What is Marketing?

Primary Learning Objectives

Define Marketing

Understand the difference between a good and a service

Understand the seven functions of marketing and how they apply in Sports and Entertainment marketing

What is marketing?

Marketing:

all business functions involved in developing, promoting, and distributing products in order to satisfy customers’ needs and wants.

Products include both Goods and Services

Marketing

Goods are tangible productsProducts that can be touched

Includes: Sports equipment

Bobble-Head Dolls

T-Shirts

Services are intangible productsProducts that can not be touched

Includes: Ticket buying services

Entertainment

Functions Of Marketing

All the marketing activities you see daily can be classified into seven functions of marketing

Seven Functions of Marketing

Selling

Promotion

Pricing Financing

Distribution

Planning

ResearchMIM

Marketing

MIM=Marketing Information Management

Marketing Research or

Marketing Information Management

The process of collecting the marketing information needed to make sound business decisions.

How much to charge for tickets

Which products to carry

Product Packaging

Labeling

Branding

Product Planning

All the decisions a business makes in the production and sales of its goods and services.

Which products (Player/movies) to carry

Product Name

Product Packaging (Uniforms/Stadium/Theater)

Labeling

Branding

DistributionMaking decisions about where to sell your

product, how to get them there, and how to store them.

Includes:

Marketing Channels:

Retail, Online, Door to Door

Methods of transportation

Storage/Warehousing

Financing

Locating and securing monies needed to operate a business and develop new products.

Includes decisions about customer credit and payment options.

Pricing

Deciding how much to charge for goods and services

Price Affected by:

» Competition

» Customer

» Costs of gathering information (Research)

» Costs of financing business

» Costs of Payroll

» Costs of advertising and promotion

» Distribution costs

» Level of profit

Pricing

What is a “reasonable price?”

Whatever the customer is willing to pay.

PromotionAny form of communication used to inform,

persuade, or remind people about business’s products, and improve it’s public image.

Advertising

Public Relations

Sales Promotion

Personal Selling

Visual Merchandising

Selling

Providing customers with

goods and services they want to buy.

Includes selling in the retail market to you, and in the industrial market where products are purchased for use in business operations.

Review

What is marketing?

What are the seven functions of marketing

Give an example of a good and a service.