F1 Formula in Singapore

Topics: Formula One, Singapore, Marina Bay, Singapore Pages: 6 (2030 words) Published: August 22, 2013
Introduction- The largest sporting event in Singapore, Formula 1 Singapore Grand Prix, and official name called the Formula 1 Singtel Singapore Grand Prix. It was announced that the telecommunications company Singtel would sponsor the event in November 2007. After signing a five-year deal, it will be set the first ever night race Singapore’s Marina Bay street circuit and also be Asia's first F1 street race in 2008. In one of the sport's most striking settings, the street circuit snakes through the shimmering skyscrapers along the harbour side of the wealthy Asian financial hub. In other words, the timing of night event means it can be broadcast at a convenient time for European TV audiences. The track also will be illuminated by projectors which match the shape of the course. F1 has put Singapore on the world map, and it continues to put country on the world map year after year. Formula 1 has given the country many benefits. According to the figure from Singapore Tourism Board (STB), this event attracting some 150,000 international visitors over the last four years and injecting about S$600 million into the local economy, must also continue to remain steady. Furthermore, it has been watched by more than 360 million TV viewers in Singapore race. Singapore Grand Prix agreed that Singapore will continue to host the Formula 1 night race for the next five years till 2017, and cut overall costs of organising the Singapore Grand Prix (SGP) event by 15 to 20 per cent. A study has shown that Singapore is likely to reap greater economic spin-offs in tourism and investment from Formula One (F1) the next five years. Objectives- First, formula 1 can act as an annual engine to drive tourists to Singapore. According to the study showed that the race attracted more than 150,000 international visitors over the last four years and about $140 to $150 million in incremental tourism receipts each year. In addition this event promoted Singapore in terms of its investment opportunities, key industries, innovations, people, culture and international objectives. Target Publics- However, Singapore Government and Singapore GP play their role as an organisation’s top management and as technicians who produce and disseminate messages in multiple media channels in this PR campaign. It is not just the releasing of information after a decision has been made, also involves counseling and solve the problem at high levels. The role of foreign viewers of the event on media is target audiences to give feedback to the organisation and as ‘free advertising’ to introduce Singapore to others.

Plan of Action-
Problem:
Singapore will continue to host the F1 Grand Prix till 2017. It wants attract more tourists and foreign investors for the next five years. Objective:
1. Singapore Government must have to look hard to cut overall costs of organising the event by 15 to 20 per cent for future races. 2. Singapore Government to assure that more will be done to address traffic congestions and complaints from businesses that have been hit by the road closures around the Marina Bay Street Circuit. 3. Singapore Government needs take into account to attract more tourists and foreign investors. F1 bring the net economic benefit to the country. Target Audiences:

1. Tourists 2. Foreign investors
Strategies:
1. Leisure and Entertainment
Government must work with local business to attract tourist coming to Singapore during the F1 race, such as hotels, restaurants, spas, shopping centre and so on. There can also be F1-IR twin worldwide promotions, selling family packages that include Marina Bay Sands rooms, Universal Studios admissions. In fact, some people don’t come to the watch the race, just to party. Outside of the F1 event, Singapore also must offer plenty of cultural and leisure pursuits such as Marina Bay Sands, Resorts World Sentosa, casino, Garden by the bay, Night Safari, Singapore Art Museum’s program for September, Universal Studio, shopping at...
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