Sports and Entertainment Marketing

2.01 Explain the concept of marketing.

Marketing

 The process of developing, promoting, pricing and distributing products in order to satisfy customers’ needs and wants. Marketing involves all the activities necessary in getting a product from the producer to the consumer.

http://www.youtube.com/watch?v=Ft_FIonnF4s&feature=related http://www.youtube.com/watch?v=rzPIuMWPloI&feature=related

Marketing Concept

   Businesses become successful by directing all of their efforts to satisfying the needs and wants of the customers. Businesses make a profit by offering the goods and services that the consumer wants.

Recognizes the importance of the consumer in the buying process.

http://www.youtube.com/watch?v=L96lfVN4ByQ

4 P’s of Marketing

 Product – what you are selling  Price – how much you are charging  Place – where it is being sold, how it will get from manufacturer to consumer  Promotion – Inform, Persuade, or Remind customers about your product

The Seven Functions of Marketing

Marketing Information Management (MIM) Selling Distribution Product/Service Management Promotion Pricing Financing

Marketing-Information Management (MIM)

Obtaining information needed to make sound business decisions. Example: Taste tests and surveys.

Selling

Determining consumer’s wants and needs through planned, personalized communication (face to face, phone, internet)

Distribution

Transporting (physical distribution), storing (warehousing .vs. distribution centers), and handling of goods and services (inventory control methods, logistics) for businesses.

Product/Service Management

The process of developing, improving, obtaining, and maintaining the products/services of the business to meet consumer demand.

Promotion

Informing, persuading, or reminding potential consumers about a business’s products/services.

Pricing

Establishing and communicating the values of products/services to potential consumers and determining profit for the business.

Financing

Acquiring the money for starting and running a business.

Business loans for upstart money, cash flow issues, or new business ventures.

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Toy Story

• Each Holiday Season, a toy emerges from obscurity to become the holiday item that everybody wants. Poo-Chi, Furby, Tickle Me Elmo, Pokemon, Beanie Babies, and Cabbage Patch dolls are a few examples of this phenomenon. You think you have an idea for a unique toy that could be the next big thing. You know marketing is essential to your toy’s success.

• What will you do? • What does marketing entail?

• What functions of marketing must you consider to make your toy the next phenomenon?