Sports Marketing Final
Terms in this set (17)
3 Steps in Marketing Process?
Difference between market and target market
Market is a large group of people who share the same needs, target market is a specific demographic, geographic, and psychographic
Characteristics of Mass Marketing
Aiming for the masses, no specific strategy, proven very ineffective
Characteristics of Market Identification
Research your product
Find target market
Understand the needs and wants of your target market
Utilize your marketing budget to appeal/satisfy these wants or needs
What considerations go into establish the "price" for a new product?
Influences customers buying decisions
Cost of marketing/buying
Marketing expenses & competition
What consumer is willing to pay
4 Types of Promotion
Commercial on TV
"Buy One Get One Free"
Getting a famous popular sponsor to endorse the product
Door to door promoting/selling the product
5 Platforms of a Sports Event Pyramid
Examples of 5 Platforms
2 Arrows that Stretch the Pyramid
Personal Connections-Going up the pyramid
Amount of People-Going across the bottom
Which of the 5 P's must you know FIRST before establishing a marketing plan?
Characteristics of Target Market
What they do in free time