Formula 1
Marketing Research Project Pricing strategy for ‘Formula One India Racing Event’ for Retail Customers
Table of Contents
1. Marketing Research Objective: 3 2. Introduction 3 3. Mode of survey 5 4. Survey Questionnaire 6 5. References 8
1. Marketing Research Objective
What should be optimal price for different classes of tickets at ‘Formula One India Racing Event’ for Retail Customers? 1. Introduction
Formula One is the highest class of single seated auto racing authorized by the Fédération Internationale de l 'Automobile (FIA). The F1 season consists of a series of races, known as Grand’s Prix held on purpose-built circuits and public roads. The results of each race are combined to determine two annual World Championships, one for the drivers and one for the constructors. The sport is a massive television event and each race is watched by over 600 million people around world.
Europe is Formula One 's traditional centre, where all of the teams are based, and where around half of the races take place. However, the sport 's scope has expanded significantly in recent years and Formula one event are being organized in several Asian countries including China, Turkey, Singapore, South Korea. More recently, Indian Grand prix has been announced. The first Indian Grand Prix’s race will be held at the Jaypee International Race Circuit in Greater Noida on October 30, 2011. The 5.14 km clockwise track, coming up as part of an approximate 360-acre complex is being built at a cost of around Rs 1600 Crores. The main grandstand on the start-finish straight will have seating capacity of 30,000, while temporary grandstands will accommodate another 60,000. The general seating will be variable to a max capacity of 30,000 and the paddock-club can accommodate up to 5000.
Justification for the Research:
We believe that there are 3 classes of Formula 1 Spectators in India i.e. Corporate, High Net worth Individuals (HNI’s) and Retail customers (General
Table of Contents
1. Marketing Research Objective: 3 2. Introduction 3 3. Mode of survey 5 4. Survey Questionnaire 6 5. References 8
1. Marketing Research Objective
What should be optimal price for different classes of tickets at ‘Formula One India Racing Event’ for Retail Customers? 1. Introduction
Formula One is the highest class of single seated auto racing authorized by the Fédération Internationale de l 'Automobile (FIA). The F1 season consists of a series of races, known as Grand’s Prix held on purpose-built circuits and public roads. The results of each race are combined to determine two annual World Championships, one for the drivers and one for the constructors. The sport is a massive television event and each race is watched by over 600 million people around world.
Europe is Formula One 's traditional centre, where all of the teams are based, and where around half of the races take place. However, the sport 's scope has expanded significantly in recent years and Formula one event are being organized in several Asian countries including China, Turkey, Singapore, South Korea. More recently, Indian Grand prix has been announced. The first Indian Grand Prix’s race will be held at the Jaypee International Race Circuit in Greater Noida on October 30, 2011. The 5.14 km clockwise track, coming up as part of an approximate 360-acre complex is being built at a cost of around Rs 1600 Crores. The main grandstand on the start-finish straight will have seating capacity of 30,000, while temporary grandstands will accommodate another 60,000. The general seating will be variable to a max capacity of 30,000 and the paddock-club can accommodate up to 5000.
Justification for the Research:
We believe that there are 3 classes of Formula 1 Spectators in India i.e. Corporate, High Net worth Individuals (HNI’s) and Retail customers (General
References: [1] Formula One - Wikipedia: http://en.wikipedia.org/wiki/Formula_One [2] Hindustan Times, Mumbai, September 08, 2010 -“Blueprint for India’s Formula One future is here”