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1 Cluj Univ. J. Interdisc.: Soc. Sciences & Humanities 27 (2023)
Strategic Management and Its Application in the Business of Sports. Identifying New Key Performance Indicators for the Sports Industry

handle is hein.journals/cjuntyjl1 and id is 31 raw text is: CLUJ UNIVERSITY JOURNAL. INTERDISCIPLINARY: SOCIAL SCIENCES AND HUMANITIES no 1./VOL.1/2023 STRATEGIC MANAGEMENT AND ITS APPLICATION IN THE BUSINESS OF SPORTS. IDENTIFYING NEW KEY PERFORMANCE INDICATORS FOR THE SPORTS INDUSTRY Mohammad JARADAT, Professor Ph.D. Bogdan Voda University of Cluj-Napoca jaradat hadi@yahoo.com Sergiu-Vlad STAN, Lecturer Ph.D. Bogdan Voda University of Cluj-Napoca sergiu.stan14@gmail.com Abstract This article delves into the critical intersection of strategic management and the sports business, aiming to identify innovative Key Performance Indicators (KPls) tailored to the unique dynamics of the sports industry. Strategic management principles are increasingly indispensable in navigating the evolving global sports landscape. By examining the application of strategic frameworks, such as SWOT analysis and balanced scorecards, within the context of sports business operations, this study seeks to unearth novel KPls. These indicators encompass not only financial metrics but also fan engagement, sustainability, and social responsibility, aligning with the modern demands and ethical considerations of the sports sector Through the development of these new KPls, this article provides aforward-looking perspective, offering valuable insights for sports organizations striving for sustained success in a rapidly changing world. JEL Classification: M21, L21, L83, QO1 Keywords: strategic management in sports, performance indicators, sports industry 1. Introduction In the ever-evolving landscape of the sports industry, strategic management has emerged as a pivotal driver of success. As the business of sports continues to expand globally, organizations and stakeholders are compelled to adopt innovative strategies that align with shifting market dynamics and consumer demands. Strategic management principles, long recognized as critical in corporate sectors, are increasingly recognized as indispensable in the unique and competitive realm of sports. This article delves into the intricate relationship between strategic management and the sports business, with a particular focus on the identification of novel Key Performance Indicators (KPIs). These KPIs go beyond traditional financial metrics to encompass a holistic view of sports organizations' performance, addressing not only economic viability but also fan engagement, sustainability, and social responsibility. In an era characterized by heightened scrutiny of ethical and environmental considerations, reimagining KPIs becomes essential for sports entities striving to thrive in the twenty-first century. This article endeavours to shed light on this imperative convergence of strategic management and sports, offering fresh perspectives and actionable insights for industry leaders and enthusiasts alike. 2. Literature Review The intersection of strategic management and the sports industry has garnered increasing attention in recent years. As sports organizations and their stakeholders seek to adapt to a rapidly changing global landscape, strategic management principles have emerged as fundamental tools for navigating the complexities of the sports business. One prominent strand of literature within this domain underscores the importance of strategic management in sports organizations. Notably, Westerbeek and Smith (2017) in International Sports Business emphasize the role of strategic planning in facilitating international expansion and fostering 27