WHAT IS MARKETING Sports and Entertainment Marketing Marketing

WHAT IS MARKETING Sports and Entertainment Marketing

Marketing Process of developing, promoting, distributing and selling goods and services to satisfy customers’ needs and wants Tangible = something you can touch Goods – tangible products Services – Intangible products 2

The Marketing Concept The idea that a business should strive to satisfy customers’ needs and wants while generating a profit

The Marketing Mix The 5 P’s of Marketing People Promotion Product Price Place 4

The 5 P’s �People – the target market �Product – what is the product – (name, packaging) �Price – what customers are willing and able to pay �Place – where is it sold and how it gets there �Promotion – how is the product marketed 5

Target Market …a specific group of people that a business wants to reach with their goods or services 6

But…. what IS a target market? Characteristic of the marketing you are trying to reach • Age • Marital Status • Gender • Kids or no kids • Ethnicity • Location • Occupation • Income level • Lifestyle 7

Going the Distance Trailer 1 Trailer 2 Trailer 3 8

Market Segmentation Geographics – where people live Demographics – personal characteristics Psychographics – lifestyle (attitudes/values) Product Benefits – consumer wants and needs 9

7 Functions of Marketing Financing Marketing Information Management Distribution Functions of Marketing Selling Pricing Promotion Product/Service Management 10

Financing �Getting the money needed to finance the operation of a business �Decisions regarding offering credit (payment options) to customers 11

Marketing Information Management Process of collecting information about customer trends, and competitor products Marketing Research Used to determine customer demographics, buying habits, and attitudes Ex: JCrew asks for your zip code before you purchase something. 12

Pricing How much to charge for goods and services, most decisions take competition into consideration 13

Product/Service Management Obtaining, developing, maintaining, and improving a product or product line to respond to customer needs and wants Monitoring Elimination of Weak Products of Existing Products New product Development 14

Promotion Any form of communication used to inform, persuade, or remind people about a business’s products • EX: Free baseball hats are given away at a baseball game • EX: American Eagle has a Back to School sale in the beginning of September 15

Selling Providing customers with goods and services they want to buy. This includes retail and business to business EX: A sales person answers questions about the operation of a running watch 16

Distribution Making decisions about where to sell the product and how it gets there �EX: Redskins Apparel �Redskins Store (Dulles and Fair Oaks Mall) �JCPenney, Kohls �Online Website 17