Lecture 1 - Principles of Marketing for Sport and Leisure PDF

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Introduction to a market and the marketing concept | Full in depth lecture notes | easy to understand and learn.

You will get a comprehensive understanding of:

- What is a market
- What is marketing and sports marketing
- The marketing concept
- What is c...

Description

Principles of Marketing for Sport and Leisure Jobber, D., and Ellis-Chadwick, F. (2016). Principles and Practice of Marketing (Important) Beech, J., & Chadwick, S (eds.). (2007). The Marketing of Sport

Lecture 1 Introduction What is a Market? A place (including online) where goods and services are exchanged, when we look at a market, we are looking at the interaction between supply and demand of a good or service. Supply: The willingness of suppliers to sell a good or service at a certain price Demand: The willingness of buyers to purchase a good or service at a certain price. Bricks: Tangible outlets where goods and services are exchanged Clicks: Where goods and services are bought and sold online What is marketing? From the UK and American(worldwide) Marketing ‘Governing Bodies’: UK Chartered Institute of Marketing (2017) definition:

“… the management process which identifies, anticipates, and supplies customer requirements efficiently and profitably” American Marketing Association (2004) definition:

“Marketing is an organisational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organisation and its stakeholders”

The British definition is more restrictive, due to the word profitability, rather than addressing the broader benefit to an organisation in terms of its stakeholders. What is Sports Marketing? Beech and Chadwick (2007, pp. 4-5) definition:

“Sports marketing is an ongoing process through which contests with an uncertain outcome are staged creating opportunities for the simultaneous direct and indirect objectives amongst sport customers, sport businesses and other related individuals and organisations”

The Marketing Concept

The marketing concept is comprised of multiple variables Customer Orientation: the degree to which a firm knows their customers wants and needs. Integrated effort/Goal achievement is about, all parts of a firm centred around the idea of creating customer value Marketing is not just an activity that links to one part of an organisation but should be managed by the whole corporation. What is Customer Value? How can companies deliver value to customers?    

Price value – Low Prices (e.g., Sports Direct) Performance value (e.g., Nike) Emotional value – Brand culture/loyalty (e.g., Manchester United) Relational value - service quality

What costs can customers incur to receive value?    

Financial costs Social costs (e.g. sweat shops/pollution) Temporal costs (e.g. time cuing for tickets) Psychological costs (e.g. new alternatives)

Customer Value = All the benefits companies provide – all the costs their customers incur to receive it Market Orientation

Competitor orientation – knowing your rivals strengths and weaknesses and how to respond (compete or collude) is needed to creating superior customer value Interfunctional coordination – about the whole firm working together towards implementing the marketing concept

Stakeholders in Marketing A stakeholder is anyone who effects or is affected by the organisation

Revision Questions – Introduction

What is marketing? And sports marketing?

What is customer value?

Discuss using the marketing concept how an organisation creates customer value...