SEM Chap 04

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Sports and Entertainment Marketing Thomson/South-Western

ChapterChapterChapterChapter

Hit a Home Run with

Customers

4.1 The Marketing Concept4.1 The Marketing Concept

4.2 Discover What People Want4.2 Discover What People Want

4.3 Target Markets4.3 Target Markets

4.4 Customer Service4.4 Customer Service

4

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Sports and Entertainment Marketing Thomson/South-WesternChapter 4Slide 3

Lesson 4.1

The Marketing Concept

Goals

Explain the central focus of themarketing concept.

Explain the reasons for increasedsports and entertainment options.

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Sports and Entertainment Marketing Thomson/South-WesternChapter 4

Slide 4

Terms marketing concept

productivity

breakeven point

opportunity cost

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Slide 5

THE MARKETING CONCEPT About half of every consumer dollar

spent pays for marketing costs.

Satisfying customer needs is the mostimportant aspect of marketing.

marketing concept

keeping the focus on the customers needsfor a product or service

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Slide 6

Maintain Relationships Successful customer relationships are

critical to the marketing concept.

Customer satisfaction is the bottom linefor maintaining successful marketingrelationships.

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Slide 7

What is the most important aspect of

marketing?

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Slide 8

INCREASED SPORTS AND

ENTERTAINMENT OPTIONS

U.S. citizens have more discretionaryincome than in the past.

drives up demand for sports andentertainment

increases competition

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Slide 9

Customer Focus productivity

rate at which companies produce goods orservices in relation to the amount ofmaterials and number of employees utilized

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Slide 10

identify customer needs

location

provide products perceived as superior

maintain successful customer relationships

offer the appropriate marketing mix product

price promotion

location

successful marketing strategy

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Slide 11

Weekend Entertainment

Choices

breakeven point

the minimum sales and attendancerequired to cover all of the expenses oforganizing, planning and promoting theevent

profit revenue earned beyond the breakeven

point

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Slide 12

Opportunity Cost opportunity cost

the value of the next best alternative that

you forgo when making a choice

The value is measured in terms of thebenefits that you are giving up.

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Slide 13

Explain the reasons for increased sports

and entertainment options.

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Slide 14

Lesson 4.2

Discover What People Want

Goals

Ex

plain the importance of understandingbuyer behavior when making marketingdecisions.

List and describe means of collectingmarketing information for use in decisionmaking.

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Slide 15

Terms economic market

benefits derived

comparative advantage

emotional purchases

rational purchases

patronage purchases

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Chapter 4

Slide 16

UNDERSTAND BUYER

BEHAVIOR

economic market

all of the consumers who will purchase a

product or service

--

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Chapter 4

Slide 17

Consumer Spending Hab

its benefits derived

the value people believe they receive from

a product or service

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Chapter 4

Slide 18

the capability to produce products orservices more efficiently and economicallythan the competition

comparative advantage

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Chapter 4

Slide 19

Consumer Wants and Needs hierarchy of needs

identifies five human areas of needs

--

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Chapter 4

Slide 20

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Chapter 4

Slide 21

spending with little thought during emotionaltimes

rational purchases

define wants and needs assess priorities and budget

conduct research

compare alternatives

make a well thought out purchase

emotional purchases

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Chapter 4

Slide 22

based on loyalty to a particular brand orproduct

patronage purchases

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Chapter 4

Slide 23

What is meant by benefits derived?

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Chapter 4

Slide 24

GATHER INFORMATIONMarketers are often involved in every

step of the decision-making process.

--

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Chapter 4

Slide 25

recognize a need or a want

conduct product research

evaluate choices decide what to purchase

evaluate the product after the purchase

The decision-making process involves

the following steps.

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Chapter 4

Slide 26

Information Needed for

Marketing Decisions Information about consumers that is

important to consider include

demographics

shopping behaviors

how consumers spend money

product and brand preferences frequency of purchases

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Chapter 4

Slide 27

economic uncertainty reduces consumerspending

marketplace competition providesconsumers with choices

technological advances have impactedhow consumers research and buy

products

The business environment impacts

consumer spending as follows:

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Chapter 4

Slide 28

Sources of Information for

Businesses internal sources a businesss own customer records, sales

records, production records, and operationrecords

external sources government reports, trade and

professional organizations, businesspublications, commercial data, andinformation services

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Chapter 4

Slide 29

obtained for the first time and specificallyfor the particular problem or issue beingstudied

secondary data information previously collected for

another purpose but is now found useful inthe current study

primary data

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Chapter 4

Slide 30

Explain the difference between primaryand secondary data.

