Marketing and the 4P’s Sports and Entertainment Marketing.

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Marketing and the 4P’s Sports and Entertainment Marketing

Transcript of Marketing and the 4P’s Sports and Entertainment Marketing.

Page 1: Marketing and the 4P’s Sports and Entertainment Marketing.

Marketing and the 4P’s

Sports and Entertainment Marketing

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Sports & Entertainment Industries

• Today, more than any other time in history, are the two most profitable industries in the U.S.

• Fans spend billions of dollars each year on recreation

• Reaches around the globe as well

• Entertainment is a main export of the U.S.

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What is Marketing?

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If you know:• Nike: • “Just Do It”• Wheaties: • “Breakfast of Champions”• Under Armour: • “Protect this house”• Lowes: • “Lets build something together”• Butterfinger: • “Nobody better lay a finger on my butterfinger”• Apple: • “There’s an app for that”

You have been exposed to marketing.

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Marketing Defined:

The process of developing, promoting, and distributing products, or goods/services, to satisfy customers’ needs and wants.

• To sum it up – Marketing is the creation and maintenance of satisfying exchange relationships.

• Marketing is an “umbrella” term

• Current marketing practices focus on customers and maintaining a close relationship with them

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Marketing Mix pg 10

• Describes how a business “blends” the four marketing elements. • The 4 P’s• Product• Place (Distribution)• Price• Promotion

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Marketing Mix• Product—what a business offers customers to satisfy

needs

• (Place) Distribution—the locations and methods used to make products available to customers

• Price—the amount that customers pay for products

• Promotion—ways to encourage customers to purchase products and increase customer satisfaction

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Product

• Goods• Tangible items - have monetary value and

satisfy your needs & wants (can touch them)• Examples: sports equipment, TV, clothing,

candy.

• Services• Intangible items - have monetary value and

satisfy your needs & wants (can’t touch them)• Examples: tickets, banks, dry cleaners,

amusement parks.

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Place (Distribution)

• Involves the locations and methods used to make products available to customers.• Channel of distribution- path a product takes

from the producer to the consumer• New Holland Apparel

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Place (cont’d)

•Where do you buy a pair of sneakers or a theater ticket?• Internet?• Retail Store?• Theater?• Telephone Solicitation?•Wholesaler?• Retailer?

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Price

•Amount that customers pay for products/services.•Approximately 50%50% of an item’s price

is for the marketing costs!•Did you know? – On average, stores

raise the price around 50% more than what they paid for it?

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Promotion

• ways to encourage customers to purchase products/services.• increase customer satisfaction.• includes: advertising, publicity, personal selling,

and public relations

Buy 2, get 1 free!!

Our product will make you better at everything!

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What are some forms of Promotion?• Newspaper• Magazine• Radio• Television• Direct Mail• Internet Advertising

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Satisfying Customer Needs

•MOST important aspect of marketing!•Must perform the following:• Identify customer needs• Develop products/services that

customers consider better than other choices• Operate business profitably

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Sports products pg. 78

• Sports products- goods, services, ideas or a combo of those related to sports that provide satisfaction to a consumer• Get into groups of three• Imagine you are marketing a new sports

product – a fresh, new young athlete drafted into the pros• Plan a market strategy for selling this “product”

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Trivia Time!

•What does ESPN stand for?

• Entertainment and Sports Network

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Types of Sports Products

• Unlike typical consumer products, sports products include a broader range of products.

• Unique to sports are products that can be classified as goods or services, or both:

• Sporting events- this is where it all starts. Athletes and the arenas get the ball rolling

• Sports information- Involves news, stats, schedules and stories. Where do you find all this info?

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Types of Sports Products

• Sports training- Service such as instruction that is provided through fitness centers, sport camps, and lessons• Sporting goods- Wide range of goods, such as

licensed merchandise, collectibles, apparel and accessories.

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Product Line vs Product Mix• Businesses classify their products by “product

line” and “product mix”• Product line- a group of closely related products

manufactured and/or sold by a company• What products are sold in the product line by

Adidas below:

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Product Line vs Product Mix• Product mix- the total assortment of products that a

company makes and/or sells• What Adidas products does Dick’s Sporting Goods sell?

• Boom. That’s product mix