Sports and Entertainment Marketing

Sports and Entertainment Marketing

Marketing Basics
Roughly half of every dollar you spend on a product goes to cover marketing costs.Quick Review:Marketing: Planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectivesCustomer: Person who buys the product(s)/serviceConsumer: Person who uses the product(s)/service

What is Marketing?
Simplified: The creation and maintenance of satisfying exchange relationships. Creation: Product development Maintenance: Lasts as long as the business operatesSatisfaction: All needs must be met, both customer and businessesExchange Relationship: The giving and receiving of something of value for both parties
Business
Customer
Sports Team

Marketing Mix
PRODUCT
PRICE
PLACE
PROMOTION

PRODUCT
What a business is offering customers to satisfy their particular wants and needs

Examples:Athletic shoesClothing/ApparelVideos/DVDs

PLACE
Locations and methods used to make products available to customers

Examples:Stores/RetailersTrainPlane/ShipAutoWholesalerRetailer

PRICE
The amount the customer will pay for the given product/service
How much for a front row seat?

PROMOTION
Ways in which customers are encouraged to purchase products and increase satisfaction

Examples:AdvertisingPublicityPublic RelationsPersonal Selling

SPORTS MARKETING
Using sports to market select products

Fans/Spectators at sporting events are potential consumers of a wide variety of products.http://www.youtube.com/watch?v=Fx6i7fArWpY

Two Types of Sports Marketing
Marketing of Sports and Entertainment
Marketing through sports and entertainment

TARGET MARKET
Target Market is the specific group of people you want to reach with your product or service.

In order to successfully sell products/services, companies must know the wants and needs of the target market

DEMOGRAPHICS
Specific information to include age, gender, income and race.Essential in determining the buying habits of customersThe most important aspect is Income Disposable income ( income that can be freely spent)Spending habits will determine what products and services to produce and what prices to charge

Sports Marketing Strategies
Sports logos on clothing

Creation of new sports

Gross Impression

Perfect Timing

Sports logos on clothing
People wear this type of clothing because it shows fan loyaltyValue of merchandise is increased in the eyes of the buyerSome consumers feel more successful themselvesColleges and pro teams have earned large sums of money from such endorsements

New SportsNew Opportunities
New sports markets offer new opportunities for endorsement and marketing

WNBA, WUSA, Arena Football

Gross Impression
Number of times per advertisement, game, or show that a product or service is associated with an athlete, team, or entertainer

Often they are subtle and continuous

You will see them in all fashions, cars, shoes, clothes, billboards, etc.

Timing
Fans want products/services that identify them with a winner

Successful trends for athletes and teams must be monitored to determine when to change/adjust the marketing strategies.