1. Review for Strand 1 TEST

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

3. 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.

4. 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.

5. 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.

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

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

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

9. 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?

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

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