Marketing and Sports & Entertainment

1. Marketing and Sports & Entertainment Chapter 1 - World of Marketing

2. Sports & Entertainment Marketing RECAP • The sports and entertainment industries are two of the most profitable industries in the United States. • Marketing sports and entertainment products is also a global business. • Functions of Marketing: • Promotion • Product/Service Management • Distribution • Selling • Pricing • Marketing-Information Management

3. Marketing • Marketing is defined • As the process of developing, promoting, and distributing products, or goods and services, to satisfy customers’ needs and wants. Goods – are tangible products, such as sports equipment Services – are intangible products, such as theater tickets (the theater ticket provides entrance to the play, which is a service)

4. The Marketing Process • Developing • products involves studying consumers to determine what they want, and then designing the products that will satisfy their needs and wants. • Promotional • Activities help to educate consumers, create interests and desire, make a sale, and create an image for a company and its products. • EXAMPLES: • “Just Do It” • “The Breakfast of Champions” • Distribution • Getting the product into the hands of the customer • Buying and selling are also involved

5. Marketing Concept • Idea that organizations need to satisfy their customers while also trying to reach their organizations’ goals . • To be profitable, businesses must focus their efforts on customers’ needs and wants.

6. Target Marketing • Specific group of consumers that an organization selects as the focus of its marketing plan • Demographics • Statistics that describe a population in terms of personal characteristics

7. Marketing Mix • A combination of four basic marketing strategies, known as the 4 Ps – product, price, place, and promotion • Product decisions • Goods, services, or ideas used to satisfy consumer needs • Price decisions • Influences customers buying decisions. Involves the exchange process between the consumer and the seller. • Place decisions • Making the product available to the customer. • Channel distributions – path a product takes from the producer to the consumer • Promotion decisions • How the goods or services are communicated to the consumer.

8. Economics of Marketing • Economics • The study of the choices and decisions that affect making, distributing, and using goods and services

9. Economic Impact • SEM have an economic impact on countries, cities, and communities because events and products can generate revenue. • Economic effects – ticket sales to major events like the Olympics and world fairs are only one source of revenue. Everyone involved in these events can profit before, during, and after the event. • Additional Examples: • Local Events • High School Events • Olympics Example: 2010 World Cup - $7.6 billion and created $415,000 annual jobs