Sports and Entertainment Marketing Marketing and Strategy Council Rock School District Mr. Sherpinsky.
<p>Sports and Entertainment Marketing Marketing and Strategy Council Rock School District Mr. Sherpinsky Slide 2 Demographics: The study of characteristics of groups of human beings in terms of statistics. Objective characteristics of consumers such as age, income, education, sex or occupation. A demographic is what most marketing activities focus on, as it is easiest to describe. Slide 3 Psychographic Analysis A technique that investigates how people live, what interests them, what they like-- also called lifestyle analysis because it relies on a number of statements about a person's activities, interests and opinions. (How they behave) Psychographic Segmentation Dividing markets into segments on the basis of consumer life styles. Slide 4 Psychographic Analysis A technique that investigates how people live, what interests them, what they like--also called lifestyle analysis because it relies on a number of statements about a person's activities, interests and opinions. (How they behave) Slide 5 Geographic segmentation tries to divide markets into different geographical units: these units include: Regions: Counties or major metropolitan areas States: perhaps categorized by size, development or membership of geographic region (East v. West, North v. South) City / Town size: e.g. population within ranges or above a certain level Population density: e.g. urban, suburban, rural, semi-rural Climate: e.g. Northern, Southern Slide 6 The simplest way to define a market is to think of a market as consisting of all the people or organizations that may have an interest in purchasing a companys products or services. In other words, a market comprises all customers who have needs that may be fulfilled by an organizations offerings. Slide 7 Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs for the relevant goods and services. Subsets may be divided by criteria such as age and gender, or other distinctions, such as location or income. Marketing campaigns can then be designed and implemented to target these specific customer segments. Slide 8 Analyzing consumer lifestyles (psychography) means examining the way people live rather than where they live (geography) or their age, income, or occupation (demography). Lifestyle analysis is based upon a person's activities, interests and opinions. Slide 9 Demographic data SWM, MWF (male / age) Earn a certain income Occupation is computers, education, sales or Have one child, no child Graduated college, no college, advanced degree Psychographic data Conservative with spending Value driven rather than price driven Aversion to debt Value efficiency and privacy Early majority but not always a technology optimist Slide 10 A niche market is the subset of the market on which a specific product is focusing. So the market niche defines the specific product features aimed at satisfying specific market needs It is also a smaller market segment. For example, sports channels like STAR Sports, ESPN, STAR Cricket, and Fox target a niche of sports lovers.STAR SportsESPNSTAR CricketFox Slide 11 Demographics & Psychographics have an important place in marketing research Increase the effectiveness of a promotional campaign by: Targeting the appropriate audience Reaching only those who could or will buy your products Focusing the message on their needs Using images, text, and specific messaging to heighten connectivity to consumers Selecting the appropriate media Selecting the right method or combination of methods to find our target audience using the least amount of resources Slide 12 What is a Baby Boomer anyway? The common definition is that people born between 1946 and 1964 are considered "Baby Boomers. Also called, Me Generation, Boomers, Baboo, and Love Generation Slide 13 Generation X can technically be defined as the generation following the Baby Boomers. Gen-Xers were born between 1965 & 1977 now ranging in age from 35-47, as of 2012 and judged by characteristics assigned to them by the media. Also known as the Baby Bust, Slackers, Why me Generation, and Latch-key Generation The media has singled out America's youth as representative of Gen-X: "underemployed, overeducated, intensely private and unpredictable Slide 14 Also known as the Millennials or the Echo Boomers, Why Generation, Net Generation, Gen Wired, Next Generation, and Nexters Chiefly the children of baby boomers and new immigrants, a demographic behemoth born roughly between 1977 and 1994, age 18-35, as of 2012 The Millennials have already shown themselves to be big spenders. Debt to Income Ratios: 20:1 Slide 15 Gen Z also known as Tweens, Baby Bloomers, and Generation 9/11 Born after 1994 and are less than 18 years old, as of 2012. Newest Generation Not yet fully defined Oldest of this group is Tweens (11-17) Slide 16 Peoples interests and values How you spend your time Lifestyle research Valuable in establishing market segments Often influences Purchases Housing, Vehicles Location (Where you choose to live) Recreation time (What do you do with free time) Responsible for coffee shops, book