what is marketing
DESCRIPTION
WHAT IS MARKETING. Sports and Entertainment Marketing. Marketing. Tangible = something you can touch. Goods – tangible products Services – Intangible products. Process of developing, promoting, distributing and selling goods and services to satisfy customers’ needs and wants. - PowerPoint PPT PresentationTRANSCRIPT
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WHAT IS MARKETING
Sports and Entertainment Marketing
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Marketing
Process of developing, promoting,
distributing and selling goods and services to satisfy customers’ needs
and wants
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Goods – tangible products
Services – Intangible products
Tangible = something you can
touch
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The Marketing Concept
The idea that a business should strive to satisfy
customers’ needs and wants while
generating a profit
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The Marketing Mix
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The 5 P’s of MarketingPeople
Price
Place
Product
Promotion
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The 5 P’sPeople – the target market
Product – what is the product – (name, packaging)
Price – what customers are willing and able to pay
Place – where is it sold and how it gets there
Promotion – how is the product marketed5
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Target Market
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…a specific group of people that a business wants to reach with their goods or services
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But….what IS a target market?Characteristic of the marketing you are trying
to reach
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• Age
• Gender
• Ethnicity
• Occupation
• Lifestyle
• Marital Status
• Kids or no kids
• Location
• Income level
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Going the Distance
Trailer 1Trailer 2Trailer 3
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Market SegmentationGeographics – where people live
Demographics – personal characteristics
Psychographics – lifestyle (attitudes/values)
Product Benefits – consumer wants and needs
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7 Functions of Marketing
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Distribution
Financing
Marketing Information Management
Pricing
Product/Service Management
Selling
Promotion
Functions of Marketing
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FinancingGetting the money needed to finance the
operation of a business
Decisions regarding offering credit (payment options) to customers
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Process of collecting information about customer trends, and competitor products
Marketing ResearchUsed to determine customer demographics, buying habits, and attitudes
Ex: JCrew asks for your zip code before you purchase something.
Marketing Information Management
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PricingHow much to charge
for goods and services, most decisions take competition into consideration
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Product/Service Management
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Obtaining, developing,
maintaining, and improving a
product or product line to respond to customer needs
and wantsNew product Development
Monitoring of Existing Products
Elimination of Weak Products
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Promotion
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Any form of communication used to inform, persuade, or remind people about a business’s products
• EX: Free baseball hats are given away at a baseball game
• EX: American Eagle has a Back to School sale in the beginning of September
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SellingProviding customers with goods and services they want to buy.
This includes retail and business to business
EX: A sales person answers questions about the operation of a running watch
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DistributionMaking decisions about where to sell the product and how it gets there
EX: Redskins Apparel Redskins Store (Dulles and Fair Oaks Mall)JCPenney, KohlsOnline Website
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