. Products Butter scotch Tart F. Market Positioning Selling the best pastries at an affordable price is the image wanted by the business. G. PRICING Pricing below competition The products price is simply the same with our competitors. This strategy is working best on the group’s efforts. It reduces costs and develops good marketing strategies. Product The Pastry Yard SM Tart Php. 10.00 each Php. 15.00 each Butter scotch Php. 15.00 each Php. 20.00 each Pricing above competition Location and exclusivity of product is one factor that affects the pricing quality. The group that stocks high quality of product will have the potentials in building a price above their competitors. Product The Pastry Yard Market Tart Php. 10.00 each Php. 8.00 each Butterscotch Php. 15.00 each Php. 12.00 each Cost plus markup pricing It is a strategy and it is usually used if there are many products being sold. The group sells tart and butterscotch. The record cost Php. 15.00 and Php. 10.00 and that Php. 15.00 and Php. 10.00. A percentage is added which also served as the profit. PRODUCT COST SELLING PRICE MARK-UP PRICE PERCENTAGE Tart Php. 7.00 Php. 10.00 Php. 3.00 30% Butterscotch Php. 10.00 Php. 15.00 Php. 5.00 33% Multiple Pricing This is selling more than one product, with different price. The group is selling one product individually. This multiple pricing is great in markdowns and events, but some consumers tends to patronize this strategy because they can buy products in larger amounts. H.DEMAND AND SUPPLY ANALYSIS (GAP) Consumers will purchase the product in a lower price and less of good in higher prices. When it comes to supply producers will sell less of goods in lower price and more goods in higher prices. High school students and faculty members are the common customer. The group bases the demand on the total number of sales which is 210 but not all the students buys the product. The demand is low because the business is just starting and do not have permanent store. SALES POPULATION DEMAND HIGHSCHOOL 120 885 7.38 COLLEGE 90 165 1.83 SALES POPULATION DEMAND HIGHSCHOOL 100 885 8.85 COLLEGE 80 165 2.06 I. MARKETING STRATEGIES AND PLANS Our business provides a cheap and good quality of pastry products. Products are assured of its cleanliness and affordability. As a marketing strategy this is done by means of word of mouth because every time people buys the products they can talk about it with their colleagues. SELLING CHANNELS The group members are selling our product personally and it is given directly to the customers. The group sells the product by roaming around the vicinity of the school. COMPETITIVE ANALYSIS Nature of the Competition Selling pastry products is totally in demand in the world today. Despite the presence of competitors in the market, the Pastry Yard is confident that its products are different with a unique characteristics. Direct Competitors The direct competitors of our product are the two groups (C-creations) that sells baked goodies. Strengths and Weaknesses The pastry industry now a days is getting bigger and it became a new trend in the market. Pastry Yard basically gives the customers a chance to taste a delightful and different pastry products. The group weakness is the unavailability of machineries and baking tools in making and producing pastry products. Competitive advantage The Pastry Yard advantage is selling freshly baked tarts and butterscotch which will satisfy one palate. a. MANAGEMENT/PERSONNEL Management consists of the interlocking functions of creating corporate policy and organizing, planning, controlling, and directing an organization’s resources in order to achieve the objectives of that policy. b. Ownership The type of business is partnership, before the business starts, the proponents contributed capital and chooses their respective role in running the business. The proponent agreed to divide the business profit equally. c. DUTIES AND REPONSIBILITIES Cashier Responsible in managing the business profit Responsible in preparing business financial statements Production Officer Responsible in processing the products to be sold Ensure the product are clean and safe with the best quality Sales Crew Responsible for business promotion Responsible for selling the product Responsible for communicating with the customer Purchaser Accountable for buying quality products Ensuring the cleanliness of the ingredients d. BACKGROUND AND EXPERIENCES FINANCE OFFICER (Cashier) The Finance Officer of the business is Maria Mayella T. Malang. She is a student of Bachelor of Science in Hospitality Management. She