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WHAT IS MARKETING

WHAT IS MARKETING. Sports and Entertainment Marketing. Marketing. Tangible = something you can touch. Goods – tangible products Services – Intangible products. Process of developing, promoting, distributing and selling goods and services to satisfy customers’ needs and wants.

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WHAT IS MARKETING

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  1. WHAT IS MARKETING Sports and Entertainment Marketing

  2. Marketing Tangible = something you can touch • Goods – tangible products • Services – Intangible products Process of developing, promoting, distributing and selling goods and services to satisfy customers’ needs and wants

  3. The Marketing Concept The idea that a business should strive to satisfy customers’ needs and wants while generating a profit

  4. The Marketing Mix The 5 P’s of Marketing People Product Price Promotion Place

  5. The 5 P’s • People – 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 marketed

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

  7. But….what IS a target market? Characteristic of the marketing you are trying to reach • Age • Gender • Ethnicity • Occupation • Lifestyle • Marital Status • Kids or no kids • Location • Income level

  8. Going the Distance Trailer 1 Trailer 2 Trailer 3

  9. Market Segmentation Geographics – where people live Demographics – personal characteristics Psychographics – lifestyle (attitudes/values) Product Benefits – consumer wants and needs

  10. 7 Functions of Marketing Financing Marketing Information Management Distribution • Functions of Marketing Selling Pricing Product/Service Management Promotion

  11. Financing • Getting the money needed to finance the operation of a business • Decisions regarding offering credit (payment options) to customers

  12. Marketing Information Management Process of collecting information about customer trends, and competitor products Marketing Research Used to determine customer demographics, buying habits, and attitudes Ex: JCrew asks for your zip code before you purchase something.

  13. Pricing How much to charge for goods and services, most decisions take competition into consideration

  14. Product/Service Management Obtaining, developing, maintaining, and improving a product or product line to respond to customer needs and wants

  15. Promotion 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

  16. Selling Providing 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

  17. Distribution Making decisions about where to sell the product and how it gets there • EX: Redskins Apparel • Redskins Store (Dulles and Fair Oaks Mall) • JCPenney, Kohls • Online Website

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