1. SPORTS & ENTERTAINMENT MARKETING Unit 1 Basic Principles of Marketing

3. THE EXCHANGE PROCESS  Exchange Process- process of exchanging one item of value for another.  Barter- trade one item of value for another.  Monetary system- system of using money or paper currency

4. PERCEIVED VALUE VS REAL VALUE  Perceived Value- how valuable someone thinks a product or service is; this type of value exists only in the person’s mind.  Marketing- the term marketing refers to a set of tactics used to increase the perceived value of a product or service in the minds of consumers.  Types of utility  Form Utility- value a consumer sees in a final product.  Time Utility- how useful an item is at a certain time.  Place Utility- Certain items are more useful in certain places and are perceived as more valuable. For example, there is a much greater demand for snow shovels in the Northern states than in the Southern states because of the frequency of snow in these places. Therefore, snow shovels have greater value in this part of the country.  Possession Utility- Possession utility refers to the value a buyer perceives in owning a product. For example, a person who has to haul things back and forth frequently may see more value in owning a pickup truck rather than borrowing or renting one than someone who rarely has to haul items.

5. PERCEIVED VALUE VS REAL VALUE CONT  Image Utility- Image utility is the imagined usefulness an item may have for a person's self-worth, popularity, or confidence. For instance, a trendy, name-brand pair of jeans will cost more than an off-brand pair because of their perceived image utility.  Target Market- The group of people most likely to value their products.

6. MARKET RESEARCH  Market research is the gathering and analysis of data related to the demand, competition, and consumers (i.e., target market) of a product or service.  Have you ever received a survey in the mail from a company? This is a type of market research. Companies have a lot to gain by finding out more about their target market. After all, the more they know about you, the better they can market their products to you.  Brands- Contrary to popular belief, a brand is more than just a company name or logo. It is a promise that the company makes to the consumer about the experience they can expect from the company's products or services. Many a marketing guru will tell you that a brand is a company's most important asset. Therefore, everything about a company right down to its colors, spokesperson, promotions, messaging, and the like must complement and work toward building the brand.

7. 7 STEPS TO CREATING A MARKETING PLAN 1. Determining the utility/utilities of the product 2. Determining the current and projected demand for the product 3. Identifying any existing competitors 4. Using market research to determine an ideal price point for the product 5. Determining the target market for their product 6. Using market research to develop a brand promise 7. Creating plans for promotional strategies to attract and keep consumers

8. INTERNET MARKETING  The following is a list of some of the most common components of an Internet marketing campaign:  A website  A social media presence  Email marketing  Content Marketing  Search Engine Optimization (SEO)

9. TEXT QUESTIONS & DISCUSSIONS  Please make sure to refer to the Text Questions and Discussions to help prepare yourself for the quizzes.