Sports and Entertainment Marketing 2.01 Explain the concept of marketing

Sports and Entertainment Marketing

2.01 Explain the concept of marketing.

MarketingThe process of developing, promoting, pricing and

distributing products in order to satisfy customers’ needs and wants. Marketing involves all the activities necessary in getting a product from the producer to the consumer.

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Marketing ConceptBusinesses become successful by directing all of

their efforts to satisfying the needs and wants of the customers.

Businesses make a profit by offering the goods and services that the consumer wants.

Recognizes the importance of the consumer in the buying process.

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4 P’s of MarketingProduct – what you are sellingPrice – how much you are chargingPlace – where it is being sold, how it will

get from manufacturer to consumerPromotion – Inform, Persuade, or Remind

customers about your product

The 7 Functions of Marketing

The Seven Functions of MarketingMarketing Information Management (MIM)

Selling

Distribution

Product/Service Management

Promotion

Pricing

Financing

Marketing-Information Management (MIM)

Obtaining information needed to make sound business decisions. Example: Taste tests and surveys.

SellingDetermining consumer’s wants and needs through planned, personalized

communication (face to face, phone, internet)

DistributionTransporting (physical distribution), storing (warehousing .vs. distribution centers), and handling of goods and services (inventory control methods,

logistics) for businesses.

Product/Service Management

The process of developing, improving, obtaining, and maintaining the

products/services of the business to meet consumer demand.

Promotion

Informing, persuading, or reminding potential consumers about a business’s

products/services.

Pricing

Establishing and communicating the values of products/services to potential

consumers and determining profit for the business.

Financing

Acquiring the money for starting and running a business.

Business loans for

upstart money, cash flow issues, or new business ventures.

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Toy Story

•Each Holiday Season, a toy emerges from obscurity to become the holiday item that everybody wants. Poo-Chi,

Furby, Tickle Me Elmo, Pokemon, Beanie Babies, and Cabbage Patch dolls are a few examples of this

phenomenon. You think you have an idea for a unique toy that could be the next big thing. You know marketing

is essential to your toy’s success.

•What will you do? •What does marketing entail?

•What functions of marketing must you consider to make your toy the next phenomenon?

Group Activity