 Marketing  Marketing concept  Market  Needs and Wants  Target Market  Demographics  Marketing Mix  Channel of Distribution  Economics  GDP  Profit  Competition ◦ Price ◦ Non-price  Intellectual Property

What are some potential profits for a city that hosts the Olympic Games? What might be some disadvantages for a city hosting the Olympic Games? What are the long-term benefits for a host city that may occur five to ten years after the Games are over?

Students will interpret marketing concepts as they apply to sports and entertainment marketing. a) Define marketing, sports marketing, and entertainment marketing. b) Explain the marketing functions as they relate to each area of sports and entertainment marketing. c) Describe the “four p’s” of sports and entertainment marketing. d) Define marketing segmentation and its components.

Sports and Entertainment Industries are two of the most profitable industries in the USA. Sports and Entertainment reach around the globe because entertainment is a main export of the USA.

 Marketing—the process of developing, promoting, and distributing product (goods or services) to satisfy customers’ needs and wants. ◦ Goods—tangible—sports equipment ◦ Services—intangible—theatre tickets  Marketing Process: ◦ Developing products ◦ Promotional activities ◦ Distribution

 Marketing concept—the idea that organizations need to satisfy their customers while also trying to reach their organization’s goals.  To be profitable businesses MUST focus their efforts on customers’ needs and wants.

 The first step in creating a marketing concept involves identifying customers.  Market—potential customers with shared needs who have the desire and ability to buy a product.  Needs and Wants  Target Market—specific group of consumers that an organization selects as the focus of its marketing plan LeBron X Nike Plus due Fall 2012

 Marketing mix—a combination of four basic marketing strategies, known as the 4Ps— product, price, place, and promotion  Product decisions involve the goods, services, or ideas used to satisfy consumer needs.  Price decisions involve the exchange process between seller and buyer.  Place decisions involve making the product available to the customer.  Promotion decisions involve how the goods or services are communicated to the consumer.

 Economics—the study of the choices and decisions that affect making, distributing, and using goods and services.  Gross Domestic Product (GDP)—the value of all goods and services produced within the country.  Free Enterprise characteristics ◦ Profit ◦ Risk ◦ Competition  Price  Non-price

 Property may be tangible-buildings, theatres, stadiums, equipment.  Intangible such as services.  Copyrights—legal protection of creator’s intellectual property (books, films, video games, music). Lifetime + 70 years.  Patents—20 years  Trademarks—words, names, symbols, sounds, colors that distinguish goods and services

 Sole Proprietorship—business involves only one owner  Partnership—two or more owners of the business  Corporation—has ability to conduct business apart from its owner or owners  Subchapter S corporation—operates as a corporation but pays taxes like a partnership

Concessions Media Hotels/ Lodging Ticket Sales Product Sponsors Restaurants Employees of Venue Airlines/ Transportation Other Recreation Security Services Local Merchants EVENT