Good Research Paper About Stakeholder Analysis
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Virgin Money London Marathon
The Virgin Money London Marathon is easily one of the most important events in the annual athletics calendar, not only because of the number of participants, but also because of the lucrative winnings and revenues. The long distance running event was initially held in spring 1981 and has since been held annually in London. This project plan is about organizing the 35th London Marathon on behalf of the London Marathon Charitable Trust, to be held on the 26th of April 2015. It specifically seeks to maximize the amount of physical and television viewership of the race by reducing conflicts with other sporting events and disruptions to the normal business activities in London. The annual event involves upwards of 36,549 athletes drawn from 150 countries and generates in excess of £110.1 million ($179.8 million) in income to the UK economy due to the high number of tourists that it attracts to the country. Other than the direct revenues, the event also markets the UK as a destination, improves overall athletics standards in the UK and the rest of the world, and offers a great sense of national pride to the country. The event is huge and requires a huge number of workers employed directly by the trust, security officers, emergency teams, medical teams, volunteers, athletes and their teams, sponsors and the media among others. Based on the past years’ costs, the 2015 event is expected to cost the trust £16 million.
The Virgin Money London Marathon event and brand is owned by the London Marathon Charity Trust, registered in 1981, with the objective of promoting the image of London and supporting charitable activities. The Trust’s objectives have since been expanded to the entire UK and numerous other areas. These include financing recreational activities in Greater London, promotion of tourism, promoting the UK’s event management credentials, promote national pride and celebration of athletic talent. Since 2010, the event has been sponsored by Virgin Money, alongside Adidas, Lucozade Sport, Buxton, Holiday Inn and World Marathon Majors among other major sponsors, responsible for contributing towards the resources necessary to host the event. It leads to more than £31.7 in direct expenditure from spectators, athletes, visitors and organizers but generates upwards of £110.1 million in economic activity in the city. The contribution to the economy has risen by 60% since the year 2004, pointing to the Marathon’s increasing stature and importance. With rising relevance of the media and the internet, the royalties attained from licensing broadcasters and sponsorships will increase even more, which will lead to richer winnings for athletes and more revenues for the Trust to meet its founding goals. However, in order to attain these goals, the London Marathon be managed flawlessly in keeping with its long tradition.
The long term sustainability of the Marathon is dependent on its satisfaction of its numerous stakeholders. The most important stakeholders include:
Contractors (including advertisers, branding experts and companies)
Athletes, coaches and their staff, IAAF and the national athletics bodies across the world
The City of London and the surrounding towns, which provides the roads, transportation services, hospitality services and logistical support
The business community in London, including hoteliers
The UK government, responsible for providing security, logistical support, and other services
The London Metropolitan Police, First Responders, and Hospitals
The most important marketing goals for the Virgin London Marathon is twofold. i.e.:
Attracting the best possible long distance athletic talent to the event through higher price rewards, the world class accommodation and exposure among other things
Maximizing revenues through direct marketing of the marathon as well as sponsorships
PESTLE analysis is an important, structured framework in understanding the business’ viability, strategic needs, and opportunities, as well as identifying the best strategies to minimize weaknesses and build on strengths. It offers a strategic context that subsequently informs strategic decision-making. The Virgin Money
Political – After the 2013 Boston Marathon Bombing, the vulnerability of mass sporting events such as the London Marathon to terrorist attacks has become highlighted. Security measures and insurance costs are higher for event planners than was the case before, including numerous drills, multi-stakeholder involvement, and emergency preparedness. Further, the role of more than 150 nationalities means that the organizers are directly influenced by respective national political factors including athletics management, national government spending on athletics, etc. (Federal Emergency Management Agency 38).
Economic – The event brings upwards of than £31.7 in direct expenditure and upwards of £110 million in increased economic activity in London. It also raises revenues that are subsequently channeled through numerous charitable activities supported by the London Marathon Charity Trust.
Social – The rising rates of television viewership of the London marathon, as well as the increasing number of tourists and spectators, is a positive factor for the event. The internet is fast rising as a channel and will in the future, increase the available licensing revenues for the event. However, the Marathon is associated with road closures, traffic jams and huge numbers of tourists that inconvenience locals.
Technological – The importance of environmentally sustainable practices are fast gaining a foothold in sports, and the London Marathon needs to embrace these technologies (including recyclable stationery, recycling plastics, and waste reduction). Further, the internet has contributed to increasing television audience for the race besides providing an important marketing channel that needs to be used.
Legal – Doping remains a major challenge in athletics, and it is critical that the London Marathon take measures to minimize the possibility of cheats participating. Further, the organizers need to carefully review contracts with sponsors and broadcasters to ensure fair and equitable contractual terms and financial returns for all stakeholders.
Process and Costing
This is a helpful graphical project schedule that helps to give insight into the order of events. With this perspective, it is possible to set priorities, determine precedent and successor activities, resource requirements and with slight modification, other important details of the project. In the figure below, the Gantt chart has been combined with the budget estimate and other aspects of the planned project.
Brown, Matthew. VIRGIN LONDON MARATHON 2013. London: London Marathon Trust, 2013. Print.
Federal Emergency Management Agency. Lessons Learned from the Boston Marathon Bombings: Preparing for and Responding to the Attack”. Washington, DC.: FEMA, 2013. Print.
Rugman, A. M. and S. Collinson. International Business (6th Ed). London: Pearson Education, 2012.
Virgin Money London Marathon. Event Info. 11 Dec 2014. Web. Retrieved from http://www.virginmoneylondonmarathon.com/en-gb/. 7 Jan 2015.
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