Singapore F1 Grand Prix: A case study on incentivized marketing to drive tourism tapping into consumer behavior
Asian Financial crisis and now impending US recession bring to call the importance of consolidating tourism development and marketing. This case study offers insights into market dynamics leveraging the Singapore Grand Prix. A qualitative research method has been used to investigate the why and how of decision making, not just the what, where, and when. Review of literature and time series data analysis has been complemented with non-participant observation and interpretive techniques focusing on the past four years of active engagement with Singapore F1 Grand Prix. Innovative programs, structured government led policies and affiliation/accreditation to world class sports ensures attracting the best of talents. Singapore F1 Grand Prix has ensured that Singapore is able to rebuilt its economy, especially infrastructures like integrated resorts, and sports complexes which will help to get big brands to sponsor the event and in turn drive more spending power towards consumer marketing, all leading to the tourism industry becoming attractive for foreign direct investments. Tax incentive schemes like Double Tax Deduction for inbound tourism promotion have proved to be pivotal.
|Date of creation:||01 Dec 2011|
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