MARKETING THE INDUSTRY SEGMENTS 4.08 Explain the entertainment and recreation industry.
WHAT IS SER MARKETING? Sports, Entertainment and Recreation Marketing.
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Transcript of WHAT IS SER MARKETING? Sports, Entertainment and Recreation Marketing.
WHAT IS SER MARKETING?Sports, Entertainment and Recreation Marketing
OBJECTIVES
Define marketing
Analyze Sports Marketing, Entertainment Marketing and Recreation Marketing
Review the marketing mix
Break down market segmentation
Define the marketing concept
MARKETING
Process of developing, promoting,
distributing and selling goods and services to satisfy customers’ needs
and wants
Goods – Tangible products
Services – Intangible products
SPORTS MARKETING
Using sports to market products or marketing through sports
MARKETING STRATEGIES FOR SPORTS
Sports logos for clothing
New sports, new opportunities Soccer popular during the World Cup Lacrosse growing every year Extreme sports Arena Football
Timing Winning/Success New apparel coming out in preparation for the upcoming season
ENTERTAINMENT MARKETING
Influencing how people choose to use their time and money for the purpose of entertainment
ENTERTAINMENT
Whatever people are willing to spend their money and spare time viewing, rather than participating in.
Can include sports or the arts
Can be viewed in person or in broadcast/recorded form
Generally movies, theater, music, concert, etc.
ENTERTAINMENT – TELEVISION
In 1946 fewer than 7,000 TV sets were in households
In 1996 223 million TV sets were in households and $42.5 billion was spent on TV advertising
114.5 million TV homes in the U.S. in 2009
RECREATION
Renewing or rejuvenating your body or mind with fun or relaxing activities
Recreational activities – those involved in travel, tourism , and amateur sports that are not associated with educational institutions EX: Little League Baseball, Amusement parks
TOURISM
Generally considered traveling for pleasure whether the travel is independent or tour-based
Example: A trip to Disney World!
THE MARKETING MIXThe 5 P’s of Marketing
THE 5 P’S OF MARKETING
Product – what a business offers customers to satisfy needs
Price – the amount that customers are willing and able to pay for products or services
Place – the locations and methods used to make products available to customers
Promotion – ways to make consumers aware of products and encourage them to buy
People – the target market
THE TARGET MARKET (PEOPLE)
A specific group of people that a business wants to reach with their goods or services
The company must know the wants and needs of its target market
Can be broken down into more specific groups
MARKET SEGMENTATION
A market segment is a group of consumers within a larger market who share one ore more characteristics
Geographics
Demographics
Psychographics
Behavioral-Based
GEOGRAPHICS AND DEMOGRAPHICS
Geographics
Divides markets into physical locations (where people live) Ex: Eastern, Northern, Southern, Western
Sporting goods store in the South will stock a larger number and variety of water sports equipment
Demographics
Divides markets into information that can be measured (personal characteristics) Ex: age, income, profession, gender, education, marital status, and size of household
PSYCHOGRAPHICS AND BEHAVIORAL-BASED
Psychographics
Divides markets based on characteristics that cannot be physically measured Ex: values, interests, and lifestyle choices
Behavioral-Based
Focuses on a customer’s attitude toward products and services
Product Usage: reflects what products you use and how often
Product Benefits: reflects the benefits derived from products or services
THE MARKETING CONCEPT
The idea that a business should strive to satisfy customers’ needs
and wants while generating a profit