Sports & Entertainment for Business Chapter 1 Lesson 1.1—Marketing Basics.
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Transcript of Sports & Entertainment for Business Chapter 1 Lesson 1.1—Marketing Basics.
![Page 1: Sports & Entertainment for Business Chapter 1 Lesson 1.1—Marketing Basics.](https://reader036.fdocuments.us/reader036/viewer/2022071717/56649e255503460f94b150ed/html5/thumbnails/1.jpg)
Sports & Entertainment for Business
Chapter 1
Lesson 1.1—Marketing Basics
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Think about this...What goods and services do consumers
demand in the world of sports and entertainment?
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CommercialsThink about three of your favorite
commercials.Were any famous celebrities in those
commercials?Why do companies spend large sums of
money to have famous people endorse their products?
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Marketing ConceptsAbout ½ of every dollar you spend pays
for marketing costs. Product development Packaging Advertising Sales expenses
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What is Marketing?Marketing is the planning & executing
the conception, pricing, promotion, & distribution of ideas, goods, & services to create exchanges that satisfy individual & organizational objectives.
It is the creation & maintenance of satisfying exchange relationships.
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What is Marketing? Creation
Product development
Maintenance Marketing must continue
as long as a business operates
Satisfaction Marketing must meet the
needs of businesses & customers when exchanging products or services
Exchange People both give &
receive something of value
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The Marketing Mix Describes how a business blends the four
marketing elements… 1. Product-what a business offers to satisfy
customer needs. 2. Distribution-locations & methods used to
make products available to customers. 3. Price-amount customers pay 4. Promotion-ways to encourage customers to
purchase products & increase satisfaction.
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Satisfying Customer NeedsCustomers needs should be the primary
focus during the planning, production, distribution, and promotion of a product or service. 1. Identify customer needs. 2. Develop products that customers
consider better than other choices. 3. Operate a business profitably
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Key Marketing Functions…
Seven key functions associated with marketing.
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7 Marketing Functions Product/Service
Management-designing, developing, maintaining, improving, & acquiring products or services so they meet customer needs.
Distribution Determining the best way to get a company’s products or services to customers.
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7 Marketing Functions Selling
Direct & personal communication with customers to assess and satisfy their needs
1. Anticipating future needs of customers
2. Internet sales with no personal communication
Information ManagementGathering and using information about customers to improve business decision making
Example: Domino’s made smaller pizzas for Japan where it is preferred as a snack rather than a meal.
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7 Marketing Functions Financing
Budget marketing activities, provide customers with assistance in paying for the company’s products or services
PricingProcess of establishing and communicating the value of cost of goods and services to customers.
Example:
high demand for sporting events mean high prices charges for tickets.
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7 Marketing Functions Promotion
Using advertising and other forms of communicating information about products, services, images, and ideas to achieve a desired outcome.
Example:
coupons on the back of ticket stubs.
The seven key functions are the basis of all marketing activities.
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Time to Think Imagine a college sweatshirt.
Describe it. What price would fans be willing to pay? Where would be the best place to
distribute/sell the sweatshirt? What might be a good promotional
strategy?
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Thank You!!