Sports and Entertainment Marketing © Thomson/South-Western Chapter 4 Slide 1 Bell Work Please get out your book and read page 91. Be prepared to discuss

Chapter 4Slide 1

Sports and Entertainment Marketing© Thomson/South-Western

Bell Work

Please get out your book and read page 91. Be prepared to discuss the questions.

Chapter 4Slide 2


Winning Strategies

U.S. teenagers spend $175 billion annually teens are trendsetters and early adopters teens offer a potential lifetime of purchasing for

the products they start to use when they are young

in an effort to obtain teen customers, Frito-Lay initiated a variety of innovative marketing techniques involving music partnerships this strategy resulted in a huge return on investment

Frito-Lay Reaches Teens


Chapter Chapter Chapter Chapter

Hit a Home Run with Customers 4.1 The Marketing Concept 4.1 The Marketing Concept

4.2 Discover What People Want 4.2 Discover What People Want

4.3 Target Markets4.3 Target Markets

4.4 Customer Service4.4 Customer Service

4

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Lesson 4.1

The Marketing Concept

Goals Explain the central focus of the

marketing concept. Explain the reasons for increased

sports and entertainment options.

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Terms marketing concept productivity breakeven point opportunity cost

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THE MARKETING CONCEPT

About half of every consumer dollar spent pays for marketing costs.

Satisfying customer needs is the most important aspect of marketing.

marketing concept keeping the focus on the customer’s needs

for a product or service

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Maintain Relationships Successful customer relationships are critical to

the marketing concept. Customer satisfaction is the bottom line for

maintaining successful marketing relationships. Factors include price, quality, service, and the

amount of pleasure derived.

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What is the most important aspect of marketing?

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INCREASED SPORTS AND ENTERTAINMENT OPTIONS U.S. citizens have more discretionary income

than in the past. drives up demand for sports and entertainment

increases competition More attention give to competitors products.

How loyal are you to your favorite restaurants?

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Customer Focus

productivity rate at which companies produce goods or

services in relation to the amount of materials and number of employees utilized

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identify customer needs location

provide products perceived as superior maintain successful customer relationships offer the appropriate marketing mix

product price promotion location

successful marketing strategy

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Weekend Entertainment Choices breakeven point

the minimum sales and attendance required to cover all of the expenses of organizing, planning and promoting the event

profit revenue earned beyond the breakeven

point

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Opportunity Cost

opportunity cost the value of the next best alternative that

you forgo when making a choice The value is measured in terms of the

benefits that you are giving up.

Chapter 4Slide 14


Explain the reasons for increased sports and entertainment options.

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Bell Work

Open up book and read opening act on page 97. Be prepared to discuss the questions at the end of the section.

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Lesson 4.2

Discover What People Want

Goals Explain the importance of understanding

buyer behavior when making marketing decisions.

List and describe means of collecting marketing information for use in decision making.

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Terms economic market benefits derived comparative advantage emotional purchases rational purchases patronage purchases

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UNDERSTAND BUYER BEHAVIOR economic market

all of the consumers who will purchase a product or service

Major goal of marketing is to understand what consumers want and how much they will pay for it.

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Consumer Spending Habits

benefits derived the value people believe they receive from

a product or service

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the capability to produce products or services more efficiently and economically than the competition

Outsourcing

comparative advantage

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Consumer Wants and Needs

hierarchy of needs identifies five human areas of needs

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spending with little thought during emotional times

rational purchases define wants and needs assess priorities and budget conduct research compare alternatives make a well thought out purchase

emotional purchases

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based on loyalty to a particular brand or product

patronage purchases

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What is meant by benefits derived?

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GATHER INFORMATION

Marketers are often involved in every step of the decision-making process.

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recognize a need or a want conduct product research evaluate choices decide what to purchase evaluate the product after the purchase

The decision-making process involves the following steps.

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Information Needed for Marketing Decisions Information about consumers that is

important to consider include demographics shopping behaviors how consumers spend money product and brand preferences frequency of purchases

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economic uncertainty reduces consumer spending

marketplace competition provides consumers with choices

technological advances have impacted how consumers research and buy products

The business environment impacts consumer spending as follows:

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Sources of Information for Businesses internal sources

a business’s own customer records, sales records, production records, and operation records

external sources government reports, trade and

professional organizations, business publications, commercial data, and information services

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obtained for the first time and specifically for the particular problem or issue being studied

secondary data information previously collected for

another purpose but is now found useful in the current study

primary data

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Explain the difference between primary and secondary data.

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Bell Work

Notre Dame is one of the most successful programs in college football. Usually, the better record you have the more merchandise you will sell. Lately, the Irish have had losing seasons. How can they keep their merchandise sales up?

Chapter 4Slide 34


Lesson 4.3

Target Markets

Goals Define target market and market

segment. Describe how businesses use market

segmentation.

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Terms target market market segment market share

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DETERMINE THE TARGET MARKET target market

specific group of consumers you want to reach

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Focus Marketing Efforts

market segment a group of consumers within a larger

market who share one or more characteristics

Consumers belong to multiple market segments.

Marketers must identify the market segment to which they want to sell.

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Meet Target Market Needs

Market segmentation data can improve business decision making. number of potential customers customer income level level of interest in product or service

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What is a target market? Provide an example of a company’s target market.

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MARKET SEGMENTATION Markets may be segmented in many ways.

geographic location demographics psychographics behavior

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Geographic Segmentation

divides markets into physical locations

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Demographic Segmentation

information that can be measured age income profession gender education marital status household size

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Psychographics Segmentation

characteristics that cannot be physically measured values interests lifestyle choices

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Behavioral-Based Segmentation

behavioral-based segmentation focuses on a customer’s attitude toward products

and services

product usage what products you use and how often

product benefits the positive experiences or associations people

derive from using a product or service

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Capture a Market Share

market share percentage of total sales of a product or

service that a company expects to capture in relation to its competitors

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List and describe four types of market segmentation.

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Bell Work

Think of a time you got bad customer service. What was the problem? How was it handled?

Chapter 4Slide 48


Lesson 4.4

Customer Service

Goals Explain the importance of outstanding

customer service. Explain what it means to establish a

service culture.

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Terms customer service gap values-based culture

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OUTSTANDING SERVICE EQUALS SUCCESS Business success depends on excellent

customer service. Customer relationships should continue

after the sale of goods and services.

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A Track Record for Great Customer Service customer service gap

the difference between customer expectations and the services actually received

Customers are likely to tell at least 10 people about their poor customer service experiences.

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Training Programs That Make an Impact Individuals hired for customer service

positions should have a positive attitude and look forward to meeting the public.

Proper employee training in proactive, efficient and courteous customer service is critical to providing a pleasant experience for customers.

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Why is outstanding customer service critical to a business in a highly competitive marketplace?

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CREATING A SERVICE CULTURE Gallery Furniture has effective customer

service principles. They are: Demonstrate a values-based culture that is

rooted in high performance and excellent customer service.

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Passion results in energy. Demonstrate pride in every sale. Remember the value of long-term positive

relationships.

Follow the “FAST” (Focus, Action, Search, Tenacity) strategy.

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How May I Help You?

“It’s not my department” should be replaced with “How may I help you?”

mystery guest hired by an outside firm to have an

individual assess the performance of a business feedback on the individual’s experience as a

customer is provided to the hiring business

Chapter 4Slide 57


Explain what it means to have a values-based culture.

Documents

Sports and Entertainment Marketing © Thomson/South-Western Chapter 4 Slide 1 Bell Work Please get out your book and read page 91. Be prepared to discuss