Using the 4 Ps to Market Violence Essay Example

good or service. Hotel customer service is an example of a service product, whereas cell phones and their service providers are examples of product services. Identifying products offered by companies like Nike (footwear) and CocaCola (soft drinks) is straightforward. The focus of marketing is on satisfying customer demands with the particular goods or services being sold. An overall assessment of the product includes additional features such as warranty, guarantee, and support.

The Ultimate Fighting Championship, or UFC, is the primary organization for mixed martial arts worldwide. Its pay-per-view and cable broadcasts showcase competitive events to audiences globally. The UFC aims to deliver top-quality productions that captivate viewers in one of the fastest-growing sports internationally, resulting in a continually increasing fan base.

The UFC, like football, baseball and boxing, has established itself as a genuine product for recreational viewing. Once the product is recognized, its cost can be determined - which is essentially what customers pay to use it. Several elements are taken into account when deciding on the price point: market share, competition from rivals, production costs, product promotion, and customer perception of value. In some instances, companies may revise their pricing strategy based on changing market trends.

When considering the marketing mix, it should be noted that price encompasses more than just monetary value. It also encompasses trading goods or services for time and effort. The UFC generates revenue mainly through live event attendance and pay-per-view sales at prices comparable to top-tier boxing matches. As the sport has gained popularity and technology has improved, pay-per-view costs have risen. Once the product and pricing are established, a promotion strategy must be developed.

Promotion encompasses all communication used by a

business in their marketplace and has four key facets: advertising, public relations, word of mouth, and point of sale. An effective promotion strategy requires a certain amount of crossover among these elements. Components of promoting a product include publicity, advertising, personal selling, and branding. Communication that has been paid for constitutes any form of advertisement, such as television, radio, internet ads, print media, billboards, and cinema commercials.

Public relations involve communication methods that are not paid for, such as sponsorship agreements, conferences, seminars, events, and press releases. Informal channels of communication, such as word of mouth recommendations from satisfied customers or designated promoters, also play a role in promoting a product. When a company optimizes the marketing mix by appropriately arranging the four Ps (product, price, place, and promotion), they can enhance their marketing effectiveness and results. Adjustments to the marketing mix are often indicative of a strategic shift.

Whether adjusting the product's price point in large or small increments, it can signal a change in the product's position or serve as a promotional offer. The UFC has infiltrated various forms of advertising, such as television, radio, print ads, the internet, and regardless of the challenge at the start, through word of mouth. A remarkable feat in itself. Since its acquisition by new management on February 23, 2001, UFC has been consistently striving to differentiate itself from its infamous portrayal of being a no-holds-barred spectacle. Formerly branded as "human cockfighting" by Senator John McCain, UFC's dedicated marketing team has been tirelessly working to overturn that negative image.

Contemporary advertisements for combat sports emphasize the proficiency and athleticism of fighters instead of the conventional "two men enter, one

man leaves" approach. The UFC's adherence to regulations and weight categories, as well as measures to ensure fighter safety, enabled them to obtain endorsement from state athletic commissions and market mixed martial arts as a sport. Distribution of products can vary from point-of-sale display to retail stores.

The distribution channels for a product or service, referred to as "place," and including pay per view, retail, and online streaming, are part of the fourth element of the marketing mix. This element also considers the target market's geographic location, industry, and demographics. The UFC has taken advantage of its global popularity by hosting events in Canada and the United Kingdom.

Access to UFC fights has diversified with availability on cable TV, the internet, and through local retailers selling DVDs.