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Sports and Entertainment Marketing Marketing Basics • Roughly half of every dollar you spend on a product goes to cover marketing costs. • Quick Review: – Marketing: Planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives – Customer: Person who buys the product(s)/service – Consumer: Person who uses the product(s)/service What is Marketing? Business • Simplified: The creation and maintenance of satisfying exchange relationships. – Creation: Product development – Maintenance: Lasts as long as the business operates – Satisfaction: All needs must be met, both customer and businesses – Exchange Relationship: The giving and receiving of something of value for both parties Customer Sports Team PRODUCT PRICE Marketing Mix PLACE PROMOTION PRODUCT • What a business is offering customers to satisfy their particular wants and needs • Examples: – Athletic shoes – Clothing/Apparel – Videos/DVDs PLACE • Locations and methods used to make products available to customers • Examples: – – – – – – Stores/Retailers Train Plane/Ship Auto Wholesaler Retailer PRICE • The amount the customer will pay for the given product/service How much for a front row seat? PROMOTION • Ways in which customers are encouraged to purchase products and increase satisfaction • Examples: – – – – Advertising Publicity Public Relations Personal Selling SPORTS MARKETING • Using sports to market select products • Fans/Spectators at sporting events are potential consumers of a wide variety of products. • http://www.youtube.com/watch?v=Fx6i7 fArWpY Two Types of Sports Marketing • Marketing of Sports and Entertainment • Marketing through sports and entertainment TARGET MARKET • Target Market is the specific group of people you want to reach with your product or service. • In order to successfully sell products/services, companies must know the wants and needs of the target market DEMOGRAPHICS • Specific information to include age, gender, income and race. • Essential in determining the buying habits of customers • The most important aspect is Income – Disposable income ( income that can be freely spent) • Spending habits – will determine what products and services to produce and what prices to charge Sports Marketing Strategies • Sports logos on clothing • Creation of new sports • Gross Impression • Perfect Timing Sports logos on clothing • People wear this type of clothing because it shows fan loyalty • Value of merchandise is increased in the eyes of the buyer • Some consumers feel more successful themselves • Colleges and pro teams have earned large sums of money from such endorsements New Sports New Opportunities • New sports markets offer new opportunities for endorsement and marketing • WNBA, WUSA, Arena Football Gross Impression • Number of times per advertisement, game, or show that a product or service is associated with an athlete, team, or entertainer • Often they are subtle and continuous • You will see them in all fashions, cars, shoes, clothes, billboards, etc. Timing • Fans want products/services that identify them with a winner • Successful trends for athletes and teams must be monitored to determine when to change/adjust the marketing strategies.