Chapter 1 the Special Nature of Sport Marketing (pgs. 1-25)Chapter 2 Strategic Marketing ManagementChapter 3 Understanding the Sport ConsumerChapter 4 Market Research in the Sport IndustryChapter 5 Market SegmentationChapter 6 the Sport ProductChapter 7 Managing Sport BrandsSPTE 380Exam # 1 Study Guide Lectures: 1 - 7Test 1 Study GuideChapter 1 the Special Nature of Sport Marketing (pgs. 1-25)Objectives1. To understand the market forces that create the need for enlightened marketing strategies in the sport industry2. To understand marketing myopia and other obstacles to successful marketing strategy3. To recognize the components of the sport product and the sport industry4. To recognize factors that demand a different approach to the marketing of sportKey Ingredients of a Successful Sport Branding Effort Stickiness of an idea: How does brand capture fans’ imagination? Reach of brand: How far does influence of brand extend? Social identity: Do different segments of the population relate to the brand ina personal way? Media interest: Are members of the media captivated in some way by the influence of a brand?  Monetization and marketing metrics: Can marketers put a number on brand’s value or success?Global Marketing Strategyo Growth of North American professional sport leagues is a global phenomenon.o Building sport participation has been a key tool in marketing sport brands on the international stage.Ex: David Stern and his marketing in the NBAWeathering Recessionso Sport marketing has been affected by prevailing economic conditions.o Recessions have a major effect on sport brands: The 1990s saw fans decrease identity with major league sports. Sport venue construction decreased during the 1990s. Significant MLB attendance drops occurred in 2002 and 2009. Several major corporate sponsors reduced spending in the early 2000s.Competitive Marketplaceo Leisure spending on spectator sports has decreased in the United States.o Expansion of sport entertainment and participation options creates greater marketplace competition.o Maintaining market share can be difficult for sport products.o Popularity of some sports, such as action sports, is plateauing or declining. Media Challengeso The way that fans consume sport has evolved considerably, particularly with the explosion of new technology such as social media, mobile devices, and high-definition televisions.o Popularity of newspapers is in sharp decline.o Sport and media organizations must adapt to new means of reaching consumers.GRASSROOTS STRESSo Shifting economy and pressure on tax revenue spending have clearly affected high school sports.o High school sport participation and spectator attendance play significant roles in sport popularity.Sport Marketing Definedo All activities are designed to meet the wants and needs of sport consumers through an exchange process.o Sport consumers are involved in sport through playing, officiating, watching, listening, reading, and collecting.Two Major Thrusts of Sport Marketing1. The marketing of sport products to the sport consumer2. The marketing of sport and nonsport products through sportMARKETING MYOPIAo Focus on producing and selling goods and services rather than on identifying and satisfying the needs and wants of consumers and their markets o Belief that winning absolves all other sins o Confusion between promotions and marketing o Ignorance of competition inside and outside sport o Short-sighted focus on quick-return price hikes or investments such as sponsorships rather than long-term investments in research and in relationship marketingo Poor-quality researcho Poor sales and serviceo Arrogance and lazinesso Failure to adapt to industry, market, and consumer change Change in the Sport Marketing Professiono Sport marketing pioneers paving the way Bill Veeck, Tex Rickard, Mark McCormack, Don Canham, David Sterno Improvements in sales training and methodologyo Institutionalized sport marketing knowledge and trainingo Broadening diversityUniqueness of Sport Marketingo Sport producto Sport marketplaceo Sport financeo Sport promotionSPORT PRODUCTo Any bundle or combination of qualities, processes, and capabilities (goods, services, or ideas) that a sport consumer expects will deliver want satisfaction. o Sport marketers must understand why consumers make consumption decisions.Why Sport Product Is Uniqueo An intangible, ephemeral, experiential, and subjective natureo Strong personal and emotional identificationo Simultaneous production and consumptiono Dependence on social facilitationo Inconsistency and unpredictability o Core product beyond marketers’ controlo Many sport organizations simultaneously compete and cooperate.o Demand tends to fluctuate widely.o Sport has an almost universal appeal and pervades all elements of life.Why Sport Finance Is Uniqueo Pricing the individual sport product unit by traditional job costing is difficult.o The price of the sport product itself is invariably quite small in comparison with the total cost paid by the consumer.o Indirect revenues are frequently greater than direct operating revenues.Why Sport Promotion Is Uniqueo Widespread media exposure is a double-edged sword.o Media and sponsors emphasize celebrities.Chapter 2 Strategic Marketing ManagementObjectives To identify the key stakeholders in sport marketing and the interaction between them that creates the brand perception  To recognize the interacting components of the marketing management process To appreciate the core elements of market analysis, product concept, and product position To understand the distinctions among the five Ps of sport marketing: product, price, place, promotion, and public relationsMARKETING MANAGEMENT STRATEGYo Marketing-minded leaders are needed in today’s sport organizations.o Strong marketing management strategy requires both STRATEGY (big-picture concepts) and TACTICS (the details of the plan).MARKETING PLANNING PROCESSo MPP builds a marketing plan but must also integrate with an organization’s overall strategic vision.o The planning process comprises five steps.Step 1: Develop Vision, Position, and Purposeo Core vision and ideology.o Sport organizations must determine or establish core values and ideology before movingforward with strategic marketing efforts.SWOT ANALYSIS Sport organizations must systematically gather and collect data about their consumers, often through DBM and CRM systems.  Sport