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Chapter 4

Slide 31

Lesson 4.3

Target Markets

Goals

D

efine target market and marketsegment.

Describe how businesses use marketsegmentation.

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Chapter 4

Slide 32

Terms target market

market segment

market share

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Chapter 4

Slide 33

DETERMINE THE TARGET

MARKET target market

specific group of consumers you want to

reach

--

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Chapter 4

Slide 34

Focus Marketing Effortsmarket segment

a group of consumers within a larger

market who share one or morecharacteristics

Consumers belong to multiple marketsegments.

Marketers must identify the marketsegment to which they want to sell.

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Chapter 4

Slide 35

Meet Target Market NeedsMarket segmentation data can improve

business decision making.

number of potential customers

customer income level

level of interest in product or service

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Chapter 4

Slide 36

What is a target market? Provide anexample of a companys target market.

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Chapter 4

Slide 37

MARKET SEGMENTATIONMarkets may be segmented in many ways. geographic location

demographics psychographics

behavior

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Chapter 4

Slide 38

Geographic Segmentation divides markets into physical locations

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Chapter 4

Slide 39

Demographic Segmentation information that can be measured age

income profession

gender

education

marital status

household size

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Chapter 4

Slide 40

Psychographics Segmentation

characteristics that cannot be physicallymeasured

values

interests

lifestyle choices

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Chapter 4

Slide 41

Behavioral-Based Segmentation

behavioral-based segmentation

focuses on a customers attitude toward productsand services

product usage

what products you use and how often

product benefits

the positive experiences or associations peoplederive from using a product or service

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Chapter 4

Slide 42

Capture a Market Sharemarket share

percentage of total sales of a product or

service that a company expects to capturein relation to its competitors

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Chapter 4

Slide 43

List and describe four types of marketsegmentation.

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Chapter 4

Slide 44

Lesson 4.4

Customer Service

Goals

Explain the importance of outstandingcustomer service.

Explain what it means to establish aservice culture.

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Chapter 4

Slide 45

Terms customer service gap

values-based culture

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Chapter 4

Slide 46

OUTSTANDING SERVICE

EQUALS SUCCESS Business success depends on excellent

customer service.

Customer relationships should continueafter the sale of goods and services.

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Chapter 4

Slide 47

A Track Record for Great

Customer Service customer service gap

the difference between customer

expectations and the services actuallyreceived

Customers are likely to tell at least 10

people about their poor customerservice experiences.

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Chapter 4

Slide 49

Why is outstanding customer servicecritical to a business in a highlycompetitive marketplace?

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Chapter 4

Slide 50

CREATING A SERVICE

CULTUREGallery Furniture has effective customer

service principles. They are:

Demonstrate a values-based culture that isrooted in high performance and excellentcustomer service.

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Chapter 4

Slide 51

Passion results in energy.

Demonstrate pride in every sale.

Remember the value of long-term positiverelationships.

Follow the FAST (Focus, Action, Search,

Tenacity) strategy.

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Chapter 4

Slide 52

How May I Help You?

Its not my department should bereplaced with How may I help you?

mystery guest hired by an outside firm to have an

individual assess the performance of a

business feedback on the individuals experience as a

customer is provided to the hiring business

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Chapter 4

Slide 54

PERFORMANCE INDICATORS

EVALUATED

Communicate ideas clearly to the judge(potential investor).

Analyze all relevant data for proposing anew celebrity-theme restaurant.

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Chapter 4

Slide 55

Interpret demographics and financial datafor a proposed business.

Understand consumer demand and the

existing competition.

Demonstrate critical thinking and problem-solving skills necessary to propose andoperate a successful business.

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Chapter 4

Slide 56

THINK CRITICALLY1. Why is a business plan necessary for a

popular celebrity who wants to open a

restaurant in a city where he or she iswell liked?

2. Give three examples of successful

celebrity-theme restaurants and whatmakes them popular.

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Sports and Entertainment Marketing Th /S th W t

Chapter 4

Slid 57

4. What advantage does a professionalathlete have over an average citizenwhen opening a restaurant?

3.

What would be a good grand openingevent to attract the maximum amount ofattention to the new restaurant?

SEM Chap 04

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Transcript of SEM Chap 04