Sports and Entertainment Marketing

1. Sports and Entertainment Marketing What is Marketing?

2. Defining Marketing Marketing – American Marketing Assoc. – “planning and executing the conception, pricing, promotion, and distribution of ideas” Textbook defines it as the creation and maintenance of satisfying exchange relationships.

3. Textbook’s Definition Creation – product development Maintenance – continues as long as business does Satisfaction – must meet the needs of businesses and customers Exchange relationship – both parties involved give and receive something of value

4. Textbook’s Definition cont. . . So regardless of how it is technically “defined”, marketing is a continuous, give and take process.

5. Satisfying Customer Needs • In order to do this you must do three basic things: • Identify your customer and their needs • Develop products that customers consider better than the other choices • You must operate your business profitably • (income must be greater than expenses)

6. The Marketing Mix / The 4 P’s • Describes how a business blends the four elements of successful marketing • Product – what a business offers to satisfy customer needs • Place (distribution) – the locations and methods used to make products available to customers • Price – The amount customers will pay for products • Promotion – The ways customers are made aware of products and encouraged to buy them

7. Sports Marketing Example • Super Bowl • Product offered – the game itself which matches the best two teams playing for a championship • Prices – ticket prices can range from $500 and up, but actual costs may be in the thousands due to travel, rooms, etc. . . • Place – the selection of a host city which benefits significantly in terms of local economy • Promotion – TV commercials, newspapers, sports magazines, and related-product contests. • Ex: the Doritos halftime kicking contest or the Coca-Cola flag football game, etc. . . • During the game • More commercials promoting the sponsoring companies and their products. This is different marketing than for the actual game. (piggy-back marketing)

8. Entertainment Marketing Example • State Fairs are having to compete with various local sporting events • Product offered by the State Fair – must appeal to rural and urban residents • Livestock shows, carnivals, concerts, etc. • Price – Must charge enough to remain profitable, but must also be price sensitive to its customers • Promotion – Advertisements must be properly placed but they must utilize price-conscious methods • Ex: radio ads, newspaper ads, billboards, flyers, etc. • Cheaper than TV commercials • Place – Must choose and accessible/visible location and have ticket purchase locations spread out as well

9. Core Standards of Marketing These are the basis of all marketing activities: • Distribution • Marketing Information Management • Pricing • Product/Service Management • Promotion • Selling • Financing • Not one of the core 6, but closely related

10. Meeting the Marketing Goal Regardless of the size of the event, the marketing team must realize the goal of the event and properly utilize marketing strategies to help accomplish that goal.

11. As a team. . . As a team you will be required to create a poster illustrating the core values of Marketing. The poster will be divided into 7 sections, one for each of the 7 elements we have discussed. Each team member will design and decorate one section of the poster, and the one remaining team member will be responsible for the posters’ neatness, organization, and overall final product. This team member will act as the team leader and will properly manage this project. Each team member will receive their own grade for this project. This is due at the end of the period. Good Luck!