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Economic Utility in Sports & Entertainment Marketing. How do we add value?. Written by: Memory Reed Georgia CTAE Resource Network 2010. Economic Utility. What is it? Adding value to goods and services Increasing customer benefits from their purchases of goods and services

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economic utility in sports entertainment marketing

Economic Utility in Sports & Entertainment Marketing

How do we add value?

Written by: Memory Reed

Georgia CTAE Resource Network 2010

economic utility
Economic Utility
  • What is it?
    • Adding value to goods and services
    • Increasing customer benefits from their purchases of goods and services
    • Making goods and services more useful
economic utility and sports entertainment marketing
Economic Utility and Sports & Entertainment Marketing
  • How do we add value to sports & entertainment marketing?
    • Make the event an “experience”
    • Do more than just play the game or put on the show - have contests, have activities for fans to be involved in, give them more than just the “show”
why should we add value
Why Should We Add Value?
  • Increase Sales to Increase Profit
  • Why increase profit? The purpose of business is give the owners a profit.
  • How does adding value increase profit?
  • What is the motive to increase value? To increase profit. The profit motive is what drives our economy.
forms of economic utility
Forms of Economic Utility
  • Form Utility (Production)
  • Place Utility (Marketing)
  • Time Utility (Marketing)
  • Information Utility (Marketing)
  • Possession Utility (Marketing)
form utility in s e marketing
Form Utility in S&E Marketing
  • What is form utility in S&E Marketing?
    • The production
    • The sports event (the game)
    • The entertainment event (the show)
    • Production process of the memorabilia
    • Production process of the clothing lines (t-shirt, jersey, hat, costume, etc.)
    • Can you think of any other form utilities in S&E?
place utility in s e marketing
Place Utility in S&E Marketing
  • What is place utility in S&E Marketing?
    • Having the event at a convenient location for customers to attend
    • Having the event at a “cool” location for customers to attend
    • Having the event in a location that is large enough
    • Having the event in a location that is comfortable
    • Can you think of any other place utilities in S&E?
time utility in s e marketing
Time Utility in S&E Marketing
  • What is time utility in S&E Marketing?
    • Having the event available at a convenient time
    • Having the event at the right time of year for the type of event
    • Promoting the event during the right time of year for the event (ex. light display during the holidays, haunted house during October, baseball games during the spring & summer)
    • Can you think of any other time utilities in S&E?
information utility in s e marketing
Information Utility in S&E Marketing
  • What is information utility in S&E Marketing?
    • Getting information to the customers about the product or service by advertising and promotions
    • During events give information about upcoming events
    • Make each event so much fun for the customers that they want to come back
    • Can you think of any other information utilities in S&E?
possession utility in s e marketing
Possession Utility in S&E Marketing
  • What is possession utility in S&E marketing?
    • Adding value by making it easy for the customer to possess the product
    • Allowing the customer to pay with various types of payment (PayPal,Credit Cards, Debit Cards, etc.)
    • Running promotional packages that make it easier to purchase
    • Making tickets available a long time in advance so customers can raise the money
    • Can you think of any other possession utilities in S&E?
activity
Activity
  • Turn to your partner and brainstorm 5 ways your favorite sports team or entertainer (entertainment venue) can or do use each of the utilities. Write 5 for each utility as well as the team or entertainer/venue on a piece of paper to turn in.
  • When everyone is done, each team will stand and give their top use for each utility.