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Chapter 1 What Is Sports and Entertainment Marketing? 1. 1 Marketing Basics 1. 2 Chapter 1 What Is Sports and Entertainment Marketing? 1. 1 Marketing Basics 1. 2 Sports Marketing 1. 3 Entertainment Marketing Sports and Entertainment Marketing © Thomson/South-Western

Sports Marketing Learning Targets: n I can describe the basic concepts of marketing. n Sports Marketing Learning Targets: n I can describe the basic concepts of marketing. n I am able to explain the Marketing Mix. n I can define the Six Core Standards of marketing. Sports and Entertainment Marketing © Thomson/South-Western

Key Terms: n n n n marketing mix product distribution price promotion discretionary income Key Terms: n n n n marketing mix product distribution price promotion discretionary income Chapter 1 Slide 3 Sports and Entertainment Marketing © Thomson/South-Western

WHAT IS MARKETING? n Marketing n Is the planning and executing the conception, pricing, WHAT IS MARKETING? n Marketing n Is the planning and executing the conception, pricing, promotion and distribution of ideas, good, and services to create that satisfy individual and organizational objectives. n Simply stated Marketing is the creation and maintenance of a satisfying exchange. Chapter 1 Slide 4 Sports and Entertainment Marketing © Thomson/South-Western

Continued… Simply stated Marketing is the creation and maintenance of a satisfying exchange. n Continued… Simply stated Marketing is the creation and maintenance of a satisfying exchange. n Creation – product/service development. n Maintenance – it must be continuous. n Satisfaction – meet the needs/wants of businesses and customers. n Exchange – business and customers both give and receive something of value. Chapter 1 Slide 5 Sports and Entertainment Marketing © Thomson/South-Western

Satisfying Customer Needs n Identify your customer n Identify needs/wants of your customer n Satisfying Customer Needs n Identify your customer n Identify needs/wants of your customer n Develop superior products n Operate your business profitably Chapter 1 Slide 6 Sports and Entertainment Marketing © Thomson/South-Western

Sports and Entertainment Marketing Marketers of sports and entertainment marketing must assess; n consumer Sports and Entertainment Marketing Marketers of sports and entertainment marketing must assess; n consumer demand n the competition n the financial valuation of the goods and services they offer Chapter 1 Slide 7 Sports and Entertainment Marketing © Thomson/South-Western

THE MARKETING MIX n Marketing Mix n how a business blends the following four THE MARKETING MIX n Marketing Mix n how a business blends the following four elements n n Product Distribution (Place) Price Promotion aka – the Four P’s of Marketing Chapter 1 Slide 8 Sports and Entertainment Marketing © Thomson/South-Western

n Product n what a business offers to satisfy needs/wants. n goods and services n Product n what a business offers to satisfy needs/wants. n goods and services Can be either tangible or intangible or both. n Distribution (Place) n the locations and methods used to make products available to customers. Ex: Online, mail order, Bricks-N-Mortar Chapter 1 Slide 9 Sports and Entertainment Marketing © Thomson/South-Western

n Price n amount customers pay for products. Amount that is listed on the n Price n amount customers pay for products. Amount that is listed on the price tag, ticket, bill, etc. n Promotion n ways to make customers aware of products. n encourages customers to buy. Ex: advertising, publicity, personal selling, and public relations. Chapter 1 Slide 10 Sports and Entertainment Marketing © Thomson/South-Western

Marketing Mix Considerations n Satisfying Customers n Must satisfy customers needs/wants by 1. 2. Marketing Mix Considerations n Satisfying Customers n Must satisfy customers needs/wants by 1. 2. 3. 4. Offer what they want When they want it Where they want it For how much they are willing to pay n Discretionary / Disposable Income n the amount of money individuals have available to spend after paying for necessities Striking the right balance between price, distribution and promotion is important. Chapter 1 Slide 11 Sports and Entertainment Marketing © Thomson/South-Western

