Chapter 12: Sports Marketing – Flashcards
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Sports Marketing defined
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the process of promoting and distributing of a sport product or business to satisfy the needs or desires of consumers and achieve company objectives
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5 Unique Characteristics of Sport
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1. aspects of sport are intangible (can't buy it) 2. sports involves emotions 3. sports is subjective and heterogenous 4. Sports are inconsistent and unpredictable 5. sport is perishable
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In relation to the individual in sports:
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a sport team team is objective/specific to the individual
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Sport is perishable:
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sport is produced and consumed at the same time
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Marketing Mix (aka 5 P's)
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1. Product 2. Price 3. Place 4. Promotion 5. PR
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Developing a Sport Marketing Plan
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- is central to the sport marketing plan - manipulated by sport marketers' strategic plans integrated with other elements for optimal success
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10 Steps (or 10 P's) to developing a sport marking plan:
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1. purpose 2. product 3. projecting on the market 4. position 5. players 6. package 7. price 8. promotion 9. place 10 promise
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10 Step Process for Developing a Sport Marketing Plan
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1. identify the purpose of sport marketing plan 2. analyze the sport product 3. project the market climate 4. position the sport product 5. pick players 6. package the sport product 7. Price the sport product 8. promote the sport product 9. place the sport product 10. promise of the sport marketing plan
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When analyzing sport product, analyze: (4)
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1. dynamic and complex nature of the sport product 2. dimensions of the sport product 3. core product 4. product extensions
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SWOT Analysis
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stands for Strength, Weakness, Opportunity, Threat - assesses internal strengths and weaknesses - assesses external opportunities and threats
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Marketing Plans should: (2)
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1. maximize strengths and opportunities 2. minimize weaknesses and threats
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Step 4: Positioning the Sport Product
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- differentiating product from competing products - creating a distinctive image of the product
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Elements of Effective Communication Practices
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- using honest and non-offensive communication
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Branding
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using a name, design, or symbol to differentiate a sport product
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4 Aspects of Branding
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1. brand awareness (being able to identify the brand) 2. brand image (reputation of company) 3. brand equity (amount willing to pay for product) 4. brand loyalty (repeat buyers)
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Step 5: Pick players
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- analyze and target consumers; grouping and selecting the right consumers - market segmentation
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Market Segmentation
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- used to identify target audiences - segmenting consumers into 4 areas
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4 areas of segmenting consumers
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1. demographics 2. psychographics 3. media preferences 4. purchasing behavior
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Step 6: package the sport product
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presenting product in best possible manner
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Step 7: Price the sport product
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determining value of the product - price is the most visible and flexible element -
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??? Factors to consider when Developing a Pricing Strategy ????
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????
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????? Unique aspects and complexity of sport pricing ?????
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????
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Step 8: promote the sport product
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- communicating desire - educating and informing target audiences - persuading target audiences to purchase
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8 Elements of Promotion Strategy
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1. advertising 2. publicity 3. activities and inducements 4. public relations 5. community relations 6. media relations 7. personal selling 8. sponsorship
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Step 9: Place the sport product
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- location of product - distribution point of origin - geographic location of target markets - other channels
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Step 10: Promise of the sport marketing plan
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- evaluating extent to which plan met its promise - requires obtaining and analyzing feedback
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3 Terms for Target Markets
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1. Demographic 2. Geographic 3. Psychographic