is in charge of budgeting and monitoring the money that are coming from the business. She is responsible for ensuring that the financial statements of the business are complete and accurate. PRODUCTION OFFICER The Production Officer of the business is Dustin Del Rosario. He is a student of Bachelor of Science in Hospitality Management. He is in charge and responsible of the products that are ready for selling. Ensure the cleanliness and the safety of the product. MANAGEMENT OFFICER The Management Officer of the business is Alfie G. Cajucom. He is a student of Bachelor of Science in Hospitality Management. He is in charge for business promotions and responsible in selling the product. MARKETING OFFICER The Marketing Officer of the business is Rishvert Romano. He is a student of Bachelor of Science in Hospitality Management. He is responsible for buying quality pastry products. He is also responsible for ensuring the cleanliness of the products. e. PERSONNEL REQUIREMENTS Cashier Must be a graduate of any 4 year course Experienced in managing budget Must be at least 18 years old Production Officer Must be a graduate of any 4 year course Outstanding communicator skills Excellent in quality control Sales Crew Must be a graduate of any 4 year course Must possess excellent customer service skills Must be at least 18 years old Purchaser Strong and confident communicator Must be a graduate of any 4 year course Must be at least 18 years old and above WEAKNESS The business do not have its own store for which the buyer can visit and order their preferred goods. Another weakness is that the business buys the product that they offer and just add a little mark ups to earn profit. STRENGTH Customers want variety of products that’s why the business provides customers options to buy either tart or butterscotch. The Products are affordable and will surely satisfy the customer tummies. IV. BUSINESS OPERATIONS A. PRODUCT DESCRIPTION A Tart is a baked dish consisting of a filling over a pastry base with an open top not covered with pasty. The pastry is usually short crust pastry, the filling may be sweet or savory, though modern tarts are usually with yema fillings. A Butterscotch is a chewy flour based pastry like brownies that is baked with peanut toppings. B. PROCESS FLOW Pastry Yard ordered the product from a source and delivered to the group ready for selling. The group walks around the school to sell the product to the customers who are usually students and teachers. C. INVENTORIES The raw materials that are used in the business are not owned by our group. Because we are just getting our product in a manufacturer of pastries. PRODUCT  DISTRIBUTOR BUTTERSCOTCH RONALD TADEO TART RONALD TADEO E. PLANT SITE The Pastry Yard is located inside the school vicinity of St. Mary’s College of Baliuag Quadrangle. F. PLANT LAY OUT We usually sell our product at Sacred Heart Building. G. WASTE AND WASTE DISPOSAL The group maintains the cleanliness in the designated area inside the school campus. Separate containers are used to prevent food contamination. Members of the group are obliged to clean and pick up the trash that came from selling tarts and butterscotch. VI. Socio Desirability Business believes that change starts from within. It is the main reason why the business are built and established the community, and help individuals in their lives. It increases and promote an economic friendly environment. 1. Employee The Pastry Yard owners are also the crew or service staff of the business. The group didn’t hire crews because the business is just starting and still manageable. 2. Community The Pastry Yard wants to shout out the care for the community and the environment. A ten percent donation will be given to HRM HARMONIES for the incoming activities of the said club. 3. Government Success in business requires a very crucial part in our government. The Pastry Yard pay the right amount of taxes when is continue to succeed. 4. Environment The Pastry Yard inspires the community in living in a healthy and clean lifestyles, and how to value and care to our environment. Unlike other businesses that sells pastries, The Pastry Yard knows how to retain and produce a green community. The Pastry Yard promotes the use of â€Å"reduce, reuse and recycle†. Financial Assumptions 1. The sales of Tart per day are 30 and sales of Butterscotch per day are 25. 2. Purchases of Tart per day are 30 and purchases of Butterscotch per day are 25. 3. The mark up price for tart is 30% while 33% for butterscotch.

The Presence of “Magical Thinking” Within the Case Studies...

