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Sports & Entertainment Marketing. Section 4.1 Goals. Explain the central focus of the marketing concept. Explain the reasons for increased sports and entertainment options. Terms Marketing concept Productivity Breakeven point Opportunity cost.

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sports entertainment marketing

Sports & Entertainment Marketing

Section 4.1

  • Explain the central focus of the marketing concept.
  • Explain the reasons for increased sports and entertainment options.
  • Terms
    • Marketing concept
    • Productivity
    • Breakeven point
    • Opportunity cost
the marketing concept
The Marketing Concept
  • You participate in the marketing process as a consumer of goods and services
  • About half of every $ you spend pays for marketing costs:
    • Product development
    • Packaging
    • Advertising
    • Sales expenses
  • The mostimportant aspect of marketing is satisfying customer needs.
  • Marketing Concept –the process of satisfying customer needs
maintain relationships
Maintain Relationships
  • The marketing concept requires maintenance of important relationships with customers
    • Listening to customers, monitoring latest consumer trends, learn about customers and their needs, each customer is unique
  • Customer satisfaction is the bottom line for maintaining successful marketing relationships
    • Price, quality, service, and pleasure gained are factors that influence customer satisfaction, lots of competition makes this important
increased sports and entertainment options
Increased Sports and Entertainment Options
  • The increased standard of living in the U.S. has resulted in more discretionary income for consumers
  • Marketing strategies must include monitoring the competition and consumer trends and making improvements that meet the latest customer demands
    • Why do you remain loyal to your favorite retailers and restaurants?
customer focus
Customer Focus
  • Productivity -the rate at which companies produce goods or services in relation to the amount of materials and number of employees utilized
  • Increased competition has forced business’s focus beyond productivity to establishing satisfying relationships with customers
customer focus1
Customer Focus
  • The ultimate result of not having a customer focus is a failed business
  • Prospective customers must be offered the appropriate marketing mix-product, price, promotion, and location
weekend entertainment choices
Weekend Entertainment Choices
  • The organizers of weekend events realize the intense competition for consumer dollars and develop promotional strategies to catch the attention and increase attendance of consumers
  • Breakeven point -the minimum attendance and sales required to cover all of the expenses of organizing, promoting, and running the event.
weekend entertainment choices1
Weekend Entertainment Choices
  • Revenues earned beyond the breakeven point are the profits
  • Restaurants, hotels, motels, and service stations all have a vested interest in events hosted in their communities
    • How can a small community market itself to attract development and new residents?
    • Jessica Dorn –Chamber of Commerce Director will be here to tell us about this
opportunity cost
Opportunity Cost
  • Opportunity cost -the value of the next best alternative that you forgo when making a choice
    • Go to a car race instead of the music concert, the music concert is the opportunity cost
  • An increasing number of Americans are opting to stay at home during their free time due to rising fuel costs, traffic jams, and limited time to relax (staycations)