Review for Strand 1 TEST

Marketing Defined The process of developing, pricing, promoting, and distributing products to satisfy customers’ needs and wants.

Market is Define as The group of consumers or organizations that is interested in the product, has the resources to purchase the product, and is permitted by law and other regulations to acquire the product.

Producers are Define as Individuals or Companies which have products to be sold. They provide the “supply.” They are willing to exchange the product or service for something of value.

Consumers are Defined as Individuals or Companies which have needs to be met and which have something to exchange. They create a “Demand.” They have something to exchange for a product or service and are willing to do so.

Exchanges are Defined As. Everyday transactions between producers and consumers Typically trading money for a product or service

Marketing Concept is Defined as Focuses on satisfying the needs and wants of customers, at the same time making a profit for the company.

The Marketing Mix is Defined as The FOUR P’s OF MARKETING Product or Service Pricing Promotion Place (Distribution)

7 Functions of Marketing Product/Service Management Marketing-Information Management Pricing Promotion Distribution-Channel Management Selling Financing-Market Planning Designing and developing the product Surveys and Finding out what customers want. How Much and communicating the value to customers. Communicating product to customers. How to get the product to customer. How do we sell it to them? How do we get our start-up money and do we Finance our Customers?

Marketing of Sports & Entertainment Applying Marketing Principles to the Marketing of a Sports/Entertainment Property Ex: League, Athlete, Star, Musician, Team, Movie, Concert

Ways to Promote Sports/Entertainment Property Sales & Advertising World Premier Press Conference Midnight Madness Season-Long Promotions