Strategy is a major approach towards ensuring the success of any venture which takes place. It is worth noting that strategy exists where there are activities which need to be achieved and conquered. This implies that the world in which we live in requires approaches which ensure that the events which come up in the course of life are realized. There are global events which require strategy. In this case, these global events are embraced by many nations because they mostly have a positive impact to the nations in which they are hosted. In addition, they enable the participants to enjoy the new environment in which they are hosted. It is however worth noting that the economic benefits of hosting major events are not clear cut. For instance, hosting the Olympics, the soccer world cup and European championships generate economic benefits to the host cities and as a result there are massive competitions between nations and cities to host these events. Given our present state of knowledge of the economic importance of major sports events, it seems that the global demand of cities to host them exceeds the supply of economically significant events. Any single city therefore will struggle to devise an economic development strategy based on sport solely on the basis of sports events. This essentially leads to what we have mentioned in this paper as strategy. This paper is a briefing that covers the issues surrounding Olympics event which took place in the Beijing city of China in 2008. Olympics is a global event that is held after every four years at predefined destinations around the world. This event is associated with opening up of economic opportunities for the host country. Hosting such an event opens market opportunities for different organizations. History of the Olympics No other sporting event in the last 100 years has had the widespread effects of the Olympic Games. Along with providing a venture for the finest athletes from a variety of sports, the games provide opportunities for spectators to enjoy international competition in virtually every world nation. Through the years, nationalism developed in the Olympics as every nation took pride in its athletes and created heroes for youth to emulate. Modern Olympic Games started with the 1896 games in Athens, and they have taken place every four years since then, with some gaps due to world wars. Madrid is one of the four candidate cities currently bidding for to host the 2016 edition of the Olympic Games. The ancient Olympics were founded as a festival to honour the king of Greek gods, Zeus. The games were held every four years for more than 1,000 years, from 776BC to 393, AD. Only Greeks were allowed to compete, although athletes from Greek colonies in countries that are now Spain, Italy, Libya, Egypt, Ukraine, and Turkey gave the Olympics an international flavour. The last games were held in 393 AD, after which the Christian Emperor of Rome, Theodosius I, banned pagan worship. The Olympic Games are one of the enduring contributions of Greek civilization. In addition to fostering a strong belief in the value of athletics, the games produced notable works of art, music, and culture and celebrated individual achievement. Those characteristics sparked the rebirth of the Olympics not more t