Sports and Entertainment Marketing 2.01 Explain the concept of marketing.

Marketing The process of developing, promoting, pricing and distributing products in order to satisfy customers’ needs and wants. Marketing involves all the activities necessary in getting a product from the producer to the consumer.

Marketing Concept Businesses become successful by directing all of their efforts to satisfying the needs and wants of the customers. Businesses make a profit by offering the goods and services that the consumer wants. Recognizes the importance of the consumer in the buying process.

4 P’s of Marketing Product – what you are selling Price – how much you are charging Place – where it is being sold, how it will get from manufacturer to consumer Promotion – Inform, Persuade, or Remind customers about your product

The Seven Functions of Marketing Marketing Information Management (MIM) Selling Distribution Product/Service Management Promotion Pricing Financing

Marketing-Information Management (MIM) Obtaining information needed to make sound business decisions. Example: Taste tests and surveys.

Selling Determining consumer’s wants and needs through planned, personalized communication (face to face, phone, internet)

Distribution Transporting (physical distribution), storing (warehousing.vs. distribution centers), and handling of goods and services (inventory control methods, logistics) for businesses.

Product/Service Management The process of developing, improving, obtaining, and maintaining the products/services of the business to meet consumer demand.

Promotion Informing, persuading, or reminding potential consumers about a business’s products/services.

Pricing Establishing and communicating the values of products/services to potential consumers and determining profit for the business.

Financing Acquiring the money for starting and running a business. Business loans for upstart money, cash flow issues, or new business ventures.

Toy Story Each Holiday Season, a toy emerges from obscurity to become the holiday item that everybody wants. Poo-Chi, Furby, Tickle Me Elmo, Pokemon, Beanie Babies, and Cabbage Patch dolls are a few examples of this phenomenon. You think you have an idea for a unique toy that could be the next big thing. You know marketing is essential to your toy’s success. What will you do? What does marketing entail? What functions of marketing must you consider to make your toy the next phenomenon?