Sports & Entertainment Industries and the 4 P’s Mrs. Wilson Sports & Entertainment...

Sports & Entertainment Industries

and the 4 P’s

Mrs. WilsonMrs. Wilson

Sports & Entertainment MarketingSports & Entertainment Marketing

Sports & Entertainment Sports & Entertainment IndustriesIndustries• 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.

Foundation of Sports & Foundation of Sports & Entertainment MarketingEntertainment Marketing• Organized marketing plan with strategies that

target specific consumers

Marketing Defined:Marketing Defined:“The process of planning, pricing, promoting, selling,

and distributing ideas, goods, or services to create exchanges that satisfy customers.”

• Marketing is a process

• Marketing is an “umbrella” term

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

Goods and ServicesGoods and Services• Goods

– Tangible items that have monetary value and satisfy your needs & wants (can touch them)

– Examples: sports equipment, TV, clothing, candy.

• Services– Intangible items that have monetary value and satisfy

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

parks.

Functions of MarketingFunctions of Marketing1. Purchasing2. Selling3. Pricing 4. Product Planning5. Marketing Information

Management6. Promotion7. Financing8. Distribution9. Risk Management

• All activities can be classified into nine functions of marketing

If you know:If you know:• Nike: “Just Do It”• Wheaties: “Breakfast of Champions”• Pepsi: “Take the Pepsi Challenge”• McDonalds: “Golden Arches”

You have been exposed to marketing.

Promotion Includes:Promotion Includes:• Newspaper• Magazine• Radio• Television• Direct Mail• Internet Advertising

Distribution or Place:Distribution or Place:• Where do you buy a pair of sneakers

or a theater ticket?– Internet?– Retail Store?– Theater?– Telephone Solicitation?– Wholesaler?– Retailer?

Marketing Concept:Marketing Concept:• The IDEA that organizations

need to satisfy their customers while also trying to achieve their organizations goals.

• To be profitable, businesses must focus their efforts on the customers needs and wants.

The Market:The Market:• Potential customers• Must meet certain criteria to be potential

customers– Shared needs– Have desire and ability to buy a product

• Example: You may be included in the “market” for sneakers is you have desire and money to purchase them.

Target Market:Target Market:• A specific group of consumers that an

organization selects as the focus of its marketing plan

• Reebok & Nike have a large market for athletic shoes, but smaller, homogenous (similar) group for tennis, golf, running, walking, and so on.

Customer Relationship Customer Relationship Management (CRM)Management (CRM)• An aspect of marketing that

combines customer information with customer service and marketing communications

• Includes buying history, customer data, and demographic information

ReviewReview• Name two ideas that can be

marketed?• Where do exchanges take place?• What is the main difference between

consumers and industrial users?• List at least three ways the Internet

has changed marketing functions.