I have chosen to base my arguments on Targa Tasmania, and Australian motorsport competition suctioned by the renowned Confederation of Australia Motor Sports (CAMS). It is important to note that this event has backing from big organizations within the government and as a result is rated as one of the major national events in Tasmania. The event is a major contributor to the growth of the country’s economy and hence must be accorded close observation.
Owing to the significance of this event to the government of Tasmania, it is important that some critical measures are taken to ensure that the event not only maintains its levels of efficiency but also earns the country more foreign income (Schleicher, 2001, p.54). Some of these measures are already in place including formulating distinct event categories, event regulations and licensing information (Getz, 2012, p.67). In addition to that, the management of this event has ensured that the event is a central point for entertainment and other related activities that are geared towards accommodating all kinds of audiences. Similarly, its diversity is pivotal in maximizing on the revenues collected. The fact that the event is known globally also portrays the intensive marketing from its management; which is a plus for them (Coil, 1995, p.75).
However, some of the challenges faced by this event are clouded by its ceremonious success. For instance, since the inception of the annual even in 1992, Targa Tasmania has never opted to diversify its operation in terms of incorporating recently invented sporting activities that conform to the interests of the new generation. Things are still done the old fashion way. Even though this might be done with the aim of preserving the traditions of the event, it is imperative that the new generation is amalgamated in the event. In my opinion, this could be the reason why this event attracts more old people as compared to the younger generation (Getz, 2012, p.73).
Again, the management of Targa Tasmania has not effectively explored and evaluated some environmental analysis tools used to assess the conditions of a business environment. For instance, the PESTLE analysis has been exhibited with the lowest degree (Gorodji, 2009, p.75). This tool is meant to scrutinize the political, economic, social, technological, legal and environmental viability of the event. Some aspects of this tool like environmental and legal issues have been taken care of quite well by the management (Getz, 2012, 98). Nevertheless, the economic, social, political and technological considerations have not been accorded the attention they deserve. Clearly, the social, political and economic statuses of Tasmania are not what they were twenty five years ago when the event was first conducted. Sadly, so little has been done to improve the political, social and economic viability of this event in order to keep it in line with the present status (Hope-Frost, and Davenport, 2004, p. 25). This could be so perhaps because the management personnel are trying to maintain the event’s relevance to its old generation fans.
In terms of economic viability, Targa Tasmania is not as economically feasible as it ought to be; especially when all the outlying factors are included. If the generated revenue is calculated against time spent (by both event participants and spectators), funds required to stage the event according to event principles and losses encountered, very little can be left as net income. This is because people gradually become more inclined to participating in activities that would put food on their table as opposed to take money out of their pockets. Moreover, today’s generation is developing other interests like networking as opposed to sporting (Bluemel, 1996, p.129).
The management of Targa Tasmania can counter the challenges identified above in the following ways. First, the event should be diversified to capture the interests of the young generation because not so may youths love motorsport competition today as compared to 1992 when the sporting activity was first conducted. This would be a move to capture a market that is slowly being withdrawn. Subsequently, this move would improve the revenue a great deal.
The advancement in technology has played a significant role in revolutionizing the event. However, the bid to keep Targa Tasmania relevant to the old generation has sabotaged a complete exploration of modern technology in the event. In my opinion, the management has not done enough to accommodate everyone in terms of technology. This is evident by the fact that old fashion cars like 1974 Porsche 911 RS and 1981 Alfa Romeo GTV6 are the ones that won the 2008 and 2006 competitions respectively.
Apart from merely banking on the entertainment aspect of the event, Targa Tasmania event managers should be more inclined towards making the event economically realistic. The economic status of Tasmania has surely changed since 1992 and so should the event. Their marketing strategy, customer service and relevance to the current generation should have drastically changed by now. The management ought to explore more marketing platforms that would enable them reach the relevant audiences (Hope-Frost, and Davenport, 2004, p.89).
Targa Tasmania is an organized and well managed event from the eyes of a layman. However, an in-depth analysis of the parameters that enclose this event portrays a completely different scenario. If not properly forecasted, the event may become unviable in all aspects in the next few decades. For this reason, meticulous measures need to be taken in order to restore the glory of this great annual event.
Bluemel, K. (1996). Original Ferrari V8. Bideford, Devon, Bay View Books.
Coil, C. (1995). Eye on Australia. Beavercreek, OH, Pieces of Learning.
Getz, D. (2012). Event studies: Theory, research and policy for planned events, 2nd ED, Abingdon, Oxon: Routledge
Gorodji, D. (2009). Nissan GT-R supercar: born to race. Dorchester, Veloce.
Hope-Frost, H., & Davenport, J. (2004). The complete book of the World Rally Championship. St. Paul, MN, Motorbooks International.
Schleicher, R. H. (2001). Racing and collecting slot cars. St. Paul, MN, MBI Pub. Co.