Sports and Entertainment Marketing 2.01 Explain the concept of marketing.

Marketing The process of _______, promoting, _______ and distributing products in order to satisfy customers’ needs and wants. Marketing involves all the activities necessary in getting a product from the producer to the consumer.

Marketing Concept Businesses become successful by directing all of their efforts to satisfying the ______ and ______ of the customers. Businesses make a profit by offering the ______ and services that the consumer wants. Recognizes the importance of the consumer in the buying process.

The ______ Functions of Marketing 1.Marketing Information Management 2.Product/Service Management 3.Financing 4.Pricing 5.Promotion 6.Selling 7.Distribution

Marketing-Information Management Obtaining information needed to make sound business decisions. Example: Taste tests and surveys.

Product/Service Management A. _____ Management: preventing or reducing business loss. B. ________: Buying goods and services for use in the day-to-day about where a product is sold. Concepts and procedures necessary to obtain, develop, maintain, and improve a product or service mix in response to market opportunities.

Financing Obtaining _______ needed to finance the operation of a business. This includes bank loans and offering credit to customers.

Pricing Determining a value to charge for goods and services. It is important to consider ________ and what consumers are willing and able to pay.

Promotion ___________ used to inform or remind people about a business’s products. ________ also involves persuading customers to purchase a product. Your AD here!

Selling Determining customer _____ and ______ through planned, personalized communication intended to influence purchase decisions and ensure satisfaction.

Distribution The _________, _______ and ________ of goods on their way from the manufacturer to the consumer. This includes the decisions about where to sell a product.

The Four P’s of Marketing The _______ mix, known as the four P’s, is a combination of decisions a business must make in order to best reach its target market

PRODUCT The _______ and ________ a business will offer to its customers A. Choice of product: Will the business offer a variety of products? B. Packaging: Does the packaging protect the product and provide necessary information about the product?

PRODUCT continued . . . C. Level of quality: What level of quality will the business ensure? D. Brand name: What brand name products will the business offer? E. Warranty: Will the business offer a warranty to its customers to ensure satisfaction?

PRICE The amount a business charges customers for their products A. ________. Price will be set based on product demand, cost, and competitors’ actions. B. ________. Will the company only accept cash? Will the company extend credit? What type of credit will the company extend?

PRICE continued . . . ________. Will the business offer discounts to employees? Locals? Will the business discount merchandise at certain times of the year?

PLACE (distribution) Making _______ available at the right time and location. A. ________ of Distribution: the path a product takes to get from the producer to the consumer B. What specific stores will offer the products? (wholesaler, retailer, department, discount, etc.)

PLACE continued . . . C. What method of __________ will be used to get the product from the producer to the consumer? (truck, train, place, boat, pipeline) D. How will inventory be handled and controlled? (methods- physical, storing, checking, or receiving)

PROMOTION Informing, reminding, and _________ customers of the goods and ________ available to them. A. What will the message be? B. When will the message be delivered?

PROMOTION continued . . . C. Where will the message be delivered? ___________________ D. What inducements will be used to encourage customers to purchase the product? E. How will the message be delivered?