WF Sports and Entertainment Marketing I Explain the basic concepts of marketing.

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

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

Product/Service Management A. Risk Management: preventing or reducing business loss. B. Purchasing: 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.

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

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

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

Distribution The transporting, storing and handling 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 marketing mix, known as the four P’s, is a combination of decisions a business must make in order to best reach its target market

The goods and services a business will offer to its customers PRODUCT The goods and services a business will offer to its customers

The amount a business charges customers for their products PRICE The amount a business charges customers for their products

PROMOTION Informing, reminding, and persuading customers of the goods and services available to them.

Making products available at the right time and location. PLACE (distribution) Making products available at the right time and location.