Final answer:
The Super Bowl serves as an example of a large-scale sporting event that uses various marketing strategies to gain exposure. However, studies by Siegfried and Zimbalist indicate that such events may reallocate entertainment spending, potentially shrinking the local economy due to a low multiplier effect for professional sports.
Step-by-step explanation:
When analyzing the economic impact of a hallmark or large-scale annual sporting event, it's critical to assess strategies and tactics used for gaining exposure and marketability in the host city. One such event is the Super Bowl, a significant event in American sports culture. Host cities often engage in a variety of marketing strategies, from leveraging the media's extensive coverage to organizing local festivals and community events, which aim to attract tourists and capitalize on the game's popularity.
However, the economic impact of these events is subject to debate. According to Siegfried and Zimbalist's findings, when individuals spend money on professional sports events, it may detract from other local entertainment expenditures due to fixed entertainment budgets. This situation can cause a shift in spending patterns rather than an overall economic growth, effectively shrinking the local economy because the multiplier effect for sports is lower compared to other entertainment activities.
Effectiveness of Marketing Strategies
Whether these marketing strategies are effective or not is contentious. While the immediate visibility and buzz can temporarily boost a city's profile and local businesses, the long-term economic benefits are less clear, and the use of public funds for private stadiums has been criticized. Joyner's research and countless media reports suggest that the hefty investments required may not yield a proportionate return, thus questioning the strategy's overall effectiveness.