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SPORTS AND ENTERTAINMENT MARKETING

SPORTS AND ENTERTAINMENT MARKETING. Chapter 1 Lesson 1.1 Mr. Kearney. MARKETING. Definition: “planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives”. MARKETING.

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SPORTS AND ENTERTAINMENT MARKETING

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  1. SPORTS AND ENTERTAINMENT MARKETING Chapter 1 Lesson 1.1 Mr. Kearney

  2. MARKETING • Definition: “planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives”

  3. MARKETING • Definition: “Creation and maintenance of satisfying exchange relationships”

  4. MARKETING • Creation • Suggests marketing involves product development • Maintenance • Means marketing must continue as long as a business operates

  5. MARKETING • Satisfaction • Implies that marketing must meet the needs of both businesses and customers when exchanging products or services • Exchange relationship • Occurs when people both give and receive something of value

  6. GOODS vs SERVICES • What is the difference between goods and services?

  7. NEEDS vs WANTS • What is the difference between needs and wants?

  8. IN SHORT… • Marketing is creating a product or service that a customer wants or needs, packaging the product or service, advertising the product or service and getting customers to buy the product or service at a price that the business can survive on.

  9. SPORTS AND ENTERTAINMENT • Play an important role in marketing • People like to be identified with celebrities and sports stars • Product endorsements by famous people—good marketing strategy • Jerry Seinfeld • American Express • Third in consumer popularity

  10. What percentage of the purchase price of a product or service is spent on marketing?

  11. MARKETING MIX • The blend of four marketing elements • Product • Distribution • Price • Promotion

  12. PRODUCT • What a business offers customers to satisfy needs • Athletic shoes • Video rentals

  13. DISTRIBUTION • Locations and methods used to make products available to customers

  14. PRICE • Amount that customers pay for products

  15. PROMOTION • Describes way to encourage customers to purchase products • Increases customer satisfaction • Advertising • Publicity • Personal selling • Public relations

  16. SATISFYING CUSTOMER NEEDS • Identify customer needs • Develop products customers consider better than other choices • Operate a business profitably

  17. TEAM ASSIGNMENT • Identify four ad campaigns that feature celebrities or athletes • How do these affect your decision on what to buy?

  18. WHEELER-LEA ACT • “unfair or deceptive acts or practices in or affecting commerce, are hereby declared unlawful • Law bans false advertising • Also requires businesses to tell consumers about negative features of their products

  19. Should companies be held responsible for their advertisements?

  20. Should cigarette manufacturers be held liable for the health problems of smokers?

  21. KEY MARKETING FUNCTIONS • Seven key functions associated with marketing

  22. PRODUCT/SERVICE MANAGEMENT • Designing • Developing • Maintaining • Improving • Acquiring • Products or services that meet customer’s needs • Fisher Price • New Products

  23. DISTRIBUTION • Best way to get products or services to customers • Sony • Having your product at the right place at the right time • Coke and Hot Chocolate sales

  24. SELLING • Direct and indirect communication with customer to assess and satisfy needs • Anticipate future needs • Also includes Internet sales • Loretta Lynn • Captive audience for food vendors • Entertainment for fans

  25. MARKETING-INFORMATION MANAGEMENT • Gathering information about customers to improve business decision making • What new products or services will be a big hit? • Marketing research • Shopping malls • Domino’s in Japan

  26. FINANCING • Requires company to budget for marketing activities and… • Provide customers with assistance in paying for company’s products or services • General Motors--GMAC

  27. PRICING • Establishing and communicating the value or cost of goods and services to customers • Prices many times influenced by demand • Concerts and sporting events • Prices may be lower if selling on great volume

  28. PROMOTION • Using advertising and other forms of communications information about products, services, images and ideas to achieve a desired outcome • Coupons on back of ticket stubs

  29. SEVEN KEY FUNCTIONS • Basis of all marketing activities • Product/Service Management • Distribution • Selling • Marketing-Information Management • Financing • Pricing • Promotion

  30. TEAM WORK • Using the 7 key marketing functions, discuss and decide how each would be used to sell: RCS FOOTBALL SWEATSHIRTS

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