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![Page 1: Olympic Costs China Builders broke ground in December for the stadium, whose latticework of girders, dubbed the "Bird Cage" The National Stadium, designed.](https://reader033.fdocuments.in/reader033/viewer/2022051215/5697bfa81a28abf838c99310/html5/thumbnails/1.jpg)
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Olympic CostsChina
• Builders broke ground in December for the stadium, whose latticework of girders, dubbed the "Bird Cage"
• The National Stadium, designed by Swiss architects Herzog and de Meuron, initially was budgeted at 3 billion yuan (US$360mil).
• China regards the Olympics as a matter of national prestige and say they plan to spend US$24.2bil on new subway lines and other improvements in Beijing.
• Olympic organizers are turning to private investors to cover much of the US$3.2bil cost of building facilities.They say sports venues and athlete housing are to be sold off as luxury apartments, sports clubs and other commercial facilities after the Games.
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Olympic CostsLondon - 2012
• On 15 March 2007 Tessa Jowell announced to the House of Commons a budget of £3.1bn to cover building the venues and infrastructure for the Games,…
• On top of this, she announced various other costs … of £2.2bn, security and policing costs of £600m, VAT of £800m and elite sport and Paralympic funding of nearly £400m.
• According to these figures, the total is the most expensive ever for an Olympic Games: £9.345 billion.[7]
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Marketing
• A broad term that influences four areas of your business: Product, Place, Price, and Promotion.
• Definition:• The process of developing, promoting, and
distributing products, or goods and services to satisfy costumers wants and needs.
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Marketing Concept-
• All company policies and activities should be aimed at satisfying the customer.
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These four areas are influenced by a Marketing Process, which also has four areas:
Research & StrategyTargetMarketing Mix.
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A. Market Research• 1. Product – Development of new products or
discover improvements for existing products. Medtronic or Polaris
• 2. Pure – Research done without a specific product in mind. Mail-in surveys or questionnaires.
• 3. Applied – Studies on existing products. Crash tests, restaurant reply cards.
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A. Market Research (cont)
• 4. Market-Studies that compare all activities involved in the exchange of goods and services between business and consumer.
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B. Market Strategy – Tries to answer the questions
• “What is unique about my business?”
• “What will be our market?”
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C. Target Market – This should answer:
• “Who you are going to serve?”
• “Where are my customers located?”
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Market Concept uses both Target Market and Market Mix
to answer these questions about wants needs and the
customer
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There are two (2) ways which you can research a market.
• Both fall under the study of DEMOGRAPHICS
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1. Customer Segmentation –
• identifying and promoting to those groups of people most likely to buy your product.
• “ What are my customers’ age, income, likes and dislikes?”
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Geographical Segmentation –
• Specializing in serving people in a particular geographical area.
All PeopleIn Twin CitiesArea.
Northern Suburbs
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D. Market Mix – combining the four P’s to satisfy the
customer.• Product
• Price
• Place
• Promotion
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Product
• A company has to start with a product or service designed to satisfy the wants of that market.
• Any change in a physical feature creates a new product. (design, color, size, packaging)
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“A wise firm sells product benefits rather than just
products.”
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Goods are symbols of status or personal attributes.
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Three categories of a “New Product”
• Product which are unique “no existing substitute”
• Replacements – significantly different
• Imitative – not new to the market but a new company “me too”
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Product planning
• Which products should be made and which ones bought?
• Should you have more or fewer products?• Does it have any new uses?• Brand name (family name) or package label
for each product?• How should it be styled?• Quantities?• Price?
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Property Ownership
• Intellectual property rights are intangible and are protected by patents, copyrights and trademarks
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Copyrights
• Legal protection of a creator’s intellectual property.
• Books, video games, music• Life of the author plus 70
• Need permission to use portions - royalty
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Patents
• Products that are protected from others using, importing, selling, or offering them for sale.
• Granted for 20 years
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Trademarks
• Words, names, symbols, sounds or color that distinguish a good or service
• Can be renewed over and over
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Chapter 2
• History of Sports and entertainment
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• Sports and entertainment marketers have always sold participation
• In the late 1800s only the wealthy had free time and discretionary income to participate.
• In the late 1890s the kinetoscope was invented
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Bill Veeck
• Key figure in the development of sports marketing
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Marketing Similarities
• Sports and Entertainment are not often physical products to be bought in a store
• Endorsements - approval by a “star” for other products
• Core products and ancillary products
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Price similarites
• Pricing for sports and entertainment is radically different.
• Movie theaters - don’t lower prices
• Sporting events have gone up in price
Problems - ticket scalpers, piracy
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Promotion Similarities
• Product tie-in and cross-promotion
• Convergence - the overlapping of product promotion - expands the potential for profit
• Synergy - combined action that occurs when products owned by one source promote the growth of related products.
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Marketing Differences
• Sport loyalty• Entertainment not motivated by brand
“what’s hot and what’s not”
• Individual artist may successfully maintain a loyal fan base, but production companies have difficulty creating that same kind of loyalty.
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Revenue Streams
• Entertainment products can easily be developed into different areas of ancillary products.
• One sporting event doesn’t usually produce the same amount of revenue from merchandising and royalties.
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Sponsorship
• Different than endorsement. Sponsoring company is not lending its name or image to a sports product - this is endorsing