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CHAPTER 8 SPORTS PRODUCT CONCEPTS Sports Product Concepts • Sports Product - Good, Service or Combination of the two that is designed to provide benefits to a sports spectator, participant, or sponsor. Goods and Services as Sports Products (The Good/Service Continuum) • Intangibility – cannot be seen, felt, tasted • Inseparability – simultaneous production and consumption • Heterogeneity – potential for high variability • Perishability – cannot be inventoried or saved Classification Of Sports Products • Product Mix - All the different products and services a firm offers • Product Line - Groups of individual products that are closely related in some way • Product Item - Any specific version of a product that can be designated as a distinct offering Product Characteristics Branding Total Product Product Quality Product Design Branding • Name,design, symbol, or any combination • Broad purpose of branding is for a product to distinguish and differentiate itself from all other products • Some great sports names include the Macon Whoopie, Louisiana Ice Gators Brand Names • What’s in a name? – Easy to say, generates positive feelings and associations – Translatable into a successful logo – Consistent with rest of product lines, city, or organization – Legally and ethically permissible Branding Process Brand Awareness Brand Image Brand Equity Brand Loyalty Model of Brand Equity Licensing • Contractual agreement whereby a company may use another company’s branding in exchange for a royalty or fee • Booming business (e.g., NBA has 150 licenses) with $13.65 billion • NFL (3.6) NBA (2.6) Colleges (2.0) MLB (1.9) NHL (1.2) • CAPS (Coalition to Advance the Protection of Sports Logos) Sports Product Quality • Quality of Services • Quality of Goods Nature of Service Quality EXPECTED SERVICE LEVELS PERCEIVED SERVICE LEVELS Expected Service Levels • Service Promises (ads, price) • Word-of-Mouth • Past Experience Perceived Service Levels Service Quality Dimensions • Tangibles – Physical facilities, appearance of personnel, equipment • Reliability – Ability to perform the service dependably, accurately, consistently • Responsiveness – Willingness to provide prompt service to customers • Assurance – Trust, knowledge, and courtesy of employees • Empathy – Caring, individualized attention to customers Quality of Goods Dimensions • • • • • • • Performance Features Conformity to Specifications Reliability Durability Serviceability Aesthetic Design Product Design - Aesthetics, Style and Function of the Product RELATIONSHIP AMONG PRODUCT DESIGN, TECHNOLOGY, AND PRODUCT QUALITY Technological Environment Product Design Product Quality CHAPTER 9 Marketing Entertainment 9.1 Customized Entertainment 9.2 Entertainment Technology and Marketing 9.3 World Entertainment Marketing LESSON 9.1 Customized Entertainment GOALS • Explain customizing entertainment products for a market segment. • Describe customized entertainment marketing for Baby Boomers. Customizing Products • Market segment—a group of people who have the ability and the desire to purchase a specific product • Customizing—changing a product to fit the needs or wants of a particular market Local TV American Style • Number of viewers • Cost Children’s Programming • Locally produced programs • Advertising Sports Programming • Regional broadcast • Cable, satellite, and pay-per-view • Cost of programming • Tiering—certain sports programs outside the basic cable package would incur extra costs for the viewers who choose them Public TV and Radio • Viewer- and listener-supported • Non-profit organizations • Created locally and tailored to the viewers or listeners Marketing to Baby Boomers • Baby Boomers – Generation born between 1946 and 1964 – 76 million people • Boomers won’t retire – Work beyond normal retirement age – Remain active – Discretionary income • Segmenting the group Entertaining the Boomers • Attendance at movies • Movie reviews • Movie stars of similar age Understanding All Parts of the Group • Diverse in opinion • Marketing message must be fine-tuned • Major target of entertainment marketing through 2020 LESSON 9.2 Entertainment Technology and Marketing GOALS • Explain the economic utility of entertainment. • Discuss the impact of technology on entertainment. Entertainment Economics • Economic utility—the amount of satisfaction a person receives from the consumption of a particular product or service Types of Utility • Form utility—when the physical characteristics of a product or service are improved • Time utility—the result of making the movie available when the viewer wants it • Place utility—ensures