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Economic Utility in Sports & Entertainment Marketing. How do we add value?. Written by: Memory Reed Georgia CTAE Resource Network 2010. Economic Utility. What is it? Adding value to goods and services Increasing customer benefits from their purchases of goods and services
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Economic Utility in Sports & Entertainment Marketing How do we add value? Written by: Memory Reed Georgia CTAE Resource Network 2010
Economic Utility • What is it? • Adding value to goods and services • Increasing customer benefits from their purchases of goods and services • Making goods and services more useful
Economic Utility and Sports & Entertainment Marketing • How do we add value to sports & entertainment marketing? • Make the event an “experience” • Do more than just play the game or put on the show - have contests, have activities for fans to be involved in, give them more than just the “show”
Why Should We Add Value? • Increase Sales to Increase Profit • Why increase profit? The purpose of business is give the owners a profit. • How does adding value increase profit? • What is the motive to increase value? To increase profit. The profit motive is what drives our economy.
Forms of Economic Utility • Form Utility (Production) • Place Utility (Marketing) • Time Utility (Marketing) • Information Utility (Marketing) • Possession Utility (Marketing)
Form Utility in S&E Marketing • What is form utility in S&E Marketing? • The production • The sports event (the game) • The entertainment event (the show) • Production process of the memorabilia • Production process of the clothing lines (t-shirt, jersey, hat, costume, etc.) • Can you think of any other form utilities in S&E?
Place Utility in S&E Marketing • What is place utility in S&E Marketing? • Having the event at a convenient location for customers to attend • Having the event at a “cool” location for customers to attend • Having the event in a location that is large enough • Having the event in a location that is comfortable • Can you think of any other place utilities in S&E?
Time Utility in S&E Marketing • What is time utility in S&E Marketing? • Having the event available at a convenient time • Having the event at the right time of year for the type of event • Promoting the event during the right time of year for the event (ex. light display during the holidays, haunted house during October, baseball games during the spring & summer) • Can you think of any other time utilities in S&E?
Information Utility in S&E Marketing • What is information utility in S&E Marketing? • Getting information to the customers about the product or service by advertising and promotions • During events give information about upcoming events • Make each event so much fun for the customers that they want to come back • Can you think of any other information utilities in S&E?
Possession Utility in S&E Marketing • What is possession utility in S&E marketing? • Adding value by making it easy for the customer to possess the product • Allowing the customer to pay with various types of payment (PayPal,Credit Cards, Debit Cards, etc.) • Running promotional packages that make it easier to purchase • Making tickets available a long time in advance so customers can raise the money • Can you think of any other possession utilities in S&E?
Activity • Turn to your partner and brainstorm 5 ways your favorite sports team or entertainer (entertainment venue) can or do use each of the utilities. Write 5 for each utility as well as the team or entertainer/venue on a piece of paper to turn in. • When everyone is done, each team will stand and give their top use for each utility.
