fbla sports and entertainment marketing

What is the importance of marketing in sports & entertainment?

Connects fans and consumers to experiences, increases revenue, builds brand loyalty

Why are sports/entertainment products unique?

They are intangible experiences and unpredictable

What are the 7 marketing functions?

Selling, Promotion, Pricing, Product Management, Distribution, Marketing Information Management, Financing

Selling

Persuading customers to purchase tickets, merchandise, or services

Promotion

Communication used to inform and persuade customers (ads, PR, sponsorships)

Pricing

Determining how much to charge for tickets or products

Product Management

Managing events, teams, experiences

Distribution

How products or tickets reach customers

Marketing-Information Management

Collecting and analyzing data to make decisions

Financing

Budgeting and managing money

Step 1 of market research

Define the problem

Step 2 of market research

Develop a research plan

Step 3 of market research

Collect data

Step 4 of market research

Analyze data

Step 5 of market research

Present findings

Step 6 of market research

Make decisions

What are the Four P's?

Product, Price, Place, Promotion

Product (sports & entertainment)

Event, team, experience

Price

Ticket cost, fees, discounts

Place

Venue location, online platforms

Promotion (Four P's)

Advertising, PR, sponsorships

Market segmentation

Dividing a market into specific groups

Demographic segmentation

Age, gender, income

Geographic segmentation

Location

Psychographic segmentation

Lifestyle, interests

Behavioral segmentation

Loyalty, usage, buying behavior

Cost-based pricing

Price based on production cost

Demand-based pricing

Price based on consumer demand

Dynamic pricing

Prices change based on demand

Psychological pricing

Pricing that influences perception (e.g. $49.99)

Premium pricing

High prices for exclusive experiences

Markup formula

Selling Price − Cost

Markup percentage formula

(Markup ÷ Cost) × 100

Season tickets

Discounted tickets for multiple games

Group ticket sales

Discounts for large groups

Branding

Creating a unique image and identity

Branding challenge in sports

Athlete behavior affects brand image

Brand consistency

Maintaining a consistent brand image across all platforms

Sponsorship

Company provides support in exchange for exposure

Endorsement

Athlete promotes a product

Advertising goal

Increase awareness and sales

Product placement

Brand shown in media or events

Publicity

Free media exposure

Key facility location factors

Accessibility, population, cost, safety

Operating procedures

Day-to-day rules for running a facility

Facility financing methods

Public funding, private funding, sponsorships

Support activities

Concessions, security, parking

Risk management

Identifying and reducing potential dangers

Four risk management strategies

Avoid, reduce, transfer, accept

Event triangle

Participants, spectators, sponsors

First step in event planning

Set objectives

Factors affecting attendance

Price, promotions, team performance, weather

Form utility

Creating the product

Place utility

Making product available where needed

Time utility

Making product available when needed

Possession utility

Transfer of ownership

Human resources (HR)

Managing employees in an organization

Main HR responsibilities

Hiring, training, compensation, relations

Why job descriptions are important

Clarify duties and reduce confusion

Recruiting

Finding qualified employees

Retention

Keeping employees long-term

Compensation

Pay and benefits

Fringe benefits

Non-wage compensation (insurance, perks)

SWOT analysis

Strengths, Weaknesses, Opportunities, Threats

Benchmarking

Comparing to industry best practices

Types of sports organizations

Amateur, collegiate, professional

Goals of promotion

Awareness, sales, brand image

Advertising forms

Print, broadcast, digital, social media

Sales promotion

Short-term incentives to boost sales

Economic impact of events

Jobs, tourism, local spending

Supply and demand

High demand increases price

Major revenue sources

Tickets, sponsorships, media rights

Budget

Plan for income and expenses

Break-even point

When revenue equals expenses

Distribution channels

Box office, online, mobile apps

Sales process steps

Prospecting, approach, presentation, close, follow-up

Ticket broker

Resells tickets legally

Ticket scalper

Resells tickets illegally or unethically

ADA

Requires accessibility for people with disabilities

Title IX

Gender equality in education and sports

Contracts

Legal agreements between parties

Labor unions

Represent athlete interests

Public relations (PR)

Managing public image and communication

Celebrity endorsement benefit

Increased credibility and visibility

Ethics

Moral principles guiding behavior

Unethical behavior impact

Loss of trust, legal trouble

Licensing

Permission to use logos or brands

Royalties

Fees paid for licensed products

NCAA role

Governs college athletics

NAIA & NJCAA

Governing bodies for smaller colleges

Sports & entertainment careers

Marketing, management, media, finance

Career portfolio

Resume, cover letter, work samples

Four functions of management

Planning, Organizing, Leading, Controlling

Decision-making step 1

Identify the problem

Strategic planning steps

Analyze environment, set goals, develop strategies, implement, evaluate

Leadership styles

Autocratic, democratic, situational, open

Motivation techniques

Recognition, incentives, growth opportunities

Strategy levels

Corporate, business, functional

MIS importance

Data-driven decisions, improves efficiency, competitive advantage

Sponsorship types

Title sponsor, presenting sponsor, official sponsor