One Of The Types Of Formula 1 Races Essay Example

worth Individuals (HNI’s), and Retail customers. These events have been known to attract about 150,000 spectators over two days, with ticket prices ranging from Euro 200 to 20,000. While Corporate and HNIs may have the means to afford expensive F1 tickets, the limited spending power of Retail customers in India, as a developing country, calls for a more affordable approach. It is crucial to find a ticket pricing strategy that allows maximum participation from Retail customers and promotes the popularity of the sport in India. Moreover, it is worth noting that races in China, Bahrain, and Istanbul have struggled to generate interest among retail customers, largely due to inappropriate ticket pricing.

The text suggests the need for a Marketing Research survey to determine the best prices for different categories of tickets for Retail customers. This is because F1 events are new in India and ticket information, customer willingness to pay, and other market insights are currently unavailable. Therefore, an initial exploratory research design is required using small samples to gain insights. This should be followed by a descriptive research approach.

Mode of Survey

The survey for formula-1 race tickets was conducted through three main methods: Personal Interviewing, Electronic Interviewing, and Telephonic Interviewing.

The personal interviewing method can be conducted in various ways. One of them is mall intercept interviewing, where respondents are approached while they are shopping in the mall and taken to specialized kiosks for the interview. The main advantage of this method is that it is more convenient for the respondent to come to the interviewer rather than the other way around. Malls are carefully selected based on the income group of

the respondents. Survey questionnaires can be in paperback form, or handheld computers and computer terminals can also be utilized for mall intercept interviewing.

Central location interviewing is similar to mall intercept interviewing, where respondents come to the interviewers. Examples of central location interviewing include sports bars, auto expos, auto dealers and distributors, and college fests. This technique can be particularly effective in sports bars during international F1 races, when the bars are full of F1 enthusiasts.

This allows us to reach the appropriate target audience who are most inclined to buy tickets for the F1 races. We prefer using paperback survey questionnaires for surveys in this case. Auto Expos are impressive events highlighting the automotive industry and its latest technological advancements and trends. These trade shows and exhibitions are attended by wealthy individuals such as CEOs, business executives, international buyer delegations, and technical institution delegations who are highly likely to be interested in attending the F1 races as well.

Drop-off surveys and touch-screen kiosks will be employed at the expos. * Information brochures and survey questionnaires can be obtained at help desks located in multiple auto dealerships, distributors, and colleges. These locations will primarily target low-end customers. The selection of these areas is based on a rigorous area probability basis.

A computerized list of appropriate locations can be compiled to create a well-organized sample that can be further categorized into sections based on their CCA and HRA statuses. c) Magazines, such as Zigwheels, overdrive, autocar, etc.

Electronic Interviewing can be conducted via e-mail or the internet. E-mails have become popular for interviews due to their convenience - they eliminate multiple phone calls and allow respondents to provide thoughtful answers.

To conduct an e-mail interview, a list of e-mail addresses is obtained based on respondents' backgrounds. The survey questions are written within the body of the e-mails and sent over the internet.

b) The internet can be used effectively for this project by utilizing social networking websites like facebook and orkut. The survey questionnaires can be customized and made attention-grabbing specifically for these websites. 2) Another option is to use the parent site (Formula-1 site) to advertise the event and publish the questionnaire link for customers. Telephonic media can also be utilized through IVRS services, providing incentives for customers to fill out the questionnaire via phone.

Survey Questionnaire

This survey focuses on the First Indian Formula One Grand Prix that is set to take place at the Jaypee Group Circuit on October 30th, 2011 in Greater Noida.

1. Which motor sports events do you usually follow? Options include Moto GP, Raid De Himalaya, Formula One, Do not follow motor sports, and Others.
2. Where do you typically watch sporting events? Options include Live at the venue, On television, At a sports bar, Do not watch sporting events, and Others.
3. How frequently do you watch a motor racing event? Options include Weekly, Monthly, Once every 3 months, Once a year, and Never.
4. How many vacations have you taken in the past 2 years? Options include One, Two to Three , Three to Five , More than Five , and Did not take any vacation.
5. What is your typical expenditure on a weekend vacation (per person)? Options include Less than Rs 5,000 , Rs 5,000 to Rs 10,000 , Rs 10,000 to Rs 20,
6. How

open are you to traveling to Delhi/NCR for watching the first Indian Grand Prix? Options include Definitely will travel Probably will travel Undecided Probably will NOT travel Definitely will NOT travel

Which sessions of the Indian Grand Prix are you interested in attending? You have the options of Sunday Main Race, Saturday Qualifying, and Friday Practice Session for all 3 days. What class of ticket would you like to purchase? You can choose from Silver (Entry to General Admission area), Gold (Reserved tickets in selected Grandstand area), Platinum (Reserved tickets to VIP access area), or Diamond (Reserved tickets to Formula One Paddock Club™). How much are you willing to pay for each session based on your chosen ticket class? For a gold class ticket, what additional features would you like? You can select any 2 from Complimentary Snacks and Beverages, Paid Reserved parking spots, Complimentary lanyard, ticket wallet, and ear defenders, or Free Pit Lane access on Thursday. For a platinum class ticket, what additional features would you like? You can select any 2 from Unlimited non-alcoholic beverage and snacks all day, Reserved Parking spots, Complimentary Race Day Souvenirs and program, or Free pit lane access on Friday. For a diamond class ticket, what additional features would you like? You can select any 2 from Open Bar with Champagne and fine wines Deluxe meal services VIP access to Pit area with scheduled Pit Lane Walks or Access to Formula One Team parties and entertainment. Which race weekend activities are you interested in?Do you have any additional suggestions for features and services, such as After race parties, Moto-show, Behind the scenes at the pit crew, and Interaction

with the stars?

Gender: Male, Female

Age: Less than 18 years, 18 to 25 years, 26 to 40 years, 41 to 60 years, Above 60 years

Annual Family Income (in Rs): Less than 2.5 lakhs, 2.5 to 5 lakhs,

5 to 10 lakhs,

10 to 25 lakhs,

Above 25 lakhs

Unified and

The options for gender include male and female.

The age categories are less than or equal to eighteen years old, eighteen to twenty-five years old, twenty-six to forty years old, forty-one to sixty years old, and above sixty years old.

In terms of annual family income (in Rs), the choices are less than two point five lakh rupees, two point five lakh rupees up until five lakh rupees,

five lakh rupees up until ten lakh rupees,

ten lakh rupees up until twenty-five lakh rupees,

and anything above twenty-five lakh rupees.

Current Occupation: Student, Professional Service (government or private), Self employed, Business Owner

Which city do you reside in?

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”