The Presence of â€Å"Magical Thinking† within the case studies of The Maori Cannibals amp; Cantonese Funerals Since the day you were born, you have been taught lessons that will help you get through everyday life. There have been the lessons of sharing, to always help others, and of course, to always be kind to your fellow man. Now, why is it that if you were to see someone use a dirty dinner plate, or drink someone else’s half empty glass of water, you deem that person disgusting? Is it in fact due to the lessons you’ve been taught, or does it stem from something different, such as â€Å"magical thinking?† Magical thinking can be found in the case studies, â€Å"Funeral Specialists in Cantonese Society: Pollution, Performance, and Social†¦show more content†¦Physical contact with a corpse is thought to affect a man’s yang directly and, after a man touches seven corpses, he can no longer be made clean again. This is why professional corpse handlers are treated with such disdain. Women on the other hand are more likely to attend funerals as representative s of the families without having to worry that their yin will be permanently corrupted. Villagers believe that death pollution is sent out from the decaying flesh of the corpse, not from bones. This is important to note because, in the local view, flesh is inherited from the mother and is thereby of the yin essence, bones on the other hand, are passed in the patriline and, when manipulated properly, are primarily yang. In the case study by Ross Bowden, women in the Maori society are believed to have the essence of noa, which means to be profane. In Maori belief, men were intrinsically tapu (sacred) and superior in status to women, who were intrinsically noa. In Maori society, women were seen as profane to such an extent that it was forbidden to literally step over a man while he was lying down, or step over his legs when he was sitting. In doing so, it was seen as belittling or insulting to the man. Women in the Maori society were not the only entities viewed as being profane. Within the Maori society cooked food was deemed as profane, and as a result women had the duty of preparing and

Commercialization Sports Globalization - Free Essay Example

Sample details Pages: 10 Words: 2935 Downloads: 3 Date added: 2017/06/26 Category Sports Essay Type Descriptive essay Tags: Globalization Essay Did you like this example? â€Å" Critically evaluate how globalizing and commercial forces have influenced sports generally and football especially. You should also include in your analysis the influence of globilization and commercialization on the management and governance of organizations in light of Stewart and Smith’s (1999) unique features of sport. You should discuss the implications of these changes on the management of sporting organizations. Don’t waste time! Our writers will create an original "Commercialization Sports Globalization" essay for you Create order You must be critical rather than descriptive in your analysis and refer to theory wherever possible† This paper seeks to present how commercialization and globalization have affected sports industry in our days and how sport managers have to respond to these two factors. Sports always were concerning human communities, and were at the centre of human activities. At the early 590 BC the Greek athletes were financially rewarded for an Olympic victory-winning (Harris, 1964). â€Å"Sports has not always had such an international flavour. Sports first spread across international borders through imperialistic efforts. As countries such as Great Britain colonised various areas throughout the world, sport was used to impose the conquerors culture on the colonised land† ( Masteralexis, Barr and Hums,1998, p.210). Nowdays sports attract the public interest and â€Å"Modern sports and modern mass media are both multibillion-dollar businesses. Elite sports cannot function as they do without the mass media to publicize and underwrite them. The huge market for sports equipment and team-related merchandise is to a large extent sustained by the medias 24-hour-a-day sports coverage, and the economic infrastructure of the mass media depends to a considerable extent on the capacity of sports to create large, loyal cohorts of readers, listeners, viewers, and interactive consumers† (https://www.britannica.com/eb/article-253580). Sport is a main interest in modern societies as more and more people participate like ever before. This massive growth of sport interest and activities has drove to main changes the major characteristics of sport. These changes that characterize sport are related to social changes as â€Å"among these changes some trends may be identified. First, sporting activities in western countries are characterized by a trend toward pluralisation i.e. by the increase in the number of sports that are practiced. At the same time sport activities know a process of diversification and differentiation: recreational, competitive and professional sports are becoming more and more separated. Second, sport activities are subject to a growing individualism. Sport is more and more seen as an option for an individual. The general ideology concerning sport has moved â€Å"from sport as a collective right to sport as an individual option† leading to the adoption of the principle of â€Å"let the user pay†. Individualism and pluralization may be seen as the cause of a trend toward the â€Å"marketization† (or commercialization ) of sport. In effect, sport is among the fastest growing leisure markets. All sorts of sport, and not only top sport are characterized by a growing involvement of money.