that the movie is available where the viewer wants it • Possession utility—results from making the movie available at an affordable price Utilities on Broadway • Broadway productions taken on the road and produced in many major cities • Economic utility is improved when people are able to choose from multiple forms of the same entertainment Techno-Vision • Through a child’s eyes – Early adoption of new technologies – Innovative • Speed is the key – Speed depends on bandwidth – Bandwidth—the technical term for the capacity of communication channels – Personalized television in the future More about the Internet • Access to information on practically every subject • You must have an Internet Service Provider (ISP) • Entertainment distribution Technology • The Internet • TV and the Internet Cookies, Anyone? • Clickstream data—collected at each mouseclick within a web site • Cookie—a small data file placed on the hard drive of the web site visitor Consumer Privacy • Concerns about how personal information is used – Information gathered from children – Credit card information • Entertainment industry – Collecting data to protect copyrights Movies or Toy Commercials? • Blurring the line between movies and commercials • Merchandising plans in place in advance of upcoming films LESSON 9.3 World Entertainment Marketing GOALS • Discuss the economics of global marketing entertainment. • Describe global distribution of entertainment. Global Marketing • Research – Culture – Economic development – Economic conditions • Technology and distribution Global Challenges • Government policy • Interest in developing national entertainment industry • Interest in protecting culture • Tariffs Global Distribution • Disney in Europe • Elvis in Israel • Country all over the world • International music • International showcase • International sports Disney in Europe • Disney merchandise can be purchased throughout the world Elvis in Israel • Israelis gather at the Elvis Inn • Appeal of an icon Country All Over the World • American country music is popular all over the world • Kumamoto Country Gold Festival International Music • Eurovision Song Contest pop music competition International Showcase • Cannes International Film Festival • Jury reviews films for the Cannes Awards International Sports • NFL Europe League • Television coverage expanding both in Europe and the United States CHAPTER 10 Recreation Marketing 10.1 Recreational Sports 10.2 Travel and Tourism 10.3 Resorts and Theme Parks 10.4 Recreation Marketing Careers LESSON 10.1 Recreational Sports GOALS • Explain marketing strategies based on changing demographics. • Apply market information to recreational events. Fitness and Fun • Facilities versus wilderness – Recreational space for local residents – Environmental impact – Must balance needs • Managing customer information – Customer database – Product planning and promotion Is Fitness a Trend? • Changing demographics • Senior Olympics • Participation of youngsters Event Marketing • Sponsorship • The future is here – Inline skating – Mountain biking – Snowboarding Snowboard Madness • Sport continues to grow • Indoor snowboard facilities • Marketers looking for new areas LESSON 10.2 Travel and Tourism GOALS • Explain the importance of the travel and tourism industry to sports and entertainment marketing. • Describe how technology has changed travel marketing. Road Trip • Travel and tourism supporting business • Traveling to sporting events The Products • Transportation • Accommodations • Meals • Other attractions Travel Technology • Online tickets sales and reservations • e-tickets—electronic tickets Lean Times for Travel Agencies • Traditional ticket distribution channel until recently • Newer channel is direct sales through web sites Price Versus Convenience • Online travel service • Priceline.com Small World • The business traveler – Major source of profit for the travel industry – Airline member-only clubs • The tourist – – – – Self-indulgence travel Cultural travel Activity tours Reality tours Ecotourism • Ecotourism—responsible travel to natural areas that conserves the environment and sustains the well-being of local people • Fast-growing segment of travel industry LESSON 10.3 Resorts and Theme Parks GOALS • Understand the importance of partnerships between airlines and recreation destinations. • Discuss the popularity of halls of fame as destinations. • Explain the marketing strategies of theme parks and resorts. Traveling to Destinations • Short-haul destinations • Low seasons • Getting there is half the fun – Resorts and theme parks depend on airlines to bring customers to them – Partnerships