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Chapter 1 Name:__________________________ Marketing – Marketing Concept – Market – Needs – Wants – Target Market – Demographics – Marketing Mix – Channel of Distribution – 1 Chapter 1 Name:__________________________ Economics – GDP – Profit – Competition – Copyright – Chapter 1 Case Study – Olympic Benefits page 5 and 17 1. List the potential profits for a city that hosts the Games. 2. What might be some disadvantages for a city hosting the Olympic Games? 3. Identify the products and the related products produced by the Olympic Games? 2 Chapter 1 Name:__________________________ Hot Property page 7 1. Why does Nike seek athletes to help market the company’s products? 2. What do you think attracts buyers most about Air Jordans – the performance of the shoe or the image of Michael Jordan? 1.1 What is Marketing Goals Define marketing Explain the marketing concept Define demographics Explain the marketing mix The Importance of Sports and Entertainment Marketing An organized __________________ __________________ with __________________ that __________________ specific consumers is essential to capture a share of the customer’s dollar. This is the foundation of Sports and Entertainment Marketing. Marketing Defined Goods – 3 Chapter 1 Name:__________________________ Services – The Marketing Process *__________________ products involves studying __________________ to determine what they __________________, and then designing the products that will satisfy their __________________ and __________________. *__________________ activities help to educate consumers, create interest and desire, make a sale, and create an image for a company and its products. *__________________ is the means of getting the product into the hands of the customer. Some companies sell their products __________________ to the customer through __________________ - __________________ efforts, such as direct mail, telephone solicitation, or the Internet. Others use intermediaries such as __________________ and __________________, to distribute their products. The Marketing Concept Successful organizations recognize the importance of their __________________ and follow a __________________ __________________. To be __________________, businesses must focus their efforts on customers’ __________________ and __________________. The Market The first step in creating a marketing concept involves identifying __________________. Potential __________________ are referred to as a __________________ if they meet 4 Chapter 1 Name:__________________________ certain criteria. Needs and Wants Examples: Needs Wants Mass Marketing vs. Market Identification Business have not always identified their __________________ __________________ to __________________ products. Back in the 1950’s __________________ __________________ was more common. It involved promoting products with one key message that is directed to everyone. Today, marketing efforts are much more sophisticated due to availability of __________________ and __________________ __________________. The Marketing Mix The Four P’s 1. __________________ Decisions – 2. __________________ Decisions – 5 Chapter 1 Name:__________________________ 3. __________________ Decisions – 4. __________________ Decisions – 1.2 Economics of Marketing Goals Explain economics and free enterprise Identify intellectual property rights Explain the different types of business ownership Explain the economic impact of sports and entertainment Economic Basics People and countries have unlimited __________________ and __________________ but only limited __________________. Gross Domestic Product To meet the unlimited __________________ and __________________ of its people and businesses, governments study __________________ indicators to make decisions because of limited __________________ from taxpayers. Profit – Risk – Competition – 6 Chapter 1 Name:__________________________ Price Competition Price Demand (_______________) Relationship The relationship between price and demand is _____________ because when prices ____________, demand _____________ and when price _____________ demand ___________. WHY???? Price Supply (_______________) Relationship The relationship between price and supply is driven by _____________ because when prices ____________, supply _____________ and when price _____________ supply ___________. WHY??? SO … why care about these relationships at all? What do they have to do with economics and ultimately marketing? The answer is scarcity! Non-Price Competition Non-price competition involves factors other than price, such as __________________, __________________ or __________________. Property Ownership and Intellectual Property Rights Inherent in the free enterprise system is the right to own __________________ and to start a __________________. Copyrights Royalty – 7 Chapter 1 Name:__________________________ Patents How long are patents granted for? Trademarks What is the difference between copyrights and trademarks? Types of Business Ownership In the free enterprise system, entrepreneurship is business __________________. Entrepreneurs take financial __________________ in hopes of getting a return on their investment. Sole Proprietorship – Partnership – Corporation Subchapter S Corporation – Economic Impact Local Events – High School Events – The Olympics – 8 Chapter 1 Name:__________________________ The 4 P’s: Product, Price, Place and Promotion Choose a target market. Then create a basic marketing mix for a sports or entertainment product of your choice. Make your decisions and write them on the lines. Target Market: 1. Sports and/or entertainment product: 2. Price: 3. Place: 4. Promotion: 9