† ( Enjolas, 2001). â€Å"Today, sport is big business and big businesses are heavily involved in sport. Athletes in the major spectator sports are marketable commodities, sports teams are traded on th e stock market, sponsorship rights at major events can cost millions of dollars, network television stations pay large fees to broadcast games, and the merchandising and licensing of sporting goods is a major multi- national business. These trends are not just restricted to professional athletes and events, many of them are equally applicable to the so-called amateur sports† (Slack, 1998). Here is a selection of some examples that certificate the above : â€Å"a report published by Deloitte Touche and Sport-Business Group has revealed that Manchester United heads football’s rich list with a turn over of 117m pounds. It is based upon turnover season 1999-2000. In the 2nd is Real Madrid with turnover of 103.7m. pounds.†, â€Å"Kellogg has signed its biggest ever UK sports sponsorship deal. It is linking its Nutri-Grain brand with Rugby League’s Challenge Cup. Kellogg will invest more than 1 million pounds into the sponsorship.† , â€Å"Musicians, sports stars and actors are rapidly overhauling established business tycoons as some America’s wealthiest young people.†, â€Å"Hays and Robertson is planning a two-way floating International Brands Licensing, the Admiral and Mountain Equipment brand business on Aim in June 2002, in an attempt to raise its market value to 11.5 m. pounds. Hays and Robertson will then join with Sky in a deal to sell England kits and other football kits later on in the year and focus on purchasing licenses for other brands for UK distribution.†(as cited in Beech and Chadwick, 2004, p. 8-9). Also as cited in McGaughey and Liesch (2002) ague that, â€Å"†¦ sport has gradually commercialized through the growth of spectatorship, with revenues being generated via gate-takings and activities such as on-course betting (Rowe, 1996). While the advent of ‘live’ broadcasting and the commentary of sports through radio and television initially resulted in declining revenue for sporting bodies, popular sports have increasingly entered more economically rewarding contracts with television interests, with ‘the negotiation of television contracts rapidly becoming the biggest issue in the game’†¦Ã¢â‚¬  (p.384). According to Beech and Chadwick (2004), the development of a sport as a business is characterized by a sequence of phases. These phases are: the foundation of the sport, its codification, stratification, professionalisation, , post-professionalisation, commercialization and post-commercialization. The commercialization of a sport involves the development of an â€Å"overtly business context, external organizations see the opportunity of using the sport for their own purposes, typically marketing in the forms of sponsorship – involving governing bodies, leagues and clubs – and endorsement – involving players. If the sport organizations, leagues and clubs are inept in their management of the greatly incr eased financial revenues which become available, they will become available, they will come under pressure to the extent that some professional clubs in particular may be forced out of existence† (p.6). The commercialization in the English soccer began at the end of 1960, when Texaco (an oil company) and Watneys (a brewery) offered sponsorship to cups (Beech and Chadwick, 2004). â€Å" †¦by the end of the 1990s commercialization had become firmly embedded across the whole of the top leagues as well as the FA, with sponsorship of a range of events and facilities, including individual stadia, common practice. Clubs websites had become integrated with betting companies, mobile phone companies and other external organisations, typically offering directly soccer-related services. Weaker (in terms of financial success) clubs have faced major pressures such as being forced into administration.† (p.7). Some examples that present the commercialization in the 1990s are â €Å"†¦ between January 1993 and January 1997, shares in football sector rose 774per cent, outperforming stock market by a factor of 10.†( Marrow, 1999), â€Å"†¦18 month period between 1995 and 1996, shares in Manchester United and Tottenham rose 336 per cent and 368 per cent respectively.† (Marrow, 1999), â€Å"many individuals made slot of money from stock market floatation as Hall Family (Newcastle): 3m 1989-1992- sold a 41.6 per cent stake for 55m. pounds.† (Walters G, 2008, Lecture 1, Birkbeck notes). The commercialization of the sports has led to the commercial consumer income e.g. shirt sales, the commercial sponsorship income e.g. shirt sponsorship, the stadia development, the increasing of supporters-fans, matches are scheduled for tv audience, the merchandising have become more aggressive, expensive and targeted, the tickets price is higher (Walters G, 2008, Lecture 1, Birkbeck notes). Here are some comments about the commercialization in football: â€Å" One of the reasons the fanzines are not encouraged is because the clubs fear any threat, small or large, to their complete control of merchandising income. Clearly fans want to identify with their clubs and if control also means ensuring that certain basic standards of product and service are met then that’s not necessarily a bad thing†¦the trouble lies with the way that merchandising has taken over at the expense of developing almost any other form of identification with the club† (Perryman, 1997, p.6), â€Å"this should have been a golden age, a perfect time to be a football