to coordinate efforts • Resort tech – Online sales strategies – Direct sales of tickets and hotel rooms Halls of Fame • Travel destination • Sports and non-sports interests • A hall is not always a hall – No specifications for the site of a hall of fame – Must attract visitors – Promotion by word of mouth • A complete destination Resorts and Theme Parks • Popular tourist destinations • Theme parks are family-oriented • Resorts aimed at adults • Children have a major influence on choice of destination Theme Park Central • Disney is the world leader in the theme park industry • Tiering for premium services • Creating an attraction requires customizing It’s Not Orlando • Amusement parks in China • Inadequate or inaccurate marketing information about potential customers LESSON 10.4 Recreation Marketing Careers GOALS • Describe careers in recreation marketing. • Develop a recreation marketing career plan. Building a Career • Planning the trip – Wide selection of career paths – Research jobs and what they require • What’s out there? – Marketing positions in every firm in the recreation business – Searching for jobs using the Internet – Research national travel agencies Getting Ready • What’s school got to do with it? – Education requirements – Tech Prep program • How About the Real Thing? – Internships – Part-time work – Job shadowing —spending active work time with someone in a certain job or career People Skills Are Critical • Manage your behavior • Adopt appropriate behavior for success Recreation Marketing Careers • Recreation marketers needed to develop and execute the seven marketing functions • Communication and presentation skills • Most positions require a bachelor’s degree • Salary and perks CHAPTER 11 Marketing Plans 11.1 Advertising 11.2 Marketing Research 11.3 Develop a Marketing Plan 11.4 The Bottom Line LESSON 11.1 Advertising GOALS • Explain the steps in the advertising process. • Understand the importance of measuring advertising effectiveness. Advertising • Advertising—paid, non-personal communication between an identified sponsor and a potential customer about a product or service Step By Step • • • • • • • Set measurable advertising goal Develop the advertising budget Create an advertising theme Choose the advertising media Create the advertisement Develop an advertising schedule Measure the effectiveness of the advertisement The Goal • Determine a specific measurable goal • Ad effectiveness • Brand recognition—the number of people who recognize the brand name of a product The Budget • Marginal analysis • Percent of sales • Bartering • Fixed sum per unit • Payout planning • Competitive parity The Theme • Tag line—theme of an ad • Conveys the main message of the ad The Media • • • • Print Broadcast/cable The Internet Media strategy—choosing the media that will bring the most effective advertising message to the targeted consumer • Reach—information about which targeted demographic segments are most likely to be reached The Advertisement • Copy • Art • Wear out—when an ad loses its effectiveness due to overexposure or poor message quality The Schedule • Cost-effective media • Concentration strategy of scheduling • Dominance strategy The Effectiveness • Response rate • Ad effectiveness helps to shape and improve a business’s future media strategy Pulling It All Together • Dominance strategy • Running the show – Shows “pitched” to advertisers – Primetime advertising – Expected audience ratings LESSON 11.2 Marketing Research GOALS • Define the purposes of marketing research. • Understand the human element in marketing research. Researching the Market • New marketing medium – 1940—television – Early 21st century—Internet • Mass market—broad categories of people Marketing Information • Marketing research—the process of determining what customers want • Define the problem • Analyze current conditions • Develop the process • Collect, organize, and analyze the data • Determine a solution to the problem • Evaluate the results from the changes Data Mining • Data mining—digging up data needed to make decisions • Nielsen Media Research • Sample—an estimate of how many people watch a TV show School’s Out • School holiday and weekends • U.S. youth ages 8–21 – – – – 52 million Annual income of $211 billion Harris Interactive YouthPulse E-commerce Who Is Asking? • Specialized marketing research • Custom research • Syndicated research • What’s in it for me? Worldwide Data • Global market continues to grow • Culture of potential new customers • Marketing information must be used to shape its product for new customers Careers in Marketing Research • Collect data • Track sales • Monitor