What Is Marketing? Economics of Marketing 2 Win the heart, and the mind will follow!

The Importance of Sports and Entertainment Marketing The sports and entertainment industries have become two of the most profitable industries in the United States. Fans spend billions of dollars each year on recreation and related products and services. 3

Marketing Defined marketing concept Successful organizations follow a marketing concept. marketing concept: the idea that organizations need to satisfy their customers while also trying to reach their organizational goals. 4 customers. The first step in creating a marketing concept involves identifying the customers. Market: consists of potential customers with shared needs who have the desire and ability to buy a product.

Marketing Defined marketing plan Because of competition, an organized marketing plan is essential. Marketing: process of developing, promoting and distributing products, or goods and services, to satisfy customers’ needs and wants. 5 tangible intangible Goods are tangible items, such as sports equipment. Services are intangible products, such as theater tickets.

Competition Struggle between companies for customers that is both healthy and vital to out free enterprise system. Price Competition Focuses on the sale price of a product. Non-price Competition Businesses choose to compete on the basis of factors that are not related to price.

Competition, cont. Direct Competition Product or brand which competes in the same product category. Indirect Competition A product that is in a different category altogether but which is seen as an alternative purchase choice.

Marketing Process Developing products involves studying consumers to determine what they want, and then designing products that will satisfy their needs and wants. Distribution: the means of getting the product into the hands of the customer. 8 Promotional activities help to educate consumers, create interest and desire, make a sale, and create an image for a company.

The Marketing Mix Marketing mix strategies involve product, price, place, and promotion decisions. 9 channel of distribution: path a product takes from the producer to the consumer. channel of distribution Place decisions include determining a channel of distribution.

Channels of Distribution 10 Manufacturer Consumer Direct Channel Manufacturer Indirect Channel WholesalerRetailer Consumer Manufacturer Multiple Channels Web Site Retailer Wholesaler Consumer

Economic Basics economics The economics of marketing sports and entertainment have a great impact globally as well as locally. 11 economics the study of the choices and decisions that affect making, distributing, and using goods and services GDP A measure of economic growth is the gross domestic product (GDP). GDP (gross domestic product) the value of all goods and services produced within a country What is Gross Impression?

Property Ownership and Intellectual Property Rights Inherent in the free enterprise system is the right to own property and start a business. 12 Intellectual property rights are protected by the following: Copyrights (legal protection, royalties, Library of Congress) copyright legal protection of a creator’s intellectual property or products Patents (products, inventors permission, 20 years) Trademarks (words, names symbols, sounds, colors USPTO)