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Chapter 7 The Product Is Sports and Entertainment 7.1 The Product Mix 7.2 Recruiting Athletes and Entertainers 7.3 Customized Entertainment 7.4 Product Marketing Strategies Sports and Entertainment Marketing © Thomson/South-Western Winning Strategies Fame and Fortune Used to Benefit Those in Real Need Brad Pitt has used his fame to draw attention to those in need. children with AIDS in Africa the plight of Haitian children global poverty conditions helped sponsor architectural competition to rebuild part of New Orleans Chapter 7 Slide 2 Sports and Entertainment Marketing © Thomson/South-Western Lesson 7.1 The Product Mix Goals Define product mix, product extension, and product enhancement. List and describe the components of the product mix. Chapter 7 Slide 3 Sports and Entertainment Marketing © Thomson/South-Western Terms product mix product extensions product enhancements product line brand trademark licensed brand Chapter 7 Slide 4 Sports and Entertainment Marketing © Thomson/South-Western WHAT IS A PRODUCT MIX? tangible parts physical features that can be seen and felt intangible parts the nonphysical service features Chapter 7 Slide 5 Sports and Entertainment Marketing © Thomson/South-Western product mix the total assorted features associated with the product brand name various products offered under the brand product packaging product extensions items added to a product to make it more attractive to the target market guarantees warranties instructional CDs Chapter 7 Slide 6 Sports and Entertainment Marketing © Thomson/South-Western Basic vs. Enhanced Product product enhancements features added to the basic product that satisfy additional needs and wants with the same purchase add value to the product and may increase the purchase price Chapter 7 Slide 7 Sports and Entertainment Marketing © Thomson/South-Western Provide three examples of a product enhancement. Chapter 7 Slide 8 Sports and Entertainment Marketing © Thomson/South-Western PRODUCT MIX COMPONENTS Product mix includes product line, packaging, and brand development. Chapter 7 Slide 9 Sports and Entertainment Marketing © Thomson/South-Western Product Line product line a group of similar products with slight variations to satisfy the different needs of consumers Chapter 7 Slide 10 Sports and Entertainment Marketing © Thomson/South-Western Packaging Product packaging components to consider include Chapter 7 Slide 11 ease of use safety accessibility environmental friendliness Sports and Entertainment Marketing © Thomson/South-Western Brand brand the name, symbol, word, design, or combination of these elements that identifies a product, service, or company trademark the legal protection of words and symbols used by a company licensed brand a well-known name and/or symbol established by one company and sold for use by another company Chapter 7 Slide 12 Sports and Entertainment Marketing © Thomson/South-Western The five stages of brand recognition are nonrecognition rejection recognition preference insistence Chapter 7 Slide 13 Sports and Entertainment Marketing © Thomson/South-Western What are the components of the product mix? Chapter 7 Slide 14 Sports and Entertainment Marketing © Thomson/South-Western Lesson 7.2 Recruiting Athletes and Entertainers Goals Define the bottom line for sports. Explain the high cost of sports and entertainment events. Chapter 7 Slide 15 Sports and Entertainment Marketing © Thomson/South-Western Terms blue-chip athletes NCAA fringe benefits Chapter 7 Slide 16 Sports and Entertainment Marketing © Thomson/South-Western THE BOTTOM LINE FOR SPORTS blue-chip athletes excellent athletes demonstrate good character and leadership qualities on and off the field Chapter 7 Slide 17 Sports and Entertainment Marketing © Thomson/South-Western The bottom line for sports is winning. The bottom line for business is profit. Winning teams generate profit. Chapter 7 Slide 18 Sports and Entertainment Marketing © Thomson/South-Western NCAA Regulations NCAA a voluntary organization through which the nation’s colleges and universities govern their athletics programs Chapter 7 Slide 19 Sports and Entertainment Marketing © Thomson/South-Western Compensation for Athletes? Athletes receive scholarships and grants for their college education. After signing with an agent, a college athlete can no longer participate in college sports. In some states, proposals have been brought to the legislature to pay college athletes. Chapter 7 Slide 20 Sports and Entertainment Marketing © Thomson/South-Western THE COST OF SUCCESS Success requires skilled coaches top-notch players popular entertainers Chapter 7 Slide 22 Sports and Entertainment Marketing © Thomson/South-Western Attracting and Keeping Coaches The best coaches can command annual salaries in excess of $2 million. fringe benefits incentives received in addition to base salary Chapter 7 Slide 23 Sports and Entertainment Marketing © Thomson/South-Western Attracting and Keeping Star Athletes Competition for top athletes is fierce. Recruiters compete with professional teams as well as with other colleges. Recruiters need a well refined sales and marketing effort to attract talent to their schools. Chapter 7 Slide 24 Sports and Entertainment Marketing © Thomson/South-Western The Price for Top Musicians and Other Entertainers Popular performers can attract large enough crowds to make an event profitable. Popular celebrities help increase the advertising revenue of their television shows. Chapter 7 Slide 25 Sports and Entertainment Marketing © Thomson/South-Western Marketing Women’s Sports In recent years, women’s sports have grown in popularity. Relative to male counterparts, women