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Case Study 2: End of the Road: Why the Istanbul F1 Grand Prix came to a screeching halt
1.0 Introduction (150 Words)
(YOU CAN USE SOME THIS TEXT HERE) Formula one (F1) event is one of the top organizations for motosport.as formula one decided to change from European to new destination they think of turkey as new market and experience as well. The event can bring a lot of benefit to the hosted city such as booster the image, give opportunity to host prestige event and it can enhance the economics of the country. The Turkish government was willing to spend money on preparation of formula one. Because of lack of several factors such as analyses of the target market (SWOT analysis), requirement of the event for example (track building as wish) and long term planning for the event Istanbul Grand prix was canceled as the issues mention was not addressed correctly. (ADD a thesis HERE) [In the thesis indicate a few issues that lead to failure, possibility of future reoccurrence and a key recommendation]
2.0 Key issues that led the demise of F1 in Istanbul (THEN PROVIDE ONE YOU THING WAS MOST SIGNIFICANT) [Maybe, you can 4 issues and another which was most significant] (750 Words)
(YOU CAN USE SOME THIS TEXT HERE) The most significant reason that lead to the end of Istanbul grand prix was because Turkish people have no connection to formula one as they did not have any team to play in the event. Moreover, the country itself they do not have any strong sport background, but they thought that a new idea of hosting formula one would attract consumer as a new event and the marketing team of the event start with distributing free ticket to promote the event and let them try a new experience. But the lack of interest turn it to unprofitable for both formula one management team and Turkish government. In addition the location of the track was far from the city and this was a major reason why there was low attendance during the event.
3.0 Can a similar scenario Occur in Azerbaijan Grand Prix? (Consider whether a similar scenario can unfold for the Azerbaijan Grand Prix, justify) (350 words)
4.0 Recommendations that other Emerging Destinations Hosting F1 Should Consider (About 4 recommendations) (600 words)
5.0 Conclusion (150 words)
6.0 Reference
Case Study 2: End of the Road: Why the Istanbul F1 Grand Prix Came to a Screeching Halt
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Case Study 2: End of the Road: Why the Istanbul F1 Grand Prix Came to a Screeching Halt
1.0 Introduction
Formula One (F1) is a significant franchise that successfully organizes global motorsport competitions, providing an elite status to hosting nations. Predominantly operating within its traditional European and North American markets, the firm has adopted an expansion plan to Istanbul, Turkey. Formula One believes that its events are beneficial to a hosting cities or nations, for example, they boost their image, allows them to organize a prestigious event and enhances the economy, leading to the Turkish government adopting its proposal. However, Formula One halted its operations in Turkey after only seven years as a result of weak market analysis and inadequate planning. Additionally, low spectator attendance, financial misappropriation, logistical hurdles, little interest from sponsors, and poor track design are among predominant issues that instigated the cancellation of Istanbul Grand Prix; however the same might not occur in Azerbaijan since it altered its approach to attract new consumers.
2.0 Key Issues That Led the Demise of F1 in Istanbul
Financial mismanagement contributed to the demise of F1 auto racing in Turkey as a result of fraud, incompetence and inaccurate costs projections. According to Tinaz, Turco, and Santomier (2017) independent economic analyses determined that project would cost around $20million; yet, the actual costs were above $200million. The Turkish management of Formula One posited that the variation in prices resulted from differences in costs of infrastructure, for instance, construction of tracks (Gogishvili, 2018). According to Eryilmaz and Cengiz (2016), it is likely that the Turkish government invested more than 75 million euros into the construction of the Istanbul Park Gran Prix. For that reason, its readiness to spend this much into the project while exceeding costs estimated in the initial budgets underpins financial incompetence with the significant discrepancy resulting from long-term misunderstanding of benefits of the project. Not only did inadequate financial mismanagement lead to the...