advertising spending LESSON 11.3 Develop a Marketing Plan GOALS • Explain the purpose of a marketing plan. • Describe the components of a strategic marketing plan. Know Where You Are Headed • Marketing plan—a written component of the strategic plan that addresses how the company will carry out the key marketing functions • Mission statement—the identification of the nature of the business or the reasons the business exists A Sense of Direction • Analyze data • Decide what your customers want • Delivery • Customers’ future needs • Specific needs of the firm and the products Focusing on the Customer • Blockbuster • Overhauled business model and marketing strategy plan • More of what the customer wants What’s The Plan? • Perishable product • Pre-sale Components of a Strategic Marketing Plan • • • • • • • • • Mission Goals Product planning Marketing-information management Distribution system Pricing Promotional strategies Financing Purchasing • • • • Risk management Selling People Internal communication systems • Timelines for implementing the plan • Intervals of review and evaluation • The future LESSON 11.4 The Bottom Line GOALS • Discuss the profit motive behind sports and entertainment marketing. • Describe the types of financing related to sports and entertainment marketing. Let’s Make Money! • Profit—the amount of money remaining after all costs, including salaries, advertising, utilities, and other expenditures, have been paid • Who gets the money? And More Money! • Challenges of physical limits • New homes for sports teams • Did we make money? Challenges of Physical Limits • Limited number of seats • Sources of revenue with potential growth – Personal seat licenses – Concessions – Commercial licenses New Homes for Sports Teams • Professional sports stadiums costly • Public subsidy • Higher ticket prices Did We Make Money? • Forecast—predicts the cost of expenses and expected revenues from an event • Budget—provides estimates of expected expenditures and revenues • Balance sheet—shows the company’s current assets, including cash, property, and equipment, and it current liabilities, including debts owed and loans • Income statement—a record of all revenue received and all expenses incurred CHAPTER 12 Legal Issues For Sports and Entertainment 12.1 Laws and Contracts 12.2 Unions 12.3 Licensing LESSON 12.1 Laws and Contracts GOALS • Explain risk management in the distribution of sports and entertainment marketing. • Describe the importance of copyright law to pricing. • Discuss the need for contracts. The Law • Managing risk – Liable—legally responsible for damages – Risk—the possibility of financial loss or personal injury Steps to Risk Management • Identify risks. • Estimate the possibility of each risk. • Determine how great the consequences are. • Determine how to control the risk. Control the Risk • Limit the possibility of risk through planning. • Purchase insurance that transfers the cost of the risk to the insurance company. • Transfer liability through a contract. • Cover the risk in the event budget. • Avoid offering the risky event. Who Has The Rights? • Copyright laws—protect the unique work of the originator within the geographic boundaries to which the laws apply • Royalty—payment made to the owner of a copyright for the use of a copyrighted work U.S. Laws • International copyright convention • Celebrity marketability Legal Listening • Recording Industry Association of America (RIAA) • File sharing • Apple’s iTunes Music Store Federal Laws • Sherman Antitrust Act (1890) • Clayton Act (1914) • National Labor Relations Act (1935) • Contracts the bind – Contracts—agreements enforced by law that detail the transaction of business – Contract law LESSON 12.2 Unions GOALS • Analyze the public relations impact of labor laws on sports. • Assess the financial harm that strikes may cause to a sport. • Analyze the impact of labor unions on sports and entertainment pricing. Organized Labor • Players’ associations—professional athletes organized into labor unions • Collective bargaining—a group of employees joining together as a single unit to negotiate with employers Bargaining Rights • • • • • • • • Minimum and maximum salaries Grievance procedures Contract lengths Rules of operation Negotiations with skilled communicators Higher salaries Higher percentage of revenue from the game Increased costs passed along to the fans Topping the Salary • Salary cap—a maximum amount that a team can spend on players’ salaries Owners Versus Players • Lock-out • Strike Picking up the Pieces • Work stoppages • Loss of revenue for all parties • Congress • Winning back fans Labor Relations • Soccer success – Single-entity league – Owners are business partners • Entertainment labor – Screen Actors Guild (SAG) – American Federation of Television and Radio Artists (AFTRA) – Union power • Getting along LESSON 12.3 Licensing GOALS • Explain licensing. • Describe the financial value of licensing sports and entertainment merchandise. Walking Billboards • Reaching agreement – Licensing—giving permission to copy the logo of a league, athlete, team, entertainer, film, or TV show for a fee paid to the right holder of the image – Licensing allows unions to focus on their primary business Worldwide Publicity • Availability of licensed items • New opportunities in Europe Getting Licensed • A complete business plan • A sample of drawing of the product • The costs of production and distribution • A marketing plan • The existing distribution channels for the product Easy to Apply, Hard to Obtain • Immediate recognition and honor to a product • Limited number of licenses granted Keeping Current • Fashions, uniforms, and team logos change • Promotional strategies – Changing logo, color, or uniform – Adding creative new items, licensees, and sales methods – Widening the marketing to the world Managing Licensing • • • • • • • • • License applications Selection of licensees Minimum guarantees Design handbook and marketing plan New product lines and number of designs Approval process guidelines Design review Accounting Counterfeit merchandise New Success Story • NASCAR Nextel Cup Series – – – – ten-year agreement 36 championship-point races 23 tracks 19 states • Target market Legal Protection • Federal registration as a trademark— • Civil and criminal penalties for violation CHAPTER 13 DISTRIBUTION CONCEPTS Distribution Concepts • Ability of consumers to gain access to products in a timely and convenient fashion • Moving product from producer to consumer via the various channels of distribution Sports Distribution Issues • Sports Retailing • Stadium as “Place” • Sports Media Sports Retailing Mix • • • • Products Pricing Distribution Promotion Retail Image/Store Personality • Factors include (in general): – – – – – – atmospherics location employees/sales personnel clientele merchandise assortment promotional activities Stadium as “Place” • New Sports Venues • Ticket Distribution Issues Sports Media as Distribution • Delivering the Sports Product to Consumers Via Media • Rising Cost of Media Rights • Media as a Portion of the Revenue Mix • New Trends in Sports Media CHAPTER 14 PRICING CONCEPTS Pricing Concepts • Price is a Statement of Value • Value = Perceived Benefits Price of Sports Product • Essence of pricing is the exchange process - An attempt to quantify the value of what is being exchanged Internal and External Determinants of Pricing • • • • RELATIONSHIP OF PRICE TO SOME OTHER MARKETING MIX ELEMENTS Related to product life cycle Communicates something about the product Promotion geared towards information about price Product lines with different prices attract different segments of consumers Estimating Consumer Demand • Consumer Tastes • Availability of Substitute Sports Products • Consumer Income Price Elasticity of Demand Consumer Pricing Evaluation Process CHAPTER 15 PRICING STRATEGIES Pricing Strategies • • • • • Differential Pricing Strategies New Sports Product Pricing Strategies Psychological Pricing Strategies Product Mix Pricing Strategies Cost-Based Pricing Strategies Differential Pricing • Second Market Discounting New Sports Product Pricing • Penetration Pricing • Price Skimming Psychological Pricing • • • • Prestige Pricing Referent Pricing Odd-Even Pricing Traditional Pricing Product-Mix Pricing • Bundle Pricing • Captive Pricing • Two-Part Pricing Cost-Based Pricing • Cost-Plus Pricing • Target Profit Pricing • Break-Even Pricing Price Adjustments • Price Reductions and Price Increases • Price Discounts CHAPTER 16 IMPLEMENTING AND CONTROLLING THE STRATEGIC SPORTS MARKETING PROCESS Implementation Issues • • • • • • • Communications Staffing and Skills Coordination Rewards Information Creativity Budgeting Implementation Phase Strategic Control Issues • Planning Assumptions Control • Process Control • Contingency Control Planning Assumptions Control • “Are the premises or assumptions used to develop this marketing plan still valid?” • Examine the external environmental factors and the sports industry factors Process Control • Monitoring Strategic Thrusts • Milestone Review • Financial Analysis Contingency Control • “How can we protect our marketing strategy from unexpected events or crises that could affect our ability to pursue the chosen strategic direction?” • Developing a Crisis Plan