Virtual Business Sports

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Virtual Business Sports

• Promotion

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What Have We Learned So Far?
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Definition of Marketing

• Process of developing, promoting, distributing
  products to satisfy customers needs wants

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Marketings Main Purpose
Marketing Process
Producers
Consumers

• Provide a bridge between producers consumers so
  exchange of goods services can occur

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There are 7 main Marketing Functions that make up
the marketing process

• Distribution Physical movement storage
• Financing How where funds are used in
  business
• Marketing-info-management Collecting,
  disseminating, using info. To make sound
  business decisions
• Pricing Decisions dictating how much to charge
  for products

• Product/Service management What products
  services will be offered
• Promotion Activities that inform persuade
• Selling Personalized communication that
  influences purchasing decisions

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Marketing Mix(Four Ps) Four Main Marketing
Decisions

• Product (P/S Planning)
• Place (Distribution)
• Price
• Promotion

Most important decisions because each deals
directly with consumers.
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Promotion

• All activities used to inform persuade
  consumers to buy products services.

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Promotional Mix

• Any combination of promotional activities,
  including advertising, sales promotion, personal
  selling, publicity a company will do to inform
  persuade consumers.

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Promotion in Virtual Business

• In VBS you have control of
• sales promotion advertising

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Sales Promotions

• Any promotional activities used to stimulate
  consumers to buy within a certain time frame.

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Sales Promotion Examples

• Giveaways
• Contests
• Coupons
• Free Samples
• Displays

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Sales Promotions in Sports Marketing

• Cause people to attend who otherwise would not
• Will be planned for events that are not expected
  to be sold out.

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Categories of Promotional Items

• High Cost Expensive promotional items.
• Low Cost Inexpensive promotional items.
• High Appeal High demand promotional items.
• Low Appeal Low demand promotional items.

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Secret to Promotional Success

• Balance cost and promotion
• Too much will be too costly and drain profits.
• Too little will lower sales.
• Teams must find an equilibrium between promotions
  costs to maximize profits.
• Try to find low cost / high appeal items.
• Vary promotions
• Maximize promotional by directing promotional
  activities towards the target market

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Promotion Terms

• Target Market Particular market segment
  selected as being the most appropriate for a
  certain advertising campaign or schedule.
• Promotional Items Special items given out to
  increase sales.
• Forecasting The prediction of upcoming results
  based on the evaluation of accessible, relevant
  data.