Objectives Explain how sports and entertainment marketers use tools to sell their products. Explain...
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Objectives
Explain how sports and entertainment marketers use tools to sell their products.
Explain risks and risk management of sports and entertainment events.
Identify differences between marketing sports and entertainment products.
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Changes in Marketing
Communicating through promotion is more important than ever.
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Promotion:
New technologies have broadened the scope and reach of marketing messages, and they can be entertainment products themselves.
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Marketing Similarities
The marketing of sports and entertainment products differs from marketing traditional products in the following four areas:
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Endorsement:
Product– Endorsement– Core product– Ancillary product– Revenue
continued
core product:
ancillary product:
Revenue:
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Marketing Similarities
Place
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Piracy:
continued
Royalty:
continued
Price– Piracy– Royalty– Copyright
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Marketing Similarities
Promotion– Product tie-in– Cross-promotion
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product tie-in:
cross-promotion:
continued
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Marketing Similarities
Convergence expands the potential for profit in sports marketing and entertainment marketing.
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Convergence:
Synergy:Convergence and cross-promotion help to develop synergy.
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Risks and Risk Management
In any industry, including the entertainment industry, there are risks.
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Risks:
risk management:Successful sports and entertainment marketers develop risk management strategies.
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What is celebrity endorsement?
What is the difference between core and ancillary products?
Give an example of synergy.
1.
2.
3.
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Different Players, Different Games
The differences between sports and entertainment can be found in three areas:
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Consumer loyalty
Product
Revenue stream
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Differences in Consumer Loyalty
If sports fans feel their team is trying to win, the team can retain its consumer loyalty.
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consumer loyalty:
The entertainment consumer is not motivated by brand or team loyalty, but by a desire for satisfying entertainment.
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Differences in Product
The sports product is consistent, or stable.
The entertainment product is variable, or changeable.
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Differences in Revenue Stream
The streams of revenue created by marketing products in entertainment are very diverse.
Sporting events do not usually produce the same amount of revenue from merchandising and royalties as entertainment events.
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Differences in Revenue Stream
Sports franchises earn revenue from sponsorship.
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Sponsorship:
Sports franchises also earn revenue from advertising and broadcast rights.
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Similarities and Differences in Marketing
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Sports Marketing Entertainment Marketing
Place
Product
Price
Promotion
Convergence
Consumer Loyalty Lack of ConsumerLoyalty
Consistent Product Variable Product
Many Ancillary ProductsFew Ancillary Products
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Attempt to answer with a partner
List two differences in consumer loyalty between sports and entertainment.
What are differences between marketing sports product and entertainment product?
In what one way does the stream of revenue in sports differ from the stream of revenue in entertainment?
1.
2.
3.
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Define and Give an example of a royalty.
Find an example of cross-promotion for a film.
Describe one risk involved in a sports event and find an example online
1.
2.
3.
Assign groups to look up online and present