Freakonomics (2005), the Authors Write, "Economics Is, Essay

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Freakonomics (2005), the authors write, "Economics is, at root, the study of incentives: how people get what they want, or need, especially when other people want or need the same thing." In the midst of the global economic recession, an understanding of incentives is critical to how sport marketers sell their product to the public. Today, sports economics are inextricably tied to the fate of deep-pocketed corporations. Many sports facilities have been upgraded and located within gentrified business districts and teams cater to high-end clientele through luxury suites, driving up prices for all fans. As the general public sees their savings erode, they will probably be less willing to pay stratospheric ticket prices, which fund the cartoonish salaries of sports stars. Likewise, companies that dish out millions for sponsorships won't be able to justify sports-marketing expenditures to their shareholders. Therefore the intelligent market must seek new avenues to effectively reach the public.

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The first way that sports can be marketed effectively is by utilizing increased public service by teams. Sports organizations can be worth over one billion dollars for the elite teams. By making an overt effort to distance themselves from banks and corporate entities, teams can build good will which can manifest as team loyalty and continued ticket sales even in the slow market. One example of this thinking is the U.S. Davis Cup's dropping of embattled insurance giant AIG, which has sponsored the golf tournament since 1999. Another example is the NBA's effort to promote community outreach by requiring teams to spend a certain amount of time sending players to volunteer in food shelters and after school programs in their cities (Rosner and Shropshire, 2004).

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