Sports and Entertainment Marketing

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Sports and Entertainment Marketing
2.01 Explain the concept of marketing.
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Marketing

• The process of developing, promoting, pricing and
  distributing products in order to satisfy
  customers needs and wants. Marketing involves
  all the activities necessary in getting a product
  from the producer to the consumer.

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Marketing Concept

• Businesses become successful by directing all of
  their efforts to satisfying the needs and wants
  of the customers.
• Businesses make a profit by offering the goods
  and services that the consumer wants.
• Recognizes the importance of the consumer in the
  buying process.

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The Seven Functions of Marketing
1.Marketing Information Management 2.Product/Servi
ce Management 3.Financing 4.Pricing 5.Promotion 6.
Selling 7.Distribution
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Marketing-Information Management

• Obtaining information needed to make sound
  business decisions. Example Taste tests and
  surveys.

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Product/Service Management

• A. Risk Management preventing or reducing
  business loss.
• B. Purchasing Buying goods and services for use
  in the day-to-day about where a product is sold.

• Concepts and procedures necessary to obtain,
  develop, maintain, and improve a product or
  service mix in response to market opportunities.

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Financing

• Obtaining money needed to finance the operation
  of a business. This includes bank loans and
  offering credit to customers.

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Pricing

• Determining a value to charge for goods and
  services. It is important to consider
  competition and what consumers are willing and
  able to pay.

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Promotion

• Communication used to inform or remind people
  about a businesss products. Promotion also
  involves persuading customers to purchase a
  product.

Your AD here!
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Selling

• Determining customer needs and wants through
  planned, personalized communication intended to
  influence purchase decisions and ensure
  satisfaction.

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Distribution

• The transporting, storing and handling of goods
  on their way from the manufacturer to the
  consumer. This includes the decisions about
  where to sell a product.

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The Four Ps of Marketing

• The marketing mix, known as the four Ps, is a
  combination of decisions a business must make in
  order to best reach its target market

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PRODUCT

• The goods and services a business will offer to
  its customers
• A. Choice of product Will the business offer a
  variety of products?
• B. Packaging Does the packaging protect the
  product and provide necessary information about
  the product?

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PRODUCT continued . . .

• C. Level of quality What level of quality will
  the business ensure?
• D. Brand name What brand name products will the
  business offer?
• E. Warranty Will the business offer a warranty
  to its customers to ensure satisfaction?

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PRICE

• The amount a business charges customers for their
  products
• A. Price setting. Price will be set based on
  product demand, cost, and competitors actions.
• B. Terms. Will the company only accept cash?
  Will the company extend credit? What type of
  credit will the company extend?

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PRICE continued . . .

• C. Discounts. Will the business offer discounts
  to employees? Locals? Will the business
  discount merchandise at certain times of the year?

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PLACE (distribution)

• Making products available at the right time and
  location.
• A. Channels of Distribution the path a product
  takes to get from the producer to the consumer
• B. What specific stores will offer the products?
  (wholesaler, retailer, department, discount, etc.)

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PLACE continued . . .

• C. What method of transportation will be used to
  get the product from the producer to the
  consumer? (truck, train, place, boat, pipeline)
• D. How will inventory be handled and controlled?
  (methods- physical, storing, checking, or
  receiving)

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PROMOTION

• Informing, reminding, and persuading customers of
  the goods and services available to them.
• A. What will the message be?
• B. When will the message be delivered?

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PROMOTION continued . . .

• C. Where will the message be delivered?
• D. What inducements will be used to encourage
  customers to purchase the product?
• E. How will the message be delivered?

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Those are the functions and 4 Ps of Marketing!