Sports and Entertainment Marketing 2.01 Explain the concept of marketing.

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Presentation transcript:

Sports and Entertainment Marketing 2.01 Explain the concept of marketing.

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

PRODUCT The goods and services 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 setting. Price will be set based on product demand, cost, and competitors’ actions. B. Terms. Will the company only accept cash? Will the company extend credit? What type of credit will the company extend?

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

PLACE (distribution) Making products available at the right time and location. A. Channels 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 transportation 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 persuading customers of the goods and services 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?

The Marketing Mix (4 P’s) Nz_nnrq8 Nz_nnrq8

Sports and Entertainment Marketing Book Read page 32 – 36 Discuss 4’s and how sports and entertainment differentiate from traditional.