Unit 1

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Unit 1

  1. 1. Marketing Mix 1. How do the elements of the marketing mix work together to create an affective marketing campaign? 2. Why do marketers need to be sensitive to customers needs and wants when developing a marketing campaign? 3. Compare and contrast the role of each element of the marketing mix?
  2. 2. How do you Satisfy Customer Needs? • First – Identify your customer and the needs of that customer. • Second – Develop products that customers consider better than other choices. • Third – Operate your business profitably.
  3. 3. What is Marketing? • The creation and maintenance of satisfying exchange relationships. • The process by which companies create customer interest in products or services.
  4. 4. Examining the Definition • Creation: – Suggests that marketing involves product development. • Maintenance: – Indicates that marketing must continue as long as business operates.
  5. 5. Continuing the Examination • Satisfaction: – Implies that marketing must meet the needs of both business and customers when products or services are exchanged. • Exchange Relationship: – Occurs when the parties involved both receive and give something of value.
  6. 6. The Marketing Mix • Describes how a business blends the four marketing elements. • Marketing Mix Includes: – Product – Price – Place – Promotion
  7. 7. Product • What a business offers customers to satisfy needs. • Products include goods and services. Price • The amount a customer pays for products.
  8. 8. Place • The locations and methods used to make products available to customers. Promotion • Ways to make customers aware of products and encourage them to buy.
  9. 9. Core Standards of Marketing 1. How do the core standards of marketing work together to enhance the marketing campaign? 2. Why do marketers need to keep their focus on the customer when developing the marketing campaign? 3. Compare and contrast the elements of the marketing mix and core standards of marketing? 4. Compare and contrast the role of each core standard of marketing?
  10. 10. Core Standards of Marketing • Core standards are the basis of all marketing activities: • Core Standards Include: – Distribution – Marketing-Information Management – Pricing – Product/Service Management – Promotion – Selling
  11. 11. Distribution • Determining the best way to get a company’s products or services to customers. • For sporting goods: – Use marketing information to predict consumer demand and estimate the right quantities of merchandise to produce.
  12. 12. Marketing – Information Management • Gathering and using information about customers to improve business decision making. • For sporting goods: – Use market research to determine the consumer demand and estimate the right quantities of products to produce.
  13. 13. Pricing • The process of establishing and communicating to customers the value or cost of goods and services. • Pricing policies are also based upon the cost of producing goods and sports and entertainment events. • Production costs must be covered for the business to succeed.
  14. 14. Product/Service Management • Designing, developing, maintaining, improving, and acquiring products or services for the purpose of meeting customer needs and wants. • Success with sports and entertainment marketing depends upon evaluating events and goods to determine how well they meet customer needs and wants.
  15. 15. Promotion • Using advertising and other forms of communication to distribute information about products, services, images, and ideas to achieve a desired outcome. • Example: – Placing advertisement coupons on the back of ticket stubs to entice consumers to try products at a discounted rate.
  16. 16. Selling • Any direct and personal communication with customers to assess and satisfy their needs and wants. • Involves anticipating customers future needs as well as satisfying customers.
  17. 17. Bonus Standard: Financing (Not Part of the Core) • Requires a company to budget for its own marketing activities and to provide customers with assistance in paying for the company products or services.
  18. 18. Discretionary Income • The amount of money individuals have available to spend after paying for the necessities of life and other fixed expenses. • What will this effect when running a sports team?
  19. 19. Sports Marketing 1. How is the marketing mix used to promote the sports industry? 2. How do the demographics of customer’s affect sports marketing? 3. How does timing affect a sports marketing campaign?
  20. 20. Sports Marketing • Using sports to market products. • Finding out a group of spectators’ interests and planning a product or service that the spectators will buy is a function of sports marketing. • Marketers research the demographics and spending habits of fans to maximize profits. • Goal: – Use the right marketing mix to meet customers needs while generating a profit.
  21. 21. Timing • Fans want products or services that identify them with a winner. • Winning trends for athletes and teams must be monitored to determine when marketing strategies should take place or need to change.
  22. 22. Demographics • Common characteristics of a group such as: – Age range – Marital Status – Gender – Ethnic background – Income level – Educational level
  23. 23. Gross Impression • The number of times per advertisement, game, or show that a product or service is associated with an athlete, team, or entertainer. • Marketers hope that spectators will see the endorsement and will buy the sponsor’s products.
  24. 24. Relating to Customers • Emotional Value – Fans wait to see their teams play on weekends – Affection and passion lead fans to buy tickets and use all of discretionary income to attend sporting events. • Viewing Channels – Stations are paying more money for advertisements – Networks are buying exclusive broadcasting rights for high profile sporting events.
  25. 25. Pulling it all Together • Who depends on sporting events? • Do families lives get planned around sporting events?
  26. 26. Entertainment Marketing 1. How is the marketing mix used to promote the entertainment industry? 2. How do the demographics of customers affect entertainment marketing? 3. How does timing affect an entertainment marketing campaign? 4. How does the marketing of sports and entertainment relate to each other?
  27. 27. Entertainment • Whatever people are willing to spend their money and spare time viewing rather than participating in. • Sports: – Games of athletic skill. • Entertainment: – Applied to movies, theater, music concerts the circus, etc… • Confusion – Example: Professional Wrestling
  28. 28. How Has Entertainment Evolved? • Beginning of twentieth century: – Live performances, ballet, opera, concerts • Britain 1888: – First moving pictures was made – 1895 – First projected movie shown to a paying audience • United States 1927: – First movie with sound shown in movie theaters
  29. 29. Entertainment Continues to Evolve • United States 1938: – First full length movie animated film: • Snow White and the Seven Dwarfs • California 1955: – First theme park to open: • Disneyland • World War II – 7,000 working TV sets, 9 stations
  30. 30. We’re Evolving • October 1945: – 25,000 people came to watch the first demonstration of TV. – AAAA (American Association of Advertising Agencies) • Encourage the start of television marketing. • 1946: – First televised sports spectacular – heavy weight boxing match.
  31. 31. Entertainment Marketing • Influencing how people choose to spend their time and money on entertainment. • Entertainment Marketing – A product to be marketed. • Event – As a method to attract attention to other products. • An author using television to promote their product.
  32. 32. Ratings • The number of people or viewers the program attracted. • Pricing of commercial time slots became quickly associated with ratings.
  33. 33. Competition? Television used to be the only way of advertising commercials and products other than word of mouth, use of newspapers and posters. What source are companies now using for marketing?
  34. 34. Industries 1. Why would marketers want to divide sports and entertainment into different industries? 2. How are industry standards helpful in creating a marketing campaign? 3. How can marketers change their marketing plan or tactic for each industry?
  35. 35. Industry • A group of organizations involved in producing or handling the same product or type of services. • Industries may be further defined by subdivisions. – Examples: Industry: Music Subdivisions:?
  36. 36. Standards, Norms, and Trends • Industry Standards – The guidelines and goals set for different entertainment industries. • Industry Norms – The average expectation within an industry. • Industry Trends – Show the latest demand for and consumer response to sports and entertainment events. • Marketing decisions are made based upon industry standards, trends, and norms.
  37. 37. Customers • Business in related industries need to understand: – Customer behaviors – Customer spending habits

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