WF SEM I SPORTS MARKETING BASICS Recognize the importance of marketing.

Marketing can be Defined two ways: 1) an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. 2)Marketing is the creation and maintenance of satisfying exchange relationships.

Marketing actually is… Marketing involves all the activities necessary to get a product from the producer to the consumer! Marketing is a bridge or a link between the producer and the consumer.

A target market is… The group of consumers/customers a business desires to have buy their products.

Products are… Both goods and services Goods (tangible) vs. Services (intangible) CAN BE TOUCHED! CANNOTBE TOUCHED!

The marketing concept is… A business approach that directs all marketing efforts towards satisfying customer’s needs and wants. Understanding that everything a business does revolves around the customer. The customer is # 1. The customer is always right.

The benefits to marketing are… New and improved products Unusual products Lower prices

Benefits of Marketing Continued… Improves the Quality of Life, which is? Raises the standard of living, which is? Makes buying convenient Adds Utility (Value) to products –5 types (Form, Place, Time, Possession, Information)