SPORTS AND ENTERTAINMENT MARKETING

UNIT ONE MARKETING AND SPORTS & ENTERTAINMENT Chapter 1—World of Marketing Basic principles of Marketing Demographics Marketing Mix Chapter 2—Connections and Contrasts History and Background Legal issues Business risks

FUNCTIONS OF MARKETING Unit 1: Promotion, Product/Service Management, Distribution, Selling, Pricing, Marketing Information Management

Chapter 1 World of Marketing The Importance of Sports and Entertainment Marketing Two most profitable industries in U. S. Billions of dollars spent each year Main export of U. S. Vendors compete for share of market

Why is it important? With so many businesses competing for attention, an organized marketing plan with strategies that target specific consumers is essential. This is the foundation of sports and entertainmentmarketing.

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

MARKETING DEFINED GOODS—TANGIBLES SERVICES--INTANGIBLES

MARKETING PROCESS Developing— study consumers to determine what they want design products to satisfy wants and needs

MARKETING PROCESS PROMOTIONAL— Educate consumers Create interest and desire Make a sale Create an image for a company and its products Newspapers, magazines, radio, TV, direct mail Internet advertising

MARKETING PROCESS DISTRIBUTION— Means of getting the product into the consumers hands Buying and selling Sell directly to the customer Intermediaries--wholesalers

Marketing Concept The idea that organizations need to satisfy their customers while also trying to reach their organizations’ goals Focus on customers’ needs and wants

MARKET Identify the customer Have the desire and ability to buy a product

MARKET NEEDS WANTS

MARKET TARGET MARKET a specific group of consumers that an organization selects as the focus of its marketing plan makes developing marketing plan easier to accomplish

MASS MARKETING vs. MARKET IDENTIFICATION More common in 1950’s One key message directed to everyone More sophisticated Availability of information and computer technology Market research companies

DEMOGRAPHICS Statistics that describe a population in terms of personal characteristics Age, income, occupation, gender, ethnic background, educational levels

MARKETING MIX 4 P’s

MARKETING MIX PRODUCT Involve the goods, services, or ideas used to satisfy consumer needs Designing, naming, and packaging a product

MARKETING MIX PRICE Exchange process between customer and seller How much should be charged? How much does it cost to make? Expenses related to marketing What is the consumer willing to pay?

MARKETING MIX PLACE Make the product available to the customer. How and where does target market shop? Channel of distribution—path a product takes from producer to consumer

MARKETING MIX PROMOTION Communicated to the consumer Advertising, sales promotion, publicity, personal selling Selection of media as well as message to be delivered

What items in this topic are similar to what we have already studied? What words are new?