Sports and Entertainment Marketing © Thomson/South-Western ChapterChapter What Is Sports and...

Sports and Entertainment Marketing© Thomson/South-Western

Chapter Chapter Chapter Chapter

What Is Sports and Entertainment Marketing?

1.1 Marketing Basics1.1 Marketing Basics

1.2 Sports Marketing1.2 Sports Marketing

1.3 Entertainment Marketing1.3 Entertainment Marketing

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Sports and Entertainment Marketing© Thomson/South-Western

Sports MarketingLearning Targets: I can describe the basic concepts of

marketing.

I am able to explain the Marketing Mix.

I can define the Six Core Standards of marketing.

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Key Terms: marketing marketing mix product distribution price promotion discretionary income

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WHAT IS MARKETING? Marketing

Is the planning and executing the conception, pricing, promotion and distribution of ideas, good, and services to create that satisfy individual and organizational objectives.

Simply stated Marketing is the creation and maintenance of a satisfying exchange.

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Continued…Simply stated Marketing is the creation and maintenance of a satisfying exchange.

Creation – product/service development.

Maintenance – it must be continuous.

Satisfaction – meet the needs/wants of businesses and customers.

Exchange – business and customers both give and receive something of value.

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Satisfying Customer Needs

Identify your customer

Identify needs/wants of your customer

Develop superior products

Operate your business profitably

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Sports and Entertainment Marketing

Marketers of sports and entertainment marketing must assess;

consumer demand

the competition

the financial valuation of the goods and services they offer

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THE MARKETING MIX

Marketing Mix how a business blends the following four

elements

Product Distribution (Place) Price Promotion

aka – the Four P’s of Marketing

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what a business offers to satisfy needs/wants. goods and services

Can be either tangible or intangible or both.

Distribution (Place) the locations and methods used to make products

available to customers.

Ex: Online, mail order, Bricks-N-Mortar

Product

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amount customers pay for products.

Amount that is listed on the price tag, ticket, bill, etc.

Promotion ways to make customers aware of products. encourages customers to buy.

Ex: advertising, publicity, personal selling, and public relations.

Price

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Marketing Mix Considerations Satisfying Customers

Must satisfy customers needs/wants by1. Offer what they want

2. When they want it

3. Where they want it

4. For how much they are willing to pay

Discretionary / Disposable Income the amount of money individuals have available to

spend after paying for necessities

Striking the right balance between price, distribution and promotion is important.

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A Marketing Mix Example in the Sports Industry The product the Super Bowl offers is a game

between the best teams of the AFC and NFC.

Consumer costs extend beyond ticket prices and include travel and lodging expenses.

Distribution includes the location of the host city and ticket sales.

Promotion involves media outlets and related-product contests.

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Inclass Assignment/Bell Ringer / Exit Slip:

Opening Act pg. 4

Work with a partner or solo

Read – answer what it is asking. We will discuss your findings tomorrow.

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Opening Act pg. 4

Identify four advertising campaigns that feature celebrities or athletes.

Do they encourage consumers to make a purchase?

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CORE STANDARDS OF MARKETING

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Distribution involves determining the best way to get a company’s products and services to customers.

Examples: In stores, online, via mail order

Distribution

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gathering and using information about customers to improve business decision making

Example: Telemarketers calling you and asking you various questions.

Marketing-Information Management

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the process of establishing and communicating to customers the value or costs of goods and services.

Price is typically linked to consumer demand.

Pricing

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designing, developing, maintaining, improving and acquiring products or services to meet customer needs.

Examples:

Sony comes out with

bought out

Product/Service Management

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using a variety of communication forms, including advertising, to distribute information about products, services, images and ideas to achieve a desired outcome.

Examples: Sales ads, Commercials on TV.

Promotion

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any direct and personal communication with customers to assess and satisfy their needs now and in the future.

Examples: Sales and customer service representatives.

Progressive Insurance Best Buy

Selling

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A company must budget for its own marketing activities and provide customers with assistance in paying for the company’s products and services.

Example:

Note – customers are more likely to make a purchase when they have more than one payment option.

Financing

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Inclass Assignment / Bell Ringer / Exit Slip:

ENCORE! pg.11

Read and Answer #4

Due (start of class) – Aug. 22nd

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#3Purchased Four Reds TicketsFinancing – used credit card (had to pay in full)Pricing – $24 per ticket (half-off face value)Promotion – REDS email alert, newspaperPSM – NoneDistribution – received by mail (could have picked them up at Will Call)Selling – email from REDS ticket officeMIM – had to give personal information (name, address, phone #)

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#4

19 26

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Lesson 1.2

Sports Marketing

Learning Targets I can identify sports marketing

strategies.

I understand the importance of target markets.

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Terms Target Market demographics sports marketing gross impression

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WHY SPORTS MARKETING? Sports Marketing

using sports to market products

Target Market Specific group of people you want to reach (your

“Target”) By researching their Demographics

Demographics common characteristics of a group

age, gender, marital status, income level education level, location

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New Sports, New Opportunities

creates new ways for businesses to make money through sports

Arena FootballFrisbee Golf Extreme Sports (X-Games)Aero-ball

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Gross Impression Marketing strategy used by businesses

the number of times per advertisement, game, or show that a product or service is associated with an athlete, team or entertainer is shown.

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Timing Businesses musk act when

Fans want products and services Teams Wins Addition of Popular Players Trends/Styles change

Marketing efforts will change Winning/Losing Positive/Negative Press Trends/Styles change

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THE VALUE OF SPORTS MARKETING

it is a multi-billion-dollar global industry Businesses know there is money to be made.

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Emotional Value

connections to teams, players based on Tradition Family Where you live What you know (like/watch)

Emotions - major factor in what consumers BUY and why they BUY and when they BUY.

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So Many Channels High profile sporting events generate strong

promotional revenues for broadcasters. Bowl Games Rivalry Games Preseason Tournaments Championship Games

How many sports channels do you have? Dish Network – 100+ Insight Cable – ?

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Inclass Assignment/Bell Ringer / Exit Slip:

Read pages 17 - 22

Answer the questions 1-12, 14 and 16

You must email me your answers by start of class on Friday August 23rd.