stores, sports venues, home dcor, and healthcare Used to develop segments from the mass market Slide 17 When we look at the Psychographics of a consumer, we study the consumers shopping trends based on social and psychological characteristics. Specifically: Attitudes Values Lifestyles Slide 18 Attitude: How do people feel about certain things Optimistic vs. Pesimistic White Collar vs. Blue Collar DIY vs. Hiring out help Basic vs. Luxury Debby Downer vs. Sammy Sunshine Slide 19 Values: How consumers think about certain things Religion: Religion practiced: Orthodox? Family: Traditional or Untraditional Work Ethic: Live to work or work to live? Food: Organic or Not? Education: What is expected? High School, College, Apprenticeship? Money: Spend, Save, or Invest Slide 20 Lifestyle : How consumers live Family: Single, DINKs, Married w/Kids, Empty Nesters Vehicle: Bike, Automobile, Mass Transit Body-types: Athletic, Plastic, Voluptuous, Overweight, Losing that LAST 5 pounds Vacation: Camping/Mountains, Beach/Shore, Travelers, Amusement Parks, Vegas, Global, Family. Slide 21 Mass marketing is a market coverage strategy in which a firm decides to ignore market segment differences and appeal the whole market with one offer or one strategy. It attempts to sell a product to a wide audience. The idea is to broadcast a message that will reach the largest number of people possible. Traditionally mass marketing has focused on radio, television and newspapers Opposite of Niche Marketing Examples: Chewing Gum and Light Bulbs Slide 22 Step 1 The dishwasher breaks, creating a Want Step 2 Set Criteria: new or used? What kind do I want? How much can I spend? Step 3 Product search: various Places are investigated Step 4 Decision is made: the best deal is selected Step 5 Purchase made Step 6 Purchase is evaluated Slide 23 Thorndikes Law of Effect States that: Consumers are motivated to buy products that produce positive events and to avoid products that produce negative events Motivation is affected by how good or how bad a product or service is (Product) but also by (Place) factors such as crowded stores, parking problems, noise, salespeople, etc Consumer Motivation to purchase Pain: economic and emotionalPleasure: economic and emotional Slide 24 Primary Motivation Consumers are inspired by one of three primary motivations: ideals, achievement, and self-expression. Consumers who are primarily motivated by ideals are guided by knowledge and principles. Consumers who are primarily motivated by achievement look for products and services that demonstrate success to their peers. Consumers who are primarily motivated by self-expression desire social or physical activity, variety, and risk. Slide 25 What Is Behavioral Marketing? Behavioral marketing targets consumers based on their behavior on Web sites, rather than purely by the content of pages they visit. Behavioral marketers target consumers by serving ads to predefined segments or categories. These are built with data compiled from clickstream data and IP information. Example: A user visits several travel category pages on a particular site, for example. She's then served airline ads. In most cases, the ads are served through a run-of-site (ROS) placement. The user's behavior is the key, not the placement. Slide 26 Contextual advertising is a form of targeted advertising for advertisements appearing on websites or other media such as browsers. Advertisements are selected and served by automated systems based on the content displayed to the user. A contextual advertising system scans the text of a website for keywords and returns advertisements to the webpage based on those keywords Slide 27 The term and approach are commonly attributed to three (3) basic principles to which an advertisement should conform: 1. Attract a reader, so that he will look at the advertisement and start to read it; 2. Interest him, so that he will continue to read it; 3. Convince him, so that when he has read it he will believe it. If an advertisement contains these three qualities of success, it is a successful advertisement. Slide 28 A = Attention: A = Attention: the headline or main image catches the readers' attention and excites them. The headline should either reveal or conceal a common interest. Consider a concern that a large percentage of the target market has and use that as the theme of the headline. Examples 1) FARM FRESH EGGS SOLD HERE! 2) HOW TO BURN OFF BODY FAT, HOUR-BY-HOUR 3) THE MOST EXPENSIVE MISTAKE OF YOUR LIFE I = Interest: I = Interest: Interest is created by giving the potential customer multiple benefits that will enhance their life. Slide 29 D = Desire: D = Desire: Build desire by making the product irresistible. Include things like attractive images, free bonuses, guarantees, endorsements. Build urgency into every offer. Example: "Order now in the next 72 hours and you will get this free bonus. A = Action: A = Action: The sales piece must have a call to action. The customer should be invited to buy. The customer should be aware that it is easy for them to buy (as many payment methods as possible). Slide 30 EXAM Next Class 35 Questions </p>