Sports & Entertainment Industries and the 4 P’s

1. Sports & Entertainment Industriesand the 4 P’s Mrs. Wilson Sports & Entertainment Marketing

2. Sports & Entertainment Industries • Today, more than any other time in history, are the two most profitable industries in the U.S. • Fans spend billions of dollars each year on recreation • Reaches around the globe as well • Entertainment is a main export of the U.S.

3. Foundation of Sports & Entertainment Marketing • Organized marketing plan with strategies that target specific consumers

4. Marketing Defined: “The process of planning, pricing, promoting, selling, and distributing ideas, goods, or services to create exchanges that satisfy customers.” • Marketing is a process • Marketing is an “umbrella” term • Current marketing practices focus on customers and maintaining a close relationship with them

5. Goods and Services • Goods • Tangible items that have monetary value and satisfy your needs & wants (can touch them) • Examples: sports equipment, TV, clothing, candy. • Services • Intangible items that have monetary value and satisfy your needs & wants (can’t touch them) • Examples: tickets, banks, dry cleaners, amusement parks.

6. Purchasing Selling Pricing Product Planning Marketing Information Management Promotion Financing Distribution Risk Management All activities can be classified into nine functions of marketing Functions of Marketing

7. If you know: • Nike: “Just Do It” • Wheaties: “Breakfast of Champions” • Pepsi: “Take the Pepsi Challenge” • McDonalds: “Golden Arches” You have been exposed to marketing.

8. Promotion Includes: • Newspaper • Magazine • Radio • Television • Direct Mail • Internet Advertising

9. Distribution or Place: • Where do you buy a pair of sneakers or a theater ticket? • Internet? • Retail Store? • Theater? • Telephone Solicitation? • Wholesaler? • Retailer?

10. Marketing Concept: • The IDEA that organizations need to satisfy their customers while also trying to achieve their organizations goals. • To be profitable, businesses must focus their efforts on the customers needs and wants.

11. The Market: • Potential customers • Must meet certain criteria to be potential customers • Shared needs • Have desire and ability to buy a product • Example: You may be included in the “market” for sneakers is you have desire and money to purchase them.

12. Target Market: • A specific group of consumers that an organization selects as the focus of its marketing plan • Reebok & Nike have a large market for athletic shoes, but smaller, homogenous (similar) group for tennis, golf, running, walking, and so on.

13. Customer Relationship Management (CRM) • An aspect of marketing that combines customer information with customer service and marketing communications • Includes buying history, customer data, and demographic information

14. Review • Name two ideas that can be marketed? • Where do exchanges take place? • What is the main difference between consumers and industrial users? • List at least three ways the Internet has changed marketing functions.