A Marketing Mix Example in the Sports Industry n The product the Super Bowl A Marketing Mix Example in the Sports Industry n The product the Super Bowl offers is a game between the best teams of the AFC and NFC. n Consumer costs extend beyond ticket prices and include travel and lodging expenses. n Distribution includes the location of the host city and ticket sales. n Promotion involves media outlets and related-product contests. Chapter 1 Slide 12 Sports and Entertainment Marketing © Thomson/South-Western

Inclass Assignment/Bell Ringer / Exit Slip: Opening Act pg. 4 Work with a partner Inclass Assignment/Bell Ringer / Exit Slip: Opening Act pg. 4 Work with a partner or solo Read – answer what it is asking. We will discuss your findings tomorrow. Chapter 1 Slide 13 Sports and Entertainment Marketing © Thomson/South-Western

Opening Act pg. 4 Identify four advertising campaigns that feature celebrities or athletes. Do Opening Act pg. 4 Identify four advertising campaigns that feature celebrities or athletes. Do they encourage consumers to make a purchase? Chapter 1 Slide 14 Sports and Entertainment Marketing © Thomson/South-Western

Chapter 1 Slide 15 Sports and Entertainment Marketing © Thomson/South-Western Chapter 1 Slide 15 Sports and Entertainment Marketing © Thomson/South-Western

CORE STANDARDS OF MARKETING Chapter 1 Slide 16 Sports and Entertainment Marketing © Thomson/South-Western CORE STANDARDS OF MARKETING Chapter 1 Slide 16 Sports and Entertainment Marketing © Thomson/South-Western

n Distribution involves determining the best way to get a company’s products and services n Distribution involves determining the best way to get a company’s products and services to customers. Examples: In stores, online, via mail order Chapter 1 Slide 17 Sports and Entertainment Marketing © Thomson/South-Western

n Marketing-Information Management n gathering and using information about customers to improve business decision n Marketing-Information Management n gathering and using information about customers to improve business decision making Example: Telemarketers calling you and asking you various questions. Chapter 1 Slide 18 Sports and Entertainment Marketing © Thomson/South-Western

n Pricing n the process of establishing and communicating to customers the value or n Pricing n the process of establishing and communicating to customers the value or costs of goods and services. Price is typically linked to consumer demand. Chapter 1 Slide 19 Sports and Entertainment Marketing © Thomson/South-Western

n Product/Service Management n designing, developing, maintaining, improving and acquiring products or services to n Product/Service Management n designing, developing, maintaining, improving and acquiring products or services to meet customer needs. Examples: Sony comes out with bought out Chapter 1 Slide 20 Sports and Entertainment Marketing © Thomson/South-Western

n Promotion n using a variety of communication forms, including advertising, to distribute information n Promotion n using a variety of communication forms, including advertising, to distribute information about products, services, images and ideas to achieve a desired outcome. Examples: Sales ads, Commercials on TV. Chapter 1 Slide 21 Sports and Entertainment Marketing © Thomson/South-Western

n Selling n any direct and personal communication with customers to assess and satisfy n Selling n any direct and personal communication with customers to assess and satisfy their needs now and in the future. Examples: Sales and customer service representatives. Progressive Insurance Best Buy Chapter 1 Slide 22 Sports and Entertainment Marketing © Thomson/South-Western

n Financing n A company must budget for its own marketing activities and provide n Financing n A company must budget for its own marketing activities and provide customers with assistance in paying for the company’s products and services. Example: Note – customers are more likely to make a purchase when they have more than one payment option. Chapter 1 Slide 23 Sports and Entertainment Marketing © Thomson/South-Western

Inclass Assignment / Bell Ringer / Exit Slip: ENCORE! pg. 11 Read and Answer Inclass Assignment / Bell Ringer / Exit Slip: ENCORE! pg. 11 Read and Answer #4 Due (start of class) – Aug. 22 nd Chapter 1 Slide 24 Sports and Entertainment Marketing © Thomson/South-Western

