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What is Marketing? – The process of developing, promoting, and distributing products and services to satisfy customers’ needs and wants. Developing – studying customers to determine their wants & needs. Promotional Activities Educate customers: Free samples of new chips at Wal- mart Create Interest/Desire: Movie Trailers Make a Sale: Buy one get one free; 10% off Distributing – Where are items sold? Store, online, phone Self-Sufficient –People did not rely on others to meet their needs. Bartering –Exchanging products or services Specialization of Labor- Do what your good at and focus on that. Money System Central Markets – Place where people could buy and sell products. Development of Marketing Marketing was not always a primary concern of businesses due to: Lack of technology Lack of transportation) Advanced Technology + Improved Transportation = Competition What do we have to do to get people to buy from us???? Implement the Marketing Concept Focusing on the needs of customers during the development and promotion of a product. Target Market – A specific group of consumers that an organization selects as the focus of its marketing mix. • Transfer of something, tangible or intangible, between two or more parties. Product Price Place Promotion Products that a professional sports franchise markets: Team – players, name, Experience – buying a ticket, going to game Merchandise – featuring team logo, colors, name Food, beverages Sponsorships How does a team “place” the products they offer? Advertising with newspapers, TV, radio Merchandise in retail locations, games and online What role price play in Marketing: Pricing plans for radio and TV broadcasters to broadcast games Ticket pricing plan Merchandise How is a product promoted: Advertising in newspaper, TV, radio Sponsoring events at the arena/stadium Participating in events (All-star games, Super Bowl) Internet Press Releases