WF Sports and Entertainment Marketing I

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WF Sports and Entertainment Marketing I
Explain the basic concepts of marketing.
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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.

4
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.

5
Financing

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

6
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.

7
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

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PRICE

• The amount a business charges customers for their
  products

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PROMOTION

• Informing, reminding, and persuading customers of
  the goods and services available to them.

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PLACE (distribution)

• Making products available at the right time and
  location.