This paper aims to propose the concept of market potential analysis, which is commonly applied in economics, as a method to enable these investment decisions to be based on sound evidence.
The markets for Olympic awards, i.e. medals (top three places) and diplomas (i.e. top eight places) are compared in alpine skiing, biathlon, cross country, speed skating, freestyle skiing, short track and snowboarding from 1992 to 2018.
The most notable changes are identified in cross country (2002), biathlon (2006), freestyle skiing (2014), snowboarding (2006 and 2014) and speed skating (2018).
In spite of the evidence of nations investing strategically in their elite sport systems to produce Olympic success, there is a lack of knowledge on how national-level decision makers can use a strategy to analyse the competitive environment concerning sports contested in the Olympic Winter Games.