supporter. Heysel and Hillsborough were in the past. We had seen off the hooligans and nearly all the fences. Where we were once the enemy within, we were now the height of fashion†¦ tv programmes, plays and even opera took an interest†¦ football shirts were everywhere. There was a boom†¦ this should have been everything we ever wanted. Instead, just when it was, at last, all right to be a football fan, everything went sour†¦Ã¢â‚¬ ( Horton, 1997, exploitation 13-14). â€Å"Globalization can be described as a process by which the people of the world are unified into a single society. This process is a combination of economic, technological, sociocultural and political forces† (Wikipedia, 2008). â€Å"In sports, globalization does not mean promoting international games and joining test matches or international competitions. It is a temporary event with minimal lasting effects and therefore is just called internationalization. The globalization of sports intimidates sports organizations that hold the right of franchise in these countries. So, it is a big problem for the professional associations, like those in baseball and soccer in Japan and in Korea and basketball in the Philippines. Sports management is something that is not directly related to globalization.   But, today, due to the wide coverage of media and t he popularity of sports, globalization is an inevitable issue, even for the local sports organizations. The international sports enterprises are always looking for a chance to invade a new market, and in this sense, sports is very similar to agricultural and industrial products† (https://ccs.cla.kobe-u.ac.jp/staff/amano/WWW/amano.html, 2008). Also â€Å"the global development of sport has also accelerated from the 1980s. For example, one can find the flows from country to country of sports goods, equipment, and landscapes have grown such as the development of the media-sport production complex and projects images to global audiences.†(Lee and Lin, 2007, â€Å"the Sport Journal†). According to Masteralexis, Barr and Hums (1998), â€Å"Sport is subject to many of the same forces that are increasing the global distribution of consumer and entertainment products today† (p.209) as sports are affected by international influences as athletes play profession ally in foreign countries, people watch sport events from other countries and they consume products of foreign teams. The sports industry like the general business, have realized that they have to expand their boundaries in order to sell their products in the global marketplace, by creating â€Å"products that they have the same appeal and generate the same demand in all corners of the world† (p.212) considering the different cultures, laws, languages, customs, traditions. â€Å"Efforts in globalizing the sport product can be seen on two fronts: 1. corporations are attempting to utilize the sport theme and sport products to enter the international marketplace and 2. professional sport leagues are attempting to spread the popularity of their leagues and associated products (televised games, licensed sport products, etc. ) overseas† (p.213). As an example â€Å"†¦many sport leagues, particularly those in North America, have sought out global markets through e xpanding television broadcasting and licensing, and by developing new leagues to introduce their specific sports to new geographic areas (Rushin, 1993). The most obvious example of this is the World League of American Football (NFL Europe) which despite financial losses, is seen as a means to introduce the professional football product to Europe, and expand television interests (King, 1996). In this way, professional sport leagues seeks out new revenue opportunities in many different markets†¦Ã¢â‚¬  ( Mason, 1999, p.406). Trenberh and Collins, 1994, suggested five â€Å"manifest market conditions† that affects the sports industry and the sports managers work: â€Å"1.a trend toward a increased professionalism in leisure and sports organizations 2. continued development of commercial forms of sport 3. maturation and normalization of career structures in leisure and sport 4. a mounting awareness of the need for fiscal accountability in the public and non-profit sec tors and 5. the targeting of management skills by government as a way of enhancing sport systems ‘effectiveness’† (p.276). According to Boucher(1998), â€Å"†¦there is n question that the field of Sports Management has grown and developed at a rapid race, particularly over the past decade. Concurrent with this growth have been advancements made by professional and academic associations, formed to further needs of a variety of individuals who are affiliated with Sports Management†. Sport managers have to be aware of the changes that impact their work environment and have to be capable of knowing the new technology, which affects the sports industry and have to understand that sport and sport management as a whole, is growing as a popularity worldwide and sport managers themselves should learn, understand and respect the â€Å"differences when dealing in the international sport marketplace† (Masteralexis, Barr and Hums, 1998, p. 36), â€Å" †¦ it is imperative that sport managers understand the issues surrounding the governance and management of international sport†¦Ã¢â‚¬  (Masteralexis, Barr and Hums, 1998, p. 213). In order to manage the sport product, sport managers should always consider that: â€Å"1. the sport product is intangible and subjective making it difficult to ensure costumer satisfaction 2. the sport product is inconsistent and unpredictable 3. the sport product