Moreover, just as, for example, a consumer-products company may be interested in understanding all aspects of their customers (products, stores, or service offerings), sports organizations seek greater insight in understanding all aspects of their fans, whether they study fan engagement, team performance, or venue management.

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In an interview Tuesday, Mr. Abrams defended the management team's performance, saying they had made headway in shaking up the culture and spurring innovation.

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Unlike coached team sports, horse racing is one that depends on the performance of its management, specifically the trainer and jockey, and their record.

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He has brought in a new management team, slashed overhead and refocused the company on high-performance products.

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After all, the performance of the Facebook stock, the mistakes of the Nasdaq, the mistakes of bankers or its management team in and of itself should not have any bearing on how good or valuable other startup Internet or technology companies are.

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