The golf industry is a growing one, with a worth of approximately $300 million worldwide, with $160 million in America alone (Kerin et.al 2006). In recent times, golf has become an increasingly popular: a sport that is played for various purposes (e.g. recreational, professional, and business).
According to ‘Golf Digest’ (2005), there are approximately 32,000 golf courses in the world. In addition, The Golf Research Group (2006) reports that there has been an increase of about 7,000 new courses since 2005, with courses in 119 countries: there are about 56 million golfers in the United States of America, who constitute 59% of the golf market worldwide.
As a result, the increased number of golf courses and people who play golf has contributed to the flourishing international trade in golf goods worth about $2 billion per annum (The Golf Research Group, 2006). This growing trend has led to the increase of golf related industries like golf clubs, gloves, shoes, and even tourism in the form of specialized golf vacation packages and the development of... Read more>>