Sports marketing unit 3
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Why is it critical that sport marketers first give careful attention to these 4Cs?
Ignoring one of the 4 C’s increases chances of making wrong marketing mix decisions
Product
What the sport company is trying to sell
Price
The exchange value of a product
Place
The process of getting the sport product to the consumer
Promotion
Marketing communication used to publicize a sport product or organization
What five items are considered products in the sport industry
Goods and services, as well as people, places, and ideas
What is meant by the term “product differentiation”?
A marketing process that showcases the differences between products
How can the price of a product be manipulated?
Promotional pricing
What major factor determines the type of distribution required in the sport industry?
Type of product offered
List some of the promotional methods that can be utilized by sport marketers
television commercials, print advertisements in magazines, direct-mail advertising, promotional pricing, and “giveaways”
What is the aim or goal of promotional activity?
to attract the consumer’s attention, generate enough interest to create desire, and to convince a consumer to act or purchase it (AIDA)
Why is it important for marketers to take into consideration the interrelationship of the individual marketing elements
each element affects each other element
List and define the two broad categories of products in the sport business industry.
Tangible product: Physical, good Intangible product: Not physical yet can be produced and purchased
Function
What the product allows the consumer to do
Benefit
What the consumer derives from the product,
Utility
Attribute in product that makes it capable of ratifying human needs
Marketing plan
comprehensive document or blueprint containing specific details regarding the 4 P’s
What is meant by a product category? Why is product classification useful to sport marketers?
a group of products that are either exactly alike or have similar characteristics
Distinguish between Business-to-Consumer (B2C) and Business-to-Business (B2B) classifications of product.
B2C: Products offered to consumers by the sports industry B2B: Products offered from one business to another
What are the three broad industry segments that can be found within the sport industry, and what do they consist of?
Sport performance, sport production, sport promotion
Identify and explain what occurs during each of the four stages of the product life cycle.
Introduction stage: Product is created and offered to consumers Growth: Consumers, products sold/made, and profits are increased Maturity: Competition is fierce, bigger moves and changes to the company and product are made Decline: Sales decrease as product is no longer in demand, immense changes must be made if company wishes to revive
Product mix
Complete set of product lines
What are the three variables that can be used to describe the product mix of a sports company?
Width, Length, Depth
Product line
A set of closely related products