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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 DO NOW What is your favorite Brad Pitt movie? What is your favorite Angelina Jolie movie? What is your opinion of these two celebrities? Chapter 7 Slide 2 Sports and Entertainment Marketing © Thomson/South-Western Brangelina Use their fame to help the needy. How did they successfully bring these sad and depressing topics to entertainment media? Chapter 7 Slide 3 Sports and Entertainment Marketing © Thomson/South-Western The Bidding War Begins Brangelina's $15 million babies: Record bidding war for first picture of twins! Chapter 7 Slide 4 Sports and Entertainment Marketing © Thomson/South-Western How has Brangelina taken advantage of the paparazzi? How have their philanthropic actions affected their celebrity status? Chapter 7 Slide 5 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 6 Sports and Entertainment Marketing © Thomson/South-Western tangible parts physical features that can be seen and felt intangible parts the nonphysical service features Chapter 7 Slide 7 Sports and Entertainment Marketing © Thomson/South-Western WHAT IS A PRODUCT MIX? assorted features associated with a product brand name product packaging various products offered under the brand Chapter 7 Slide 8 Sports and Entertainment Marketing © Thomson/South-Western PRODUCT MIX con’t product extensions - items added to a product to make it more attractive to the target market guarantees warranties instructional CDs Chapter 7 Slide 9 Sports and Entertainment Marketing © Thomson/South-Western Basic vs. Enhanced Product product enhancements features added to satisfy additional needs and wants with the same purchase add value to the product and may increase the purchase price Chapter 7 Slide 10 Sports and Entertainment Marketing © Thomson/South-Western Provide three examples of a product enhancement. Chapter 7 Slide 11 Sports and Entertainment Marketing © Thomson/South-Western PRODUCT MIX COMPONENTS Product line Packaging Brand Chapter 7 Slide 12 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 13 Sports and Entertainment Marketing © Thomson/South-Western Packaging Product packaging components to consider include Chapter 7 Slide 14 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 15 Sports and Entertainment Marketing © Thomson/South-Western The five stages of brand recognition are nonrecognition rejection recognition preference insistence Chapter 7 Slide 16 Sports and Entertainment Marketing © Thomson/South-Western What are the components of the product mix? Chapter 7 Slide 17 Sports and Entertainment Marketing © Thomson/South-Western DO NOW Chapter 7 Slide 18 Name the company that goes with each letter. 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 19 Sports and Entertainment Marketing © Thomson/South-Western THE BOTTOM LINE FOR SPORTS The bottom line for sports is winning. The bottom line for business is profit. Winning teams generate profit. Chapter 7 Slide 20 Sports and Entertainment Marketing © Thomson/South-Western blue-chip athletes excellent athletes demonstrate good character and leadership qualities on and off the field Chapter 7 Slide 21 Sports and Entertainment Marketing © Thomson/South-Western a voluntary organization through which the nation’s colleges and universities govern their athletics programs Chapter 7 Slide 22 Sports and Entertainment Marketing © Thomson/South-Western Compensation for Athletes? Scholarships and grants Signing with an agent = no longer eligible in NCAA Chapter 7 Slide 23 Sports and Entertainment Marketing © Thomson/South-Western THE COST OF SUCCESS Success requires skilled coaches top-notch players popular entertainers Chapter 7 Slide 24 Sports and Entertainment Marketing © Thomson/South-Western Attracting and Keeping Coaches The best coaches can command annual salaries in excess of $1 million. fringe benefits incentives received in addition to base salary University of Minnesota Tubby Smith Coach of Men’s Basketball $2,073,307 Chapter 7 Slide 25 Sports and Entertainment Marketing © Thomson/South-Western Attracting and Keeping Star Athletes Competition Recruiters compete with professional teams as well as with other colleges Marketing effort to attract talent to their schools Chapter 7 Slide 26 Sports and Entertainment Marketing © Thomson/South-Western Why is it so important to have star athletes? Large enough crowds = more profit Popular celebrities help increase the advertising revenue Chapter 7 Slide 27 Sports and Entertainment Marketing © Thomson/South-Western Women’s Sports In recent years, growing in popularity Far less pay Creative marketers may develop new products to appeal to females who are relatively new sports fans. Chapter 7 Slide 28 Sports and Entertainment Marketing © Thomson/South-Western Blue Chips Should college athletes be compensated for their performances? Chapter 7 Slide 29 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 30 Sports and Entertainment Marketing © Thomson/South-Western CUSTOMIZING PRODUCTS customizing changing a product to fit the needs or wants of a particular market 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 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 33 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. Ages 65 - 47 Chapter 7 Slide 34 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 35 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 36 Sports and Entertainment Marketing © Thomson/South-Western America as a “melting pot” Why have marketers always viewed it as a white, Anglo-Saxon nation? What is the ethnicity of U.S. population? 2010 Census Chapter 7 Slide 37 Sports and Entertainment Marketing © Thomson/South-Western A Changing Demographic 2000 – 2010: Hispanic population 43% Black population 12.3% White population 5.7% 1990 – 2000: Hispanic population 57.9% Black population 15.6% White population 5.9% Chapter 7 Slide 38 Sports and Entertainment Marketing © Thomson/South-Western How will the racial change in population growth in America affect marketing? Chapter 7 Slide 39 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 40 Sports and Entertainment Marketing © Thomson/South-Western THE PRODUCT LIFE CYCLE product life cycle 1. 2. 3. 4. Chapter 7 Slide 41 introduction growth maturity decline Sports and Entertainment Marketing © Thomson/South-Western Introduction Stage product is a novelty with only one brand Chapter 7 Slide 42 Sports and Entertainment Marketing © Thomson/South-Western Growth Stage target market purchases the product regularly advertising focuses on customer satisfaction competition increases Chapter 7 Slide 43 Sports and Entertainment Marketing © Thomson/South-Western The Maturity Stage sales are level or slowing down marketing costs increase sales prices often offered to hold off competition Chapter 7 Slide 44 Sports and Entertainment Marketing © Thomson/South-Western The Decline Stage sales decrease alternatives include drop a product sell/license discount regionalize modernize/alter recommit Chapter 7 Slide 45 Sports and Entertainment Marketing © Thomson/South-Western What are the stages of the product life cycle? Chapter 7 Slide 46 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 47 Sports and Entertainment Marketing © Thomson/South-Western Get in groups of four. Each take one of the stages of the product life cycle. For each stage illustrate a product that is in that stage. Chapter 7 Slide 48 Sports and Entertainment Marketing © Thomson/South-Western