Internal Business Processes
Select a circuit which has a dwindling audience to investigate. Usesoft systems methodology to evaluate the problems of a dwindlinglive audience at the circuit. You should outline the essential components for ‘effective business operation management’ to provide rich experience for live audience at the track. Support your discussions with appropriate business operations models. You should compare and contrast the different models used for providing rich experience by use of digital technology at the live events and recommend appropriate solutions for providing a service that combines the live track atmosphere with the opportunities to follow team/driver race progress live by means of digital technology (issues to consider: modes of delivery, who provides service, delivery chain, customer value chain, cost implications etc.).
Formula 1 is one of the world’s most popular annual sports series. Annually, some 300 brands sponsor this race and spend more than £1 billion. Government invests more than £400 million per year(Forbes 2013).
It has its roots in the European Grand Prix championships of the 1920s and 1930s.
There are various reasons that attribute to the growth and popularity of this sport. The topmost reason is that the best car manufacturers like Ferrari, Lotus and Mercedes (to name a few) hire the world’s best racing drivers to drive as fast as they possibly can. A racing lover couldn’t demand anything more than this. Second reason is that there aren’t any close competitors of Formula1 race. When compared to NASCAR, Formula 1 is far more exciting because of its speed and racing track. Where NASCAR goes on an oval track with slower cars, Formula 1 races up to 200 mph. Witnessing skill of an F1 driver is jaw dropping, especially when seen on wet tracks. One little twitch can make the car goes upside down. Although crashes are not common to see on F1 race tracks these days as it used to be but if one sees he/she is bound to skip a beat. Today the races have so become so safe that one walks away with no injuries. Even in a big crash where 5 cars run on top of each other, drivers don’t suffer even slight scratch. Every track at F1 race is different. It has street tracks, technical races and desert races. It’s a year long competition held worldwide (Forbes 2013).
The ‘Strategy’ of Formula One is also one of the key reasons why people find it interesting. Actually, it’s confusingly interesting. The driver can switch teams retaining his winning points from the previous wins (Forbes 2013).