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Understanding the Role of Sport and Event Marketing in Facilitating Economic Exchanges

This overview explores the significance of sport and event marketing in business, detailing its role in creating economic exchanges with customers. It defines sport marketing as the planning and execution of services that satisfy consumer needs through tangible goods and experiences, illustrating its impact on growth and community development. Additionally, the concept of event marketing is explained, highlighting its benefits in brand awareness and consumer trust. Ultimately, the power of strategic marketing in the sports and event industries is emphasized for both economic and social advancements.

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Understanding the Role of Sport and Event Marketing in Facilitating Economic Exchanges

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Presentation Transcript

  1. SEM1 1.02A - Marketing Understand sport/event marketing’s role and function in business to facilitate economic exchanges with customers. • Explain the nature of sport marketing • Explain the nature of event marketing

  2. Define the term sport marketing • Sports Marketing: the process of planning and executing the conception, pricing, promotion, and distribution of sports ideas, goods and services to create exchanges that satisfy individual and organizational objectives – Satisfy the needs and wants of the consumer

  3. Identify categories of sport products • The Sporting Event: Service Product • Intangible: an experience you can see, feel & participate in • Perishable experience: Once over, the product is gone • The athletes/participants: make the game happen • The spectators/fans: create excitement and enthusiasm for the product • The facility: Time Warner Arena, Lowes Motor Speedway – where the product is offered

  4. Identify categories of sport products • Sporting Goods: Goods Product • Tangible, manufactured products that make the game possible. • Equipment, clothing, licensed merchandise • Personal Training: get ready to compete • Sports Information: ESPN, Sports Illustrated, newspapers, internet

  5. Describe categories of sport consumers • 1. Unorganizedparticipants: walk in the woods, jogging • 2. Organized participants: have rules – NCAA, MLB, MBA, MMA • Amateurs are not paid to play, regulated on local, state, national level • Professionals are paid but follow strict rules by their governing body – their occupation (income) is playing the game • 3. Spectators/fans: observers of the sporting event • As important as the athletes due to the excitement they create • 4. Sponsors: businesses or organizations that pay to associate their names or products with a sporting event for recognition and affiliation benefits Example: NASCAR has many sponsors

  6. Describe the relationship between the growth and marketing of the sport industry. • A sports product (good or service) becomes more popular because of marketing • Sanctioning bodies like NASCAR, NFL and MLB establish rules and guidelines for all teams, participants and owners – allows national ads, etc • Marketing opportunities increase as the product grows resulting in increased sales and profits

  7. Discuss benefits ascertained from the development of the sport marketing • Good for You • Increases opportunity for employment • Benefit those who participate either by playing or watching • Recreation • Entertainment • Good for the Local Community • Economic effect of a major event • Improve city’s image • Good for Society • Generates billions of dollars of revenue each year • More jobs • Multiplier effect

  8. EVENT MARKETING

  9. Define the terms event marketing • Event Marketing: designing and developing a live themed activity, occasion, display or exhibit, such as a sports, music festival or concert to promote a product, cause, or organization. The event is produced and consumed at the same time and is normally an unique experience for the participant or spectator

  10. Identify types and categories of events • Corporate Events • Conferences, seminars, trade shows, team building, theme parties, VIP events, incentive travel • Private Events • weddings, birthdays, family events, anniversaries • Public Events • professional and/or amateur participants with spectators/fans – Concerts, NFL games, college or high school or recreational events

  11. Discuss benefits ascertained from the development of the event marketing. • Start a dialogue: face to face marketing (viral marketing) • Personal connection: builds consumer trust for the product • Immediate fulfillment: produce and consumer the product at the same time • Brand awareness: build awareness of your product by marketing the event- Examples: sales flyers, ads, promotion & PR

  12. Target Marketing in the SEM Industry • IMPORTANT part of target marketing in the Sports and Entertainment/Event industry involves appealing to potential customers who have DISPOSABLE INCOME • Disposable Income is the amount of money people have to spend or dispose of AFTER they have paid their taxes. • Appealing to consumers with disposable income is VERY important in the SEM Industry because the products associated are not necessary to live. • SEM goods and services are those people buy AFTER they buy their necessities (example: bills, groceries).

  13. “You Do” IT’S PARTY TIME! • Your group has an unlimited budget to plan a birthday party for yourself, a friend or family member. • Briefly describe the event concept and theme. • Is the event corporate or private • Location, date, time? • How many guests will you invite? • How will you notify guests about this event? Be specific! For example, what will the invitation look like, how will it be delivered, etc. • Make a list of your estimated expenses. What’s the grand total? • Be creative! You are working in a small group and all members should be involved in completing the project.

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