week 9: sports marketing Flashcards
history of marketing
- Economic exchange of goods and services
- Exchange theory
- Relationship marketing
two primary schools of thought for sport marketing
- Marketing management → marketing from the perspective of the organization
- Consumer behaviour → Relationship marketing from the consumer side
marketing
the activity, set of instructions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
All about the exchange in creating that value
sport marketing
activities that provide organizations with access to properties where people have unbridled passion for their team, their sport, their favourite platers, their favourite coaches, their favourite equipment, their favourite ball cap, etc
Focusing on things like passion
This relates back to the unique features of sport management
Much more about what consumers are thinking and feeling and what their experiences are
marketing OF sport
Marketing sports products and services directly to
sport consumers
Participants or spectators
Marketing THROUGH sport
Marketing other consumer products/services through sports promotion
Some companies use sports as a communication tool (ie. using sports to communicate)
steps in a marketing plan
- Understand the marketing environment
- Understand consumer’s needs
- Segmentation
- Targeting
- Positioning
- Marketing mix
- Implement and evaluate
market environment
understand the current situation, and forecast the future market climate.
Why the marketing plan is being created
Mission
Examine the organization’s core values
Clearly defined, measurable goals and objectives
consumer’s needs
what is being offered to consumers, are the offerings meeting needs?
Tangible or intangible elements
Game or event itself
core product (product extension)
core service (ancillary services)
segment consumers
involves market research and market segmentation
Market research
what is included in segment consumers
- demographic segmentation
- psychographic segmentation
- geographic segmentation
- behavioural segmentation
demographic segmentation
characteristics of human populations
psychographic segmentation
how consumers might describe themselves (ie. someone focused on high performance sport, what you think)
geographic segmentation
physical location, rural communities, by th eocean, land locked area
behavioural segmentation
how consumers occupy their time; what they do
Market segmentation
target consumers
involves market research and market segmentation
market research
Demographic segmentation
Psychographic segmentation
Geographic segmentation
Behavioural segmentation
market segmentation
Clusters according to selected characteristics
Target consumers with similar wants, needs, and interests
position
what will you offer that no one else offers/ you offer better than everyone else
Competitive advantage → value proposition
Cost leadership
Differentiation
Focus
Branding
branding
name , design, symbol, or any combination
Image
Personality
Helps distinguish and differentiate
marketing mix
how we are going to position ourselves in the minds of our consumers
involves:
product
place
price
promotion
product
apart of the marketing mix
the good or service that is offered
A good, service, or any combination of the two that is designed to provide benefits to a sports spectator, participant, or sponsor
place
apart of marketing mix
where the exchange takes place, where can your consumer get it
The ability to purchase and/or receive the product at a convenient and accessible location
price
apart of marketing mix
the value of the exchange, how much do they have to pay
What a consumer gives up in exchange for using or owning it (monetary, time, opportunity)
monetary cost
how much money is someone paying for your service
time cost
have to take into consideration the time it takes to get to your place and then the produce or service
opportunity cost
what opportunities is the customer giving up to attend your service
promotion
communication with the consumer
marketing mix - setting the right price
- Set the goal → are you breaking even, making profit
- Determine price sensitivity → every time you increase your price
- Break-even analysis
- Assess price variables → What do your competitors think, what are they doing
- Set pricing tactics (competition-based, cost-based, customer value based)
- set price point
competition- based
price your products based on what your competition prices theres as
cost based
thinking about how much it costs you to offer the product or service then base that price
customer value based
position the product in the midn of the costumer
promotional mix
- advertising
- personal selling
- sales promotion
- sponsorship
- publicity
- public relations
advertising
paid and control by the organization
personal selling
a person that tires to sell one or many things
sales promotion
discount to stimulate sales
sponsorship
partner between two entities
publicity
awarded indirectly to the organization
public relations
interactions with the public
implement
implement the plan from the previous stage
evaluate
monitor performance based on pre-determined criteria, KPIs
