What is Marketing? Branding Branding Branding

The Importance of Sports Marketing The Sports Marketing industry has become one of the most profitable industries in the United States.

Marketing Defined Because of competition, an organized marketing plan is essential. marketing the process of developing, promoting, and distributing products, or goods and services, to satisfy customers’ needs and wants. Goods are tangible items, such as sports equipment. Services are intangible products, such as sports tickets.

The Marketing Concept Successful organizations recognize the importance of their customers and follow a marketing concept. Marketing concept is the idea that organizations need to satisfy their customers while also trying to reach their organizations’ goals. Therefore, to be profitable, businesses must focus their efforts on customers’ needs and wants.

The Market Market consists of potential customers with shared needs who have the desire and ability to buy a product. Potential customers are referred to as a market if they meet certain criteria. Identifying the market, or potential customers, is important because businesses need to know whom they need to satisfy.

Needs and Wants Organizations spend lots of money to learn about their customers needs and wants. needs a basic necessities such as food, clothing, or shelter. wants are things that people desire based on personality, experiences, or information about a product. For example, you may get thirsty (a need), and from your past experience, you desire Gatorade (a want).

The Target Market Target Market is a specific group of consumers that an organization selects as the focus of its marketing plan. Everyone in your family may not want the same type of shoe that you like. Companies such as Nike recognize the differences in customer needs and create shoes for soccer, basketball, running, etc. Each type of shoe is Targeted for a smaller group of people within a larger market.

Mass Marketing vs. Market Identification Back in the 1950’s Mass Marketing was more common than target marketing. Mass Marketing involves promoting products with one key message that is directed to everyone. Toothpaste - Cavities Today, however, market-research companies provide clients with data to determine consumers’ lifestyle characteristics. Toothpaste – Whitening, Cavities, Gingivitis, …

Demographics Every 10 years, the U.S. Census Bureau provides information about the demographics of our nation. Demographics are statistics that describe a population in terms of personal characteristics. Some of the most common demographic categories include age, income, occupation, gender ethnic background, and educational levels.

The Marketing Mix Marketers use a tool to develop marketing strategies called the marketing mix. To be effective, all 4 Ps in a marketing plan must focus on the target market. The marketing mix is a combination of four basic marketing strategies, known as the 4 Ps – product, price, place, promotion.

The Marketing Mix PRODUCT Decisions Product Decisions involve naming, designing, and packaging a product. To design a product, marketers determine what the consumers need. Design: Where sold? Where used? Colors? Licensed? Packaging: Sold individually? Spoilage? Serving Size? Recyclable? Naming: Benefit? Powerade, Vitamin Water Branding? Gatorade

The Marketing Mix PRICE Decisions Price Decisions involve the exchange process between the customer and the seller. There are many factors affect the pricing. What the consumer is willing to pay. Competition Expenses related to Marketing the product. The cost of making or buying the product.

The Marketing Mix PLACE Decisions Place Decisions involve making the product available to the customer. CHANNEL OF DISTRIBUTION The path a product takes from the producer to the consumer. Retail Store? Catalog? Door-to-Door? Factory-Outlet? Internet Retailer? Manufacturer Internet Site? Sports Venue? Supermarket? Infomercial?

The Marketing Mix PROMOTION Decisions Promotion Decisions involve how the goods or services are communicated to the consumer. Promotions may use any combination of advertising, sales promotion, publicity, and personal selling. Television? Magazines? Endorsements? Newspapers? Internet? Door-to-Door? Sports Venues? Event Sponsorships? Infomercial?