is a perishable commodity, developed in anticipation of demand and produced and consumed simultaneously 4. aspects of financing and budgeting for sports organizations differ from those of a typical business 5. for a manager there is a highly complex network of stakeholders ranging from government agencies to sponsors, volunteers and members 6. sport enterprises earn significant income from sources extraneous to the sale of the service(e.g. sponsorship and television rights) 7. managers of sport leagues must heighten competitio n to be successful, not eliminate it† (Trenberth, Collins, 1999, p.20). In addition the role of marketing is very important for a sport manager, in order to attract consumers, as marketing helps : 1. to guide a sporting organization in its selection of the â€Å"sport product† and its target costumers 2. to identify and monitor the activities of business competitors 3. to develop and implement promotional strategies 3. to develop and implement distribution strategies 4. to coordinate the research and information needed to carry out the marketing functions(above), audit their performance and help ensure their repeated success. (Trenberth, Collins, 1999, p.218). Sports managers need to understand also the strong need of : 1. financial management 2. share and stock market 3. mergers and acquisitions 4. sports law, commercial and international law 5. TV rights and EU law in European cases( Trenberth, Collins, 1999, p.279). Conclusion This paper has sought to highlight how commercialization and globalization has changed the worldwide picture of sports. As we can conclude a sport manager, in order to be competitive in the global marketplace and in order to be able to react to the changes of the international rules of commercialization have to be aware of the needs of the market and â€Å"consumers†-fans that address. According to Markle(1997), (as cited in Trenberth, Collins, 1999, p.281), â€Å"†¦sports managers need to understand the nature of the business and the disposition of the consumer through demographics, psychographics, socioeconomics, etc†¦sports managers need to built their business, the product and the perception of the product to be attractive and appealing †¦ to built relationships with sponsors, to learn their business needs and become an agency rather than a salesperson. They should under-promise and over-deliver†¦Ã¢â‚¬  Also we should always have in mind what Robert L. Boucher (1998, p.79) suggests : â€Å" call me naà ¯ve, but it is possible that today’s promoters of commercialism in sport have become intoxicated by sponsorship revenues? †¦is it right for a sport manager only to be conduit by which a sponsor can achieve greater market penetration? My contention is simply that in our quest for legitimation, we may have sold our souls to the interests of big business. It can be argued that much of what comprises the Sport Management domain is not related to business and producing entertainment for profit. In fact, a large percentage of sport enterprises in the global community are of an amateur nature where the motives of participants, spectators and administrators are of a more altruistic nature. Perhaps Chelladurai’s (1992) observation that there are really, in fact, two fields, that management of human services in sport and management of entertainment services through out sport, is entirely accurate. In any event, the need to return in a balance in orientation and to refocus has never been more pressing†. References Beech J. Chadwick S. (2004), â€Å"The Business of Sport Management†, Ashford Colour Press, Gosport Boucher R. (Journal of Sports Management,1998, 12,76-85), â€Å"Towards Achieving a Focal Point for Sport Management : A Binocular Perspecive†, Human Kinetics Publishers, Inc Encyclopedia of Britannica, on line, 2008. from https://www.britannica.com/eb/article-253580/sports Enjolras B, â€Å"Commercialization and the voluntary organization of sport:the Norwegian model under pressure?†, Paper prepared for the Seminar â€Å"idrett, samfunn og frivillig organisering†, NFR, 9-10/01/20011, from https://web.bi.no/forskning/isforg.nsf/62af2dc31b641632c12566f30039282c/6dd187f9b8d0a3c3c125696f003d6d3a/$FILE/Enjolras.PDF Harris, H.A. (1964). Greek athletes and athletics. London: Hutchinson. Lee and Lin, (2007). â€Å"The Global Flows of International Professional Baseball System†, from https://www.thesportjournal.org/2007Journal/Vol10-No4/07pi ng-chao.asp Mason D.(1999). â€Å"What is the sports product and who buys it? The marketing of professional sport leagues†. European Journal of Marketing, Vol.33, No.  ¾, 1999, pp. 402-418 Masteralexis L., Barr C., Hums M., (1998), â€Å"Principles And Practice of Sports Management†, United State of America :Aspen Publishers McGaughey S. and Liesch P. (2002). â€Å"The global sports-media nexus: reflexctions on the ‘super league saga’ in Australia†, Journal of Management Studies 39:3, may 2002. USA: Blackwell Publishers Professional Sports in Globalization: A Comparative Study of the Japanese Baseball and the Philippine Basketball†, from https://ccs.cla.kobe-u.ac.jp/staff/amano/WWW/amano.html Slack T., (1998). Studying the commercialization of sport: The need for critical analysis. From https://physed.otago.ac.nz/sosol/v1i1/v1i1a6.htm Trenberth L., Collins C. ( 1999), â€Å"Sport Business Management in New Zealand†, New Zealand: The Dunmore Press Walters G., (2008), from the lesson â€Å"The economics and governance of professional football†, Lecture 1 â€Å"the business of football: an historical perspective†, Birkbeck notes Wikipedia, 2008, from www.wikipedia.com