unit one notes Flashcards
what is marketing
The planning, pricing, promoting, distributing, and selling of goods and services to satisfy consumers’ needs and wants.
B2B
higher prices items; focusing on personal selling
B2C
focus on consumer goods; investing in demand and popularity
4ps
Product, Price, Place, Promotion
Marketing core standards
- Distribution
- Marketing information management
- Pricing
- Product/service management
- Promotion
- Selling
Place vs convenience
how and where people are willing to buy the product/service
Price vs value:
price is what you pay, value is what you get
Planning and implementing activities with and through:
Sports product/service
Entertainment product/service
- Through: coke and super bowl
- With: Marvel movie trailer
Need
essential for survival, wellbeing and functionality
Wants
desires going beyond necessities
Consumer motivation (Maslow’s hierarchy of needs)
Self-actualization
Esteem
Love and belonging
Safety needs
Psychological needs
Income
Gross income - what you get
Disposable income - after taxes
Discretionary income - after paying bills
Technology
enhances shopper experience
- VR
- Online shopping
- Bauer game fit
Decision-making process
- Need/problem recognition
- Information search
- Evaluation of alternatives
- Purchase decision
- Post-purchase evaluation
Target Market
Target market influence on distribution strategy, promotional, pricing, and approach to product design and development
Demographics
age, gender, etc.
Psychographics
interests, hobbies, beliefs
Behavior:
purchase behaviour; habits
Geographics
urban, rural, suburban
Categories of sports
- Professional athletes
- Recreational
- Amateur
- College/Uni
- High School sports
- E sports
Professional athletes
ability to earn an income from a particular sport
- Managing organizations in professional sports
- Sports franchises
-Revenue through stadium sales/sponsorships
Recreational
for fun: golf, bowling hiking, skiing
Amateur
an athlete who either does not accept money or accepts it under a regulatory body for participating in a competition
College/Uni
NCAA/U Sports: are national organizations that govern college/university athletics and oversee important decisions pertaining to athletics.
high school sports
pride and part of tradition
e-sports
competition of video games
more categories of sports
Olympic sports
Paralympics and Special Olympics
International sporting events
Women’s sports
Extreme sports
Entertainment is:
Whatever people are willing to spend their money and spare time viewing rather than participating in
Live performances
- Theaters and concerts
- Theatres are historical - storytelling
- Energy and interaction from audiences
Digital Entertainment
- Tv shows, movies, podcasts, YouTube
- Accessible content anytime
Sports and Games
- Professional sports
- Esports
Social and Interactive Entertainment
- Amusement parks, escape rooms, festivals, fairs, etc.
- Physical and social interaction
Artistic Expression
Art exhibitions, museums, dance performances, literature readings.
Direct Competition
Offering same or the similar products to the same target market
Indirect Competition
Companies or entities offering different products or services that can satisfy the same customer needs or wants
Differentiation
stand out from competitors; create different brand, product, or service
Innovation
new product, service, or processes
Customer experience
improve customer service; offer luxury seating, early access
Pricing strategies:
not sustainable long-term
19th century
Saw rules and organization of sports turn into leagues
Starting with cricket/soccer in Britain
Industrial Revolution
Brought about urbanization
More time for engaging and watching sports
late 19th century
Separation between amateur and professional athletes
Professionals getting paid in sports like boxing and baseball (MLB, 1876)
Early 20th Century
NFL solidifies league (1920)
Radio broadcasting
Allowed fans to follow their teams in real-time
Increased accessibility to, and popularity of, sports
First broadcast of World Series - 1921
First World Cup held in 1930
- Increased global appeal for sports
William “Bill” Veeck
Owned 2 baseball teams - cleveland indians and chicago white sox
Introduced grandstand-style entertainment to fans:
Fireworks
Dazzling scoreboards
Special-event nights
Mid 20th Century - Commercialization + Globalization
Television
Corporate Sponsorships
Television (Mid 20th Century)
Became dominant medium for sports
Massive viewership led to huge advertising opportunities
Instant replay + slow-motion technology used (1967 Super Bowl)
Corporate Sponsorships (mid 20th century)
Sponsorship deals
Branded stadiums
Athlete endorsements
Late 20th Century - Modern Sports Business
Athletes become global icons
Sports Marketing - a specialized industry
Expansion of leagues and franchises
21st Century - Digital Age and Global Reach
Digital Media
Digital Media (Cont’d)
- Digital billboards in stadiums
- Networks using AR and VR to display ads that appear on broadcasts are not visible to in-stadium audiences
E-Sports
Video games and competitive gaming (e-sports) have emerged
Corporate Social Responsibility
Athletes and sports organizations are more involved in social and environmental causes
Affects brand partnerships and marketing strategies
Early forms of entertainment
Theatrical performance, storytelling, sports
Religious and political functions
Medieval & Renaissance Europe
- Shaksperean England - 1500s to 1600s
18th-19th century - the rise of pop culture
- Theater and opera - rise of middle class
- Circuses and fairs
Late 19th, early 20th century - mass entertainment
- Radio broadcasting (1920) - soap operas started airing in 1925 5x per week
- Film industry
The Golden Age (1920s till 1950s)
The studio system - paramount, warner brothers, etc. controlled every aspect of film production - global role
Television - decline of movie going experience
Expansion (1960s-1990s)
Television (many networks available now - able to cater to all target markets)
Music - introduction of cassettes and CDs
Videos games - home consoles such as Atari and Nintendo
Internet - invented in 1983
The digital age (2000s - now)
- Internet and streaming
Social media - 2+ forms of entertainment: Marvel, Disney Star Wars: multi-billion dollar franchises
- Video games, tv shows, movies, theme parks, merchandise
