With the Winter Olympic ongoing, it is probably a good timing to discuss Olympics and Marketing (yes…not sports). First, lets consider the most immediate and direct impact on the tourism industry. With the sudden increase in demand, there is a fierce competition. Travel agencies, airlines, hotels, and others in the industry need to carefully consider what values the consumers are searching for, evaluate their competencies to providing, and come up with products that best satisfy the target consumers’ needs. After creating the right product, companies will then have to promote their products through the most effective media (perhaps TV commercials between sport events or advertisements on popular websites or blogs). Only then can companies fully utilize this precious opportunity.

Another important element of Marketing during the event is the sponsoring activities for contestants or TV broadcasts. Not only is it a great chance to appeal brands on an international scope,  but it may also be viewed as an opportunity for companies to expand their domestic consumers by showing their support for their home countries’ contestants.

Now, lets talk in a more zoom-out perspective. How does the Olympic help market a nation as a whole, in this case, Russia. Olympic is undoubtedly one of the greatest sports event nowadays. Therefore, it is a extremely valuable  opportunity to demonstrate its wealth and authority. A successful Olympic will not only strengthen Russia’s image as one of the strongest country in the world, but also secures prosperity of the tourism industry in the coming decade.