receive far less pay. Creative marketers may develop new products to appeal to females who are relatively new sports fans. Chapter 7 Slide 26 Sports and Entertainment Marketing © Thomson/South-Western Why is it important for young, talented, and highly sought-after athletes to hire trustworthy agents to represent them? Chapter 7 Slide 27 Sports and Entertainment Marketing © Thomson/South-Western Lesson 7.3 Customized Entertainment Goals Define customizing. Describe the financial impact of Baby Boomers on the entertainment industry. Chapter 7 Slide 28 Sports and Entertainment Marketing © Thomson/South-Western Terms customizing impromptu tiering Chapter 7 Slide 29 Sports and Entertainment Marketing © Thomson/South-Western CUSTOMIZING PRODUCTS customizing changing a product to fit the needs or wants of a particular market Chapter 7 Slide 30 Sports and Entertainment Marketing © Thomson/South-Western impromptu spontaneous and changing Chapter 7 Slide 31 Sports and Entertainment Marketing © Thomson/South-Western Local TV American Style Although local programming is less expensive to produce, it has fallen out of favor with major networks. Chapter 7 Slide 32 Sports and Entertainment Marketing © Thomson/South-Western Children’s Programming Because hosts of locally produced TV shows had such a large impact on children, parents requested that hosts not endorse products. Advertisers lost interest in sponsoring locally produced children’s shows. Chapter 7 Slide 33 Sports and Entertainment Marketing © Thomson/South-Western Sports Programming Excessive salaries of sports figures have helped drive up the costs of television coverage of sporting events. tiering specific sports programs will be offered outside the basic cable or satellite package Chapter 7 Slide 34 Sports and Entertainment Marketing © Thomson/South-Western Public TV and Radio Public TV and Radio are viewer- and listener-supported. programming is tailored to local audiences Chapter 7 Slide 35 Sports and Entertainment Marketing © Thomson/South-Western Why is different TV programming shown in different cities or regions of the United States? Chapter 7 Slide 36 Sports and Entertainment Marketing © Thomson/South-Western MARKETING TO BABY BOOMERS Baby Boomers, born between 1946 and 1964, are one of the best-known market segments. Chapter 7 Slide 37 Sports and Entertainment Marketing © Thomson/South-Western Boomers Won’t Retire Baby Boomers have the discretionary income to pay for the products and services they desire. Chapter 7 Slide 38 Sports and Entertainment Marketing © Thomson/South-Western Segmenting the Group The U.S. population is aging. Marketers will need to focus their efforts on this aging market. Chapter 7 Slide 39 Sports and Entertainment Marketing © Thomson/South-Western Entertaining the Boomers Baby Boomers are increasing their movie attendance. Chapter 7 Slide 40 Sports and Entertainment Marketing © Thomson/South-Western Understanding All Parts of the Group Through 2002, Baby Boomers will continue to be a major target of entertainment marketing. As the Boomer group is so large, marketing messages need to be developed for specific subgroups of Boomers. Chapter 7 Slide 41 Sports and Entertainment Marketing © Thomson/South-Western Why are Baby Boomers important to entertainment marketers? Chapter 7 Slide 42 Sports and Entertainment Marketing © Thomson/South-Western Lesson 7.4 Product Marketing Strategies Goals List and describe the stages of the product life cycle. Explain how products are positioned in the marketplace. Chapter 7 Slide 43 Sports and Entertainment Marketing © Thomson/South-Western Terms product life cycle skimming price strategy penetration price strategy positioning Chapter 7 Slide 44 Sports and Entertainment Marketing © Thomson/South-Western THE PRODUCT LIFE CYCLE product life cycle introduction, growth, maturity, and decline Chapter 7 Slide 45 Sports and Entertainment Marketing © Thomson/South-Western Introduction Stage introduction stage product is a novelty only one brand of product is available skimming price strategy introduces new products at a very high price penetration price strategy uses low pricing to help capture a large market share early Chapter 7 Slide 46 Sports and Entertainment Marketing © Thomson/South-Western Growth Stage second part of product life cycle target market purchases the product regularly advertising focuses on customer satisfaction competition increases Chapter 7 Slide 47 Sports and Entertainment Marketing © Thomson/South-Western The Maturity Stage third stage of product life cycle sales are level or slowing down marketing costs increase sales prices often offered to hold off competition Chapter 7 Slide 48 Sports and Entertainment Marketing © Thomson/South-Western The Decline Stage sales decrease alternatives include drop a product sell/license Chapter 7 Slide 49 Sports and Entertainment Marketing © Thomson/South-Western discount regionalize modernize/alter recommit Chapter 7 Slide 50 Sports and Entertainment Marketing © Thomson/South-Western What are the stages of the product life cycle? Chapter 7 Slide 51 Sports and Entertainment Marketing © Thomson/South-Western POSITIONING A PRODUCT positioning used by a company to differentiate its products or services from its competitors’ products or services status, price, or brand recognition Chapter 7 Slide 52 Sports and Entertainment Marketing © Thomson/South-Western Pick a one product in the introductory stage, growth stage, maturity stage, and decline stage. Then pick entertainer/athlete to promote the product. Come up with sales promotion for each product/promoter Put into a power point to present to class. Chapter 7 Slide 53 Sports and Entertainment Marketing © Thomson/South-Western