Presentation on theme: "What is Marketing?. Primary Learning Objectives Define Marketing Understand the difference between a good and a service Understand the seven functions."— Presentation transcript:
What is Marketing?
Primary Learning Objectives Define Marketing Understand the difference between a good and a service Understand the seven functions of marketing and how they apply in Sports and Entertainment marketing
What is marketing? Marketing: all business functions involved in developing, promoting, and distributing products in order to satisfy customers’ needs and wants. Products include both Goods and Services
Marketing Goods are tangible products Products that can be touched Includes: Sports equipment Bobble-Head Dolls T-Shirts Services are intangible products Products that can not be touched Includes: Ticket buying services Entertainment
Functions Of Marketing All the marketing activities you see daily can be classified into seven functions of marketing
Seven Functions of Marketing Marketing Research MIM Planning DistributionFinancingPricingPromotion Selling MIM=Marketing Information Management
Marketing Research or M arketing Information Management The process of collecting the marketing information needed to make sound business decisions. How much to charge for tickets Which products to carry Product Packaging Labeling Branding
Product Planning All the decisions a business makes in the production and sales of its goods and services. Which products (Player/movies) to carry Product Name Product Packaging (Uniforms/Stadium/Theater) Labeling Branding
Distribution Making decisions about where to sell your product, how to get them there, and how to store them. Includes: Marketing Channels: Retail, Online, Door to Door Methods of transportation Storage/Warehousing
Financing Locating and securing monies needed to operate a business and develop new products. Includes decisions about customer credit and payment options.
Pricing Deciding how much to charge for goods and services Price Affected by: »Competition »Customer »Costs of gathering information (Research) »Costs of financing business »Costs of Payroll »Costs of advertising and promotion »Distribution costs »Level of profit
Pricing What is a “reasonable price?” Whatever the customer is willing to pay.
Promotion Any form of communication used to inform, persuade, or remind people about business’s products, and improve it’s public image. Advertising Public Relations Sales Promotion Personal Selling Visual Merchandising
Selling Providing customers with goods and services they want to buy. Includes selling in the retail market to you, and in the industrial market where products are purchased for use in business operations.
Review What is marketing? What are the seven functions of marketing Give an example of a good and a service.