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Task 2: Successful Sports Businesses

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by

Laura Walker

on 26 February 2015

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Transcript of Task 2: Successful Sports Businesses

P1 - Describe what makes a successful sports business
Income
The total amount of money a business makes
Profit
A business will make a profit if the money coming in is greater than the money going out
Customer satisfaction
All sports businesses require customers to buy their products/services

Staff satisfaction
If staff are happy in their jobs they will do them well

Growth
If a business is successful it will probably grow in some shape or form
Task 2: Successful Sports Businesses
M2 - Explain what makes a successful sports business
Income can come from a variety of sources such as ticket and merchandise sales, memberships, sponsors, and product sales
From the income the business has to deduct expenses such as rent/mortage, wages, taxes etc
The money going out of the business includes things such as the cost of the product or service, staff wages, bills and fees etc
The business will then chose to spend the profits how they see fit
Many business grow by taking on more staff, opening a new branch or in a new location, open a website and trade online and advertise their service on a larger scale
Therefore if the staff are satisfied it will have a knock on effect which makes the customer satisfied

If staff are not happy they may take time off sick or may not be efficient at their jobs

The recruiting process also costs time and money so its in the businesses best interests to ensure the staff are happy

It is vital the customer Is satisfied with what they receive as it can lead to many benefits

Customer loyalty
Customers will return to a business if they feel they have been treated well

If they feel they have been treated poorly, they are much less likely to return to your business

Eg, waiting too long for a service or not having a complaint dealt with effectively

New customers
Can be generated through word of mouth from existing customers

If someone is happy with a business they are more than likely to recommend it to others

By providing good customer care, sports businesses can portray a good image to the public

If one business has better customer satisfaction than another then they are more likely to have more customer
This is very important in sports businesses as there are usually a number of facilities that provide the same service/product in that area

This can help to ensure that employees can handle complaints rather than becoming upset by them

Employee satisfaction
This can be attained by making sure employees have thorough training in customer care
Full transcript