Sports Marketing Chapters 1-3

7 key marketing functions
product/service management, distribution, selling, market research, financing, pricing, and promotion
5 P’s of marketing
product, place, price, promotion, and people
Elastic
will sell more if the price is lower
Inelastic
people will pay whatever it takes because they need it. Example- food and water
Maslow’s hierarchy of needs (bottom to top)
food/shelter, safety, social, esteem, and self actualization
marketing
the creation and maintenance of satisfying exchange relationships
marketing mix
describes how a business blends the five p’s
product
what a business offers customers to satisfy needs
distribution
involves the locations and methods used to make products available to customers
price
the amount that customers pay for products
promotion
describes ways to encourage customers to purchase products and increase customer satisfaction
sports marketing
using sports to market products
target market
a specific group of people you want to reach
disposable income
income that can be spent freely
demographics
the company will find out why the consumers in the target group choose the specific items they buy 2