1 Chapter 1 SEM Exam Review What is Sports and Entertainment Marketing? 1.1 Marketing Basics 1.2 Sports Marketing 1.3 Entertainment Marketing What is Marketing? marketing the creation and maintenance of satisfying exchange
relationships Satisfying Customer Needs PRIMARY FOCUS identify your customer and the needs of your customer develop superior products operate your business profitably What is Marketing?
(Defined in Depth) Creation suggests that marketing involves product development Maintenance indicates that marketing must continue as long as a business operates Satisfaction implies that marketing must meet the needs of both businesses and customers when exchanging products or services Exchange relationship is when you both give and receive something
of value Sports and Entertainment Marketing Marketers of sports and entertainment marketing must assess and monitor three (3) major things at all times 1. consumer demand (huge impact) 2. the competition
3. The value of the goods and services they offer What are the elements of the marketing mix? marketing mix (4-Ps) how a business blends the following four elements
product place (distribution) price promotion THE MARKETING MIX product what a business offers to satisfy needs goods and services place (distribution)
the locations and methods used to make products available to customers THE MARKETING MIX price amount customers pay for products promotion
success depends on reaching prospective customers ways to make customers aware of products encourages customers to buy Closer Look: Superbowl Sports event of the year: Superbowl Billion-dollar event results in large sums of money from sponsorships to ticket sales The host city needs:
Major transportation facilities Enough hotels, restaurants, and things to do CLIMATE doesnt matter, why? Domes and newer facilities are weather proof Marketing Mix Considerations discretionary income the amount of money individuals have
available to spend after paying for necessities Marketing Mix Considerations Striking the right balance between product, price, place (distribution), and promotion is important. The Seven Functions of
Marketing 1. Marketing Information Management 2. Product/Service Management 3. Financing 4. Pricing 5. Promotion 6. Selling 7. Distribution Marketing Information Management Gathering and using
information about customers to improve business decision making. Example: Taste tests and surveys Product\Service Management Concepts and procedures necessary to obtain, develop, maintain, and improve products and services Focus groups for testing & opinions
Financing Obtaining money needed to finance the operation of a business. This includes bank loans and offering credit to customers. Pricing Determining
a value to charge for goods and services. It is important to consider competition and what consumers are willing and able to pay. Promotion Communication used to inform or remind people about a businesss products.
Promotion also involves persuading customers to purchase a product. Selling Any direct and personal communication with customers to assess and satisfy their needs
Distribution The transporting, storing and handling of goods on their way from the manufacturer to the consumer. This includes the decisions about where to sell a product. WHY SPORTS
MARKETING? Spectators of sporting events are consumers of a wide array of products From apparel to athletic equipment to food items and automobiles Common traits of spectators are important demographics common characteristics of a group age, marital status, income, education sports
marketing using sports to market products - Demographics 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. Understand the Growth of the Sports Industry Sports are the 11th largest business of all U.S. industrial groups
Nations output for sports goods and services is estimated at $213-350 billion annually New Sports, New Opportunities Success of sports marketing depends on continual innovation and providing new
opportunities extreme sports arena football lingerie football Expanded coverage of sports Gross Impression gross impression the number of times per advertisement, game, or show that a product or service is associated with
an athlete, team or entertainer Question: How many times do you need to see a message to make it part of your memory? - Timing Marketers are aware that popularity is based on a
winning record in sports. Fans want goods that identify them as winners Winning trends need to be monitored for changes Increased success leads to greater competition Must remain unique to be effective THE VALUE OF SPORTS MARKETING
Sports marketing is a multi-billion-dollar global industry that has a definite impact on the economy. Name some ways that sports impact you and your family? Emotional Value Sports
fans have emotional ties Many live for the weekends to see their favorite teams in action Emotions such as affection and passion compel fans to buy tickets and Capture theother heart sportsand fans spend discretionary
related products income freely Celebrities are becoming more involved in sports ENTERTAINMENT FOR SALE entertainment marketing influencing how people choose to spend their time and money on entertainment
What Exactly is Entertainment? entertainment whatever people are willing to spend their money and spare time doing rather than participating in . EVOLUTION OF ENTERTAINMENT AND ENTERTAINMENT MARKETING At
the beginning of the twentieth century, audiences needed to travel to the entertainment source. Audience feedback was instantaneous and live. Technology distanced entertainers from their audiences. Internet Feedback (How) Hits The Big Eye in Every Room Early Days of Television and Marketing
TV changed the marketing of entertainment in a profound way. In 1945, Only 9 TV stations and 7000 TVs existed 25,000 people came to Gimbels in Phila to see TV In 1946, NBC & Gillette staged 1st Sporting Event (heavy-weight boxing) Televisions
Increasing Influence All major corporations lined up to use TV Charged companies by influence and ratings Ratings the number of viewers the programming attracted Early Days of Television and Marketing In 1956, 82% of all TVs tuned into The Ed Sullivan Show, weekly Sundayevening variety show. Launched Big Name stars:
Elvis Presley & The Beatles Set the standard for marketing Talent displayed to millions by using technology for distribution Exam Review Chapter 1 from Textbook Exam is tomorrow! Review PPT is posted on
my faculty website Re-read chapter Mixed test of: Multiple Choice True/False Dropdown Selection
