Sports and Entertainment Marketing Concepts – Flashcards
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7 Functions of Marketing
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Distribution, Marketing-Information Management, Pricing, Product/Service Management, Promotion, Selling, Financing
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Distribution
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Involves determining the best way to get products or services to customers
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Marketing-Information Management
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Gathering and using information about customers to improve business decisions
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Pricing
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The process of establishing and communicating to customers the value of goods and services
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Product/Service Management
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Designing, developing, maintaining, improving or acquiring products or services to satisfy customer needs and wants
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Promotion
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Uses advertising and other forms of communication to distribute information about products or services
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Selling
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Any direct and personal communication with customers to assess and satisfy their needs and wants.
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Financing
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Requires the business to budget for its own needs and provide customers with assistance in paying for the company's products or services
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Target Market
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A specific group of consumers an organization selects as the focus of its marketing plan
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4 Ps of Marketing
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Product, Price, Place, Promotion
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Product
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Whatever a business offers to customers to satisfy their needs and wants
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Need
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A basic necessity
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Want
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Any unfulfilled desire
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Price
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The amount that customers pay for products, goods or services
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Discretionary Income
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The amount of money people have available to spend after paying for necessities
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Place (Distribution)
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Involves the location and methods used to make products available to customers
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Channel of Distribution
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The path a product takes from its producer or manufacturer to the final user.
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Mass Media
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Forms of communication designed to reach large numbers of people.
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Platforms
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Types of delivery systems
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