#3 Purchased Four Reds Tickets n n n Financing – used credit card (had #3 Purchased Four Reds Tickets n n n Financing – used credit card (had to pay in full) Pricing – $24 per ticket (half-off face value) Promotion – REDS email alert, newspaper PSM – None Distribution – received by mail (could have picked them up at Will Call) n Selling – email from REDS ticket office n MIM – had to give personal information (name, address, phone #) Chapter 1 Slide 25 Sports and Entertainment Marketing © Thomson/South-Western

#4 19 26 #4 19 26

Lesson 1. 2 Sports Marketing Learning Targets n I can identify sports marketing strategies. Lesson 1. 2 Sports Marketing Learning Targets n I can identify sports marketing strategies. n I understand the importance of target markets. Chapter 1 Slide 27 Sports and Entertainment Marketing © Thomson/South-Western

Terms n Target Market n demographics n sports marketing n gross impression Chapter 1 Terms n Target Market n demographics n sports marketing n gross impression Chapter 1 Slide 28 Sports and Entertainment Marketing © Thomson/South-Western

WHY SPORTS MARKETING? n Sports Marketing n using sports to market products n Target WHY SPORTS MARKETING? n Sports Marketing n using sports to market products n Target Market n Specific group of people you want to reach (your “Target”) n By researching their Demographics n common characteristics of a group n age, gender, marital status, income level education level, location Chapter 1 Slide 29 Sports and Entertainment Marketing © Thomson/South-Western

New Sports, New Opportunities n creates new ways for businesses to make money through New Sports, New Opportunities n creates new ways for businesses to make money through sports n n Arena Football Frisbee Golf Extreme Sports (X-Games) Aero-ball Chapter 1 Slide 30 Sports and Entertainment Marketing © Thomson/South-Western

Gross Impression n Marketing strategy used by businesses n the number of times per Gross Impression n Marketing strategy used by businesses n the number of times per advertisement, game, or show that a product or service is associated with an athlete, team or entertainer is shown. Chapter 1 Slide 31 Sports and Entertainment Marketing © Thomson/South-Western

Timing n Businesses musk act when n Fans want products and services n Teams Timing n Businesses musk act when n Fans want products and services n Teams Wins n Addition of Popular Players n Trends/Styles change n Marketing efforts will change n Winning/Losing n Positive/Negative Press n Trends/Styles change Chapter 1 Slide 32 Sports and Entertainment Marketing © Thomson/South-Western

THE VALUE OF SPORTS MARKETING n it is a multi-billion-dollar global industry n Businesses THE VALUE OF SPORTS MARKETING n it is a multi-billion-dollar global industry n Businesses know there is money to be made. Chapter 1 Slide 33 Sports and Entertainment Marketing © Thomson/South-Western

Emotional Value n connections to teams, players based on n n Tradition Family Where Emotional Value n connections to teams, players based on n n Tradition Family Where you live What you know (like/watch) Emotions - major factor in what consumers BUY and why they BUY and when they BUY. Chapter 1 Slide 34 Sports and Entertainment Marketing © Thomson/South-Western

So Many Channels n High profile sporting events generate strong promotional revenues for broadcasters. So Many Channels n High profile sporting events generate strong promotional revenues for broadcasters. n n Bowl Games Rivalry Games Preseason Tournaments Championship Games How many sports channels do you have? n Dish Network – 100+ n Insight Cable – ? Chapter 1 Slide 35 Sports and Entertainment Marketing © Thomson/South-Western

Inclass Assignment/Bell Ringer / Exit Slip: Read pages 17 - 22 n Answer the Inclass Assignment/Bell Ringer / Exit Slip: Read pages 17 - 22 n Answer the questions 1 -12, 14 and 16 You must email me your answers by start of class on Friday August 23 rd. Chapter 1 Slide 36 Sports and Entertainment Marketing © Thomson/South-Western