WHAT IS MARKETING

Sports and Entertainment Marketing

Marketing

Process of developing, promoting,

distributing and selling goods and services to satisfy customers’ needs

and wants

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Goods – tangible products

Services – Intangible products

Tangible = something you can

touch

The Marketing Concept

The idea that a business should strive to satisfy

customers’ needs and wants while

generating a profit

The Marketing Mix

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The 5 P’s of MarketingPeople

Price

Place

Product

Promotion

The 5 P’sPeople – the target market

Product – what is the product – (name, packaging)

Price – what customers are willing and able to pay

Place – where is it sold and how it gets there

Promotion – how is the product marketed5

Target Market

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…a specific group of people that a business wants to reach with their goods or services

But….what IS a target market?Characteristic of the marketing you are trying

to reach

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• Age

• Gender

• Ethnicity

• Occupation

• Lifestyle

• Marital Status

• Kids or no kids

• Location

• Income level

Going the Distance

Trailer 1Trailer 2Trailer 3

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Market SegmentationGeographics – where people live

Demographics – personal characteristics

Psychographics – lifestyle (attitudes/values)

Product Benefits – consumer wants and needs

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7 Functions of Marketing

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Distribution

Financing

Marketing Information Management

Pricing

Product/Service Management

Selling

Promotion

Functions of Marketing

FinancingGetting the money needed to finance the

operation of a business

Decisions regarding offering credit (payment options) to customers

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Process of collecting information about customer trends, and competitor products

Marketing ResearchUsed to determine customer demographics, buying habits, and attitudes

Ex: JCrew asks for your zip code before you purchase something.

Marketing Information Management

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PricingHow much to charge

for goods and services, most decisions take competition into consideration

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Product/Service Management

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Obtaining, developing,

maintaining, and improving a

product or product line to respond to customer needs

and wantsNew product Development

Monitoring of Existing Products

Elimination of Weak Products

Promotion

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Any form of communication used to inform, persuade, or remind people about a business’s products

• EX: Free baseball hats are given away at a baseball game

• EX: American Eagle has a Back to School sale in the beginning of September

SellingProviding customers with goods and services they want to buy.

This includes retail and business to business

EX: A sales person answers questions about the operation of a running watch

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DistributionMaking decisions about where to sell the product and how it gets there

EX: Redskins Apparel Redskins Store (Dulles and Fair Oaks Mall)JCPenney, KohlsOnline Website

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