Week 9 - Sport Marketing Flashcards
History of marketing
3 things
- Economic exchange of goods and services
- Exchange theory
- Relationship marketing
Marketing — Two primary schools of thought
A. Marketing management
B. Consumer behavior
What is marketing?
The activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
What is sport marketing?
Activities that provide organization with access to properties where people have unbridled passion for their team, their sport, their favourite equipment, their favourite ball cap
Marketing OF sport
- Marketing sport products and services directly to spot consumers
- participants or spectators
Marketing THROUGH sport
- marketing other consumer products/services through sport promotion
- some companies use sports as a communication tool (using sports to communicate)
7 steps in a marketing plan
- Understand the marketing environment
- Understand consumers needs
- Segmentation
- Targeting
- Positioning
- Marketing mix
- Implement & evaluate
Step 1: market environment
- understand the current situation
- forecast that future market climate
Step 1: market environment - Why the marketing plan is being created?
- mission
- examine the organizations core values
- clearly defined, measurable goals and objectives
Step 2: consumers needs - what is being offered to consumers
- tangible or intangible elements
- game or event itself
- core product — product extensions
- core service — ancillary services
Are the offerings meeting needs?
- market research
Step 3: segment consumers — market research & segmentation
segementation type
- demographic segmentation
- psychographic seg
- geographic seg
- behavioural seg
Clusters according to selected characteristics
Step 4: target consumers — market research & segmentation
- demographic segmentation
- psychographic seg
- geographic seg
- behavioural seg
Clusters according to selected characteristics
Targets consumers with similar wants, needs and interests
Step 5: position
Competitive advantage —> value proposition
- what will you offer that no one else does (cost leadership, differentiation, focus)
- branding — name, design, image, personality
Step 6: marketing mix (4P)
Product — the good or service that is offered
Place — where the exchange takes place
Price — the value of the exchange
Promotion — communication with the consumer
What is product?
A good, service, or any combination of the two that is designed to provide benefits to a sports spectator, participant, or sponsor
What is a place?
The ability to purchase and/or receive the product at a convenient and accessible location
What is a price?
What a consumer gives up in exchange for using or owning it
- monetary
- time
- opportunity
How to set the right price?
- Set the price goal
- Determine price sensitivity
- Break even analysis
- Assess price variables
- Set pricing tactics — competition, cost and customer value based
- Set price point
What is promotion?
Communication that will reach the target market
What are components of promotional mix
marketing strategies/techniques company uses to promote its products
Advertising — paid and control by the organization
Personal selling — a person that tries to sell on or many things (tickets)
Sales promotion — discount to stimulate sales
Sponsorship — partnership between two entities
Publicity — awarded indirectly to the organization
Public relations — interactions with the public
Step 7: implement & evaluate
Implement — the plan from the previous stage
Evaluate — monitor performance based on pre-determined criteria and KPIs
