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Understanding Marketing in Business: Strategies, Concepts, and Applications

Learn about the core principles of marketing, from defining the marketing mix to leveraging sports and entertainment for successful promotions. Explore key concepts and strategies essential for marketing success.

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Understanding Marketing in Business: Strategies, Concepts, and Applications

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  1. What is Marketing Section 1.1

  2. Marketing? • Most visible business function… • …least understood business function • American Marketing Association def. – planning and executing the conception, pricing, promotion, and distribution of ideas, G&S to create exchanges that satisfy individual & organizational objectives.

  3. Marketing? • Is Marketing simply Advertising? • One of the main objectives of any business (especially in Marketing) is to take care of the customer’s needs.

  4. Marketing Mix • The Marketing Mix helps you to take care of almost all marketing activities. • Product – what are you offering your customers? • Price – what price are you charging for your product / service? • Place / Distribution – where is your product available to customers • Promotion – how do the customers know about your product / service?

  5. Marketing Mix • Video on the 4 P’s

  6. Super Bowl Mix • The Super Bowl is THE sports event of the year • Describe the Marketing Mix in terms of how it relates to this grand event: • Product – • Price – • Place / Distribution – • Promotion

  7. How do you decide? • There are many things to consider when trying to sell your product(s) to your customers: • Discretionary income • Why is this so important to Sports & Ent. Marketing? • Price • Distribution

  8. Cyber Marketing • With new technologies popping up all the time, live cybercasts of concerts are viewed and heard all around the world through the internet. • Movie companies broadcast movie trailers over the Net and market movie-related merchandise to consumers. • To see some of these videos you first have to type some personal info about yourself. • How do marketing companies use this info to better promote their products?

  9. Core Standards of Marketing • EVERY marketing activity includes at least 1 of the following: • Distribution • Marketing Information Management • Pricing • Product / Service Management • Promotion • Selling

  10. Sports Marketing Section 1.2

  11. Sports = $$$$ • Sports are big business at many universities throughout the country • 2010 / 2011 Bowl Season Payout • College Basketball vs. College Football • What NCAA sport makes more $ - football or basketball? • Do college athletic departments need to rely on students to “foot the bill”?

  12. Why Sports Mktg.? • Sports spectators are possibly the perfect potential customer • Why?

  13. Demographics • Are the statistics used to describe a population such as gender, age, race and earnings • example: • companies such as CoverGirl® and Secret® have endorsement deals with athletes such as Olympians NastiaLiukinand Shawn Johnson to help them market to young women 26

  14. Sports Marketing Sports consumer- an individual who may play, watch or listen to sports or read, use purchase and/or collect items related to sports Is all of the marketing activities designed to satisfy sports consumers Uses mainstream or alternative sports and/or the figures associated with these sports to connect with a targeted group of consumers Builds positive brand awareness Supports retail and sales promotions Can be completed either by a sports marketing firm or a general marketing firm 27

  15. Sports Marketing • Focuses on the sport and activities that accompany a sporting event such as event planning, promotion, financing and sponsorship • Can be divided into two major categories • marketing of the sport • a television advertisement for the Kentucky Derby • an Internet banner advertising the Indianapolis 500 • marketing through the use of sport • Tiger Woods endorsing Nike® sportswear • Peyton Manning advertising for DirectTV® 28

  16. Why Sports Mktg.? • Sports Marketing basically is marketing that takes advantage of sports • The goal of sports marketing is to use the right marketing mix to meet customer needs while generating a profit. • Marketers consider 3 factors to do this: • New Sports / Opportunities • Gross Impression • Timing

  17. Goals • New Sports / Opportunities • Skateboarding, snowboarding, arena football, curling • Winter X Games • Gross Impression • # of times per advertisement, game, or show that a product or service is associated with an athlete, team, or entertainer

  18. Goals • Timing • Fans want products and services that identify them with winning teams and athletes. • Marketing efforts may need to be tweaked based on changes in winning trends. • “Time is Money”, “Every loss is costing us $x”……

  19. Value of Sports Mktg. • Sports impact individual and family budgets • Little league games • Bowl games • The auto industry • Restaurants, hotels, parking lot attendants, etc. • Construction • Emotional Value • Different “channels” • $$$$ to advertise

  20. Value of Sports Mktg. • Name three ways that sporting events help boost the local economy and/or national economy.

  21. Entertainment Marketing Section 1.3

  22. Entertainment for Sale! • Purpose of Entertainment Marketing: • to influence how people choose to spend their time and money on entertainment • We’ll look @ this in 2 ways: • As a product to be marketed • How marketing uses entertainment to attract attention to other products

  23. What is Entertainment? • WHATEVER people are willing to spend their money and spare time viewing rather than participating in. • Can include sports or the arts and can be viewed in person or in broadcast or recorded form • Sports is defined as something that requires athletic skill • Entertainment is defined as watching something. Usually applies to movies, theater, music concerts, the circus, etc.

  24. History • Some important happenings in the world of entertainment: • Louis Le Prince – made 1st movie with moving pics (1888) • 1st movie with sound – The Jazz Singer (1927) • 1st animated film – Mickey Mouse’s Steamboat Willie (1928) • 1st full-length animated film – Snow White (1938) • Disneyland opened in 1955 due to popular response • Disneyland posed a brand new way to market a product

  25. The Big Eye in every room! • When TV entered into every home in America, sports & entertainment marketers found a highway into the billfolds of consumers. • It’s ever increasing influence • The number of tv stations grew from 9 in 1945 to 98 by 1949! • Change • What was few is now many • New Technologies

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