Using the pages below, complete the following using full sentences, expanding your answers and including examples to show your full understanding.
 

 

 

          

Section 2.2 Similarities in Marketing Changes in Marketing A s discussed in Chapter 1, the marketing mix, or Four Ps- product, place, price, and promotion-has been the basis for marketing many products and services over the last few decades. Some marketers consider people as a fifth P in the marketing mix. Promotion is any form of communication used to persuade peo- ple to buy products through advertising, publicity, personal selling, . or sales. AS YOU READ YOU WILL LEARN To explain how sports and enter- tainment marketers use tools to sell their products. To explain risks and risk manage- ment of sports and entertainment events. WHY IT'S IMPORTANT Knowledge of the basic tools, copy- right law, and risks regarding sports and entertainment marketing helps marketers achieve success. KEY TERMS promotion endorsement core product ancillary product revenue piracy royalty product tie-in cross-promotion convergence synergy risks risk management 10 PREDICT Choose one key word and explain what you think it means. 32 Thirty years ago marketers did not have today's marketing tools, such as the Internet, e-commerce, Direct TV, TiVo, video, CDs, CD burners, DVDs, MP3s, PCs, PDAs, interactive gaming, and virtual advertising. New technologies have broadened the scope and reach of marketing messages, and they can be entertainment products them- selves. What happens when the products for sale are also the market- ing tools? It changes the way products are marketed. Marketing Similarities Marketing professionals are split over whether sports and enter- products belong in the same category. After all, a sports event is a form of entertainment, just as a film or concert is a form of entertainment. However, professionals do agree that both sports and entertainment products are similar in that they are mar- keted differently than traditional consumer products. The marketing of sports and entertainment products differs from marketing tradi- tional products in four areas: product, place, price, and promotion. Figure 2.1 on page 34 illustrates these differences.. Product Sports and entertainment products are different from traditional con sumer products. By nature, sports and entertainment products ar often not physical goods that can be stacked on a store shelf Entertainment presentations and athletic competitions are both dynamic and can be used to promote unrelated products. For exam ple, ESPN-themed restaurants do not sell tickets to a game. They se! burgers and drinks by using the appeal of sports. Also, golf celebr ties, such as Tiger Woods, sell everything from cars to watches t clothing. Woods uses his appeal as a sportsman to promote thes non-sports-related products. ENDORSEMENT Endorsement is approval or support of a pro uct or idea, usually by a celebrity lending his or her image or name i Unit 1 Marketing and Sports & Entertainment